What ROI Can You Expect From a Successful Cold Outreach Campaign?
The world of startups is not a fairyland. Either you grow or vanish is this world of struggle. To survive and let your business bloom, you need to try every trick possible. One of the less popular methods is cold outreach. Before we dive into the details of the successful cold outreach campaign, let’s brush up the basics of it.
What is cold outreach?
The cold outreach campaign is a telemarketing tactic that aims at targeting your potential clients through emails and phone calls. It is termed as “cold” since the customer has no prior interaction with your company or the product. When you send a bunch of emails, you intuitively expect a less percentage of them to reply. But, a successful cold outreach campaign can gift you with hundreds of new customers with little efforts.
Why does it fail?
Talking about numbers, 50% of the cold emails are not even opened. And only 2-3% percent of the emails are answered. The response rate is terrible. If you want to see your sales touching sky-high profits, you need to move out of the traditional outbound sales technique. Here are the major reasons why your cold outreach campaign isn’t receiving good responses.
- Contacting the wrong person
The first step of a successful outreach campaign is finding proper leads. You cannot expect to get a reply from a mechanic for your SEO business. Before initiating a cold outreach campaign, spend ample amounts of time to build your potential user base. Also, make sure, your contact list is updated regularly. Attach a golden line at the end of your email:
“If you’re not the right person I should reach out to, can you guide me towards the right contact?”
Most of the time, people will forward your request to the right contact.
- Using the outdated template
Build your email. Don’t try to copy-paste the old templates of the past decade. The receivers are now smart enough to identify the traditional cold emails and throw them into the spam or junk folder. For instance, just a difference in the first name font can remind them of the uncountable spam emails they receive each day. Put on your creative hat and write personalized yet automated emails.
- Not giving proper attention to the subject line
The subject-line serves as the key to your email’s door. An effective subject-line can grab your client’s attention within a few milliseconds. Therefore, the subject line should be given the same importance as the email content. It should always sound natural and interesting. Restrain yourself from using clickbait. The subject-line should do proper justice to the content. Slight tweaks in the subject line can drastically improve your ROI.
- Email too long
The person you are trying to reach is likely to get 100’s of emails in a day. Make sure to reach the point quickly. A first-time email shouldn’t take more than 30 seconds to read. Try to convey a short description of your company along with why are you reaching out within a few lines.
- Purely Automated
Personalization is the key. Merely automating the name field won’t do the magic for you. Automated emails are an instant turnoff for your clients. Cold emails are tricky since the goal is to reach a huge bunch of people in a short period. While automation with templates can be a boon for you, it can also ring the death knell for the outreach campaign. And in case, the automation process fails and the template email is delivered, immediately send a follow-up email to cover up.
Before sending any email, put yourself in the shoes of the receiver. Question yourself if you will go through the complete email. If you pass this test, you are good to go!
What does the ROI of a successful outreach campaign look like?
ROI (Return of Investment) is a measure to find out the efficiency of your investment. It evaluates the return on a particular investment relative to its cost. Email delivers the highest ROI. The following are a few live examples of successful cold outreach campaigns.
Ambition is a software-based company that uses a cold email strategy to grow its business. With an initial response rate of 2%, the company made slight changes in the follow-up mechanism and increased their response rate by 333%.
- Kyle Gawley
Kyle Gawley, by using the method of trial and error has reached the mark of 29% of the response rate from his cold email outreach campaign.
- Marco Massaro
Marco Massaro runs a web consultancy to build UX design. He did proper research of his potential clients and received an amazing response rate of 13.4%.
By properly strategizing your campaign, you can increase the response rate from a mere 2% to a whopping 29%. Now that you have a look over some really impressive figures of ROI, get started with the initial process of the cold outreach campaign. Such great response rates can change the course of your business with minimal effort and time.