Targeted prospecting using cold email and ways to close new business while staying in budget.
All businesses have one thing in common. They all need clients, customers, patients, patrons, or whatever classification term you'd like to add in that blank. The fact is, a business needs income to remain a viable business. The only way to generate new or recurring income, is with paying customers. This is a brief summary of one budget friendly strategy to find new prospects and turn them into paying clients, or as the headline referenced...Prospects to Profit.
There are many ways to prospect in business, and some more effective than others. The one we will cover today, isn't always the first one utilized by businesses. It is, however, one of the most effective and inexpensive ways to prospect, when implemented correctly and consistently.
This method is the Cold Email strategy. There are seven basic steps to make sure you're complying with the Can-Spam Act of 2003 when utilizing cold email. For the sake of time, we won't cover those here, but rest assured, those steps aren't difficult to follow, and definitely do not reduce the potential effectiveness of this strategy. As a matter of fact, Salesforce was built to over 100 million in sales using cold email, and Elon Musk used cold email to build PayPal into the giant it eventually became.
Cold Email is that it is very targeted, meaning you can deliver the message directly to the exact person you want to get your message to. Another benefit of Cold Email prospecting is that it is virtually free. If the budget is tight, Cold Email can be one of the least expensive ways to reach out to hundreds or even thousands of prospects in a short amount of time.
The seven steps that are listed here are the ones a business using cold email should take to have success with this prospecting strategy.
First is to identify the ideal niche for your outreach. Who is your business' ideal client? Or... What group of clients is the most likely to get the most value from the problem your business solves or the solution your business offers? In other words, what specific niche does your company specialize in helping your clients or customers solve their problems?
Second step is to create a list of emails within that particular specialty niche. A campaign is only as good as the data on the list. This data can be bought, it can be built, or it can be comprised of both bought and built data. A good rule of thumb is, the harder the data is to find, the better the response rate to the cold email outreach campaign.
Third step is to clean and verify the data on your lists. This process will help reduce the bounce rates of your email campaign and also keep your email from getting flagged as a spam source due to a high bounce rate. Again, your success is only as good as your data on the list. So taking this step seriously will increase your response rate and campaign success significantly.
Fourth step is to write excellent copy for your cold email outreach campaign. Basically finding out what people want, then showing them how to get it! There are four steps within this copywriting stage. 1 - Starting with a problem, a want, or desire. 2 - Presenting a promise, to help them solve the problem, or acquire the want or desire. 3 - Providing proof that your business can help them solve the problem. 4 - Finally proposing an offer that persuades the prospective client to take action now.
Fifth step is to have an effective email delivery system. There are several available to sign up with, or you can even use a gmail or g-suite email from Google to deliver your emails. These are the two best practices when sending out a large amount of emails, but which one is better will be determined by your list and the number of emails you plan to send daily. It is not a good idea to send more than 2000 emails per day, and considering you could have a 1-3% response rate, even just sending 100 emails per day to your ideal clients, could result in 1-3 appointments per day for your business.
Sixth step in the cold email strategy is to follow up and set appointments. This is one of the most important steps in the process because in today's digital world, online sales leads have a short life span. Studies have shown that companies who contact their potential customers within the first hour of receiving a query, were nearly seven times as likely to have a meaningful conversation with a key decision maker, as those companies who contacted the prospect even an hour later —and more than 60 times as likely as companies that waited 24 hours or longer.
Also, using this strategy, your company will want to continue to send cold emails to your list until they either respond or unsubscribe. Once the work has been put into building the quality list of prospects in a particular niche, then continuing to send well written, follow up emails is key to increasing your company's success rate.
Seventh step is booking an appointment and closing a sale. The best way to convert a prospect into a customer, once there is a response to your cold email outreach, is to get the prospect on a phone call. If the contact number is provided in their initial response, then simply picking up the phone and calling them immediately is a great idea. Have a plan on this call, and using scripts or guides to a sales call are recommended. Using appointment software such as Schedule Once or Calendly are also effective in scheduling these sales calls.
Once on the call, dive deep into the problem for this particular prospect, then position your company as the solution to the problem with your offer. Ask for their business.
For more details, see Cold Email Outreach here.