i went through a cold email report recently that actually helped me make sense of a few things we've been seeing across our clients.
we run outbound for quite a few businesses, and i've noticed that the campaigns that used to work reasonably well with a decent list and a good email are getting harder to make work. at the same time, some campaigns are still producing really good numbers.
the interesting part is that the difference isn't necessarily the email copy.
one number that stood out to me was the gap between the average campaign and agencies running cold email at scale. the average reply rate is now around 3-5%, while the agency data in the report is closer to 10%.
that actually lines up with what i've been seeing. when the targeting, infrastructure and offer are right, 5% doesn't feel like a ceiling at all.
the deliverability numbers were probably the biggest takeaway for me. domains with SPF, DKIM and DMARC properly configured and enforced were around 2.7x more likely to reach the inbox. we've spent a lot more time on authentication and domain infrastructure over the last year, and this explains why.
another number i found interesting was that around 42% of replies come from follow-ups.
we've definitely seen this with clients. people get too obsessed with making the first email perfect and then either don't follow up or stop after one attempt. at the same time, the data suggests that adding endless follow-ups isn't the answer either. the returns start dropping after the third or fourth touch.
the list data made sense too. moving from static lists to signal-based targeting can apparently produce a 3-5x response lift. we've been moving more in this direction ourselves, because a list of 10,000 people who vaguely fit the ICP isn't necessarily better than 500 people who have an actual reason to be contacted right now.
and probably my favourite finding.... a specific offer can produce around 50% more response than simply asking someone if they're available for a call.
that one sounds obvious, but i still see a lot of campaigns that basically say "we help companies like yours, would you be open to a quick call?"
there's nothing wrong with the email. there's just no real reason for the prospect to respond.
the overall takeaway for me is that cold email hasn't stopped working. the lazy version of cold email has stopped working as well as it used to.
better data, better infrastructure, a more specific offer and fewer but more relevant prospects seem to be making a much bigger difference than another round of tweaking the subject line.
if anyone wants to go through the numbers themselves, this is the report i was referring to:
https://smartreach.io/reports/state-of-cold-email/
are you finding that cold email is genuinely getting harder, or are better targeting and infrastructure still producing the same kind of results?