Tag: cold email

Finding Partners using Cold Emails

If you want to be more competitive on the market, you might have to partner with other companies that serve your audience. There are many ways to do this, but one of the best ways is to use email marketing. The key here is, to be honest, and provide value and show how this arrangement would benefit them.

An email to potential partners can help you penetrate new markets in a fast and efficient way, gain credibility from the get-go and score introductions that you could not easily get on your own.

So how do you write this email?

You have to:

1. Define your target clients

Before doing anything else, you must first define your target partner. Who are you trying to attract? This is an important step because it will define who you will reach out to form a partnership with.

2. Find the right partners

Then, do your research to find the right partners. Focus on industry experts, forums, or companies that already have an established relationship with your target clients.

An easy way to do this is by focusing on products or services that are related to your own. For instance, a landscaping business can think about partnering with home builders or interior decorators. If a potential client has already spent money to build a new home, they will likely be interested in landscaping too.

Make a list of these companies and the names of the founders or someone who handles partnership arrangements.

3. What will motivate them to work with you?

After choosing your preferred clients, you must come up with an offer that you believe your potential partners will be interested in.

Asking partners to help you get in front of their audience should not be a one-way deal. You have to offer something substantive in return. The motive could be as simple as financial gain. In that case, you could work out a profit-sharing agreement that works for both parties.

4. Reach out

Most of your effort should go into reaching out to these partners. That is because your approach could make or break the whole deal.

To start off, use tools like hunter.io or apollo.io to get email addresses for the contacts of these companies.

Ensure your email is personalized – make the message as personal as possible. This increases your chances of getting a reply.

Keep it brief – Make sure to explain the basics of your offer, but limit yourself to a couple short paragraphs. If they are interested they will reply with follow-up questions or call you.

Here’s where we come in:

You’ve learned how to pitch to potential partners, if you need help getting this done, then we can:

Find potential partners that serve your audience.

Find their email addresses, contact information, and personalization tokens.

Craft personalized emails and send them to these contacts.

If this sounds interesting and would like to chat more about it, please don’t hesitate to reach out.

How Do You Plan Your Cold Email Experiments?

Getting a steady flow of leads from your outbound campaigns requires a lot of experimentation.

It’s a lot like the scientific method: You need to hypothesize how to grow, run that experiment, track how it performed, and move forward with winning experiments that reached statistical significance.

Most importantly, documenting what you have learned during the entire experiment – did we get more opens with this experiment, more clicks, more traffic to the website, more positive responses, etc.. This information will then inform your future experiments.

Miro, the Visual Collaboration Tool, had this to say about the Experiment Trackers. I adapted their process for us.

Process

  1. Log all ideas you can think of. This usually starts with “We believe if we do X, we will achieve Y”.
  2. Prioritize them by ease of implementation, which ones can you test right away without significant resources.
  3. Decide WHAT you want to test with WHOM and HOW.
  4. Define which data you want to measure and which targets you need to meet to call it a success.
  5. Take time to craft the experiment and run it.
  6. Run the campaign and periodically update your findings. Distill key insights out of it. Any surprises?
  7. Define how you want to continue: Kill this idea right away, give it another chance with some adjustments (pivot) or continue like is (persevere).
  8. Enjoy the journey

Common challenges and mistakes to avoid.

  • Start with more than one experiment and loose focus
  • Overestimate the success of their solution, keep in mind: If you don’t reach the target you might consider to kill the idea
  • Set the bar too low. A good benchmark for cold email replies are between 1% and 5%. If you need more benchmarks, here’s a list of cold email statistics to use.
  • Are thinking too big creating the first experiment. What is the minimum thing you need to do to learn?

Why Experimenting with your Cold Email Campaigns?

Outbound marketing experimentation is essential. It enables you to evaluate your different methods and make adjustments based on what’s happening. This usually requires getting a pulse on what campaigns were initially done.

Generally, folks would experiment or run AB tests on messaging, subject lines, or even something as broad as how they’re packaging different things.

This is great, but the thing is, it generally not recorded anywhere. All information is stored in the outbound automation tool, which just has the data.

It wouldn’t have enough information on the learnings, what we should do or do not do in the future, and if there was any bottlenecks or unexpected issues arising during the campaigns.

So how do you organize, keep track and learn the things you need to learn in an effective way? In this post we discuss how to organize outbound marketing experimentation with the use of an experiment ledger.

The experiment ledger is typically on an excel sheet (there are also a few tools out there that can do this). You need to be able to track the specific details of the experiment in order to ensure its success.

For example, you need to be able to track what experiments you have already done, what experiments are coming up in the future, and what success looks like for each.

For instance, an experimentation idea can be going after Director of IT with a certain type of messaging and shooting for a 10% response rate and a 2% meeting rate. Getting into these level of details allows you to know for sure what is working and what is not.

Even though we also want to see our stats on opens and clicks, we also have to place attention on the kinds of responses we are getting, who we are actually engaging, what the specific value proposition used, and determine if there are any learnings there.

All of that will be documented in the experiment ledger. This will allow us to suggest a clear path forward for connecting with prospects, at scale, include nuanced insights gleaned from our various experiments, as well as tailored channel strategies to increase response rates.