How to Measure ROI from Cold Email Marketing in B2B Companies: A Comprehensive Guide

Have you ever emailed potential clients you haven't met yet and wondered if it's helping your business grow? This is called cold email marketing; many B2B companies use it to reach new customers. Cold emails can be a powerful tool when done correctly. But how do you know if your cold email campaigns are working?

COLD EMAILLEAD GENERATIONMARKETING

Kurt Warner

10/8/20246 min read

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Why Measuring ROI is Important for B2B Cold Email Marketing

Showing That Your Efforts Matter

You're investing time and resources when you reach out to new people through cold emails. Measuring ROI helps you prove that these efforts bring value to your business. This way, you can show your team that cold emailing is an excellent strategy.

Planning for the Future

Understanding how well your cold emails are performing helps you make better plans. If certain messages get more responses, you can focus on those emails. This helps you adjust your approach and plan future campaigns that align with your company's goals.

Improving Your Campaigns

Measuring ROI isn't just about looking back; it's also about getting better. By identifying what works and what doesn't, you can make your cold emails more effective. This means more people will read your emails, reply, and become customers.

Key Metrics for Evaluating Cold Email Marketing Performance

You need to look at some important metrics to see how your cold email campaigns are doing. Let's break them down:

Open Rates

What It Is: The percentage of people who open your cold email.

Why It Matters: A high open rate means your subject line grabbed their attention. You might need to write more interesting subject lines if your open rate is low.

Response Rates

What It Is: The percentage of people who reply to your cold email.

Why It Matters: Responses show that your message resonated with the recipient. A higher response rate means more potential leads.

Conversion Rates

What It Is: The percentage of people who take a desired action after reading your email, like scheduling a meeting or requesting more information.

Why It Matters: This tells you if your cold emails are leading to real opportunities for your business.

Bounce Rates

What It Is: The percentage of emails that couldn't be delivered.

Why It Matters: A high bounce rate might indicate incorrect email addresses. It is important to keep your email list accurate.

Unsubscribe Rates

What It Is: The percentage of people who choose not to receive further emails from you.

Why It Matters: While less common in cold emailing (since recipients didn't subscribe), some tools allow recipients to opt-out. Monitoring this helps you understand if your messages are well-received.

Meetings Scheduled

What It Is: The number of meetings or calls set up as a result of your emails.

Why It Matters: Scheduling meetings is often a key goal of cold email campaigns in B2B settings.

Revenue Generated

What It Is: The amount of money earned from deals that started with a cold email.

Why It Matters: This shows the direct financial impact of your cold emailing efforts.

How to Calculate ROI for B2B Cold Email Campaigns

Calculating ROI helps you understand the effectiveness of your cold email campaigns. Here's how to do it:

Step 1: Gather Your Data

  • Revenue Generated: How much money did your cold email campaign bring in?

  • Cost of the Campaign: This includes everything you spent on the campaign, like email tools, time spent crafting emails, and any data purchased for contact lists.

Step 2: Use the ROI Formula

The basic formula for ROI is:

ROI = (Revenue - Cost) / Cost x 100%

Step 3: Plug in the Numbers

Example:

  • Revenue Generated: $15,000

  • Cost of Campaign: $3,000

ROI = ($15,000 - $3,000) / $3,000 x 100%

ROI = $12,000 / $3,000 x 100%

ROI = 4 x 100%

ROI = 400%

This means you earned a 400% return on your investment.

Attributing Revenue to Cold Email Campaigns

To know which sales came from your cold emails, you can:

  • Use Tracking Links: Include special links in your emails that track clicks and conversions.

  • Set Up Dedicated Landing Pages: Direct recipients to pages only accessible through your cold emails.

  • Ask New Clients: Ask how they heard about your company during conversations.

Tools and Software for Tracking Cold Email ROI

Using the right tools can make measuring ROI much easier. Here are some popular options:

Cold Emailing Tools

  • Instantly.ai: This tool helps you send cold emails that land in the inbox, not the spam folder. It offers features like email warm-up, personalization, and analytics to track opens and replies.

  • Smartlead.ai: Smartlead.ai allows you to send personalized cold emails at scale. It provides automation, A/B testing, and detailed metrics to help improve your campaigns.

  • Apollo.io: Apollo.io combines a database of potential leads with cold email outreach tools. It helps you find the right contacts and reach out to them with personalized emails, all while tracking your results.

Integrating with CRM Systems

Connecting your cold emailing tool with your Customer Relationship Management (CRM) system helps you track leads and sales more effectively. For example:

  • Go High Level: This CRM platform lets you manage all your leads in one place. You can use it to turn cold leads from your email campaigns into warm leads by nurturing them with follow-up messages and personalized content. Go High Level also allows you to automate tasks, schedule appointments, and track the entire customer journey, ultimately helping you convert leads into paying clients.

Choosing the Right Tool

When picking a tool, consider:

  • Compliance: Ensure the tool helps you follow email laws and regulations.

  • Features: Look for tracking, automation, and integration capabilities.

  • Ease of Use: Choose a tool that's easy to set up and navigate.

  • Support: Good customer service can help you troubleshoot issues quickly.

Strategies to Improve Cold Email Marketing ROI

Now that you know how to measure ROI, let's look at ways to improve it.

Research Your Prospects

What It Is: Learning about the people and companies you're emailing.

Why It Matters: Personalized emails get better responses. Mentioning something specific about the recipient's company shows you took the time to learn about them.

Crafting Compelling Subject Lines

Tips:

  • Be Personal: Use the recipient's name or company.

  • Keep It Short: Aim for 3-5 words if possible.

  • Spark Curiosity: Ask a question or make an interesting statement.

Writing Clear and Concise Emails

Tips:

  • Get to the Point Quickly: Busy professionals appreciate brevity.

  • Focus on Benefits: Explain how your product or service can help them.

  • Include a Call to Action (CTA): Clearly state what you want them to do next.

Follow-Up Emails

What It Is: Send additional emails if you are still awaiting a response.

Why It Matters: People might miss your first email. A polite follow-up can increase your chances of getting a reply.

Tips:

  • Be Patient: Wait a few days before following up.

  • Add Value: Include additional information or resources.

  • Keep It Friendly: Avoid being pushy.

A/B Testing

What It Is: Try different versions of your emails to see which works best.

How to Do It:

  • Test One Element at a Time: Like subject lines or email length.

  • Measure Results: See which version gets more opens or replies.

  • Use the Winner: Apply what you learn to future emails.

Timing Your Emails

Tips:

  • Send During Business Hours: Aim for times when recipients are likely checking emails.

  • Consider Time Zones: If emailing internationally, adjust your sending times accordingly.

  • Avoid Mondays and Fridays: Mid-week emails often perform better.

Ensuring Compliance with Email Laws

Why It Matters: Following laws like the CAN-SPAM Act (in the U.S.) or GDPR (in Europe) is essential to avoid penalties.

Tips:

  • Include an Easy Way to Opt-Out: Allow recipients to unsubscribe.

  • Provide Accurate Contact Information: Include your company's address.

  • Avoid Misleading Subject Lines: Be honest about the content of your email.

Common Challenges and How to Overcome Them

Low Response Rates

If few people are replying to your emails:

  • Review Your Messaging: Make sure your emails are clear and relevant.

  • Improve Personalization: Tailor your emails to each recipient.

  • Check Your Target List: Ensure you're reaching out to the right people.

High Bounce Rates

If many emails aren't being delivered:

  • Verify Email Addresses: Use tools to check if emails are valid.

  • Build Quality Lists: Gather contacts from reliable sources.

  • Avoid Purchased Lists: They often contain outdated or incorrect information.

Managing Negative Responses

Sometimes, recipients may not appreciate unsolicited emails.

  • Respond Politely: If someone asks not to be contacted, apologize and remove them from your list.

  • Learn from Feedback: Use any criticism to improve your approach.

  • Stay Professional: Always maintain a respectful tone.

Keeping Track of Conversations

As you send more emails, keeping track can be challenging.

  • Use a CRM: Helps you organize contacts and track interactions.

  • Set Reminders: Follow up at appropriate times.

  • Take Notes: Record important details from each conversation.

Conclusion

Measuring the ROI of your cold email marketing is key to understanding its impact on your business. Focusing on important metrics, using helpful tools, and constantly improving your strategies can make your cold email campaigns more successful.

Remember, cold emailing is not just about sending messages to strangers. It's about starting conversations with potential customers who might benefit from what you offer. Keep learning, be respectful, and watch your efforts become real results.

For further insights on generating leads for your mid-sized B2B business, follow me on Twitter/X.

Kurt Warner

Founder | LBM Consulting


Whenever you’re ready, here are two ways I can help your business generate more leads through cold email:

Download My PDF on 'Top 10 Proven Cold Email Strategies for B2B Companies.' Instantly access expert insights that can help you grow your business.

Schedule a free one-on-one lead generation audit. Let’s discuss your current lead generation strategy and how we can improve it to increase sales calls and conversions.

You might also enjoy our blog on How to Write Persuasive Cold Emails Using Spintax: A 2025 Guide for B2B Businesses