The world of paid online advertising is a cutthroat one. There are many different channels and they all offer their advantages and disadvantages, and for a business that's just getting started, it can be incredibly difficult to pick the right approach that suits your budget and use case. Two of the most common forms of paid advertising are CPM and PPC advertisements, but they come with flaws that make them unsuitable for most businesses.
The Problem with CPM and PPC
Issues with CPM
CPM stands for “cost per thousand impressions". In regular terms, this means that for every 1,000 readers that see your advertisement, you'll pay out a certain amount to the advertising company. It's one of the cheapest methods and it's easy to budget for considering you only pay for how much you want to advertise your business or its products and services. It also helps to guarantee that your ad will be shown a certain number of times to readers on blogs and websites. However, since you're not paying for interactions and only paying when someone sees your advertisement, you could go a thousand impressions without getting a single click. As a result, it's difficult to determine how successful your advertising campaign actually is, making it difficult to calculate how much money you're getting on your investment.
Issues with PPC
PPC stands for “pay per click" but it's also known as “cost per click" in some regions. As the name implies, you pay when someone actually clicks on your advertisements. This guarantees some level of interaction and you only pay when someone seems somewhat interested in your products. The biggest advantage of using PPC is that you can easily track if someone clicked your ad or not. You set a budget and you automatically pay everytime someone clicks, meaning you don't risk overspending. You can also limit how much you spend so you can manually adjust how much you're willing to pay for single clicks. However, since you're competing with other major advertisers and companies, your ad might not show up as often as you'd like. In addition, if the prices you set aren't competitive enough, then there's a good chance your ad won't show up at all.
As you can see, the two main methods of paid advertising aren't exactly the most lucrative and they come with glaring issues. So what's next? What options do we have to convert some serious numbers?
The Wonderful World of Cold Emailing
Cold emailing is perhaps the best method of converting customers. It's both the cheapest and most effective method, and contrary to popular belief it's not spam email like many people assume.
Misunderstandings with Cold Emailing
Far too many amateurs use cold emailing incorrectly. They write up spammy emails that are just copied and pasted to different clients and they're instantly sent to spam filters due to their poorly written content and lack of any real message. The point of cold emailing is to have a direct conversation with potential customers, hence why it's important to gather email lists of potential candidates.
The misunderstanding is that people think of cold emailing as spam due to the low-quality cold emailing that exists now. Proper cold emailing involves a complete understanding of the customers that you email to. It also involves a direct and to-the-point introduction sentence to hook the reader, which is a lot harder than people think. Another important factor is that it has to be genuine and personalized. Cold emails refer to the reader by their name because their email and details have been included on an emailing list. You won't see any “Dear sir/madam" introductions and you won't see generic messages that are copied into every email.
Now that we've identified the common misconceptions with cold emailing, let's have a look at what truly makes cold emailing the best choice out of all paid marketing channels.
The Advantages of Cold Emailing
- It's the cheapest form of paid advertising - Out of all of the paid advertising channels, cold emailing is arguably the cheapest when used correctly and when you seek the correct sources of email list. This gives it the most potential out of all of the paid advertising channels due to each message being written and personalized to the reader. If you're able to write persuasive emails then it easily exceeds other forms of paid advertising.
- It engages with viewers directly - Unlike other forms of paid advertising, cold emailing tends to engage with the viewers directly. This means that you're more likely to get conversions and you're more likely to build interest. Instead of just being a plain advertisement that isn't necessarily targeted at your audience, a cold email contains far more information and the chance of interacting with your business directly.
- It's personalized for the reader - Since cold emails are targeted at viewers, it means they're personalized. Thanks to the personal information found in email lists, it's easy to get names and other information of the readers so they can be used in the email itself to sound more professional, polite and personalized.
- It's genuine unlike spam - Spam is just there to get the maximum number of views possible whereas cold emailing is offering a genuine product to the reader. It's a far cry from spam and is far better at converting customers.
As you can see, cold emailing is both cheap and manages to convince customers that you're a reliable business. If you've got a skilled writer on your side then you can create fantastic cold emails that will genuinely be impressive and manage to get people interested. The idea is to keep it short, snappy and avoid using huge paragraphs of pointless text.