129: The 3 Phases of Every Cold Email Campaign

Welcome back to The Practical Prospecting Newsletter!

Every week, I talk with founders, marketers, and SDR leaders who are trying to figure out why their cold email campaigns aren’t performing.

They’ve run tests, changed copy, swapped domains, and tried new tools. But they’re still struggling to book consistent meetings.

Most of the time, the problem is that they don’t know what phase they’re in.

And if you don’t know that, it’s impossible to know what to fix next.

Here’s how I think about it…

P.S. If you want us to audit your cold email campaigns 1:1 (or even run them for you), you can book a call here.

Agenda:

1. Phase 1: No Replies

2. Phase 2: Only Negative Replies (with no context)

3. Phase 3: Negative Replies (with context)

Phase 1: No Replies

This is the “shouting into the void” phase.

You’re sending emails but getting absolutely nothing back (not even “no thanks” or “unsubscribe”).

Nine times out of ten, that’s a deliverability issue. Your emails might be hitting spam or not showing up at all.

But if your deliverability looks clean (your domains are warmed, your spam tests look solid, and your open rates are healthy), then your next move is to simplify your message.

In this phase, clarity always wins.

Strip it back to just three things:

• Why you’re reaching out

• What problem you solve

• A soft CTA like, “Can I reach out from time to time if this ever becomes a priority?”

If you’ve done that and you’re still not hearing back, it’s almost certainly deliverability.

That’s where your time should go first (before you touch your copy, offer, or targeting).

I made a free 14-step checklist on how to fix your deliverability: Check it out here.

Phase 2: Only Negative Replies (with no context)

This is when things start to move. You’re getting replies, but they all sound like:

“No thanks.”
“Unsubscribe.”
“Not interested.”

And while it might not feel like a positive sign, it actually is.

It tells you two important things:

1. Your emails are being delivered.

2. Your message is getting read.

You’ve cleared the first major hurdle.

The problem now is you don’t have context for the rejection. You know they’re not interested, but you don’t know why.

That means you have no data to improve your message.

At this point, start breaking your email down into its three building blocks:

1. The problem you’re talking about

2. The value proposition

3. The offer/CTA

Now test variations of each piece until something lands.

You might test five different problem statements, or five different CTAs. The key is sending enough volume to get real signal.

For me, that’s usually around 500 emails per variation, but there’s no strict rule. The goal isn’t perfect data, it’s directional feedback you can act on.

Once you start seeing some context come back in replies, you’re ready for the next phase.

Phase 3: Negative Replies (with context)

This is where things get fun.

Now your rejections sound more like:

“I’m not the right person.”
“We already use X.”
“We’re a small team and don’t feel that pain.”

You might still be getting “no’s,” but these replies give you data. And that tells you what you need to improve on.

If you’re hearing “I’m not the right person,” look for patterns in who is the right person.

Then update your targeting and go again.

If you’re hearing “We already use X,” then that’s a sign your message overlaps too closely with a competitor.

Start addressing it directly. Acknowledge they’re probably already using a competitor, and then reframe your message around what’s different or complementary about yours.

Or if you’re hearing “We’re too small,” that’s a qualification signal. You’re likely targeting too low on headcount or budget.

Every one of these replies tells you exactly where to focus next.

TL;DR

If your cold email campaigns aren’t performing, it doesn’t mean you’re bad at outbound.

It just means you’re somewhere in the progression:

1. No replies → Fix deliverability and simplify your message.

2. Only negative replies (no context) → You’re delivering, now test and gather data.

3. Negative replies (with context) → You’re close. Use that context to improve targeting and positioning.

The goal isn’t to jump straight from silence to meetings booked.

The goal is to move one phase forward at a time.

Thanks for reading,
Jed