ran cold email for an AI agency last month. here are the numbers that actually mattered - reply rate was sitting at 4.2%, 23 positive replies, 11 calls booked, 3 closed.
the difference between this and the previous month wasn't the copy, wasn't the offer - it was the list.
switched from a broad scrape to a hyper targeted list of agencies actively running paid ads with no case studies on their site. that one change moved everything.
what does your targeting look like right now?