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Cold EmailCase study2026-03
Same Script, 10x Results: Signal-Based List vs Normal Apollo List
James Shields (@scaling_shields)
Campaign a calls4Results
4
Campaign a calls
41
Campaign b calls
4200
Leads per campaign
11
Campaign a interested
0.4%
Campaign a reply rate
74
Campaign b interested
2.9%
Campaign b reply rate
Key tactics
- Identical script and volume
- Campaign B targeted people who had already publicly admitted the problem (job posts for SDRs, Glassdoor reviews, funding rounds, LinkedIn cries for help)
- Captured existing demand instead of trying to create it
Summary
Controlled test with identical scripts and 4,200 leads each. Normal Apollo list: 0.4% reply rate, 4 calls. Signal-based list (people who publicly showed the problem): 2.9% reply rate, 41 calls. Clear demonstration that targeting demand already expressed in public dramatically outperforms cold lists.
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Check live US search demand for this entry's topics: signal based, controlled test, 10x, demand capture