A Cold List is a list of contacts who have had no prior interaction with your business. They may not even know that your business exists. Hence, these contacts are considered 'cold'. The objective of reaching out to these contacts is to introduce your business and establish a relationship with them.

A Warm List is a list of contacts who have shown some interest in your business, product or services. These contacts may have signed up for your newsletter, webinar, or downloaded your lead magnet. Therefore, these contacts are considered 'warm'. The objective of reaching out to these contacts is to nurture them and move them towards becoming a customer.

A Buyer List is a list of contacts who have already purchased from your business. These contacts are considered the most valuable as they have already shown trust in your business by making a purchase. The objective of reaching out to these contacts is to provide them with an excellent customer experience, encourage repeat purchases and turn them into advocates for your business.

In summary, a Cold List is for introducing your business to new contacts, a Warm List is for nurturing potential customers, and a Buyer List is for providing an excellent customer experience and encouraging repeat purchases.