Lessons learned from emailing a "few" people...
February 01, 2021
by a searcher from Texas Tech University in Denver, CO, USA
If you are like me...sometimes you get responses...sometimes you don't....and every day, you wake up, learn, and improve.
IMO outreach is NOT a numbers game!! This is a process of finding owners with a problem (e.g., want to move on but happen to run a business) that match your value proposition. If I email 100 CEOs of young SaaS companies, I get fewer responses than when I email 100 CEOs of traditional businesses that have >30 years in the seat. The perfect sequence, email copy, or website will not change that.
Free articles on sequences, personas, etc.
1. Salesloft - The big book of sales cadences
3. Outreach.io - Persona-based sequences
4. TOPO - Touch patterns
5. Lemlist - Lots of stuff, but I love their visual emails and use of multi-channel comms
People:
1. Becca Holland - Flip the script (tons of free stuff). Breaks down types of personalization better than anyone.
2. Josh Braun - Badass growth guide. Great use of $195.
3. Sapper/Regie.io - Multiple folks seem to know outreach well. They got me started a few emails ago, and I'm grateful.
My KPIs:
- If open rates( <60%) - Might not be landing in the primary inbox. Check mailtester and hire an Upwork contractor for $50 to make sure DMARC and all of that jazz are working. Don't spam people!! Send from your inbox, and make sure you are warming up the email box.
- If bounce rates (>3%) - Run emails through bounce testers to be sure they are good emails
- If sequence reply rates (<25%) - Target better folks, write better content, etc
My real KPI...Meeting book rate % (#meetings/ set of contacts) - This is how I decide how large the top-of-the-funnel should be. If I can predict this, I know what my volume needs to be! This then drives my week, the number of interns, etc. My outcomes vary, but If I can talk to 5% of the folks on my lists, I'm feeling good. 8% and am Happy!
When I'm "trustworthy," I can convert leads.
If I'm only focused on me, the model, getting a good deal, don't know what I'm talking about, or am never REAL with them...why would they sell to me? I've literally talked owners out of selling...they are now advocates and river guides.
Keep the Trust Equation in mind at every stage of the process Trustworthiness= (Credibility+Reliability+Intimacy)/(Self-orientation). It is not a surprise that when I have worked in the industry or a similar industry, my response rates skyrocket.
The trifecta matters.
When I jump on the phone with an interested CEO, they typically have read my website, looked at my LinkedIn, and read my email. Being consistent in the message, what you are doing, and who you are is important! My trifecta both helps and hurts me. It works great in some industries and CEO personas but probably hurts me in others.
How to write emails:
- Keep it short (80 words or less)
- Stop talking about yourself! Talk about them!!
- Understand the industry and use their language
- Be honest
- Always make it personal, have a clear value prop and an easy call to action (CTA)
- You don't have to go for the kill. Sometimes a conversation about the industry could bring a ton of value.
from Stanford University in Menlo Park, CA, USA
1. I've seen some folks having email volume envy. I think sending lots of volume will not work in the medium to long term. The tradeoff with volume is always personalization (i.e. time). I think much better to send fewer emails, and spend more time to make it relevant. As you said: speak their language, make sure you understand their company and industry.
2. Your advice on keeping it short also applies to email subjects. In every test I did, a shorter email subject outperformed a longer email subject. Every time.
3. My best response rates came from email #2. This was sent 1-2 days after email #1, and was a response to my original email (therefore subject was "Re: (original email subject)" ), and a single line "Jim, did you get a chance to see my email below?" or a few words "Any interest?" or "Thoughts?"
3. After email #2, give it a break. ISPs and ESPs monitor which emails are not getting opened or responded to, and they also set up intentional spam trap inboxes. If you send too many emails quickly that don't get opened, your domain may get dinged. So I would give a gap of 2-4 weeks between email #2 and email #3.
4. If no response to email #3, move on.
5. Another tactic that sometimes worked was adding them on LinkedIn a day before your first email. They've just seen your name before so higher chance of opening the email.
6. Based on one of the experts, your odds of landing a cold email in an inbox are higher if you send from a .com domain. There is no rule around it, but it was just his experience.
For anyone on Searchfunder, I'd be happy to jump on a quick call or zoom if you wanted to bounce off your outreach strategy, email copy, or just problem solve anything else. Happy to help. I enjoy it as well :)
from Harvard University in Cambridge, MA, USA