Creative KPIs for cold outreach campaigns?

May 29, 2025

by an investor from University of Toronto - Joseph L. Rotman School of Management in Calgary, AB, Canada

Does anyone have any rough KPIs they like to use around their cold outreach campaigns beyond the usual metrics such as number of CIMs acquired / email response rate / LOIs submitted / etc.? I'm wondering if there's anything people have had success with using to track themselves that felt like it better compared things like cold outreach vs contacting brokers or using an AI web-scraper for list generation vs doing it manually. Thanks!

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Reply by a professional
from INSEAD in Denver, CO, USA

It's all about your conversion rates. Look at # messages that convert to meetings, then meetings that convert to NDA, NDAs that convert to LOIs. If your rates are high, then you have focused targeting and a great message that resonates. We target a 6% reply rate and a 40% interest rate ("let's take a meeting"). Then our clients take it to the next level and have to convert it further down the acquisition process.

Reply by a searcher
from INSEAD in San Francisco, CA, USA

I track several metrics, including the number of letters, emails, and phone calls, as well as the number of new leads I add to my CRM each week. Once a lead is in my system, I monitor: Response Rate – the percentage of contacts who respond, whether positively or negatively. Conversion Rate – the percentage of contacts who express interest in a follow-up conversation, sign an NDA, or provide financials. Cost per Lead – both on an overall basis and specifically for leads that convert. I’m not using these metrics to compare cold outreach to brokered deals as cold outreach, for me, serves a broader purpose: (a) it creates benefits beyond simply sourcing a deal, and (b) it aligns with my broader philosophy of staying proactive and maximizing every channel to get a deal across the finish line.

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