Cold outreach can seem daunting, and rightfully so.
All of these conversations with cold prospects, and there will be a fair share of rejection and even a nasty message or two.
But, with all of the times you’re told “no, thanks”, there will be those conversations that lead to “I would love to learn more!”
Our philosophy is that cold outreach is a numbers game. The majority of the people you reach out to won’t be interested, but there will always be people looking for what you have to offer.
Because it’s a numbers game, we set a few Key Performance Indicators for our campaigns so we can make sure they’re performing efficiently for both our sake and our clients’.
By tracking these numbers, we know exactly where we can work to improve our campaigns to make sure they’re as efficient as possible.
Here’s a rundown of each metric we track, and how we adjust our campaigns to make sure they’re being hit.
- A 70% open rate on emails- With simple subject lines like “question”, “quick question” or “question for {COMPANYNAME}”, we aim for 70% of our initial emails to be opened in a campaign.
If this rate is a short of that 70% KPI, we simply A/B test new subject lines.
- A 25% accepted connection request rate on LinkedIn- We use very unique connection request messages to stand out in our prospects’ inbox, and shoot for a 25% accepted rate as a result.
If this rate is lagging behind, we test new request messages and often look to the audience we’re targeting to see if they’re active on LinkedIn.
- A 15% reply rate on emails- For every 100 emails we send, we hope to get 15 replies, whether good or bad.
If we aren’t seeing a 15%+ reply rate, we know that the scripting needs to be stronger. To fix this, we’ll test new offer angles, testimonials, CTAs, and even entirely new formats. A/B tested, of course.
- A 4% call booked rate- Once we get replies, it’s on us to convert them into booked calls. 4 out of every 100 prospects converted into a call is a very strong rate, and it’s usually on us to manually talk with the prospect and convert them.
If we’re falling short of the 4% mark, we look to the conversations we’re having with prospects. Are we making the offer enticing? Are we being too pushy? Does the offer not seem valuable? Do we need to follow up more? These are all questions we ask to make our conversations with prospects as effective as possible.
- 80% show rate on calls- Now that the prospect is booked, we try to shoot for 4 out of every 5 to show up to the meeting.
In an effort to get prospects to show up prepared for the call, we use a number of resources. First, we set up our Calendly to remind them via email multiple times leading up to the call, we send them a few pre-call resources, and even text them to ensure they remember to show up.
- 20% close rate- The final step. We try to convert 1 out of every 5 prospects we speak with on the phone into a client, and that’s being pretty conservative.
If we aren’t closing deals at a 20% clip, we do a lot of internal work on our sales scripts, do sales role play calls, and look to see if the prospects we’re speaking with are truly qualified for what we offer.
To make sure your campaigns are converting from the subject line all the way until the deal is closed, setting your own KPIs will be a game changer.
The numbers can be different from ours, as every business is truly different. Just make sure that once you set KPI metrics, you work tirelessly to make sure your campaigns are hitting them every step of the way!
These metrics will show you exactly where your campaigns are falling short and what actions you can take to improve them, or fix the bottleneck.
Here’s to more sales calls and more deals closed!
If you’re interested in learning more about Omnichannel Cold Outreach and how we can help you on a Pay-Per-Call basis, feel free to visit our website:
www.knowledgex.us