By: Florin Tatulea
Some tips on finding the right balance of quality and quantify with prospecting.
There is a lot of hype these days in the Sales Development world around Account Based Selling and the need to customize your emails to resonate with your prospects, which in turn should lead to higher open/reply rates and ultimately meetings booked.
One thing that many Sales Development professionals often lose sight of is the fact that the most important metric to keep track of is number of qualified meetings booked and NOT number of emails, dials, open, or reply rates. It all comes down to efficiency and figuring out what the best use of your time is.
For example (Assume conversions are consistent over time):
You decide to focus on quantity of emails sent and barely customize an email to any specific prospect allowing you the time to send 100 emails per day.
Emails Sent: 100 emails
- Open Rate: 40 emails (40%)
- Reply Rate: 10 emails (25%)
- Qualified Meetings Booked: 2 (20%)
You decide to focus on quality of emails sent and you do the research, tailor every email to each specific prospect and end up sending 10 emails per day.
Emails Sent: 10 emails
- Open Rate: 8 emails (80%)
- Reply Rate: 4 emails (50%)
- Qualified Meetings Booked: 2 (50%)
In this case, even though your open/reply rates are more than double and your ReplytoQualified Meetings conversion is higher in Scenario 2, your booking the same amount of qualified meetings per day with lower conversion rates.
Here’s a real life example.
I was at a conference listening to a VP of Sales who when asked by an audience member, admitted that they have never responded to an outbound email…Naturally, I took this as a challenge. The following week I decided to do more research on this person and attended several webinars where they were speaking, making sure I jotted down any points I could use to get a response.
The next day I composed a crafty email and…..TA DAAAA
The main point that I am trying to make is that although I got this awesome response, I spent a tremendous amount of time going to the conference, listening to webinars and doing research on this person to draft a customized email….and it still never converted to a qualified lead.
This is why it is extremely important to make sure that you have an appropriate balance of quality vs quantity when doing outbound prospecting.Recommendation
One way to strike a good balance between the two is called the 3×3 method. Research 3 relevant points about the prospect/company in 3 minutes. One point about their specific role, one about their company, and one about them personally. The tool that I use most to find this information is the LinkedIn Sales Navigator news feed which provides realtime updates on news/triggers from various accounts/prospects I’m focusing on.
Before you start with the 3×3 method, you need to build out your leads list and know who you will be hitting up. Take advantage of tools like LeadIQ to build out that email list and then do your homework to develop a balanced approach for outreach to those prospects.
In order to maximize time, it’s best to get this research done on the weekend so that when Monday rolls by you can go full force and CRUSH those quotas :)[/fusion_text]