Approaching Leads & Getting Meetings
In most industries, potential partners face a deluge of inbound sales calls and partnership proposals, so the tactics you use to approach leads are incredibly important. From cold email tricks to psychology hacks, there are tools you can use to pique the interest of your target and to stand out from the crowd.
Posts by Month
Don’t just run off and randomly approach partners. Once the goals are set, the first thing the BD team or person should do is set priorities in terms of who your ideal partners are. This includes market sizing, market and competitive analysis, and a clear timeline. If you are new to the industry you better start researching yesterday. There is nothing worse than being pitched by someone who did not make the effort to understand your business and the challenges you are facing. Secondly, you need to put a lot of work into figuring out how to approach these partners (more to that in point 3). Finally, you have to make sure you have all the necessary contacts to approach your target partners. If not, work your network. Cold calls are rarely effective. Unless you come recommended by a trusted source, chances are very low that you will get someone’s attention. Ideally, you have built up a ton of what I call “good karma” by helping out others friends in the industry in previous situation so that you can call in some favors and ask for introductions.
One of the most important things in writing an effective cold email is to keep it short. However, communicating all the things necessary to elicit a response in 3-4 sentences can be extremely challenging. One way I’ve been able to overcome this and start dialogues with many c-level execs and big time entrepreneurs is by communicating my message in a more visually engaging format that’s easier to consume than text.
When you cold call someone, you’re probably interrupting their day. They person you’re talking to is not primed to be receptive to your pitch in this state. You only want to pitch someone when they’re ready to hear it and attentive. This is why the goal of an initial cold call should be to set a meeting.
Architecting a compelling follow-up during the actual interaction is a great way to start the relationship building process with influential contacts. Interactions with busy, important people are often fleeting. This is why creating a reason for continuing the interaction without seeming too self-serving or formal is so important.
One of the biggest fallacies I see amongst professionals who write cold emails is their failure to follow up. Knowing how to write an effective follow up email effectively is probably the easiest way to increase your response rate if you aren’t already doing it.