Time for a bit of an update with actual numbers of the action taken so far.
Cold Emails Sent: ~50
Replies to emails: 1 (2%)
Cold Phone Calls: 19
Warm Calls: 1
Positive responses: 7 (people who may be interested but didn’t set up or ask for a meeting)
Meetings from the above: 0, but 3 scheduled (15%)
Networking events attended: 8
Meetings from the above: 3 (37%)
As far as conversion rate goes, it’s pretty clear that networking is the winner. But if you look at the effort involved, there are a hell of a lot more hours in networking than there is in sending an email to somebody.
That said, a lot more can come from networking compared with cold calling from the comfort of your lounge room.
- You develop a network (duh). People you can ask questions, or services, or whatever
- You become known as someone that people can trust, and refer others to you
- Ideas are often thrown at you, and you have to try really hard not to chase everything
On top of this, as a result of one of the networking events, I’ve had multiple meetings with a new potential business partner. We’re looking at building an entirely separate product in an entirely different niche, of course following the same validation process and exploring the underlying pain a bit more.
You’re probably thinking that’s nowhere near enough emails. According to Yesware, only about 10 emails of the 50 I’ve sent have even been opened. I really thought this would be higher, which has turned me off it a bit. On top of this, two different business owners specifically call the email “spam”. This makes me think that sending the email in the first place may do more harm than good, and it could be better to simply just call outright.
More testing is probably required here. But it sounds like I could already be onto a winner. Tomorrow is the first meeting I’m having with a product interface sketched up to get some feedback.