This time last year, I was standing in my office, staring at walls covered in giant blue Post-It notes. Quarterly revenue targets, marketing ideas, team needs, and many topics in between—most of which I overthink and dispose of at a later point in time.
One of those in-between topics I had written down was MORE COLD OUTREACH.
When you’re fundraising, it’s usually beneficial to have a warm introduction to someone. That’s fair because it adds credibility alongside first impressions.
But most warm introductions come via years and years of grinding it out and networking.
In this world, there are millions of people who could help you, or you could help them. If you only ever rely on warm introductions, you may never connect.
Enter, COLD OUTREACH
Cold outreach is a sample size game. And it’s easier than ever to reach out cold to someone. My thesis on December 31, 2019 was that if I did 1 cold outreach per day in 2020, I could connect with 3-4 people in total (about a 1% success rate).
Here are my results.
I reached out cold to a total of 186 people in 2020 (not even close to 1 per day, as I underestimated the time it took to research the best platform to reach out on)
I heard back from 21 of the 186 people (11%!)
Platforms used were Twitter, physical mail, cold email, and cold calling. On each platform, I tried to craft my message using common rhetoric
o Twitter is often more casual and informal
“Hi _____, I saw your Tweet about Building in Public. What are your thoughts on _____?”
o Physical mail was a gift (often a shirt), with a handwritten note (plus business card), less formal
o Cold emails were 2-3 lines for validity, with a mix of formal and informal
Hi _____, I’m Clayton Mooney, CEO at Nebullam, where we’re building the John Deere for indoor farming. I’m intrigued by your stance/post/thoughts on _____. Would you have any time in the next 10 days for a call?
o Cold calls were like emails, with just a few seconds to show that I wasn’t a spammer calling
Hi _____, you don’t know me, but I’m Clayton Mooney, CEO at Nebullam. We’re an indoor farming company based in Central Iowa. I wanted to call because I saw your stance/post/thoughts on ______, and I thought you were spot on.
Each instance was straightforward, where I introduced myself and title (for validity), and then jumped right into highlighting their work and why I was contacting them. I had a different agenda/action item for each person. While my notes are scattered, the 21 responses have (so far) resulted in:
Savings of $8,400 in products and services
Annual recurring revenue of $4,600 for Nebullam
A potential independent board member who is kick-ass
Copies of new books from 2 authors
2 founder friends meeting with and collecting checks from investors
Beta access to 2 new apps that may save time and money
1 new sponsor for Young Entrepreneur Convention
20+ connections to industry veterans
Warm introductions to 13 investors
Of the 21 responses I received, over half are still ongoing communication and have potential to be a lifelong connection and relationship. Don’t be afraid to reach out cold. You have nothing to lose. If you’re reading this post and don’t know me but think I can help, reach out cold. My email address is c@nebullam.com.
PS I haven’t yet heard back from Elon, but that’s okay.
Happy 2021.
Elon is waiting for the right time to respond. 😎