Business Development For Startups and Tech Companies | Scott Britton | Skillshare

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Business Development For Startups and Tech Companies

teacher avatar Scott Britton, Life-Long Learner

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

    • 1.



    • 2.



    • 3.

      Introduction to Business Development


    • 4.

      Effective Business Development Mindsets


    • 5.

      Is Business Development Right for My Startup?


    • 6.

      Determining The Best Business Development Strategy For Your Company


    • 7.

      Honing Your First Deal Strategy


    • 8.

      Building Your Initial Pipeline


    • 9.

      Finding Anyone's Email Address


    • 10.

      The Initial Approach and Email Introductions


    • 11.

      Cold Emailing


    • 12.

      Converting Emails to Meetings


    • 13.

      Cold Calling


    • 14.

      Outreach Cadence


    • 15.

      Pitching Primer


    • 16.

      Navigating First Meetings


    • 17.



    • 18.

      Constructing Your Pitch


    • 19.

      Executing Your Pitch


    • 20.



    • 21.

      Handling Objections


    • 22.

      Dialogue Continuity


    • 23.

      Relationship Building


    • 24.

      Getting Buy-In From Decision Makers


    • 25.

      Deal Terms and Negotiation


    • 26.

      Closing Tactics


    • 27.



    • 28.

      Managing and Generating Inbound Opportunities


    • 29.

      Bonus Details and Free Resources


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About This Class

Companies explode when they crack the code to business development.

I know first hand after the last company I was doing business development for sold for 100 million in less than 3 years after it started.

The challenge is only a very small percentage of people actually know what they're doing when it comes to achieving massive, scalable growththrough the business development.

Even worse, there's practically no comprehensive training material on it. In fact, mentorship and training is only available through years of working alongside the best or high-end consultants that costs hundreds of dollars an hour.

This disconnect is why so many companies are missing out on unlocking incredible growth and most "business developers" can't deliver on the results they promise.

This course was created to change that and has only been available amongst a private, group of elite Business Development professionals until now...

This isn't one of those training programs that gives you some basic theory and sends you out into the trenches only slightly better off then when you started...

By the end of this training you will be armed with breakout business development cunning and an arsenal of proven tactics for every situation you'll face.

Need to nail biz dev strategy and don't know where to start? - you're covered

Can't get meetings with high leverage prospects? - you're covered

Prospects not receptive or getting back to you? - you're covered

Can't get a stalled deal to close? - boom, you'll learn how to disarm that too

This training covers the whole business devleopment stack from providing frameworks to establish your strategy to rogue cold emailing & calling strategies you can use to get meetings with anyone. You'll also learn how to pitch like powerhouse and push deals through the finish line with clockwork consistency.

This premium training is perfect and has already delivered results for:

  • Companies who want to unlock the next-level growth available by creating Business Development partnerships and growth relationships
  • Senior business development professionals looking to sharpen their spear with unconventional, proven tactics
  • Managers who want to save time and provide their teams with the absolute best business development training available
  • People who are new to business development or want to work in this role and are trying to get a leg up on everyone else

When you're done this course, new levels of excellence will be in well as the big time personal rewards that comes comes with that.


Below you can find out exactly how the training is laid out, but real quick here are the sections:

  1. Introduction and Developing An Offensive Mindset - Understand the function of Biz Dev and develop mindsets for success
  2. Strategy - Performing Leverage Audits, Strategy Options, Choosing Your Strategy, First Deal Tactic Selection
  3. Outreach - Isolating Key Stakeholders, Cold Emailing, Cold Calling, and Mastering Turning Rebuttals into Meetings
  4. Powerhouse Pitching - First Meetings, Positioning, Pitch Deck Construction, Pitch Execution, Pre-sales Tactics (advanced)
  5. Winning In The Deal Funnel - Objections, Dialogue Continuity, Relationship Building, Getting Buy-In, Deal Terms, Negotiation, and Closing Tactics
  6. Implementation and Inbound Opportunities - Implement and Expand Inked Deals; Strategies for Creating Inbound Opportunities

Trust me, this is just a small sample of what you'll learn and by the end of this course you'll have every tool you need in order to tap into your full business development potential.

I will personally respond to any questions you may have as you go through the material so there's no worry if you're not sure how to take all of the information and apply it to your business.

AND you'll have access to all of this material as well as the newest stuff I share with everyone on the inside of the course for life!

Hope to see you on the inside,

-Scott Britton

Meet Your Teacher

Teacher Profile Image

Scott Britton

Life-Long Learner


I'm Scott Britton. I'm a lifestyle entrepreneur and write about my experiences full-time at Before this I was a business development executive at SinglePlatform, a company acquired by Constant Contact for 100 million dollars.

I'm passionate about personal development, marketing, and travel. I've taught over 22,000 students online and offline, spoken at various various events - including New York's CTO School, and been featured in Lifehacker, The Next Web, and Business Insider as one of the top 25 rising star's in New York Tech Under 25.

See full profile

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2. Welcome: - Hey, - Scott. - Britain here. - And thanks so much for making this investment yourself before we dive in. - I just want to say hey and welcome you to this course. - I am so excited to have you here because I've seen the power of the things you're gonna - learn in this course firsthand. - And they've changed my life. - I want from flailing, - trying to figure out how to grow my first start up to joining a team. - Or we use business development to get our product in the hands of tens of thousands of new - customers, - build out an immensely powerful partner network and ultimately sell the company for $100 - million. - In this course, - you're gonna learn everything we did behind the scenes to make this happen. - By the end, - you'll have more tools and tactics in your arsenal than 99% of people out there doing his - death. - If you commit to honing this skill set and practicing and implementing what I teach you, - you will take your company and career to new heights. - If at any time you have any questions in the course, - the best place to ask them is in the discussion section on the right hand side of the - course dashboard. - Lastly, - the course is broken out into six modules, - and I highly recommend that you view all of them to get the most out of this investment. - At the very end of the course, - will be giving away some details about where you can get access to all my favorite business - development tools and APS, - so make sure you stick around to the final section. - Of course, - for all the details already enough talking, - let's dive into this course. 3. Introduction to Business Development: - it was a background to understanding. - Biz death. - Let's talk about some of the other growth channels that start ups typically use number one - . - There's direct sales. - Direct sales is very straightforward. - It essentially means building out a sales team of people that directly are engaging with - customers or users. - This can be over the phone via cold calls. - It could be in person and one on one meetings. - The key here is direct engagement. - Marketing, - just like direct sales can take many forms. - At its core, - though, - it basically means driving leads or traffic to a website workplace, - where eventually aggregating people that you eventually want to convert into customer for - users. - So this often takes the shape of a sign up form on a website, - a place, - a page where there is a phone number to call. - Essentially, - you're driving people to a place we're eventually going to try to channel these people and - convert them into a customer or user. - And then there's biz death. - What does biz dad actually mean? - Because I know when I first started out and start ups, - a lot of people out there were saying, - I do business development, - but I really had no idea what that meant, - And even when I started doing it, - I wasn't necessarily sure how to describe it at a high level. - To my friends and family, - well, - here's a definition that I really like, - and I think it really gets to the core of it. - Business development is developing partnerships and relationships that allow your company - to reach new customers and markets. - It can also mean developing partnerships and relationships that provide value to existing - customers or even enable you to extract more value out of them for your business. - Why is this an attractive channel? - Well, - for one, - it's very scalable times. - Think about it. - You could hire 50 salespeople, - or you could create a relationship. - Were a company that already has 50 salespeople sell your product. - Which one takes more energy and resource is business isn't all just about selling things or - generating revenue directly. - It can also mean creating partnerships that allow you to essentially enhance existing - functionality or creating new functionalities that attract and benefit existing users. - Think about it. - If there's a feature that I know that my entire customer base audience user base would love - , - I could spend all the resource is building it, - or I might be able to integrate with the company that's already build it and provide that - feature at a much easier, - faster rate. - With a company that already doesn't well, - it's pretty scalable. - Another reason that Bt is attractive is your company can achieve, - enhance credibility and really, - really improve how your brand looks just by the association with established companies. - If there's a company in the market that all of my customers trust, - feel good about all my, - all my potential customers feel that way about associating my company with that company is - gonna make my existing customers feel better about our relationship. - Could optimize the conversion rate for potential customers because they trust that other - brand. - It's associative mind. - So let's talk about three common types of biz Dev relationships. - The test of his dead relationships that I see most frequently are ones that enhance the - product, - provide distribution or enhance the brand equity of a startup. - Let's go through these product visit deals again. - These are relationships that enhance an end product, - and by enhancing and product, - they provide value to existing users or potential ones. - Let's let's dig into an example here in order to show you a little bit more What that looks - like. - The one that comes to mind immediately for me is is single platform on Trip Advisor singing - platforms, - a company that I previously worked for So before single platform trip advisor on a lot of - their pages did not. - They had restaurant pages for the top places that you could go to find places to eat at - particular destinations. - And they had the name, - address and phone number of the address, - maybe even some follows. - But one thing that they didn't have ubiquitously and for many of these restaurants, - if any, - was the menu. - So it was impossible for me as a trip advisor, - user or somebody, - and maybe even arrived there in the first time to see what these restaurants actually sold - . - This data set was something that single platform acquired through providing a product that - allowed restaurants and other types of businesses to distribute this data and through an A - p I relationship with trip advisor. - We allow them to display this data that their existing and potential users wanted directly - within the framework of their site. - And you see the arrow there, - uh, - pointing to the menu button where that AP our relationship exists. - When somebody clicks menu, - they get a pop up I frame that shows them exactly all the dishes that this particular - restaurant serves, - and you'll even see theatric Yushin image of single platforms data on that menu. - This is an example of really a product biz depth deal that is essentially enhancing - connecting to companies to enhance the end experience of a product and for single platform - on the product side. - Having the data distributed in another place where restaurants potential customers are - searching for dining options makes our product better as well. - So it's a win win relationship for both parties. - Let's talk about distribution is depth deals, - distribution. - Business deals is basically what it sounds like. - It provides distribution for your product or service. - So by leveraging somebody else's audience customer base user base, - whatever is, - you're essentially getting distribution that you would have not received, - and this can also manifest itself in providing additional value for your users. - This this concept is a little bit easier to explain through specific examples, - so let's go ahead and do that right now. - One example that comes to mind is. - How about we and New York met? - If you're not familiar with, - How about we? - It's essentially a dating site where people can suggest different activities to dio and - connects people. - So how about we can before doing his Deb deals? - Maybe they were trying to drive people to their website via marketing the, - uh, - social media, - whatever it ISS. - But through the Biz DEV Channel, - they could have essentially received distribution on places where their target audience is - already hanging out and get customers that way. - So this particular deal was between. - How about we in New York magazine, - on the front page and on every page of New York magazine? - You'll see a little area here that says Dates Now I don't know if this I don't know if this - even existed before these this biz dev relationship, - but when you click that button now you're taken to this page, - which is a co branded. - How about we Page that essentially is driving New York magazine readers to sign up for How - about weight? - And essentially, - this is this is providing access to an audience that they might not have reached before - just to demonstrate the power of these type of biz Dev relationships. - How about we published a pretty cool statistic on the block over the past two years? - The 40 different partnerships, - whether it be with New York mag or other types of content destinations, - now account for over 25% of new user acquisition. - That's huge, - considering the lifetime value of a customer of a dating site could be hundreds of dollars - . - The fact that these relationships are now driving 25% of a user base, - which I'm sure is in the tens of thousands, - if not hundreds of thousands or even millions it is pretty amazing. - If you want to read more about that, - you can check out the article. - How about we block? - Let's talk about brand enhancement business deals, - deals that enhanced brand to exactly. - They sound like they connect to companies, - and both companies stand to benefit from the Positive Brand Association. - And again, - these help you reach new customers, - convert customers at a higher rate, - reached new markets, - a lot of positive things and commodities. - A great example is TechCrunch and you. - To me, - there's a site called Crunch You, - or portion of the site on TechCrunch called crunch you. - And if you're not familiar with TechCrunch, - it's one of the most popular tak content destinations that report stories and news. - And all this stuff about startups and you to me, - is an online course platform. - So it's if you want to learn about entrepreneurship. - If you want to learn about how to build products. - If you want to learn about coding, - it's essentially a place where anybody can publish courses on those different disciplines. - And what crunch you is is basically a portion of courses from you to me that have been co - branded on this TechCrunch site that are basically recommended by tech runs. - Now. - I never heard of you know me before, - but I was an avid TechCrunch reader, - and I came to this site all of a sudden I am gonna have a lot more trust for this unity - thing. - Given the fact that they're working with TechCrunch, - it must be good. - Otherwise, - TechCrunch's the brand that I love and have been reading for a long time. - Wouldn't wouldn't partner up with these guys, - and so you, - to me, - is getting a huge win here by not only potentially getting access to new customers. - But when they reach those new customers optimizing conversion just because of the trust - that's already been built, - given the piggybacking on top the TechCrunch brand now TechCrunch is constantly looking to - deliver excellent content to their users and generate additional income streams and by - associating themselves with a amazing source of educational content like you to meet their - driving a ton of value to their users. - And also you may be even monetizing this, - I'm not sure, - but this is just a total win win relationship for both sides. - That's making both of these brands look even better in the eyes of their existing customers - as well as perspective, - customers or users. - Another type of biz Dev deal that I want to highlight That kind of fits. - The framework of distribution is channel partnerships, - and this can also fit within the brand umbrella as well. - Channel partnerships are basically when two companies with similar customer or user - profiles former relationship, - where one company explicitly introduces the other product or service to their audience, - user base, - customer base, - whatever it ISS. - And these can often look like re marketing deals or reselling deals where there is a - revenue split at the end. - If there's transaction. - A great example of this is single platform and blue Net single platform Again. - What the company allows local businesses to do is distribute their most critical business - information everywhere that people are looking for their business online. - So name, - address, - phone number, - their menu products and services photos, - all the stuff that people are looking for. - Mine Blue Net is the largest wire service provider and digital partner for 8000 plus force - across the country, - and they brought a lot of amazing services for the businesses. - They work with one of the things that they would love to I would have loved to provide. - Before this relationship was the ability for all these businesses to easily get found - online. - What the single platform and Blue Net relationship looked like was basically Blue Net - introduced our product to their 8000 plus customers and resold it, - re marketed it and allowed us to reach an entirely new audience of people that would drive - a thana value from our product and Blue met as part of this deal. - For every single sale that we made, - got to take some of the revenue and this is just a great example of two companies realizing - that there's a chance to provide mutual value on both sides and striking up a channel - partnership where one company introduces the others product to their existing customers - provide value in a way that drives revenue for the company to these deals to occur, - something very important has to be in place, - and that's the mutual value of Shane's on both sides of the equation. - If one company is getting all of the value and the other isn't, - it's just not gonna be fruitful for the customers. - For the people doing the deal for the company's relationships and moving Ford, - you have to make sure that there's a mutual value exchange. - And honestly, - a lot of cases, - if there's not a deal, - will never, - ever get done. - If the people that are working on the deal are smart, - so get in this place. - In this case, - the value is clear. - Single platform was getting to reach a new audience that previously wouldn't have access to - , - and Blue Net was getting introduced, - a product that drove a ton of value to their existing users while monetizing relationship. - Both sides were let's talk a little bit about the difference between sales and business - because they often get co mingled, - and it's important to really understand how they're different. - First difference is that I personally think his death is a little bit more strategic and a - little bit more scalable again. - Sales is often you are selling a product directly to a consumer. - So here is this thing. - Here's what it costs, - and I want you to trade me money for this. - There's Devon. - The other hand is often manifested in somebody else in creating relationship. - Where somebody else is selling directly, - or something that happens to the product is gonna help result more sales. - And this is why I often say that goals of Biz Dev are often higher in the funnel. - So instead of me worrying about directly driving sales, - I'm going to create a relationship with another company that maybe enhances our product, - gives us distribution, - whatever it is that is gonna eventually going to result in more sales. - The last thing that I want to bring up this is a very important at the micro level, - like what you'd actually be doing as a business developer is sells a very product ized - offering. - So here's this thing I'm selling. - It's not really gonna change that much. - Do can I convince you to give me something for it? - We're like about business. - Development is you're often had to be extremely creative about the offering, - a relationship that you're positioning a potential company and these air things. - This is This is a process that requires understanding what somebody's particular needs are - . - How you might be able to service them with your available resource is it's often less - product ized. - And that's not to say that all sales are product sized or that there is Biz Dev - relationships that are not product sized. - A lot of business is actually about scaling a product ties relationship, - which is something that will discuss Maurin depth later in BT playbook. 4. Effective Business Development Mindsets: - welcome to the mindset section. - Now a lot of people will see this and say, - You know what? - This is important. - I want scripts and tactics, - But getting these things right and in line is going to be justice critical to your success - as all of the tactical information scripts strategies in the world. - So I really want you to pay attention closer to this section because the bottom line is - that you want to have the most success. - As a business professional, - you need to have the right mind set in place. - I think the best way to understand the appropriate mindsets you can have to really set - yourself up for success is understanding the challenges that is de professional, - typical face getting to the right person to make a deal happen to even get a meeting. - This requires a ton of overcoming rejection, - being comfortable with failure. - Putting yourself out there is not easy creating win win relationships, - prioritization so understanding that not old deals are equal. - They're not all going to move the needle the same extent for your company. - And really, - in a lot of cases, - when a company is doing well, - it's not the number of opportunities. - That is the biggest problem. - The problem is, - is focusing on the right opportunities, - not getting too distracted by shiny objects pushing deals through the finish line. - You have the meeting set up. - You have a good relationship with the person on the other end. - But at the end of the day, - it gets really tough to get these deals through the finish line. - And honestly, - a lot of these mindsets that you'll have to be the core of your being able to get things - done. - So let's talk about the first mindset. - People do things for people that they like. - This is so important. - To understand your ability to get things done is highly contingent upon basically making - people like you and not only having a great product but having the relationship that is - gonna make somebody put their neck out on the line for you. - Because as a start up as a young company, - as an unproven player, - in many instances people are taking a chance and they're and they don't know everyone at - your company. - They don't know the ins and outs of product that they do. - They know you, - which is why it's so important to get them to like you and to build that trust so that they - do something that's a little bit outside of their comfort zone with the potential for - upside that you promised. - Let's talk about how to call to make this month pretty straightforward. - You want to take an active interest in the people that your dealings with lives and this is - not just what's going on in the office. - This is What are you doing this weekend? - What is interesting? - You what your passions, - building relationships around the things outside of purely the deal is going toe largely - enhance your ability to make people like you and ultimately do things for you, - continuously being attentive to the relationship. - It's so important to be proactive. - And this means doing things like sending thoughtful e mails, - making sure that if somebody is in the city that you're working in, - giving them a place to say, - Hey, - you know what, - you can work out of our office today trying to get face time with these people. - This is really important, - and I think that a lot of times people think that if they just get on a call every three - weeks. - That's relevance relationship. - That's enough. - And to be quite frank, - that's not enough. - And that's often why people can't get the person on the other side because they haven't - built the relationship strong enough. - Do you ultimately do something that's a bit of a stretch? - I think it's important that you acknowledge the value of these actions because a lot of - times it can seem like, - you know, - this isn't necessarily moving the deal for directly. - This might be wasting my time spending two hours with this person talking, - going and doing an activity that has nothing to do. - The deal. - You need to acknowledge the value here because you don't see the value, - this, - this type of activity, - then you're probably not gonna do it, - which is why it's so important that you're just cognizant of it as you do it. - Practice, - Empathy, - involvement. - Tori A. - Love This one of the most powerful forces in developing relationships is being vulnerable - because it demonstrates that somebody else that you feel strongly enough about them, - that you're willing to open yourself up and expose yourself to criticism to judgment. - So if you practice vulnerability and empathy throughout the entire time, - odds are gonna be much closer that personally other side. - And this could be a simple as let's say that something didn't go your way or you forgot to - do something just being completely candidate being honestly, - sometimes I get really forgetful, - and it's one of my biggest flaws. - But I'm working on and unfortunately, - that was why we didn't get a chance to do this thing. - And I'm really sorry. - It's it's honestly a personal thing I'm really working on. - Obviously, - you want to manage your balance, - that with seeming like a reliable person but generally vulnerability and empathy, - you're extremely powerful. - Forces in relationship strive for FaceTime early and often. - You can have as many e mails many phone calls as you want, - but nothing is gonna be able to replace the connection that you're able to build when you - get in front of somebody. - So I always try to get in front of someone as soon as possible. - Once I understand that a deal is potentially going to be there and then just continuing to - see that person as much as I can, - assuming it's important so that we can really kind of get the face time in there to really - build and strengthen that bond Mind Set number two to be successful. - Business Death being metrics driven The beautiful thing about metrics is, - is they don't lie. - It's the best barometer for your decisions, - whether it's how much time you should be spending on a partnership, - whether you should be kin continuing to do the same type of partnerships or even expanding - a partnership metrics should be at the core of all of your external decision. - It should also be at the core of what you're reporting to partners. - In order for them to really feel like there's a valuable relationship. - They're the best thing you can do is provide hard evidence through metrics that you're - driving value for their company. - So being metrics treatment is extremely critical for your ability to be successful, - to prioritize and make sure you're spending your time and energy on the things that are - going to move the needle the most for your company. - Let's talk about how to become metric shipment, - and this is important because I'll be completely candid. - I wasn't always a metrics driven person, - and when I started to adopt this mindset and really build just a habit of being metrics - driven person, - I became infinitely more productive not only personally but also for the people that I - worked for. - First thing you can dio define the metrics before engaging in partner activities. - It is much easier for you to be metrics driven and to be evaluating your decisions using - Metro Apps. - If you just start out with a framework of how you're going to measure the success of - something, - so the best way to do that is to define the metrics before you even go go about. - Start working on the deals. - Once you have the metrics in place that you want to monitor and measure the effectiveness - of a particular relationship. - The next thing you need to do is set up proper monitoring systems and not only set them up - but schedule regular reviews because it's very easy to have all these systems in place, - set them up and then never look at them. - So I've found that the absolute best way to make sure that this doesn't happen that you - actually review the data is to schedule regular reviews and also conduct postmortems. - So once something goes live like a launch or a particular pilot, - whatever it might be that same day at that moment. - So you don't forget schedule a postmortem. - Maybe it's one week out, - one month out, - three months out. - Maybe it's all of them. - But actually schedule that so that you go back, - You look the metrics and you can determine whether this was actually a valuable use of your - company's energy time. - And I like to take it a step further and really forced myself to compile a written analysis - of the metrics with reports. - Because all that data, - it's great if you will get it. - If you don't make the effort to understand it and what could potentially be manipulated in - the relationship in order to drive most value, - it's really not worth a whole lot of good. - And if you have trouble keeping yourself honest about this schedule presentation, - get other people involved so that you know that you're gonna need to understand these - metrics and what they actually mean because other people are gonna be waiting for you to - give a presentation to that. - I've seen this a za really, - really excellent strategy to keep yourself accountable to being metric should being metrics - driven ties in nicely to Mindset three, - which is focus on prioritization. - I love this quote. - We can do anything, - but we can't do everything. - This is so true in startups, - especially as a business development person. - There's tons of potential opportunities to achieve growth by creating relationships with - different companies. - But ultimately you have to identify the ones that are going to drive the most value and - avoid the ones. - They're just gonna be black holes for your energy. - Time and resource is. - And this is why I personally believe that one of the greatest challenges that you're gonna - face not only as a startup but as a business developer in the early stages is to make sure - that your prioritizing and spending time on things that matter. - And this is why oftentimes getting getting and no is better than getting yes, - because a lot of people, - yes, - you to death and nothing will ever come out of those relationships. - So I personally think getting to resolution on a deal, - whether it's yes, - let's do it. - Let's go or no, - I'm not quite ready at this is a good fit for us, - yet is honestly, - sometimes a great thing. - Instead of just constantly getting yeses that never go anywhere. - Let's talk about ways to cultivate this mindset. - First thing you can do is establish your priorities literally. - Right out party number 12 and three If you have three off the business development function - in order of reporters, - so few examples of this could be to drive new user sign ups dr existing engagement or - extract more revenue per customer. - Whatever it is, - it's important to write these out and have them present and top of mind at all times that - you know that you're prioritizing your energy and your time appropriately before you - encounter any major decision. - You wanna have these priorities top of mind, - which is honestly, - why I keep them on my desk at all times. - Just so I know that hold on a second is this thing that I'm about to do our thinking about - doing in alignment with what I've established as the most important priorities before my - business and lastly use these metrics performed postmortems and test frequently in order to - understand what's really moving the needle most for your business, - and I call this the marketer mindset. - Ah, - lot of biz dead people out there. - Honestly, - they're great salespeople. - They're great relationship builders. - What did not great at is prioritizing their time and energies and really kind of taking a a - marketer's approach to testing diligently on all the things that they're spending their - energies on. - So taking a marketer mindset as a is dead person is generally, - I think, - an awesome practice mindset Number four e comfortable with rejection. - The bottom line is you're never gonna get something unless you ask for it. - In business development, - you're gonna have You're gonna find yourself asking for things, - Aton. - Whether it's hey, - can I have that contract back or can we get on the phone call next week? - Or can you ask your boss what his feedback was? - Because I haven't heard from them and I really need this to report back to my CEO. - There's just gonna be a lot of situations where there's a little bit of discomfort with - asking for things because you might get rejected. - So you have to become comfortable with this idea of rejection. - And I'll even say that for a lot of people, - their ability to ask is actually a strategic advantage because there's a lot of people out - there that aren't comfortable with projection that ultimately don't get things they want - for their business and for the deals that they're asking for. - So how do we get comfortable with rejection? - I think one of the best ways yet comfortable is just to reframe it in your mind instead of - instead of taking it as a personal offence, - reframe rejection as data collection. - So every time that you get rejected, - that just means a greater understanding. - Oh, - maybe they rejected me for this reason, - maybe it's because I didn't position this correctly. - Whatever it is, - if you look at rejection as a tool that allows you to learn Mawr calibrate appropriately - and Ford with the higher likelihood of success, - you're going to become more comfortable. - The rejection and this quote, - I think, - is amazing. - It says only through walking will I know the path, - and it's only through doing things and getting rejected. - Well, - you have a Mork crystal clear idea of the best way to approach things. - Another strategy that helps for becoming comfortable rejection is separating yourself worth - from the rejection. - So a lot of times when we ask for something and we get a note we think it's because of us, - and we feel bad about ourselves and get down on ourselves. - The truth is, - is that people that reject you in many cases they're not rejecting you as an individual. - The rejecting what you said the person that you cold call that doesn't want to get a - meeting with you. - They don't know you. - They don't know the type of person that you are and all the amazing things that you - accomplish in your life. - All they know is the 15 seconds that you talk to them on the phone. - Or maybe the four senses that you're quoting now. - This is why it's so important to separate yourself from rejection and realize that it's not - you rejecting. - It's just whatever you wrote or whatever you set in most cases. - And lastly, - any time you feel the onset of fear of rejection, - anxiety around something just general hesitation, - schedule that activity, - a lot of the activities that go hand in hand with rejection like cold calling cold, - emailing asking, - you're asking your partner for something they don't want to say yes to or hesitant around. - But these are activities which should be scheduled because when you schedule something, - you're establishing a pact with yourself and you have a natural desire to be congruent - consistent things that you say you're going to dio. - You're more likely to do those things. - So schedule things that you sense hesitation around, - possibly because of rejection. - Right now, - I actually want to go through a quick exercise you can do to become more comfortable with - rejection and overcoming fear. - I have to give credit to gain Maxwell in the guys, - the foundation for this, - because I actually got these questions from a video where they helped other people become - comfortable with rejection and overcome limiting beliefs. - And the idea is, - is when you're uncomfortable with doing a particular action and you realize that you have - some anxiety around it because you're afraid of getting rejected, - you can ask yourself this Siris of questions and hopefully reframe your mindset and rewire - it to becoming more comfortable with the potential for rejection that you ultimately do - that thing that you know you should be doing. - If you want to be successful at getting that meeting or getting getting on the phone and - calling a partner that you've been avoiding, - whatever it ISS So this is just a series of questions you can ask yourself, - hopefully rewire your mindset in order to do the things that you know you should be doing. - Okay, - first question. - What is the activity that you're not doing? - Let's just for this. - For example. - Purposes use asking a partner for a contract. - So why aren't you doing these this activity? - Well, - maybe you're not asking the partner for a contract because you're afraid that they're going - to say you know what? - No, - it's not ready. - You really need to stop emailing me every day. - It's getting really annoying. - How do you feel when you approaches activity? - So how did it feel when you approach asking somebody for a contract that you've been - waiting on for a while and, - you know, - you know, - they should be getting back to you, - But for whatever reason, - have been avoiding you. - Maybe you feel anxiety because you feel that if you ask them for the contract. - But you know, - you shouldn't you need Teoh. - They might say no. - They might never talk to you again. - They might just completely flake and you might lose the deal. - What would be the opposite feeling? - of that particular belief. - So what's the opposite feeling of you feeling anxious around? - Ask defense contractors. - You're afraid that deal is going to go still? - Maybe the opposite feeling would be that you feel so incredibly confident they're going to - get back to you with positive news that you just can't contain yourself. - That you that you just know that this deal is gonna come through and the only thing that - stands to treat you and getting this deal done is asking What would you do right now if you - possesses believe so, - if you possess this belief that there was no down remind this person was going to get back - to you with an ink contract because they were so excited to work with you and the only - reason they got didn't get back to you is because they forgot or there were on vacation or - something. - What would you dio? - Well, - hopefully at that point, - if you felt that way, - believe that hopefully that means what you do is send that email immediately, - asking for where that where the contract is or where the deal is, - or how come you heard back from them it would be absolute worst case scenario with this new - belief. - So let's go ahead and say that you do you ask for the contract and that they get back to - you and say, - You know what? - I'm not interested. - Or maybe they just don't get back to you. - Let's dissect what the actual results that are. - So if they say they're not interested simply because you asked for something, - you were gonna get that result anyways. - And all you did was expect the process and get it faster. - If they don't get back to you, - then that's no different than where you were before you asked. - In most instances, - the absolute worst case scenario off an action that people are hesitant to doing because of - fear of rejection, - really isn't that bad and honestly, - actually, - can even be a good thing. - Mindset number five master. - The art of making things here jerk is the easier. - You make things for other people, - whether it's something you ask for, - whether it's a favor, - whatever it is, - the higher likelihood that they're going to say yes and the reason is is just because - generally people at opt for the path of least resistance. - They don't like to do work. - So your job is if your goal is to make the likelihood of compliance for saying yes, - as high as possible. - You must make it easier when you ask for something. - So let's let's go ahead and see a few examples of that. - This was an email I received from a good friend who runs Biz Dev at a company called - Shutter Shop that recently in public, - he's got We're looking to hire Biz Dev Superstar to lead a P I A promotional partnerships - for shutter stock. - Is it pretty? - Any given with lots of latitude at a successful New York Tech company is a ton of a minute - . - Here's a job description. - If you take five minutes to consider who might be a good fit for this, - let me know who to reach out to it mean a lot to me. - You're the best PS linked in is great for this could cure to see which of your linked in - connections that business development in their title. - My friend had a couple things here A you linked to the actual job description. - Twice I've had other people send me an email like this about any links to the job - description and act, - which is basically asking me to go to their website, - go to the job section, - find it super difficult to do. - And that's just a lot of friction for me actually going about doing this. - Secondly, - he auto populated and linked to a search on LinkedIn where I could see my connections. - You have business development in their profile. - This is a an idea. - Probably have never thought of be making it as easy as possible for me to take that five - minutes to consider who might be a good fit for this role. - This is just an excellent example of somebody really taking the art of making things easy. - In terms of optimizing the compliant. - Torrie Hart is a great job. - Did you get another example? - I got this another example directly from my email inbox from one of my friends who has - company called Institute Institute, - she says. - How you could help us crush our goal, - make a contribution. - She's links directly to where I could do that. - Secondly, - she asked me to share on social media. - Now, - instead of saying hey, - be awesome, - if you could share it, - she literally takes the thinking out of it by giving me pre constructed tweets and Facebook - posts. - This is absolutely awesome. - And not only are they reconstructed, - she sends links using a service that all I have to do is click the link in order to tweet - the particular thing that you suggested. - I don't think you could get any easier than this. - And to be totally honest, - I did click one of these pre constructed tweets that you sent to me, - and I don't know. - I would have done that if she hadn't made it so easy. - So let's talk about how to cultivate a art of making things easy. - Mindset number one. - You wear it all times that most people generally opt for the path of least resistance. - When you understand this, - you'll start to naturally just developed a tendency to want to remove all friction from - people saying yes, - something you asked for. - Number two build the habit of doing postmortems that explicitly focus on bottleneck - identification. - So when you ask somebody for something and they don't do that thing, - it's important to look back and review and ask yourself, - Why didn't they comply here? - Why, - why didn't they say yes, - and just getting in a general habit of trying to understand not only would perform the - action of asking but understand why somebody did or did not do that thing that you and - asked him for is an amazing practice just to build this part of making things easy, - muscle and you Eventually you'll just start to see yourself having a room need of - understanding that allows you to preempt these compliance breakdowns. - At first, - this was definitely something that I had to practice diligently. - But now it just comes naturally to make things easy as possible, - because I had put in the post mortems and just the diligent practice of really building - this mindset so that I didn't have to really think about it eventually. 5. Is Business Development Right for My Startup?: - for a lot of the reasons that we described earlier is that could be a very attractive - option for start accelerated growth. - Scalable growth. - There's a lot of benefits to building biz devilish chips. - What is that isn't right for every company. - There's certain companies that it makes a ton of sense for. - And they're certain companies that at the point they're evaluating whether his deficit - viable grow channel. - It really shouldn't be focusing on. - So let's determine right now what questions you should ask if you're trying to figure out - whether his death is right for your start up so so important considerations. - His Deb Jules can take a long time, - especially in the game. - Some deals can take weeks, - even days, - but there are certain deals that can take years, - and a lot of this depends upon the type of relationship. - But more importantly, - the type of companies that you work with. - It was important to understand. - The the companies are we're gonna get in this a little bit more later. - But just know that is deaf relationships can take a long time. - Is that deals to be a huge distraction, - all of the energy and resources that you. - Do you divert towards getting a biz debt deal done, - or even exploring these devilish chips must be beautiful lens of an opportunity costs and - that you could be spending these resources time energy. - Well, - I'm sure, - in your customers. - So it's really, - really important to understand that although Dee Dee is an excellent growth tell, - it can also be something that prevents you from serving your customers, - which is, - you know, - honestly, - probably the most important thing at a start up, - especially in the early eighties. - When you engage in this, - get relationships often as a result, - just have less control of your schedule. - All of a sudden you're accountable through all these other parties. - And if there's technical relationships, - there could be instances where you actually can't release product functionality without the - consent of a partner without letting a partner know or might even put a partner too bad - spots. - You just want to do it. - This can be definitely a challenge that you have to mitigate, - and you have to understand your originally evaluating different types of his dead deals - because all of a sudden you're now affecting other people. - Beyond just directly were customers and the development teams and engineers at all, - many of this same once having West controlled struggle. - When you engage his dead relationships, - you're serving an additional stakeholder again. - Not only now, - are you worried about making sure that customers happy, - but you're now making sure that partners were happening well and not only is dead contact - with Product Team of CEO marketing team already, - people are involved in a relationship again. - The challenge years that it could just be a strain on resources and focus and need to make - sure that you decide to produce shoe biz Dev as a growth strategy that MAB resource is to - make all these parties happened so that the relationship on most successful as possible or - job work. - So with these considerations in mind, - what are some questions you can ask yourselves to determine whether our companies are ready - to have been step number one? - Do I have product market fit? - It's important to understand this dynamic because if you don't know exactly who your - customer is and how to serve them, - it's gonna be hard for you to find ideal partners. - Joe. - I think that personally holding off until you really understand who your customer is, - or multiple different customer avatars, - how you conserve them and what other companies cause. - That's a similar audience or way to enhance that experience for your audience. - It might be best to hold off on biz Dev related activities. - Do I have the internal resource is to support BD initiatives again. - All Although BD can be an incredibly attractive girl grow channel, - it needs to be viewed within the lens of an opportunity cost. - Every single developer that you take away from working on your product is a diversion. - Resource is, - too. - It is dead relationship and said directly serving your customers. - Although that relationship may eventually provide enhanced experience for potential - existing customers, - in that moment you are diverting resources. - So it's important. - Understand that you do just decided to pursue this channel, - that it requires resources and that these resource is are ones that are being taken away - from other things that can move your company forward. - Do I have any leverage in the market? - You're so your ability to not only get deals but get deals on terms that will be best for - your company depends on how much leverage you have in the market. - If the more you have more leverage, - you're gonna get better curves. - It's gonna be easier for you to get deals and to outmanned competitors. - Also important, - uh, - for party making sure you don't run into party mismatch party mismatches when a - relationship is an incredibly high priority for you and your company. - But it's not really that interesting for partner. - You don't have any liver leverage in that situation. - Basically, - you are at the mercy of that part. - But all of a sudden, - if that part, - if you have a ton of leverage and it's really important for that for me to work for you, - you can make sure that those instances don't happen so that you can be certain you're only - spending time on deals. - They're actually gonna be implemented. - Get down with Neil for your company. - How relying is my company on partners to be successful? - If your entire business model is contingent upon you being involved with other people, - that's kind of a scary place to be. - That's not to say that relationships with other companies can be incredibly important to - your success to your customers experience, - too, - ultimately making your product what ISS But If you're 100% of the line upon this partners, - that is very dangerous. - And you want to be able to self sustain yourself for the worst case scenario that something - doesn't work out of partners or there's a change in that changes the market dynamic, - whatever it may be. - But I think it's always a good place to be able to sell. - Sustain yourself at least to a certain extent before going out and engaging with partners - is my product or service far along enough to present to potential party. - So this is This is kind of a Harry face here because I think it's best to actually true. - Self is deaf relationships, - so do not even have built a future or product on it. - You're potentially interested in creating relationship around. - Yeah, - at the same time, - when you go to these different partners, - you want to be taken seriously and they're gonna be they're gonna ask to see things, - maybe even just a mock up. - But they're gonna ask for evidence that demonstrates that you're the type of person that - can actually actualize this relationship that you propose. - So if you are nowhere near that and that is just ah, - far off pipe dream that's gonna be really hard for you to do. - You might want it whole off of it on worried about growing from BT growth strategy and - focus on getting to a stage where you can present opportunities that would be attracted to - additional partners. - And I just have an example. - Your you are TV was a company that I first time did is that for and our products just - consulate broke. - It was never and so far technically from where it needed to be. - And I was out there talking all these partners, - inviting them to essentially see live demonstrations of the product because with the - product was was a live interactive video platform, - and these partners would come and see the products and it would just break immediately. - It would never work. - And that made it really challenging for me, - not only to get these relationships down, - but tohave continuity in our dialogue is the first experience that I showed them with. - Our product was so poor. - So in retrospect, - I I honestly would have probably been better served holding off a bit on going and pursuing - be channels aggressively as I did until our product was just a little bit tighter. - So let's talk about the ideal company steam to aggressively pursue a bit his debt growth - strategy. - And again, - these are gonna be answers to a lot of the questions that we just asked. - So number one, - you have product market fit again. - Here's where you know your customers or users you know how to serve in, - which allows you to basically go out and choose partners effectively so that if you're - going to expend all this time and energy and his dad relationship, - you're making sure that it has the highest chance off serving your audience effectively. - You have some leverage. - No. - When I say leverage, - I don't mean that you have more levers and every single partner out there. - Everyone has to work work with you. - You don't need to wait until you're at this point, - but you need to have a little bit of leverage in order to command. - Respect and attention is that things actually get done. - If you have no leverage, - you run the risk of priority mismatch. - It's gonna take much longer to get deals done, - and honestly, - a lot of cases people don't really have as much of incentive to work with you now. - The exception here is something we're going to go over later called friendly comfort - companies. - Starter strategy. - For the most part, - you wanna have some leverage before you go out and decide that you're really gonna pursue - business growth strategy? - I agree you have enough internal resource is to actualize potential deals and divert - fortunate ease through the Growth Channel versus Onley. - Working on the practice, - your customer if you go out and you think all these deals and you're ready to go, - But you don't have any developers or engineers, - designers or whatever the type of relationship that you proposed to actually make this - happen, - you're not only gonna disappoint your own team because you just spend a bunch of time on - something that isn't really gonna happen. - But you put a strain on the relationship with the partner that you just worked on going and - going and constructing this relationship with. - So you want to make sure that you actually have a resource is to go and make things happen - Before you spend a ton of time and energy proposing potential relationships for your - company, - your business can sustain itself without depending entirely on partners. - So it's It's a bad place to be if the only way that your company can be successful is - contingent upon these. - His death relationships existed because I've seen it. - Relationships can evaporate like that. - Somebody can come in, - and if you don't have the proper ring and set up, - you can lose your partners. - In instance, - when a bigger, - better player comes along, - it's important that you can be self sustaining to a certain extent before you go in. - Aggressively pursued be and it just affirms example here, - single platform. - So our company, - literally the biggest value out of our product, - was that somebody could enter in their information. - So their name, - address, - phone number, - menus, - photos, - and we would distribute that information across all of these publishers like Trip Advisor, - Yellow Pages Force for Yelp, - Google Places. - I mean, - the list goes on, - and for us I mean, - if we didn't have those relationships with the publisher partners to display the data where - our product would not be is valuable, - we would not be able to sell it to the degree that we were. - However, - even with me complete nonexistence of those relationships. - Our product did it a ton of things that warranted value show social media updates, - updating your information on your own website. - There was value there that we could build a business out of, - even if we didn't have business relationships that really made our products super powerful - . - But the truth of the matter is, - is that a lot of people, - the reason they sign up for us is because of that publisher network. - Okay, - so it's when your company possesses these characteristics. - But I think it's the ideal state to aggressively approach of his debt growth strategy. - Now you don't necessarily need to have all of these sick guarantee success, - but I think it does help when you have these things in place to make sure that your initial - Biz DEV efforts are as successful as possible. 6. Determining The Best Business Development Strategy For Your Company: - So let's talk about determining the right isn't development strategy for your company. - Doing this starts with defining the function of B D. - And doing that starts with defining the levers and metrics you're looking for business - development to grow. - So what are some example? - Potential BT Growth lovers. - You could be looking to drive active users. - Advertisers, - syndication partners, - revenue, - new vertical customers, - publishers. - The list goes on, - and ultimately it's depending upon what your company goals are. - But the first thing you need to do when you're looking to figure out what strategy works - best and how you should focus your business efforts is to define his lovers and not only - define them but prioritize them in terms in order of importance. - So I personally think a great thing to do is just list these out. - Number one. - Add grow user base, - whatever it is number to extract additional revenue from existing users. - Literally order this out and use this as the framework for your decision making. - Now there's a lot of different things that business developed. - Relationships can improve early on in stages of your company, - but it's important as a young startup where time is your most valuable asset to focus on - things that affect your bottom line. - Optimizing things like user experience is just not as important as focusing on things like - revenue, - direct savings, - growing user base. - These are the type of metrics that are really gonna make your company allow you to do - things that raise additional funding, - maybe even get acquired. - I've never heard somebody say that we acquired this company because they have such a good - user experience. - No companies get acquire, - raised money because you're able to show growth in their most valuable metrics. - Which is why you should really focus on prioritizing these qualities quantitative metrics - versus softer quality to things like you, - your experience director, - you to find your levers and metrics. - The next thing that I think you want to do is come up with just a few ideas and how the - different types of BT relationships you mentioned earlier was just to give you a refresher - . - Were product brand and distribution might be able to grow these lovers. - When you do this, - be honest yourself. - Is business development a realistic channel to grow these things, - and ultimately, - at this point, - you can only really make hypothesis the experience that you'll have actually trying things - , - testing things in the market, - talking to prospective partners, - even looking at similar companies that have tried deals like this will determine whether BT - is an effective channel for you. - Let's talk about what type of business growth strategy makes sense for you again. - It comes back to understanding. - What BT letters You're trying to drive by creating mutually advantageous relationships. - What you haven't understanding and these lovers and metrics return agro. - You're just gonna have a much better for him working of how you might be able to drive it, - whether that's a product, - relationships, - distribution partnerships, - bringing his memberships. - But in order to understand which one might be best, - you've got to start with foundation, - which is determining which not trick she wants. - Drive every done. - This is it's time to really take a good look at your customer and user basis and try to - really get in. - These people's hasn't understand where do they hang out? - And not only were they hang out, - where do they hang out with intent? - Because there are certain situations and instances where customers air primed to take the - action that you want, - whether that's signing up purchasing whatever your growth metric is, - and they're certain situations where they're hanging out and there have no intent at all, - son of your service and your ability to understand their intent at these different - potential partner locations, - whether it's on site in their application, - whatever it might be, - there's going to be very important for determining how effective these potential - partnerships, - my big. - So let's let's dive a little bit deeper into this and talk about understanding, - customer or user penetration. - The reason that I want to talk about this is because I see a lot of business fell in - relationships that air unsuccessful because people didn't get this part right. - Bottom line is a lot of services and a lot of different types of products. - The customer base, - our audience that a particular startup is trying to grow, - isn't looking for their service. - They're going about their regular life. - Whether that's running a business, - whether that's surfing online, - they're not looking for the new thing that you're offered. - Basically, - your job as a business Melber is to grow. - Its to get in front of these people were creating these relationships that grow whatever - your growth metric ISS. - Here's an example that hopefully shines a little bit more insight into what I'm talking - about. - So our company, - single platform, - the product that we built initially served restaurant owners, - and I'm not sure how well you know, - owner for a restaurant, - that these people are not on Google searching for marketing solutions day in and day out - there, - making sure that the foods return for that evening, - that the open sign is turned on the front door and that people are showing up to work on. - And this is ultimately why we went direct sales now in terms of business development. - It wasn't in our best efforts to go out and try to get on all these digital marketing - restaurants ice initially because again these people were growing their business. - So because we shows direct sales, - the best thing that we could do was used business development to empower our ability to - sell these people directly. - And that's why we went out and build a massive publisher network that not only made the - product extremely powerful and much easier to sell, - but also got in front of us, - got in front of all of these restaurants by power menus on the sites that they knew that - people were already finding a business on. - If you go into a restaurant today in a major city, - you'll see a trip advisor sticker Yelp, - sticker on Urban, - maybe even an urban swim sticker. - And that's why we decided to create relationships with these sites because we knew that - this was important restaurant and naturally were already hanging out. - So let's expand on this a little bit, - because again, - I see a lot of people make this mistake and ultimately spend a lot of time on Bizet deals - that are successful by taking a look at what an audience without intent looks like. - So Google Mass. - When people go on Google maps, - what are they trying to dio? - They're trying to find places in the physical world, - usually directions. - Maybe they're walking around the streets. - They want to figure out where this restaurant is, - or this gin, - whatever it is, - this place where they want to go. - A lot of people might look at this and let's say they're doing through a food ordering - business like seamless or something like that, - and they would say, - Oh, - my gosh is great people are searching for restaurants. - It makes total sense of to be able to allow them to order right there while they're - searching. - But when you think about it, - does that audience really have in 10 when somebody wants to order food on a Sunday? - Did they go? - Are they going to Google Maps, - Teoh, - Then maybe place in order? - Or are they going to Google Maps because they're gonna want to go walk there and go to the - restaurant? - And I happen to know that certain partnerships similar to this exact one that I describe - yielded little are alive for either company because there was no intent of the audience. - Yes, - viewing restaurants is an action that people frequently take on this app or website. - But that doesn't mean that there's the intent there for their true to be our ally in this - relationship. - You know, - let's talk about his death deal where there was an audience with intent Spotify, - one of my favorites terraces to find new music. - So what? - What is what is the audiences intend when they go to Spotify? - I'd argue that still listening there fever favorite music and discover new music. - Now the deep integration with Facebook, - and I'm not sure if you're familiar with Spotify. - But essentially, - when I go on Facebook, - I can see through a special immigration all of the songs that my friends were listening to - in real time. - This was a beauty deal. - So displaying Facebook friends in at Behavior is highly relevant for finding new music, - which is again. - Part of the audience is intent. - And this is why this is an example of an excellent BD BD deal that was highly successful - because there was synergy between the two, - what the two companies objectives were and what the audience is intent waas in both - services. - So after you understand your letters where your customer and usual days hang out where they - do it with intent, - this is a great place. - And then ask yourself the critical question. - What is the best rate of riches people? - Is it product? - Is it brand, - or is it a distribution focused relationship with another company? - And again, - Time is the best barometer of what will work best for you. - Ultimately, - experience will determine effectiveness, - but these questions should serve as a framework to develop a good hypothesis to get started - . - Okay, - once the function of business development and your strategy are defined, - or at least the hypothesis is fine. - The next step is defining your ideal part, - and the things that you want to specify are are ideal Partner Sold serves this very - specific customer or user. - They have this many users for customers that we might be able to tap into with relationship - . - They possess this type of company, - D n A. - Maybe that's their fast movers, - or they care ton about design or they're really, - really focused on providing a rich experience for their customers. - And this is really important for determining how well you're gonna work together, - which is all often a fundamental predictor of whether the relationship will be successful, - fruitful for both sides. - It's important to understand the benefit that they desire from relationship and the reason - that this is a not only so that you gonna pitch them effectively. - But in this stage of the game, - it's so that you can understand whether a relationship, - but then will be a priority again. - The last thing that you want is to get sucked in to using a lot of your time and energy on - relationship that there's a priority mismatch where they're not as focused as making a - partnership. - Successful as you are, - last thing you want to ask yourself, - Will this partner ever build this themselves? - Personally, - I don't want to spend time on partners that plan on building things that I'm like proposed - that now you don't know this until you engage in a conversation, - but it's just important to keep in the back of your mind that the ideal partner for you, - it let's say you're doing a product Integration never plans on doing this future themselves - . - And maybe that's even a question that you explicitly asked them in the beginning of the - conversation. - Let's talk about the partner market evaluation. - What this really means is is getting understanding how rich the market is with ideal - partners, - given your integration strategy. - And this is one of the things that skin determine which route is right for you. - Because ultimately, - if there's not enough meaningful partners for a distribution type of relationship that you - envisioned, - or maybe a product integration one, - then maybe it's time to read to start back at Square one and rethink about what strategy - might want to use for your go to market business growth strategy. - Once you've determined how rich the market is, - and this is literally just a research exercise, - you want to ask yourself, - Are these relationships in this rich partner market repeatable across partners? - Or is there conflict of interests? - And one of me by this is our relationship with one of these ideal partners? - Is that going to prevent me from doing it the same exact relationship with other partners? - Because ultimately, - what your your job is that it is a business developer is to create a meaningful women - relationship that drives growth for your company and then product ties, - and repeat that for every single partner that it makes sense for. - And that's scalable business film Now, - just to kind of give you an example of what a potential conflict of interest would be again - . - Single platform. - Our company On the publisher side, - we were a data provider where we provided initially men used to other sites that did not - have this information. - Now you can imagine that getting to menus for every single restaurant out there is a huge - task and something that honestly, - we couldn't do ourselves, - and there's other companies out there that had menu data. - So maybe that was menu pages or all manage dot com or whatever it is. - They're also collecting this data. - One might have said, - You know what? - Maybe we do a partnership with them, - and we use their many data as well in addition to ours. - So we have a more expansive data set that allows get other partners. - The thing is, - though, - is if we were used another third party sites that actually displayed the menus, - this is an important distinction we never had. - A destination site like single platform dot com was not in. - Many cite these other many providers, - like menu pages, - and all menus did. - So we started taking in their data and then went out to a site where a competitive site - where a restaurant provider for people searching for restaurants like Trip Advisor Urban - Spoon, - all men user many pages they might not have been so cool with us giving their data to - somewhere else. - That was their secret sauce that drew people of their site. - So we set a second essentially be cannibalizing our ability to do additional partnerships - that drove value to our customers. - If we were to pursue that scent of his dead relationship. - These are the important considerations that you want to ask yourself when you're trying to - figure out again what strategy is right for you and whether this market is rich and - conducive to creating repeatable, - scalable business relationships that you want. - Let's talk about a few other considerations that you should take into account when you - craft your beauty growth strategy. - Number one. - What route in your company realistically handled this point. - Do you have enough engineers to do product relationships? - Because it, - honestly, - things like a product really shouldn't might not be right for If you can't handle it, - maybe you should focus on things like email list. - Partnerships are a little bit easier lower hanging for when we're doing. - Where do you possess leveraging market again? - More leverage you have, - the more you're gonna be able to accomplish effective partnerships, - get them done quickly and be able to test what channels are effective for you. - And along those lines, - you would ask yourself, - What can you test quickly? - It's a certain type of business relationship that you think might be a good fit, - but you're not sure is gonna take no months years determine the our ally, - then maybe that's not the place that you start. - Maybe eventually get there and focus on something a little bit easier to test to determine - what channel might be best for you. - Why you're getting started again because as a startup, - time is your most valuable asset. - And when you're looking at your ideal partners, - this is also not a question. - Ask yourself. - Is this person somebody that we'd be able to get a test out with quickly? - Or they somebody that has history of being incredibly slow and really hard to work with? - Understand that best for a channel, - whether it's product brand distribution, - even even the nuances within each one of those second relationships again is an inter - process that you will begin to understand. - Once you start to have conversations, - test things put things in the market, - do pilots, - all of which will talk about very shortly. - Let's go ahead and give a concrete example here of single platform, - my last company's business development strategy. - Again, - the product waas, - a tool that allowed restaurants to enter in the most critical information and display - everywhere were consumers were making decisions. - It was That's what it ended up being and given our demographic of restaurants who were not - looking for online marketing solutions but instead are worrying about putting food on - plates and making sure the wind. - Last year Queen we had to sell them directed. - And that literally looks like a bunch of people making cold calls during direct phone sales - . - So the best use of our time because we knew that direct sales is the best way to reach our - ideal customers was stent. - Empower our sales team to sell more effectively by building out a publisher network that - really made our product a no prayer, - just kind of paint a picture of exactly what the product did again. - Custom would come into our platform and other menu or listen Project services and that - would information get pushed out to all the sites have been partnered with. - So some examples off the business relationships that we had in terms of Publisher network - were four square New York Times Yelp Trip Advisor, - Yellow Pages. - If somebody made it shape, - it changed to press a mistake on the remaining from $9 to $7.25. - That information instant maybe reflected through an a P I relationship that our biz. - That team developed with all of these companies pretty powerful stuff, - especially for businesses like restaurants that rely so heavily on having accurate - information and usually natural tracks, - people that are looking for the business. - So how did those biz Dev relationships grow? - Our bottom line Number one, - they vastly improve the product are building to allow customers to publish your information - everywhere. - Consumers are making decisions online, - really armed ourselves seemed to be successful and ultimately have an amazing practice. - L that just converted at a much, - much, - much higher rate when they were calling these businesses. - In addition, - we were able to provide more value to the original customers that signed up and for - subscription, - recurring revenue business like ours. - Lowering that Children rate is incredibly important to the health of business. - Other cool thing that these original business relationships did was really get us some - amazing exposure that resulted in a ton of warm leads for us to call so across all of the - sites where we're providing menu get on the bottom of the menus, - you would see an attribution image that said many Friday by single block from dot com. - Whether it was a consumer or business that click on this image, - they would be directed to Aly Generation Page that would people could since submit their - information and receive a call from our sales team. - And these leads, - after seeing to themselves that we were managing this data across the most important sites - online, - converted at an extremely high rate, - which was just almost a marketing channel created through the business relationships. - Which is great now, - after this initial type of business development relationships that we did with restaurants - and building a publisher network just focus on a few other things for his death number one - . - We wanted to grow beyond just restaurants because they're 600,000 restaurants in the U. - S. - But over 13 million different types of local businesses that people are searching for - online. - So what we needed to do was get relationships with non restaurant specific publishers like - Yelp like it'll page dot com Google places. - They allow us to provide the same value to businesses outside of the restaurant Burkle. - In addition, - we also needed to extend the data seven we're providing, - so we started off with menus because we started off in restaurants, - but after that, - and for us to provide that value, - we needed to get our publishers to take more data from us. - So name, - address, - phone number, - photos, - hours of operation. - All of these data points were not only incredibly valuable for the existing customers that - we had, - which were restaurants, - but also for all of those new customers that weren't necessarily as focused on the list of - products or services or the menu as we like to call it. - It's also really helped us sell enterprise clients you and many. - Kansas is just focused on getting their information listed and getting all of these - different franchises and stores just out there, - because that was a huge problem from them for them for a long time, - because very few places did this effectively when we started business. - Lastly, - we eventually moved into channel partnerships and just a refresher on channel partnerships - . - It's when somebody else with similar user base or customer base that hasn't tend introduces - your processors to their audience. - So we were basically doing reselling and re marketing partnerships. - Another example of this outside of room example that I should earlier is mind body Mind - Body is the largest software provider for spas, - salons, - wellness centers, - and what they do is they provide websites and mobile APS. - And essentially, - you were there, - listing management partner and in addition to all these amazing services that they already - were providing their customers. - We worked with them to to fill in that would space, - making sure they were listed across all the most important sites. - And they had that rich data, - like their menu of services there hours, - their photos that people really want to know beyond just the name dress for. - And here's an example on the mind Body website, - where their existing customers confined single platform and be directed to you sign up. 7. Honing Your First Deal Strategy: - So let's talk about leaning your first deal, - starting with mindset and then how to actually go about doing this. - Your first partner is incredibly important, - not only because it determines what type of leverage you're gonna have and who else you - might be able to attract in the future, - but also because it sets the tone internally. - If this deal goes incredibly well, - people are going to be more vested internally. - To give you the resource is energy and support for future deals moving forward. - So what is your ideal first partner? - Look like? - My personal opinion is that you should be aiming for somebody that's meaningful, - but not necessarily the biggest fish in a pond. - Hey, - if you can get an exclusive with a rule or Facebook, - great. - But odds are that's going to be really tough to dio. - However, - you do want to make sure this partner does have some clout. - So for all the subsequent people that you approach after that, - you can point to somebody that they respect and trust, - which is going to make them more likely to want to do a deal with you were the goals in the - first quarter person foremost of drive growth. - That's why we're doing business. - Film in the first place would grow our business in a scalable way number to obtain and - understanding about this girl child again. - We can hypothesize around what's gonna work, - what's not gonna work. - But ultimately it comes down to experience and iterating that will really determine what is - going to be the most effective use of our limited time and energy to grow in the B channel - . - Number three Chief Verifiable results. - One of the things that you're up against in business development is basically being on - return to someone that working with you is a good idea and the absolute best way to do this - . - It's have concrete evidence that you can point to that says, - Look what I've done for somebody else. - There is no question my mind that I could replicate these results for you and much along - the same lines here. - You you want to get social proof, - right? - So very viable results certainly help with buying, - but so does just the mere fact that you're working with somebody else. - If somebody else that people respect has bought in, - it's gonna be easier for them to say Yes, - there's just not as much risk there or perception of risk once somebody else has bought it - . - So why is it necessarily a good idea to your street for the biggest player in your market? - Well, - first impressions are Andruzzi. - When you enter these discussions, - it might be your only chance getting from this person. - So if you think that your first chance before you have any partnerships that you're gonna - be able to touch is effectively as when you might have things in the future like case - studies, - social turn, - all the things that people that make people more likely to comply, - then by all means, - go ahead and try to pitch the biggest partner. - But usually people don't have these things and they don't have any other partners. - Which is why I recommend that you don't start out with going with absolute, - biggest, - baddest person in your market. - Yeah, - once you get a few deals on your belt and you get the assets like the case studies this - social proof, - the results you can point to then you want to get to the big, - big players. - At this point, - you're just more likely to get by in because there is an inherent risk and work with the - startup, - and you just want to make sure that first impression is as positive as possible. - So what's everything should you be looking for in your first partner? - Number one, - You want to make sure that they are big enough to actually create impact. - You're going to spend a lot of time on doing some type of speculative initial deal. - He wanted to be big enough, - so they understand. - The second relationships are a good fit. - Do you want to make sure that there's a good culture fit there? - And part of the culture fit for a startup means being able to move quickly? - If your first deal is going to take a year to yield any understanding or even our ally, - it's probably not a good a good fit for you. - So one of the the ideal cultures for first partners for startups is that the companies that - you're working with are agile, - and they want to see things executed quickly. - What's along the same lines here? - You want these people toe realize that they're working in a startup, - they need to be flexible. - Somebody that's incredibly rigid is going to be challenging to work with it probably are - gonna provide metrics or to talk about the second. - And it's just gonna make it difficult for me to really get the understanding that you're - looking for in this initial deal. - You want somebody that's going to agree to give you the metrics gene to create case study - because once you have that deal and you have a case study that shows you can provide - verifiable results, - it's gonna be much easier for all their other dominoes to fall. - And for you just go out and pitch people effectively because again you have what everybody - wants results. - You would look for some type of indication that the relationship with your company is going - to be a priority. - The last thing that you want is to go work with somebody that doesn't necessarily care - about the success of this relationship, - because all future potential partners, - we're gonna look at this relationship as a proxy. - Whether you'll be able to drive value for that. - Let's quickly talk about what tend to be Cem ingredients for what I call Black Hole initial - partnership. - So you want you want to avoid these type of companies for that initial deal and honestly - for deals, - period. - So number one, - they have a history of being a big, - slow moving organization again. - It's about speed to understanding and working with somebody that's gonna take a long time - to drive value early on. - It's just not who you want to work with. - Number two. - They work with any and everybody. - If somebody works seven and anybody, - it's gonna be very hard to make not only getting the deal done a priority, - but making the deal successful a priority. - You want to work with somebody that really cares value and wants to make the success and - wants to champion this so that this relationship can be as fruitful as possible for both - sides. - Number three Again. - You don't want to work with somebody that doesn't realize what it's like to work with a - start up and start ups. - Things were sloppy. - They get slower, - it can take longer. - There's more surprises. - If somebody is from an incredibly corporate environment and they've never experienced this - type of thing, - it could be challenging string on. - The relationship might even fall apart, - so that first partner it's it's ideal if you can get someone that understands we're working - with the startup, - knows what these air like and is willing to be flexible and work with you. - Okay, - so the content that we just reviewed should give you some ideas, - thoughts and frameworks to really establish. - Wouldn't want that first partner to look like? - No. - Before you go out pitching like a madman, - it's important to understand the dynamic it place that you can do it effectively. - For starters, - urine unproven. - Start up. - Which means that for many people, - especially larger companies, - you're a risk. - And it's not only the company that's assuming the risk, - but that individual person, - whether it's biz, - dad, - product, - whoever maybe that's an individual risk in them working with you as well. - So you need to be very mindful of this and need toe honestly actively look for ways to de - risk the relationship, - however you can, - as well as figure out ways to maneuver around the fact that working with you might be a - risk for the company. - We'll get into that later, - but just just something to be mindful of. - As you start to think about that initial approach, - let's talk about incentives and these incentives are what you can lover to get somebody to - buying, - even when you're a risk, - because your startup number one cent for pretty much every company is to make money. - If you can satisfy that, - it said, - there's gonna be a strong inclination for somebody to want to do a deal with you. - Another set of that companies have is obtained something novel that enhances their position - in the market. - This might be a new piece of data that nobody else has. - Maybe a new feature that everyone has been asking for, - but nobody's been able to look at. - If you can give them something you need that nobody else has. - There is upside there that you can take advantage of to get that first partnership, - even when you're just a start up, - do a lot of the bigger companies. - A huge incentive for them is just a pure cutting edge. - They had a big status friend. - It's not necessarily attracting the younger audience they're looking for. - Maybe the tech adopters or whoever it is. - These people want to appear. - Cutting edge and doing a deal with the startup is one way to achieve that. - I mentioned that when you're dealing with these companies. - It's not Onley convincing a company. - It's good idea. - It's also convincing the individual. - And that's why I wanted distrust you, - that there is individual incentives that flat and everybody that you talk to wants to look - good in their office. - They want to please their boss. - They want to look good in front, - their colleagues. - So you need to convince this person conveyed in doing a deal with you is going to be a big - success, - and it's going to make them look great. - Journalist. - You also want to convince then that there's not a lot of risk. - Even though there might seem like risk, - the more you congee risk your relationship and prevent any perception that something bad - might happen, - the higher likelihood that somebody is going to want to work with you at the individual - level. - So we're looking at additional partner doesn't accomplish any of these things. - The answer isn't a resounding yes. - You need to figure out how you can position relationship so that it does, - and we're gonna go more into position later. - But you need to be able to at the on set at least be able to convey that relationship - between another company and yours is going to accomplish either the ability to make money, - the ability Teoh enhance their position in the market, - the chance to make something good in front of the boss, - maybe to make the company pure cutting edge. - It has to touch one of these things. - So it's really important that you can a least accomplished one of these things in your - position. - And again, - we'll talk more about position later. - Now there's two schools of thought when it comes to approaching getting that initial - partnership, - there's people who think the best way to go is going after a friendly company. - Maybe you have somebody who is a friend of yours who has a company that that might benefit - from doing a deal. - Or maybe you know somebody, - a particular company that makes total sense to do a deal. - And the reason that people gravitate towards going after friendly companies for that first - deal is it's easier to get initial buying when you have a friend or contact at the company - and again, - once you have that first deal, - you could just have a whole lot more momentum from things like case studies social crew - verifiable results. - So often people choose to go after a company or they have an existing relationship for that - first initial partnership. - Then there's people that think the best rounds goes actually to go after companies where - you don't have a relationship. - And the benefit of this here is that you get unbiased feedback about the type of - relationship that you're proposing. - No, - A lot of people just have to go this route by the folks. - They don't necessarily have a company where they have a friendly relationship. - Uh, - that meets their ideal partner criteria. - Here's my humble opinion on where the best place to start is. - You want to look for friendly companies who have a great brand in real business. - The reason I think that this is the ideal scenario is a because you have a relationship - with the company. - You can get to a resolution often faster than if you didn't and you get all the other - benefits that we talked about earlier. - You can use this initial partnership with this company to get more credibility. - Yet the case study get all the things you need to go out and generate more partnerships, - and because this person has a real business. - They're not going to make the decision just because your friend they have a real business - run. - So you you also can get that unbiased feedback necessary to ensure that this type of - relationship that you're proposing can be replicated across partners and that they're not - doing you a favor just because of relationship. - Now, - if your first partnership, - whether you have a few companies that you have existing relationships with, - that might make sense where you don't have any friendly companies, - here's a simple early partner evaluation framework that you can use to see whether somebody - might be a good fit to be that first partner. - First thing you could evaluate is the size of the opportunity, - and the waited to do this is to look at your pre defined key metric that you're trying to - drive and measure that against the correlated partner Metric. - So, - for example, - if I'm looking to do a channel part ship and I assume that maybe 1 to 5% of customers that - are introduced my to my product are going to convert, - then I can basically look at okay, - how many part how many customers does this partner have. - And if they convert at 1% or 5% does that opportunity see meaningful to my business? - Secondly, - you want to look at is whether their culture fit. - So what does this company care about? - Do they value the same things? - My company is this somebody who's going to be an ideal partner for the long run and that - really I can lean on to model out all of the future partnerships. - This is super important that you get this right, - because again this person sets the tone for all of the relationships moving forward. - Lastly, - what is the track record of this partner now? - They could be a great partner two years down the road. - But are they somebody that wanted to that first partnership with? - They're gonna be somebody that's easy to work with that's flexible enough to work with a - small start up, - or they somebody that slow moving in a giant pain. - And it's gonna take a long time for me to understand whether this type of relationship - yields a high, - are alive for my company. - Now there's certain ways that you can figure out all three of these things before actually - even talking to partners. - And I call this partner evaluation. - Recount reconnaissance. - Let's go ahead and take a look at this. - The first thing you can do is look at their website or articles about that company - revealing their metrics. - So again, - if you want to see if the size of opportunity is even worth pursuing trustees of any - articles out there that reveal how many users they have or how many customers they have a - lot of times people, - publishers and press releases Teoh, - you know, - brag about how well they're doing. - So you want to look it look for their scent particles to see if this actually represents a - meaningful opportunity. - And once you found those metrics, - you can actually go ahead and take it a step further and model out the opportunity just - together. - Uneven, - more definitive sense on what the our ally of the relationship like So I just put together - a little example here and excel where I was. - I look at if I was potentially doing an email swap where I was trying to convert somebody - else's user base to subscribers of my service. - Look at OK, - here's somebody active users they have. - If I assumed anywhere from 1/2 a percent of the conversion rate to 5% Treasury. - How Maney new users would I get if leads at this every single month? - How many new users with that represent a month? - If there was a sure ate, - what would that look like? - These are all things that you can really kind of try to predict and hypothesize around. - That gives you a better sense of whether this is an opportunity that is worth your time and - energy at this point for figuring out whether there are culture fit and their track record - . - You're gonna want to lean on people that have worked with them before, - so you can pin your own personal network, - and I like to go on late did and see who shares common connections to that company. - Or you can even go as far as looking on their existing partners or clients Page and see if - there's anybody that you already know. - Or maybe you have a friend that's connected to one of those people that you might be able - to just ask. - Hey, - what was it like to work with these guys? - Were they easy with a flexible did you get things done quickly? - Doing this due diligence up front can see you save you a ton of time and energy. - So it's definitely worth just doing a quick partner. - Re calm before and then, - lastly, - you can look at task deals and try to get a sense of whether they were successful and if - they were, - wasn't because date, - because you're And lastly, - you can look at past yields and try to get a sense before they were successful. - If they were successful was because they weren't easy to work with. - Maybe they didn't have a culture fit or they didn't necessarily care about making the - relationship succeed again. - There are people that you can reach out to you and ask these questions that you can figure - out before you spend a whole lot of time on the relationship, - whether this is somebody that you actually want to work with. - Okay, - so you talked a lot about this whole initial partner first deal and how important it is. - So let's just try to kind of put it all together here and just have three takeaways that - you should be thinking about as you define your go to market business strategy and who that - first partner might be. - Number one. - Figure out your most important important metric and the best way to drive it number to - narrow down your ideal user customer and their intent and see which potential partners have - a captive audience off those people and all those potential partners. - Which ones match your ideal fit in terms of size, - of opportunity, - culture, - fit, - track record ability to get things done. - This should be a good friend work for you. - Determine which business Roger you want to go after and who that first partner might be. - Let me tell you about single platform solution partner. - We ended up having a warm introduction to somebody at The New York Times that God is a - meeting which allowed us to figure out what they were looking for During that meeting. - We asked them of all the things they were interested in, - and it turned out that driving engagement on their dining section was actually something - that was high interest in at that time virtues, - different types of pieces of content that might be interesting. - They indicated that having menus was something that they really wanted. - Well, - she found this out. - We've Riegert came back to them and said we could get 100% coverage of all the menus that - they had on their dining site if they were really to work with us. - And they said that absolutely, - that this is something they wanted. - We then provided them a non binding letter of intent which said that if we went out and got - this content, - that they would put this content directly on their website, - formalizing our relationship and just a few months after the implementation went through - and went lot just gonna show you what that looks like today on the New York Times dining - guy. - You'll see this menu tap here. - And when you click the menu tab, - all of this information is provided by a single platform. - And before, - there was no menu tab at all, - and you couldn't even get this information. - So this is actually the first deal that single platform ever got and ultimately allow that - scraps of hundreds of other partners and replicate this relationship in order to provide an - incredibly value service to our customers. - Now, - how we actually got this deal in terms of the meeting to pitch all these things we're gonna - go to later. - So don't worry if that seemed a little big 8. Building Your Initial Pipeline: - okay. - In the last section, - we talked about your strategy for landing your initial partner. - Let's go ahead and get into the weeds a little bit and talk about how to actually do this - more tactically. - So remember, - depends from which strategy choose. - There's the friendly company strategy where you go after a company where you have an - existing relationship to lend an initial deal. - And there's the unfriendly company strategy. - And what you decided do from here depends upon which one you choose. - Let's start by talking about the friendly strategy. - So you've determined that you know what? - For this first deal, - I want to try to work with somebody that I already have a relationship with. - Your first step is to determine all the companies that you have warm relationships with - that might make sense to work with, - and you literally want a list these out. - Now, - before you go about creating a pitch that you proposed the exact solution and all the - things that you want, - you should just take the mindset. - The best thing you can do from the initial Deco is just to have a candid conversation to - really understand whether there's any chance of your company's working together, - given their hierarchy of priorities and needs after you've had that conversation, - then, - is when it makes sense to come back with a more defined pitch. - This special include things like a clear value proposition. - Frictionless, - set up to get started, - agreed upon process for the two companies, - yet started moving forward and then, - lastly, - the specific follow up to the next steps. - So this could be like getting a letter of intent sign or connecting our product team for a - calls they could talk about the integration again. - We're not always gonna have a wealth of companies that we have existing relationships with - that we can use to start with this friendly partner strategy. - So what do we dio? - Well, - this is what I call hitless building time, - And it's the first step to essentially building out of his depth pipeline for companies - that you don't necessarily have warm relationships with. - Probably with the term hitless. - It's basically and list of every perspective partner, - client customer, - whoever you're trying to reach, - and you're gonna use this not only to manage your outreach, - but I haven't used my initial hitless to manage the entire deal process Here's some - important components that you want to have on your hit list. - 1st 1st company names of who you're with, - the company that you're perspectively doing a deal with our partnership with the last time - you spoke to the person at this company. - That's your current contact. - What? - That activity waas on that last day of contact. - So was it an email? - Was it a meeting? - Was it an in person meeting or a phone call? - This type of information is really important to take note of. - And, - you know, - it will just make it easier to manage the entire deal process. - Who? - The specific steak order, - older or decision maker. - And this could be multiple people at that company is that you're talking with what their - contact information is, - and then, - lastly, - what I call the prioritization mechanisms, - this is, - uh, - that size of opportunity that we brought up earlier. - And the reason that this is so important is because they're certain fuels that are going to - drive 100 times more value for your company than others, - and you want to be sure that you're spending your time most effectively at all times. - So I like to I like to within my hitless literally have this right in front of my face. - So at all times, - it's just a nice little reminder to make sure that I'm spending my time wisely. - There's a few options that you can use for your hit list. - There's sales tracking software, - So salesforce, - high rise Sugar serum tom them out there. - There's another tool that my friend Andrew du Mont built called Stride, - and this is a little bit better for low volume, - high leverage opportunities. - So let's say you only have ah 100 deals in your pipeline. - This actually is a great tool for those type of situations, - and salesforce mean that those type of tools really scale. - You could have thousands of leads and opportunities in there, - and it can get really sophisticated if you want it to be. - Lastly, - you just use a spreadsheet or gruel. - Doctor Man is this. - And honestly, - I'm super old school. - I just used a Google doc, - and this is literally a picture of an example of what my hitless template looks like. - And it's very simple. - Just company name. - Last day of contacts. - What That activity waas some type of scale to measure the size of opportunity to make sure - that I'm spending my time wisely. - The contact, - the stakeholder, - contact name and again, - this give you multiple people what their email address, - waas and phone number. - If I want to include that, - ultimately, - really what it comes down to, - all this stuff is it's not about the tool. - It's about your diligence falling system. - If you can manage it on a simple Google doc, - that's great. - But if you want something more sophisticated, - go ahead and opt in for the sales sales force of the high rise and generally a big. - The reason that I don't like those tools is I find them rather clunky. - They're often built with the sales manager in mind for them to run reports on number of - meetings or teams holding who has the most calls. - And quite frankly, - I don't need that sophisticated metrics and analysis on top of my list. - I just need a place where I can have all my contacts. - The last time I reached out to them what that was, - what that context of that outreach waas what their information is. - That's really all I need and, - you know, - for the actual notes that are appended to those meetings. - I just again use a Google doc on, - and I called the working agenda, - and it's just a giant running document that every time I have a meeting or conversation - with a potential prospect or existing prospect, - I just put the name of the prospect, - the company and the date and then just bullet points of what that meeting was about. - And this is this is not super sophisticated. - This is very straightforward, - but it's just something that works for me. - And I follow the process diligently, - and that's why it works. - And right here is just an example of a screenshot that I took with actually my personal - meetings agenda. - So I have. - I have one of these for Biz Dev, - elated activities, - but also just keep one. - Just for all the personal meetings that I have for personal networking connecting people. - And it's just very much the same, - and we'll go over more specifically later on the exact notes you should be taking for this - . - Now I go about building my hit list. - I think the most effective way you can do it is using batch processing if you're not - familiar with ash crossing. - It basically means doing all the same tasks at once to avoid cast switching. - So what this looks like is is I'm gonna go ahead and find all the companies like a - potentially work with first and just focus on getting that company section of the hitless - filled out. - After that. - I'm gonna go ahead and find all the stakeholders at those companies. - So who is the person that likely is managing this particular initiative at that company? - And I'm gonna just focus on filling out that section for each company. - And then after that, - I'm going to go ahead and find all of these stakeholders email addresses and their phone - numbers if I need you. - And this is the reason that I do it this way is it's just the most efficient way to do it. - If I'm on lengthen, - I want to stay on lengthen. - If I'm using tools like reported and Male Chester that will go over later to find contact - information. - It's more efficient for me to just continue to use those tools and execute process than to - go from find a company, - find a stakeholder finding email address. - There's a lot of past switching their, - which can result in lost time. - So I personally think that using batch processing when building out this hit list is the - most efficient way to do it. - So let's talk about ways that you can do the first step, - which is identify companies. - I have the 1st 1 Are you here because it's pretty pretty? - Uh, - familiar? - Hopefully, - is Google so literally just Google the terms that would help identify particular companies - you might want to work with? - Let's say that your let's say that you're trying to find people that sells but Celta - forests and sell software so literally just googling the term florist management software. - Whatever it ISS super simple concept, - I'm not gonna go to too much step here because it should be pretty straightforward. - Next place I go to think about companies that I should work with is my personal network. - So there's a lot of people that might be in the same space. - They might have familiarity with the industry I'm working in. - I just send these people emails and ask, - How do you know anybody who might be a good fit to reach out you or any companies that - should be on my radar Adam to the hit list after I get feedback from people that I already - know Now this is a little less obvious, - but your competitors sites are an excellent place to mind for companies that you could - potentially do deals with specifically in their partners. - For clients section these are all people that you might be able to pick off. - And honestly, - there's a lot of times where there's late in seeing these sections were people that you're - competing with have partners or clients listening, - and they don't even work with anymore. - Don't let that deter you from trying to reach out to these companies, - because again, - you're you have to look out for number one. - And if you think that you have the superior product, - you shouldn't feel bad for a second about going after somebody else's existing part of your - clients. - You're doing product integrations like the example that I showed with single platform. - We're looking for size with dining information. - A great place to go is similar suits, - site search dot com and basically what this tool does is you can type in a specific site - and then find a bunch of different sites out there that you might not have been aware of - that have similar content. - So for us, - I mean, - I remember searching yelp dot com and finding just a ton of sites that I wasn't even aware - of that ended up driving a con of value to the business is we work with. - A great example of that is menu is, - um I had no idea that menu isn't existed, - but it's because of the CEO that the site has is one of the most popular places People go - to find restaurant menus We ended up doing a A P I deal with menu is, - um, - and again it drives a Thanh of value because of the traffic they receive. - I would have never found this site if it wasn't for me. - Finding menu isn't dot com obvious similar site search. - Another resource that you might want to check out is mansa dot com. - Manta dot com is a great tool because it allows you to apply filters to businesses that - often aren't available on other places that you might go like yelp or yellow pages. - If you're selling to place that physically have or trying new partnerships with place that - have physical storefronts. - Do you see here that I typed in? - I believe it was just a fitness center, - a CrossFit, - And what this allows me to do is take advantage of these advanced filters on Vienna that - just typically isn't attached on a lot of other business directors. - So things like company revenue, - number of employees you know who the owners are, - where the location is. - These are all just excellent pieces of data that you can really use. - You build a more sophisticated and targeted hitless score dot com. - If you're not familiar with core it, - it's not only an amazing place in mind visit have. - The opportunity is just a great place to find valuable information, - essentially a question answer site where anybody can ask any question, - attach it to a specific topic and have members of the community answer it for you. - Where you see here is a question that just shows how you can use this for business. - So the question is what APS companies are focused on the restaurant CMS market. - So the city background here is this person might be looking a partner with restaurant CMS - platforms because they have a complementary offering, - and they want to do a channel partnership now. - What they could do is go out and search Google or Pan. - Other resource is to find all of these particular potential partners or what they did here - is just asked a question and let the community essentially answer and provide these - companies that it might make sense for him to partner with. - This is an extremely efficient way to fill out that company section for your hit list, - and an incredibly great place that I didn't even include on that bullet section is length - in. - And if you're in business development or your new business development, - you're gonna find yourself just spending a whole lot of time on like then. - Here's a few ways that you can use LinkedIn to find potential companies to partner with one - existing prospects previous work histories. - So if you already have a few prospects, - maybe started out with the friendly strategy or where you just knew a few Pete few - companies that you wanted to have on here and decided to go ahead and fill out that initial - stakeholder, - you want to look at those stakeholders Previous work histories, - a lot of times people at super industry specific with their careers and end up working for - competitive companies, - you know, - throughout the life cycle of their career. - So they worked for a company that that you're going after now. - Maybe they work for a very related company that was in the same industry before. - So you want to take a look at the stakeholders? - Were previous work histories to maybe find some new companies you wouldn't be where another - place you want to go is Look at me. - Company followers on lengthen so each. - In addition to individuals, - companies can have pages, - and many do have pages on LinkedIn. - And a lot of times people follow their competitors to stay up to date. - So you can essentially use those followers as a source of implicit data for who might be - somebody that you might want to partner with. - And I mentioned that company Page one valuable on the right hand side bar. - One valuable resource that they have is a people also viewed, - and there's a lot you have to realize is on LinkedIn. - It's a lot of recruiters, - his Devon salespeople. - They're doing the same exact thing that you're doing They're trying to find companies and - individuals to partner with cell, - too, - whatever it ISS and they're all viewing similar companies. - So you want to take advantage of this. - People also viewed block here on the right hand side of a company page to find other - potential people that it might make sense to partner with. - Okay, - so you found companies and you filled out that initial company section on your hitless. - The next step step for you is to go ahead and find the person at that company who's - responsible, - or at least you think is responsible for the particular initiative relevant to a - partnership. - And at this point, - you're really just looking for the stakeholders name. - And the reason is is because you're going to be approaching by email first. - And once you have their name, - you can actually use that using a variety of ways, - which will cover soon to guess their email address. - And even if email doesn't work, - you just want to get the name have somebody to call into. - Now it's important to be aware that the stakeholder and the decision maker are often two - different people. - Sometimes they're the same, - but you don't really know who the decision maker is going to be until you start engaging - with the company and having conversations with them to really understand how decisions get - made, - the processes and who are all the key stakeholders that are responsible for pushing things - through. - So this is the progression that I used to basically fill out this hit list with - stakeholders before actually reaching out to them. - And again, - I'm just looking for names here, - and I'm gonna go through each one of these. - But there's definitely a rhyme and reason to the ordering of my progression and how I - basically go about this is first lengthen, - then the corporate website, - my personal network, - An informational cold call press releases Twitter Common section on relevant articles and - former employees. - Okay, - let's dig into each one of these, - Um, - and just real quick talk. - Why I go about it this way. - The progression ordering is just based on what I find to be most effective, - quick and non obtrusive. - And you just try to strike a balance between all all three things affected. - This is most important because if I don't get the right stakeholder, - then all of my outreach could be complete, - completely fruitless, - because a lot of times when you have the wrong person and you're came trying to communicate - with them, - especially when you go in cold, - they'll just see it as a relevant and not even for it along to the right person. - So effectiveness and getting the right information is most important after that. - You know, - I want to do this in an efficient manner. - I want to do it quickly, - and there's certain things that take longer than others. - For example, - doing an informational cold call in there in the appropriate way can get me the name of - whom trying to reach out to in 30 seconds. - Now it might take me 10 minutes to try to get that person's name by scanning press releases - online. - So you know there's there are ways that air just generally faster than others. - Now, - what you need to balance this with is trying to be in obtrusive as possible, - and there's certain things and cold calling is one of them that No. - 10 interrupt somebody's day. - Reaching out to somebody directly on Twitter can be a little obtrusive, - can be getting into their space that they're not used to communicating with. - So you want to try to balance these. - And I think all of the ways that I mentioned can be done effectively without being overly - obtrusive. - But it is just something to be Kong's enough as you go through the particular ways to find - these stakeholder names. - Okay, - so let's dig in. - It's the first place I go Islington, - and specifically I go to the linked in profile description. - The challenge is that on linked in, - a lot of people just don't have a real descriptive profile. - For example, - this one here, - a regional director, - Travelzoo. - I have no idea what specific focus this person has, - and as a result, - it's it's really hard for me to determine whether they're relevant to my what is often very - particular relationship focus. - A much better example is when you confined lengthen profiles of company employees that - specify exactly what somebody does. - So, - for example, - one of the guys that I used to work with this is what his LinkedIn profile description says - , - and it just gives me exactly what he is responsible for, - which is building and managing the entire customer experience. - So if I was trying to do a deal with single platform. - I was trying to sell software that optimized customer experience. - This gives me insight. - And this guy is literally the exact person that I need to talk to, - or at least the perception that he is definitely an influence or in this sphere and could - get me to the appropriate decision maker if it turns out that it's not him. - So right now, - I want to do a live demonstration on how you are actually able to go about using Lincoln to - find these stakeholders. - Okay, - so I'm just going to show you right now how I use LinkedIn. - Do you find stakeholders in this initial hitless building phase and then use the company - that my friends work at called news credit and pretend that I'm trying to find somebody in - marketing there to talk about a co marketing partnership? - So first thing to do is type in the company's name in the search box up here, - and everyone there isn't. - There is a news dread. - So once we get to the company page, - we're gonna want to go here to see all so see all the employees that are on lengthen and - then when we get here, - you can you have some search facets on the left hand side. - I'm just going to go ahead and click the advanced search facet and in key words, - I want to search marketing. - And this is gonna isolate everyone who has marketing as a key word in their profile that - works at news credit. - So the first people they're going to come up our people that I'm connected to my friends - Kyle and Andrea. - Then it's going to start soon. - Marketing people. - So marketing strategy. - Okay, - this person has online marketing in their past. - Director of Merchandising strategy, - Integrated marketing. - Ah, - here we go, - director of marketing at News Credit Alicia and And when I go down, - I look at her profile and I see in the job description it describes exactly what she does. - Amazing. - So it looks like, - given the fact that she manages all these elements of marketing, - that she would be a good initial stakeholder to reach out to and broach the topic of a co - marketing partnership. - One common thing that might happen here is there might be a number of candidates that might - seem like the right person, - and this is especially true when we're talking about bigger companies. - So there's a few things that you can do in order to disarm the situations and find that - right stakeholder. - And one of my favorite things to do is use this skill section and the implicit data there - to understand what somebody's focuses. - You're not familiar with the skills section. - When you scroll down, - somebody's linked in profile. - You can see different skills or expertise that people there now we have endorsed him for - now. - When you look at this particular example who was just listed as a marketing director, - by the way, - do you think this person is responsible for social media or managing the advertising budget - ? - Well, - considering 12 people have endorsed her for advertising and one person for social media, - my money's on the fact that she manages the ad budget for this company. - There is just a ton of ways you can use this implicit data when there's not available in - the profile description, - you really hone in on who might be the specific person. - Naturally, - before another place, - Ugo is just reviewing previous job descriptions. - So again, - people often have career focuses where if they were the sales director, - The last company, - they will be responsible for sales here. - So this is just the profile of against somebody that I used to work with, - and it looks like they were the vice president of sales, - and they managed the customer experience if I was trying to figure out what that person did - as a regional director at Travelzoo, - and I had no other options of who to reach out to. - My guess is that they're doing something with sales or merchant services, - because that's what they did before. - And often people are hired for rules that they have experiences. - No, - if I can't find anything on lengthen the next place I go to find a stakeholder is the - company website usually on the about us or the contact of the team section, - You confined specific people who you might be able to reach out to you. - Here's an example of a just on our team. - Photo off on intercom dot io, - a great little email company in New York. - And if I want to figure out who I should talk to you about product well, - it looks like Colin used to be the head of product at Challenge Post on Bond, - another company and John's. - Also engineering does engineering. - So I want to get in touch. - Somebody does product these air probably my guys. - And again, - I found this just by simply going on to you. - The company website. - Another excellent place to go is your personal network. - And let me show you how I lean on my personal network in an efficient way to figure out who - the appropriate stakeholder might be. - Again. - I go back to Lincoln Lengthen and I start off with the company search. - What I look for here is specifically whether somebody I know has a lot of connections to - that company. - Only then here's an example of what that looks like. - So I search the company Vista print. - And if you see in the top little thumbnail there under Dan John and firing my friend Chad - comes up. - No, - that signals to me that for whatever reason, - Siad has a relationship with Mr Print. - Maybe he worked there. - Maybe he's done a deal there. - Maybe he just is gaining somebody and ends up going to the happy hours and becoming friends - . - Everybody that works out. - Whatever it ISS, - bottom line is this is signal to me that maybe Chad might know the appropriate person to - talk to us. - Now. - When I identify the strategy, - the next step is the email, - that person. - And here's an email that I said to Chad when I was trying in touch. - Somebody at Mr Print him. - You go. - I'm trying to get connected with somebody at Vista. - Print was on the team that works on their website builder product to talk about integrating - single platform. - Do you have any insight into the right person or even department to talk to my thing? - It's a huge company in any direction. - Here would be awesome. - You know, - another news? - How summer been just a per personal anecdote? - Chad gets back to me a few minutes later. - Yes, - I worked on the product team and really good friends of the product manager and director of - online services group. - How you prefer in in droves. - It could be that simple, - and I just want to talk about some specific things and this email. - You wouldn't be mindful. - I was very specific. - Not only the fact that I wanted to get connected do this company, - but why I want to get connected this company, - because this person needs that. - You need to give this person that context for why reaching out so that they can potentially - direct you in the appropriate direction. - Notice how I didn't ask for an introduction right off the bat here. - I simply asked for who the right person or even department that I should be looking to - should be. - And the reason that I did this is there's It's just a lower friction asked, - and the lower friction asks. - Make somebody more likely to comply. - So it's just not just not as risky for Chad and tell me who the right department ISS or who - the right person is as it is for him to just go ahead and make an intro, - because I don't know the context. - At this point. - I don't know the context of charge relationship to that company, - so there's just a few things you want to keep in mind when you said this type of email and - you know this is how I tend to, - you know, - my personal network and identifying stakeholders for might list. - Now, - if you still can't find a stakeholder name, - a very simple thing you can do is just doing informational. - Cold call to your company is important to understand that this fees the goal of the call is - to simply find out who's in charge of the specific initiative that your relationship will - be focused on. - You're not trying. - Teoh. - Sell the person. - Pitch the person you're just trying to find out. - The name of that person is that you can, - ideally, - going through email and how to do this is just again usually linked in Make. - An educated guess who oversees the relevant initiative so that you have a name to call. - And then when you do that, - find the corporate number on the website, - have a script for an out and then call that try to get in touch. - That particular person and you think might be the decision maker is to verify whether they - are responsible for the particular thing you're interested in. - You're things again. - Do not do If you do an informational, - cold call strategy, - don't try to pitch the person on the spot because you're interrupting them and they're just - not prime to be receptive. - We'll go through how to broach. - If you do end up getting connected directly to Decision Maker very soon, - but you don't want to pitch them on. - You want to pitch him on the spot when you're just doing an informational cold call? - When did you get in touch with somebody at that company? - I realized that they probably get a lot of phone calls, - and most people approach phone call are cold calls as a monologue where they just do all - the talking. - You don't want to do this you want. - You want to try to engage them in dialogue as quickly as possible. - So that's why I think that you want to ask them a question very early on so that they stop - and realize that you're just looking for a little help. - You're not trying to sell them something. - And when you're when you take this kind of approach, - people are more receptive and more likely to give you the information that you're looking - for. - If you don't have anyone to call, - meaning you don't have this particular name to call, - and do I recommend just calling someone in sales? - These people are so happy that somebody is actually calling them versus them going outbound - that they'll just reveal any and everything. - I had plenty of success when I couldn't find any name to call, - didn't know necessarily the right department. - Just calling somebody in sales and just figuring out who I needed to talk to her, - even what department I need to focus on. - So let's go over a script here, - and I'm gonna basically just read this and full and then go through each section - individually and described the thinking here so high. - Scott Britain from X Company here was hoping maybe you could help me out. - Laws looking a connected person who manages the social media marketing at your company. - Any chance you know that being now at this point, - they're gonna try to either get off the phone and give you their information or respond to - you that they don't know who the right person is? - Let's let's just go ahead and say to give you the person's name. - Oh, - yeah, - that be Jim. - Great. - I just want to shoot them over some information about how he helped other companies like - yours do Whatever the great thing that you do is any chance you'd be able to provide me - their email address. - Thanks. - Well, - let's Let's go through this line by line and describe the method to my madness. - Okay, - first sentence. - That's Scott, - written from X Company here. - Notice how I don't say hi. - My name is generally Hi. - My name is is what Every single person who's cold calling says. - And what what happens is that creates a trigger for this person. - To I usually think of this is a This is a cold call and just turn off their brain. - I know when I get cold calls and I immediately recognize that I'm essentially in the - mindset of okay, - I'm not gonna think about this person saying anymore. - How can I just politely get off the phone as fast as possible so you can accomplish the - same exact thing where you're announcing yourself in giving the context of the company that - you're calling from just by saying your name and then the company that you're from now The - second sentence alludes to the point that I brought up earlier that you want to engage them - in a dialogue as fast as possible, - and you don't want it to be a monologue. - So the question I like to bring up is or imply rather is. - I was hoping maybe you could help me out, - and then I'll pause. - And the pause usually results in them. - A few seconds They were going. - Yeah, - sure. - Or Okay, - cool. - How can I help on now? - What you've done is you've created a dialogue because this person is now participating in - the conversation next part. - This is where you essentially want to just state exactly what you're looking for, - which is on understanding of who the state quarter is. - So a simple statement, - like looking to connect with the person who manages whatever the relevant initiative to - your partnership is any chance you know who, - that being that simple. - And at this point, - basically a few things might happen. - Um, - they might say, - Yeah, - sure, - that's whoever is. - And honestly, - that happens more frequently than you'd anticipate, - because people generally don't like to stay on the phone along with strangers. - So the easiest action strategy for them is to literally just give you the name. - Um, - And when they say that typically when they give you the yes, - Typically, - where I like to do is seeing myself a little bit of time in the future by asking them. - Just give me your email address right then and there. - And this way I'll know I'll have the correct one. - And I don't have to go through the process of finding this person's email address, - which we find out later so you can enhance the compliance rate of giving the email address - by offering up something valuable before you ask for it. - So one way to accomplish this is to say something like, - Great. - I just want to shoot them over some information on how we helped other companies like yours - grow their user base, - maximize engagement, - whatever, - whatever it is that your particular company does, - any chance you'd be able to crime in their email address if they can? - Great. - If they can't, - it doesn't matter because you've already got this person's name and you know the company. - You are L, - which will allow you to guess their email address later and just began. - Make sure that you give them incentives, - give the email address. - So shooting over information about how you helped similar people is valuable flat out. - Just asking for their email addresses on any context isn't necessarily going to result in - the same level of compliance. - What if they say no? - What if they say no? - I don't actually know who manages that. - What do you do that? - Well, - a simple thing you can do is just ask if there's someone who might know who the right - person would be. - Remember, - the gold this point is just getting the name. - And again, - I like to Sprinkle in the fact that I'm gonna be sending them information that's - potentially valuable. - Just the optimize, - the chance of them complying and giving me somebody who might know the right person. - Let's talk about another tactic that's worked really, - really well. - That's calling and asking for someone that used to be the stakeholder. - So how this typically unfolds is you find somebody on LinkedIn, - and it turns out that there it used to be the right person to talk to you, - but you can't find the person who replaced them. - So what I do in this situation, - it's basically asked for that person who I know used to be the right person. - Hey, - can I speak toe wherever that person's name is, - and you can expect them to say I'm sorry, - but they no longer work here, - and you fully know that that's probably what they're going to say. - Well, - I knew they used to manage the specific initiative that's relevant to you. - Any chance you know who their replacement? - This. - Let's talk about why this can be so effective because you're referencing somebody that used - to manage something, - and then you know that you're essentially signaling familiarity with the company. - Oh, - how did they know that this person used to manage this thing? - I guess they must have worked with us before. - This type of signal separates you from the people who are just carpet bombing and cold - calling blindly, - which means there's a higher likelihood that they'll give you the name of the right person - you need to talk to. - I actually sometimes even start out at very big companies. - Well, - you can just start out looking for the person who used to be the right person. - And you can do this on lengthen very simply by seeing all employees at the scene, - all employees of a company searching for your keyword and then highlighting the past - company facet, - which you'll see here and this isolates people that used to work at that particular company - that have that associative keyword in their profile, - and this is an excellent place again to find ex employees who might have been the right - person if the informational cold call doesn't work or you're not necessarily comfortable - doing that. - Another place that you can go to isolate and identify stakeholders is quotes from articles - and press releases. - Often when it articles published around certain initiative or the features the company key - stakeholders at the company will be quoted. - And how I like to identify these is just using Google and searching for things like the - likely stakeholders position, - plus the company name. - Press the press release an example that would be VP of business at single platform press - release. - You can also do simply the position and the company and the words said for identified - quotes, - or even just the initiative at the company, - because a lot of times will be reports that will feature that person's name. - And just so you make sure that you get relevant recent results, - what I like to do is phone use, - the Google search facet on the left hand side, - and the way didn't you populate the search? - Fashion is by first hitting news I'm making sure that you're searching using Google News - query and then within that you can isolate. - Okay, - I want within the past week Month. - Here are custom date range. - Whatever you want to be in this way, - you make sure that you're getting the VP of marketing or VP of is never whoever it is - that's currently working there, - not one that works there. - You know, - a year ago or two years ago, - whatever it may be much along the same lines. - It's not just with any articles itself that you can find the right people. - You need to talk too often. - If you go down and you look at the common section, - you can isolate and identify who the right person that you might need to talk to my being. - Because stakeholders, - if something is related within the article to their specific initiative, - they will often be charged with responding to that inquiry directly within the comments. - Feed just to kind of show you an example of that on core dot com, - uh, - which is again another which more or less thought of as a common section In some, - some ways, - somebody asks, - Is there 1/3 party library that provides access to read menus. - Well, - the top answer is one from myself. - And basically, - if somebody was trying to get in touch with with single platform and needed to figure out - who they should talk to you about getting menu data, - hopefully this answer would indicate to them that I would be somebody that could help them - . - So again, - Hora comments of articles, - both excellent places to identify who the right person might be. - No, - I don't like to do this, - but something you can do is use Twitter to find these people. - And I try to avoid this just because you're calling somebody out in a public forum and it - just is a little intrusive, - and it can makes it can turn people off. - And again, - the first impression is very important. - I have seen this work very well for small companies and startups, - especially those that really love social media. - In fact, - often this can be easier than email, - because for companies and Pacific people that I really just love social media more than the - now. - So a simple treat, - like whatever the company handle is, - Hey, - I'm trying to get in touch with the person who manages this. - I want to send them something on how to improve engagement, - how to Dr New User Sign ups, - how to grow in this particular channel. 9. Finding Anyone's Email Address: - Okay, - let's talk about how to find email addresses. - What you might be asking. - Why email first? - Well, - I always try to calibrate with my prospects. - Ideal communication media. - They're on email. - Then that's what they talked to their business contacts. - I had them up on email. - If they prefer the phone or aren't very computer savvy, - maybe I'll give him a call. - But the bottom line is you want it calibrate and interact with these people in the way that - they're used to interacting in this context. - And for the most part, - I find that business executives, - whether it's in the technology sphere or nutritional companies, - typically interact the email. - Another reason why I really like email is because it's just less obtrusive. - It's asynchronous, - which means they can get back to me on their own time and again it matches their preferred - method. - If I'm going in cold with somebody, - the last thing I want to do is, - during the first interaction, - interrupt their day while they're doing something important. - That's not to say that this can't be effective, - that there's times that called for this, - but if I could get them via email and in less intrusive way. - That is how I want to originally approach them to get a meeting. - The first tool that I used to guess email addresses is a Gmail plug in that can be found at - report of dot com. - It's, - it's called reported, - and basically what it does is it populates social profiles on the right hand side of Gmail - when you have the correct email address and, - essentially, - how you can leverage this in order to figure out people's email address is just guess. - Popular common emails in taxes. - So that could be their first initial last name. - Just the last name, - just their first name at the company to mean you get the picture. - But basically what you can do is plug in all of these different popular sin taxes. - And when you actually get a correct guess, - more often than not on the right hand side of your Gmail inbox, - you will start to see social profiles. - When you have the correct address, - let's go ahead and do a live demo demos. - You can see exactly what I'm talking about, - so here is a live view of reported in action again. - How you use this tool is is basically guessing popular email sin taxes within Gmail. - And if you have the correct one, - often a social profile will come up. - So let's just go ahead and try the my own email address at my company website, - which is lifelong learner dot com. - So if I was to gas, - let's just say Scott at life long learner dot com See this box up here on the right hand - side? - How has my twitter length in all this information? - This is an indication that this is the correct email address, - because basically what this does is it pulls from 1/3 party service called Rapley that - identifies what email addresses are associate ID with what social profiles online. - Now, - if I tried something like S. - Britain at lifelong wonder dot com see what happened? - Nothing here, - which is an indication that although that doesn't mean that this email address doesn't - exist, - it's we certainly can't feel very confident that it is the right one at this point. - So this is reported. - It's entirely free. - They're actually bought by lengthen, - and right now it is only available for Gmail users. - Now it's important to know that sometimes reported doesn't work even when you have the - correct email address. - Often there isn't publicly available data on the social profiles that are linked that email - address so you you need to. - Sometimes you rely on some other tools, - and the next stop that I usually go is male tester dot com. - Mel testers It just a free service that checks whether server has a particular email - address on it. - And again, - you can do the same thing where you guess popular sin taxes and see if they work just kind - of show you what this looks like. - ISS. - Basically, - you type into popular syntax. - You check the address. - And if it is the if that email address does exist on a server, - you will get eventually in all green box here. - That says email address is valid. - You have an incorrect guests, - and if there's no address on that server, - you're going to get this this red box of the bottom here. - What out says there's no email address that exists on the server. - Sometimes you're gonna get in a yellow box. - It basically says that there's something on the server which blocks you from determining - whether that email actually exists. - Another place Ugo is jigsaw dot com or data dot com. - They're both the same thing, - and our were purchased actually buy Salesforce not too long ago. - Essentially, - what jigsaw dot com is is just an open source contact database where anybody can contribute - the name and contact information of particular people at companies. - In exchange for contributing to the database, - they can get contact information for people that they're looking for. - You do get a few free credits for signing up, - and I will say that when you do get email addresses from this service, - always like to try to double check them with male tester reported. - Just to be sure, - because people because the data is self reported a 10 being accurate at times just to show - you what this looks like, - so you enter in the company you're looking for, - Then you can search by position, - department level. - And when you click on one of these contacts that you can purchase for points, - which you get by either literally paying money or adding new contacts, - the Davis you can get the phone number and email address for this person. - Pregnant little service. - That's definitely helped me in past another great free tool is e mails for corporations. - Essentially, - it's a Google site with some of the top, - I'd say top 500 corporations out there that just provides the email convention they used - for the mail address. - So you'll see right in the middle here that they have company the email convention, - email domain and just the main phone number. - So if you know you're going after, - like Fortune 100 Fortune 1000 companies, - these air ah, - 100% accurate and you could just go to this girl right here that you have on the screen, - which is also available in the resource is the length section. - Now. - Sometimes you have to go and get somebody's personal email address. - Or sometimes even it's impossible for you to get the corporate email address using all the - tools measure of up. - One creative way, - which I've used to find email addresses, - especially when I'm trying to find somebody's personally now is snap bird dot board, - and essentially, - what you can do is this tool searches somebody's Twitter history, - and very often people communicate on Twitter. - Whether email addresses in kind of a subtle way, - you know, - outright state their email address but will state the maybe the naming convention and then - the word at whatever company named dot com. - So just kind of show you an example. - My old handle. - Scott Brit. - We searched my timeline, - and the word that I searched for was Gmail. - You could imagine you can put the company name in there, - and basically what this does is it surfaces an instance in my Twitter history where I give - out my personal email. - So there's probably instances where your prospects either getting out their corporate email - . - Personal email. - If there are social socially savvy, - you can use contact them now. - I definitely don't recommend in the biz Dev. - Context at least hitting somebody on their personal email, - unless you absolutely have to always, - always, - always go corporate e now, - which again you can find on somebody's Twitter stream. - But there isn't since just for personal networking, - wherever where you might want somebody's personally melt. - And this is an excellent way to identify those that's often much harder to do than finding - the corporate email address. - Another great tool again, - free database is true for dot com to for is actually a service started by one of my buddies - . - Max, - who used to run Viet Attorney thing, - now has an awesome conference called the Sale Sacher Confidence, - and it's pretty much the same thing. - You search for a particular company or a person, - and it surfaces the correct email address that they're pulling from a variety of data - sources. - Pretty cool. - Few other tactics. - If none of these work, - you can call and ask again. - I've had a ton of success just doing informational cold call and asking for somebody what - their email addresses, - because I have to send them some important information for really small sites were. - Maybe it's a wonder three man operation, - and all you get on the site is just a contact form, - which he generally want to avoid. - By the way, - you can go to register dot com and actually do in reverse, - who is look up to see who purchased the domain. - So what you do is go to register dot com. - Then you're gonna click reverse who is? - Look up type in the actual domain, - and you can see if the Doreen is not protected. - The administrator's email address. - You purchase that site. - So, - for example, - bt playbook dot com the site, - which this course is hosted on, - or one of the places that toasted on you can see the administrative email is my personal - email right there pretty cool and, - you know, - interested enough. - I have gotten deals with very small operations who actually run powerful businesses by - using a reverse site who is look up to find out you know how to get in contact directly - with a person's email address. - They check not the contact form, - that they have a secretary or assistant check their tactics. - Uh, - you can search slight share. - Actually, - all of the text available on slide share is searchable, - and at the end of a slide show, - people often put their contact information. - So, - for example, - I just searched at lifelong learner dot com, - my my personal website and again, - you the reasons you search at life learning and not Commons because typically, - the at sign, - the only time they were going to see the at sign with the Domain is in an email address. - Syntax. - When I searched that one of my presentations that I gave on networking to the CTO school - showed up and when, - you know, - at the very end there is and email address to contact me pretty neat, - and you can get some really, - really high end contacts email addresses by leveraging this slide share trick, - and not a lot of people do it. - So definitely, - definitely gonna try. - Lastly, - Final Tactic is just grueling your best guess and hoping that there's a press release or - even just some generic docking it out there that has somebody's email address on it. - And you can you can use search modifiers emissions to the generic email convention you we - talked about earlier to try and accomplish this. - So if I wanted to go trying to find a PdF for a press release but somebody's email address - , - I could just search a popular email convention at the company name dot com with these - search modifier on their file type PF. - So it on Lee searches for PdF's documents that are hosted on websites which contain email - addresses. - Often, - some people say, - Well, - this seems like a paying to do all this. - Find an email address. - I found them on lengthen. - Can I just linked in This is, - um Well, - I actually very much try to avoid lengthen messages at all costs and I have actually - produced a video on Why do this? - Check it out if it's sky here, - coming to you from the kitchen. - Deeper tone. - So a lot of people when I teach skills, - are class and stuff? - Asked Scott. - How do you feel about linked in messages? - Here's how I feel. - 95% of people who reach out to me on lengthen are irrelevant. - They're recruiters, - random people from the Philippines or people trying to sell me stuff. - So when you reach out somebody on linked through a linked in message versus an email, - you essentially put yourself into those buckets off people right? - And that's literally the last place that I want to be. - So I personally, - never, - ever, - ever reach out to somebody on LinkedIn through linked Edinson email. - Unless I absolutely have to. - I mean, - I'll seriously hit somebody up on their pager before I go to linked at, - um, - and there's a 1,000,000 ways find people's email addresses. - I know somebody who wrote a post about it went quick, - So personally, - I don't think you should ever reach out to somebody through LinkedIn message unless you - absolutely have to. - And also like the communication mechanism, - like just is also a pain as well. - Like I have to log back in a LinkedIn, - communicate through there, - and then it goes through my email. - It's just confusing. - You want toe message people through the medium that they're most comfortable with and that - where they're valuable connections are already messaging them instead of putting yourself - in a bucket of people that ultimately is your own it. - So I thought, - say that Lincoln messages don't work. - I've certainly gotten partnerships through Lincoln Message as well as people reach out to - me that I responded to Lincoln Message. - The bottom line is, - is it is not the optimal communication channel. - It's much better to try to go through email or even phone, - um, - over linked. 10. The Initial Approach and Email Introductions: - Okay, - so let's talk about the initial approach and getting email introductions. - First, - let's establish where we're at. - At this point, - after getting the email addresses, - stakeholder names and companies that you want to potentially partner with, - you should have your hitless filled out and ready to go. - You should also know whether you're going to be taking the friendly company approach with - the unfriendly company approach out. - If we assume the ladder, - you have to bring some ordering to this big hitless that you just created. - I highly suggest that the best thing you could do is group or order 5 to 15 companies that - match that initial partner framework we talked about earlier. - Again, - the initial partner framework is about figuring out which company would make an ideal - partner or which 5 to 15 companies hitting the consideration. - The motion. - More important metric is this developments. - Trying to drive who your ideal customer or user is and what their intent is, - and then, - lastly, - whether this partner is a good fit culturally as well as from a priority standpoint in - terms of being a good first deal partner, - remember, - you don't want to start with the King Fish unless it happens, - being easy win. - And this is because first impressions are important and often times you only get one chance - . - So if you don't have the things like the case studies like social prove other partners, - it's just gonna be much hard. - It'll land and it's. - And if the meeting doesn't go well because you don't have these things, - it might be difficult to get further meetings in the future. - Let's take a look at how this looks in terms of selecting 5 to 15 companies on that big - hitless you just created that are going to be the initial ones that you reach out to. - What I honestly I like to do is just denote this because I'm old school and use a rule, - doc. - It's just to note this by color coding. - So right here these are the 1st 6 partners that I'm going to go after, - and the reason that I chose these is because being matched my initial partner framework the - best out of all the other ones, - and I think that the color works really well because it just keep it just brings a focus of - his hit list, - which can eventually be hundreds of potential partners on and a little overwhelming. - If you don't have something that's really kind of in your face top of mind about where - you're focusing is today. - So what's the best way to attack these initial targets? - In my experience, - it's getting an email introduction. - If you have a mutual connection with the stakeholder you're trying to reach, - always try to re lovers that relationship for an introduction or referral instead of going - cold. - And the reason is just because the personal context and being introduced from somebody you - know and trust just results in a higher response. - Ary people are more likely to want to meet with you more excited to meet with you when they - do, - and it generally just results in a much, - much higher response. - Saree in terms of getting meetings. - So how do you approach this? - How do you purchase getting email introductions? - For me, - the workflow looks like this. - First thing I do is that isolate the stakeholder on lengthen, - and then I see if there any warm second degree captions. - You don't know if they're warm from the get go. - But what you're really looking for initially is just the connections and whether they exist - . - So it looks like an example here is if I wanted to connect with Joe Dolan, - who I actually know. - But let's just say I did it looks like I have three friends here and 31 other people that - might be able to introduce me now Just because two people are connected on lengthen doesn't - necessarily mean there close. - There are tons of people that I'm capped with. - Lengthen that, - honestly, - I have no relationship with at all. - And for better or worse, - I just decided that to accept their connections. - So then the ideal situation you're looking for is the warmest mutual connection between - both of you. - So your next steps at this point are Do you isolate your connection that you have the - warmest relationship with and see if they have a warm relationship with the person that - you're trying to get in touch with? - And you can accomplish this by setting the following. - You know, - we're gonna read through this and this is called the request for introduction email, - and I'm gonna break it down and explain each sections. - You understand exactly why this is so important. - Let's just say about mutual connections. - Name is Peter and the stakeholders name is Joe. - From which bank? - Hey, - Peter. - I was looking to get introduced to Joe Dolan from Deutsche Bank and saw your connected him - . - I'm not sure how well you know it, - but if the relationship is strong, - I really appreciate insurer of a chat about ways my company can help him with generating - more revenue for science. - Please let me know if you feel comfortable making the introduction and I'll send over and - note with some work context you can simply afford to him to see if he's interested in - connecting. - Thanks. - Okay, - let's break this down. - The first sentence is pretty much just context. - Hey, - I was looking introduced this person from this company. - So that's why I'm reaching out to you. - And the reason that I'm asking you is because I saw that you were connected. - The next sections about gauging the strength of the relationship. - The last thing you want is for somebody who doesn't have a strong relationship making - introduction for you. - And people shouldn't do that anyways. - But the best, - most effective introductions are going to be from warm contacts. - So you want to make sure that this person has a warm relationship. - If they have warm relationship, - usually they're more likely to make the intro. - So to accomplish this understanding, - you can say something like this. - I'm not sure how well you know him, - but if the relationship is strong, - I really appreciate an introduction. - Now it's the next clauses about giving context that introduction, - because when people make an introduction, - essentially what they're doing is they're offering up the other person's time. - So you want to make sure that you're adding value because the connector will only want to - connect you if they perceive that there's going to be a mutual exchange value. - Otherwise, - they're just again offering up somebody else's time, - which, - you know isn't necessarily the best business practice if there's not gonna be Value - exchange. - So it's important to say something like you chat about ways my company can help with. - However, - you add value again. - You want to convey that this is gonna be a connection that's going to make the person who's - introducing you look good. - Okay, - last section, - please let me know if you'd feel comfortable making the introduction and they'll send over - a note with more context, - and you can simply ford him to see if he's interested in connecting. - This last section is about two things. - A making me ask and saying, - Please let me know if you feel comfortable making an introduction and being making is - easiest possible to see if the other side is interested in connecting. - Typically, - introduction should not be blind. - Both sides should indicate they want to connect before connection is made. - So what you want to do is just say, - I'm literally going to send you something that you can forward to that to see if they're - interested, - because somebody might look at this and say, - Oh, - great. - Now I have to conjure up a reason why this person would want to connect to this other - person that looks like work. - I am not gonna do it. - If you want to optimize the compliance of this person, - agreeing to see if the other person's it shouldn't connecting. - The best thing you can do is make. - It is easiest possible telling them that if the relationship is strong, - you haven't know that you can literally just send and taken forward so they don't have to - do any work. - So this is a proper way to ask for an email introduction, - and it's important that you do it this way because if you do it appropriately, - there's going to be, - ah, - higher likelihood that somebody is going to be willing to make the introduction for you. - In addition, - your business reputation is something that goes with you forever. - If you come office somebody that's not respectful, - people are going to be less likely to want to do business for you, - less likely to want to work with you in the future. - So it's always just important to use best practices when you ask people for things like - email introductions. - Let's look at a bad request for introduction, - and this is one that I got. - I guess it was March 4th. - Hey, - Scott, - I hope to see Male finds you well moving. - You could help me out. - Make a warm introduction to Blank. - I've been researching, - was hoping so and so might be able to guide me direct right direction. - Can you make me a warm introduction of Marcos that I could have a quick conversation? - So what's wrong with this? - Hey, - I hope this email finds you well. - It's just phrase you should never use an email. - This person emailed me on multiple email addresses so you could say it's to Scott to me. - So they hit me up across email addresses, - which is this kind of a little disrespectful on. - I'm hoping you can help me out and make a warm introduction. - So I don't know what difference between making an introduction and a warm introduction is. - I guess you want me to talk highly about them. - Generally, - I would just avoid asking is explicitly for a warm introduction. - They don't really tell me why That this why this is gonna be valuable to the party they're - looking to connect with all they said is they've been researching. - And I hope that I can guide them in the right direction and that if I'm asking again, - if I can make it so they can have a conversation, - I have no idea. - What you want to have a conversation about is that something is going to be additive to. - His business isn't something that he has no interest in. - Every single time you make an introduction on behalf of somebody else year putting your - business reputation on the line. - So this is why it's so critical to do things like provide context, - to ask in the right way. - Because, - quite frankly, - I have no idea whether this is gonna add value and make me look good to the this guy Marco - that he's looking to connect with. - So this is what you don't want to do when you're making a request for introduction. - And no, - I actually don't think I made this introduction, - Okay, - so let's get back to the good email introduction. - So if after the request for introduction, - if the person says, - Yeah, - you know, - I do have a strong relationship, - What happens next? - Well, - here's where you send a similar email to the person who's going to make the introduction, - but with a greater emphasis on why the stakeholders should want to connect to you. - It's essentially like a sales pitch, - right you wouldn't make it. - Is the opportunity to act with you seem as attractive as possible in order to give yourself - the best chance for this person. - Say yes. - So this is This is what that email looks like. - Hey, - person is making introduction. - I was hoping you might be able to introduce me to the stakeholder at the charter company. - I wanted to connect them because our analysts targets a similar demographic with limited - overlap. - Seeing is our products or non competitive. - I wanna touch basis. - See if there might be a way to ride mutual value to our respective audiences in a way that - helped each other go Arlys. - We did this with X Company in the past, - and both parties received a 15% lifting new subscribers. - Any help is much appreciated now. - The person who is receiving In Shirt and who is offered to make the introduction received - this email and simply Ford's it over to the person that you are trying to catch with and - which might say something like any interest here. - You chose a different street, - this email and the request for introduction. - You know, - it's this middle paragraph here which much more explicitly outlines why I want to connect - with this person and the value that they will get from connecting with me again. - It's almost like a sales pitch. - You wouldn't make it as attractive as possible. - And one thing that I did in this email to make it even more attractive to try to optimize - the compliance on the target side is reference. - Another partner. - Social Proof, - is a powerful force, - and nothing is more powerful, - powerful and attractive to perspective Parcher partners than verifiable results, - which you can replicate for them. - So after you send this email to your mutual connection, - this is what to expect will happen next one. - You'll either get introduction from the person who's catching you guys. - Do you receive an email from the connector that the other person can't connect? - Right now, - we're number three. - You won't hear anything back. - Let's go through each one of these situations and discuss the appropriate way to handle - them. - You end up getting an introduction. - It's really important that you're the 1st 1 to respond and that you do it promptly. - And the reason is that remember you with one that was asking for their time. - So you want to make sure that you seem appreciative for this favor and that you demonstrate - that connecting to them is important to you and again, - being prompt is an effective way to do this. - What happens if your mutual contact says that the other person can't well, - in this situation, - you want to make sure you understand why if the mutual contact doesn't explicitly state - this, - and when this person gets back to you and give you a why, - what you want to do, - is it possible try to disarm that? - Why? - So if they said you know what, - They're just not interested right now because they haven't seen a lot of return on their - social media. - That's a sitting. - You might reply to that with something like Able, - Do you know that our original partners thought that as well, - and then after work more unless they saw a 50% list in some 50% lift in subscribers after - putting a greater focus on social media? - So this is a good chance to try toe put a blue bottle in there to disarm the fact they - don't want to connect or if it's, - you know, - something that seems like there's just no chance off the connection you need anytime soon. - You want to move on, - so if you get this response, - why is it important to ask and or removal? - Well, - you want to ask because it allows you to get feedback, - and this feedback from your prospect might be indicative of how you could improve or - tighten up that four double intra request. - Remember, - that's like a sales pitch if it turns out that the reason that the person doesn't want to - want to connect is just because you haven't communicated and your value proposition effect - actively. - This is excellent feedback that can allow you to tailor this and improve it for future - partners. - Also, - the reason that you might want to move on is that your goal is just to spend time on - working on things that are likely to close or at least have a chance. - If something's a flat out now, - you're much better off just moving on, - looking for a partner that is excited about working with you or that you have a chance to - work with instead of wasting time on deals that aren't going anywhere. - What happens that you don't hear anything if you're contact you offered to make the - introduction, - never makes it or gets back to you, - it's important that you follow up with them to see what's going on. - Simple. - Hey, - I just want to see if Prospect ever got back to in this injury. - Thanks again for doing this is really, - really important because sometimes people forget and they actually wanted to make the - introduction. - Sometimes it turns out that the prospect give feedback. - They don't want to connect, - and they just forgot to get back to you again. - Just getting context here is going to get you to a resolution that's either going to a - hopefully get you that introduction, - or at least figure out why the introduction never had so again. - Always try to get an email introduction to open the door to a company if you can't and even - if you can't get introduced to the exact person you need to getting connected, - the someone at that company whose might even be in it it adjacent apartment is still a very - , - very excellent thing to do when trying to get your foot into the door. 11. Cold Emailing: - Hey, - everyone, - I hope you're enjoying the course up to this point right now. - Real quick. - Before we dive into the next module, - I want to go ahead and give you a quick heads up on something. - It's one thing that people always want to know is what particular tools are you using to be - more effective, - to get more deals done to be more efficient when practicing business development? - So I went ahead and created this Bt Insiders Kit that includes within their my tool kit of - tools that I use and just kind of show you what that looks like. - Just a ton of different things in here. - How I use them, - um, - and all types of things that are gonna make you more efficient and get more deals, - more meetings. - And so this is something that you want. - I updated regularly on my site, - which is lifelong learner. - So if you go ahead and go to a lifelong winner dot com backslash bt insiders, - you can get access to this kit that contains all my favorite tools and APS how I use them, - how I'm more productive with them. - Aziz. - Well, - a some other good free stuff so again, - that is lifelong learner dot com slash BD insiders, - and you can go ahead and get access to all that stuff. - Okay, - so let's talk cold emailing When do you use a cold email Onley. - When you can't get an introduction from a mutually warm connection, - do you want to use a court? - That's not to say that cold emails can't work frequently, - but it's just again always best to go in through warm introduction. - If you can do to the higher response Serie An additional context that that provides now, - before we go into very specific tactical ways to write effective cold emails, - I want to talk about what I think is the best mindset to take when writing these and I - really tried. - And I really think that the best thing you could do is try to emulate copyrighting. - And if you're not familiar with cooperating, - it's essentially people who focus on sequencing words in such a way that people take the - action that you want them to take. - So in this instance, - the action that what we want people to take is to reply to our email and hopefully agreed - to a meeting or follow up call or whatever it may be. - So the way that copywriters think when they're writing ad copy is that the goal of the - headline, - first and foremost, - should be to get somebody to read the next sentence. - Yes, - what the goal. - That next sentence is to read the sentence after that. - And I think the same framework should be applied when we're writing emails. - So the goal of the subject line is to get somebody's attention so that they open the email - up and read that first sentence. - And guess what? - After they read the first sentence, - The goal of that sense is getting to read the second sense and so on and so forth something - else that you should take any consideration when crafting your subject line is the - environment that you're competing it for. - A lot of these big time execs, - whether in the air in the marketing department, - that his death department, - whatever it may be, - these people are getting literally hundreds of emails a day, - and the people are getting emails from our probably from people that they already know. - So you're competing for their attention as somebody that they don't know. - With this growing body of colleagues that they already have. - Why this is important is that you cannot make it difficult for them to understand why - you're reaching out to them. - The harder it is for somebody to figure out why you're trying to get their attention, - the less likely they're going to respond. - And this is because generally people want to focus on what they know is important, - and generally they just opt for the path of least resistance. - So this is why I think it's a best practice to convey exactly why reaching out in the - subject line you don't want. - You don't want to make it seem like a lot of work for somebody to figure this out. - Okay, - so I know the goal off the subject line is to get somebody to open the email and read the - first sentence, - and I know that I should be incredibly direct, - so they know exactly why I'm reaching out. - But what specifically should you be focusing on? - Another excellent lesson that we can take from copyrighting is the focus on appealing to - individuals desire and this kind of treads the battle of future verse pain, - a huge mistake that I see a lot of people make is try to grab somebody's attention by - bringing up a future. - So a perfect example would be our new product automates syndication of your social media - properties. - Okay, - that's cool. - But why is that important to me? - It's important because it solves the pain of something taking a lot of time to dio or - potentially costing your company a lot of money because you have to have three people do - what one person could be doing with a tool that automates syndication, - sir. - Generally, - it's a best practice to always focus on the desire or the pain that it solves instead of - the future. - Another important principle that is borrowed from copyrighting is the notion of audience - awareness. - So how much is your audience that you're writing to know about your product and company? - If somebody knows everything about your product and it is basically deciding whether or not - they want to do a deal with your they want to buy buy from you, - you're going to communicate to them very differently than you communicate to somebody who's - not an early tech adopters or may never have heard of your product. - So you need to tailor your message to the perceived awareness of the audience you reaching - out to and a huge mistake. - Ice here is, - is just the lack of awareness about what vocabulary to use. - If I was talking to a small business and started using words like a P I, - they would have no idea what I was talking about. - Whoever to somebody like a product manager at Tech Company A p I is basically their native - language, - So it's important to make sure that your calibrating your message in vocabulary with the - education and awareness of the audience that you're writing job. - If you don't do this, - people are going to be less likely to respond. - So let's talk about some good subject line free marks, - one that I like in particular is just simply whatever value that you can drive with the - partnership for whatever part of the prospects business you're optimizing. - So this could be their website. - This could be their app. - This could be their customers experience. - This could be their revenue, - whatever it ISS. - So let's look at some examples dr additional comments on your site, - so the value add is your ability to help them drive additional engagement and we're going - to be doing that is on their site. - Another one could be generate more calls from your online listing, - so the value add is generating more calls and the places you're going to do that. - Is there online listings? - Now you'll see to bullet point titles, - subject line titles under here and what these are our what functionally this might look - like So menu concept for your site will. - Is the menu content the function literally? - The thing that I can add? - Or is it appealing to the desire or pain? - The desire of having additional content on the site is driving engagement, - getting additional users, - getting additional pages, - whatever. - But functionally, - the way to do that is menu content. - So personally. - Although both can work and I have seen both work, - I like to again appeal to the desire here. - So instead of saying menu content for your site, - I might say additional user actions on your dining pages or whatever it ISS. - The same goes for if the way that I was helping businesses generate more calls from their - online listings was displaying photos displaying photos is functionally how I would do this - But the actual desire that they want is from having the additional constant is more phone - calls, - their business or even more customers in the store. - If you want to get more specific, - another very similar framework that I liked and you could just read reposition it is just - the value that you add and your company need. - And this is this is good to use if somebody is somewhat familiar in the space. - So you could say if I was reaching out for From Discussed, - which is a comment platform, - and I saw a major block that was currently not using us. - Maybe they were just using WordPress comments. - I could just say Dr comments on your site discuss. - And again, - it's the value add than the company name that you're writing from and just to kind of show - you what functionally that might look like just to point out the difference. - Comment widget for your site. - Discuss I personally again. - I think if I'm looking at these two headlines right now, - I like the top one better because A it appeals to my desire and be It also is a little bit - more curious if I've decided in advance that I don't want a comment widget on my site that - I'm going to immediately discount this email. - However, - if somebody says Dr comments, - maybe that could be some type of picture optimization. - Maybe it could be a tool that I've never heard up, - so that might inspire somebody to open the email that might have otherwise never have done - that. - So let's look at some examples of what I consider to be bad subject lines that I've seen - frequently in the field. - Your help. - This does not appear to be driving value to the prospects life When they read this. - This is basically asking for something. - This this might even be insinuating that they need to do work, - which again people generally up for the path of least resistance. - So that doesn't make me want open that email at all. - Hey, - is non descriptive it. - I have no reason that I should open this. - Honestly, - it looks like it could be one of those spam emails that contains the virus. - Your company name. - This kind of goes back to audience awareness. - If somebody's maybe heard of your company and it's foaming at the mouth to work with you, - that could be interesting, - but just stating your company name doesn't really appeal to any desire. - Doesn't appeal that any pain you can help solve. - I have no idea why I should open this email. - It's all about you instead of about the prospect again A pending this too away. - What you can drive value might make sense. - But just by itself isn't really all that appealing opportunity. - This isn't descriptive enough. - I guess it might appeal to something. - But, - you know, - is this an opportunity for me to join it A pickup basketball league? - Or is this a way that you're going to help my business grow? - I don't know. - Quite frankly, - I have 50 other emails I have to get to, - so I'm just going to continue moving long When I see this getting together, - This basically is implying that somebody should give you their time before you've proven to - them that you're worth giving their time. - For I think that this is a common assumption that I that I see a lot is that people just - think that other people should give them their time before they proven their value and the - value that they could drive Ah, - and you never want to make this assumption. - It can actually really turn people off in acting again. - That's it's not really descriptive enough. - Um, - I don't know if this for personal networking. - I don't know if this is for something very specific that I'm looking for. - It just is very vague to me. - Which, - which means that I'm not gonna sign a high importance to it. - Touching base again. - Not descriptive enough. - I have no context here. - Why should I touch base with you? - This is some type of email that I often get from like, - recruiter. - So you're falling into a potential bucket there? - I not. - Not necessarily a strong subject line. - Do you have time this read? - This is a little more direct, - but again, - it's assuming that you've proven your value to somebody else. - And before anybody's gonna give me their time, - you need to convince them that you're gonna be able to drive value for the business. - So you don't want to assume that in the in the subject line like this, - this is just a little presumptive and can actually turn somebody off. - Okay, - so it's not to say that any of these subject lines can't work. - It's just that I think that you could do a whole lot better. - And this course is about giving you the best information, - not information that may or may not work. - What about questions? - Subject lines? - Does it ever make sense to ask a question in the subject line, - too? - Maybe inspired curiosity, - and you get somebody to open the email? - Well, - these can definitely work again because they inspire curiosity. - But if you do this, - you need to pay close attention to the words and what you're asking. - So a good example would be is driving more traffic of focus, - right? - This is a good example because it gets right to the point of wire reaching out. - If somebody is interested in driving more traffic to the website, - yes, - what? - They're going to read this email. - If somebody is not interested in that, - there probably aren't going to read the email. - But But if they're not interested in what you're having to offer, - then that's a good thing, - because you don't waste your time on somebody who isn't ever going to be a potential dealer - partnership. - Rio. - A bad subject line that uses your question Why don't you have this? - I bring this up because a subject line like this might get somebody to open the email, - but it just comes off. - As to Internet marketing and in the context of business development for start ups. - Internet marketing headlines just don't kind of give off the right vibe. - You're looking to establish a long term business relationship with somebody, - a relationship where both parties trust each other, - even a friendship in some instances, - and this kind of direct Internet marketing headline just kind of starts the relationship - off on the wrong foot. - So generally, - if you're going to use a question, - I think the best thing you can do is is be very specific so that people know exactly why - reaching out, - and if this is interesting to them, - there's a high likelihood of them responding. - Okay, - let's talk about the best way to address the prospects, - and this is the first thing that they're going to see after they open the email because you - just wrote an awesome subject line. - Generally, - I like to just say hi in their prospects First name, - or maybe even some cases. - Hey, - they seem really friendly in their picture on linked in or wherever I saw things that I - don't think our best practices Not having any former address or just going directly into a - sentence. - Hey, - have you seen this? - Hey, - I wanted to touch base. - This is not an email to an old time friend. - This isn't email somebody who has never met you. - So that's above casual air is not necessarily something that is appropriate at this point. - To whom this may concern or deer. - This is incredibly formal. - And people that use this type of language just don't come off is very familiar or fun or - like somebody that I'd want to, - particularly up on a phone call with. - So I generally just go pretty informal and just say Hey, - and the prospects first name, - the woman said, - Could I see all the time? - Is messing up the naming convention of the prospect? - A lot of times on linked in people state their proper full name instead of what their - friends and colleagues call them. - And again, - you want to come from a place of familiarity. - This is not attendance in first grade math class. - You want to convey in the address the name that the friends and colleagues called him. - So how can we make sure that we do this? - Well, - there's a ton of places online where you can find what somebody's proper naming convention - is. - Recommendations on a prospects linked in profile as well. - A social profiles that are publicly available, - like Twitter and Facebook and even their personal block, - which you can sometimes get by Googling somebody are all excellent places to figure out - which what's the name of their friends and colleagues? - Call them. - You can even use that tool reported, - uh, - reported dot com, - which was mentioned earlier and how to find email addresses. - Let me just show you what a linked in recommendation looks like. - Case you've never seen one is this is my friend. - Have a graph. - His formal name is probably on his birth certificate, - and nowhere else is Patrick. - But if I go down and look in the recommendation by a product designer at his previous - company, - OK, - Cupid, - you can see very evidently that people that know him well, - call him Pat. - So in this instance, - if I was writing pad a cold email and I saw this, - it would be much, - much better to say hi, - Pat instead of Hi, - Patrick, - Because again, - I want to come from a place of familiarity. - Let's go over some cold email rules of thumb. - Now that we've covered the subject line and the address, - this is going to be much more focused on the body content off the email number one. - Keep it short and sweet. - I say. - Cold emails are ideally three sentences for maximum. - If you write somebody a Bill Shakespeare novel, - it's just gonna look like a ton of work to read. - And why should somebody read an email that long, - or at least read it closely and attentively to somebody they don't know the shorter and - sweeter and impactful you could. - You could make it the higher likelihood that somebody is going to respond number to use - language and an approach that is conversational or as a matter of fact. - Well, - this advice might be a little unconventional, - so you you could be asking yourself right now. - Scott, - why should I use a conversational tone in an email that it's to somebody that I've never - even met before? - The first reason is the bucket theory. - Generally, - people put other people into buckets according to how they behave when it comes to cold - emails, - their most most people out there are sending emails that read Things like, - Hi, - my name is this and I do business at this and I'm looking to give you this. - And 99% of those emails, - at least in my experience, - don't provide any value to me. - So I don't want to write an email that comes off like that because I think that people will - immediately put me into a bucket of somebody that's not going to provide value to the life - again. - This is the same reason that I don't send linked in messages because primarily the length - in Mrs I get her from recruiters or people trying to sell me something better low value. - So you don't want to put yourself in the bucket of people that write bad emails. - Number two people do business with people they like. - If you sound like a fun and interesting guy in an email, - or or even just somebody that another person want to have a conversation with at a bar, - they're gonna be more likely to respond. - When I get an email from somebody who sounds extremely formal and strict and just really - boring. - That doesn't exactly incentivize me to want to hop on the phone. - Call this person. - And again, - it's another reason why conversational tone that a normal fun person would take is a good - strategy. - Number three. - You want to avoid signaling that you're running down hit list rigid, - impersonal emails that look like they're just straight out of a template. - Number three. - You want to avoid signaling that you're running down that list rigid, - impersonal emails that look like they're just straight out of a template. - Give off the impression that you are sitting there in front of a giant spread. - She just firing these off, - hoping people respond. - Compare this with a conversational personal email that just looks like you just happen to - find something that compelled you to send an email to another person. - It's a totally different feel, - and that conversational appeal is going to result in a higher likelihood of response than - somebody who just is firing off emails on a hit list, - spraying and praying, - hoping that one hits Let's sick looking, - an example of what I mean by conversational language. - Here's a good example. - John I noticed that whatever happened and I wanted to send you an email just to say Hey, - almost like to just think about like, - bar talk When I was if I was approaching a stranger at a bar and said, - Hi, - my name is so and so and I had did all of these cool things and I've raised money from this - company. - I went to this college and people like me. - I would be like, - Wow, - this person is a tool. - Why? - I don't want them to talk to me. - But if somebody came out to me and say, - Hey, - I just wanted to say I really like your shoes and I'm Scott. - I'd be a little bit more open to talking to that person who's just having a casual - conversation. - So this is that This is the type of feel that I like to go for in emails, - and I've had a tone of success with No, - a bad uh, - example off language is we've recently launched a transformative narrative platform. - I'm reaching out to present an opportunity that this is not casual conversation. - I do not want to hop on a phone call with the person who speaks this originally, - and quite frankly, - it's just really not that personal related to this briefly earlier, - but just a highlighted again. - You want to make sure that you and avoid Internet marketer speak throughout your emails. - It's just not appropriate in the BT context or you're trying to develop long term bonds of - people, - so things like one time limited offers exclusive, - time sensitive Windows free access. - Even if these things are true, - you want to avoid writing these things an initial cold emailed just because it comes off as - like somebody hawking something not necessarily like somebody I want to build a long term - relationship with. - Okay, - let's let's move on to the third cold email rule of thumb. - And it's pretty simple. - Spare the prospect. - The declaration. - So what I mean by this is Hi, - my name is Scott Britain, - and I do business development for single platform re raised $4 million from top venture - capitalists. - This is just a waste of a sentence because it's not relevant to the prospect and the value - that you're going to drive to them. - Anybody who has half a brain can see what company work for by the email address that you - email them from as well as your signature and what your position is. - So again, - the size of the email is critical because it can. - A pure like something is a lot of work to read versus a little work. - And if you spend 2 to 3 sentences declaring and announcing yourself, - it's just gonna make your email look longer and decrease the chance of somebody you - actually Regan. - So you know, - don't be a town crier and say you old My name is this and this is my job and we've done - these cool things. - This is such a common habit amongst cold emailing that I see, - and it just isn't not a good use of time. - We're gonna go over exactly what you should say and said very shortly. - But just think about this. - Is this as interesting somebody as talking immediately about the value that you could drive - my company? - No, - I don't really think so. - You want to find a unique way display that you've done your homework and that this isn't a - can email again coming from a hitless of 500 prospects? - One of my favorite ways to do this is to take advantage of hyperlinks. - So let's talk a little bit more about the hyperlink. - Hyperlinks allow you to do a couple things. - One. - It makes it easy for you to display that they have a problem you can solve. - So one of the things that I really like to do is say something like, - Hey, - I noticed that you guys currently aren't doing this and then hyperlink to that particular - instance on one of the properties, - whether it's a Web page of social media profile, - whatever it is that I can optimize, - make it easy for them to click and verify that they, - in fact, - do you have a problem. - The second thing that a hyperlink does is it signals that they're not just one of 500 can - emails, - even if they are the fact that you went out of your way to link to something and highlight - it shows that you're not just copying, - pasting and that this is an email that is, - you need to them if it's still seeing a little vague about how you should use hyperlinks. - I'm gonna be displaying my favorite way to do this in just a few minutes. - So just sit tight. - Okay. - Cool Derail Rule Thumb number five You mindful spacing? - Spacing your sentences out in an email just makes it easier read and appear less daunting. - When I see an email that has no spacing whatsoever and is six or seven sentences along, - it just feels like a pain to read. - Let's just compare to emails just to see what I'm talking about. - So here's an example of an email with nice spacing. - Its three cents is long and has a space between the sense. - This is the same exact email as the one before which one is harder to read, - Which one feels like it would just be more of a strain on you to read in full. - My bet is the 2nd 1 the one that we're looking at right now. - So for this reason, - you just want to remove all friction. - Do somebody actually reading the email and just, - you know, - a few proper line spaces is one way to accomplish this. - A little caveat here that hopefully most people are already practicing. - But if they're not, - I want to bring up Is that when you're sending business emails out, - you always want to use your company email address and include a signature. - It's just the professional thing to Dio. - No components of a signature can vary according to what you think is important your - business. - But generally I like to include your my name, - my title, - the company, - the phone number that I can be reached at both in the office and Mobile E. - And if you have any positive press, - that's always a good thing to include as well, - because somebody may have never heard of your company before. - And all of a sudden, - if they scroll down the city, - you're mentioned in places like Forbes, - Business Week, - the next Web TechCrunch. - Whatever it is, - it brings some legitimacy to the cold email. - So I've gotten this question about exclamation points and smiley faces and in person - workshops. - I've done so. - I thought I'd bring it to everyone's attention here. - Generally, - the use of exclamation and smiley faces should be calibrated with the context of email. - If you're cold, - email is coming on the heels of article and TechCrunch or some other publication that - shines an incredible light in the company. - It might make sense to use an exclamation point if you're just reaching out blindly just to - talk. - Try to get a meeting, - and there's no particular compelling event or something that happened. - And most emails conduce without exclamation points and smiling faces. - And if I do include one of these elements, - which I again usually don't I try to limit it to one per email. - And that's in the context of both cold emails. - Any emails where I already have reporter somebody smiley faces just a shine even more lead - in those because they can be a little bit more dangerous unless you have reports somebody - you generally want to avoid these. - And even when you do have report, - you should calibrate these with the demeanor and relationship of the person on the other - side. - You have a great friendly, - fun relationship with the person that you're emailing Smiley face away. - However, - if this person is really serious, - they might take the smiley face the wrong way, - so generally avoid and calibrate when it comes to smiley faces. - Okay, - so right now what I want to do is condense all of these cold email rule thumbs into my - favorite cold email formula, - and I call it the Bandage email, - and I've used this for literally hundreds, - if not thousands of emails and had just an incredible response rate. - So the formula goes as follows. - What you want to do at a high level is irritate the wound early and then provide the - bandage. - Let me express. - So the first sentence, - what's your trying to accomplish is basically to glaringly identify the thing which can be - optimized early on so that you get their attention after you've done this. - You want to follow this statement by introducing your solution or ability to resolve the - shortcoming. - Let's look at a very specific email just to kind of shed some more insight into what - exactly? - I mean. - Okay, - let's let's give this a read. - And I guess as just a, - uh, - some context here. - I'll give a specific example and use cookie retargeting software as the thing that I'm - trying to pitch. - But where I have solution in the brackets can be whatever your whatever your benefit is - that you're going for. - Okay. - Hi, - Prospect. - I noticed your site currently isn't running co getting retargeting software, - which typically increases conversions by 20%. - Implementing a retargeting solution is actually something that we help companies like yours - with all the time. - In fact, - it's something that we do for companies like X Y and Z competitors. - There's a day next week when you have 10 minutes. - I'd love to connect so that we can talk about getting this taken care for you. - Okay, - let's go ahead and dig into this. - So the first sentence is about irritating the wound again. - You want to get there attention and the goal of the first senses to get them to read the - second sentence. - So I noticed that your site currently isn't whatever thing that you can optimize. - You want to point it out and make it very easy for them to verify this by using a hyperlink - . - And then you want to give them a reason why it's important that that their site has to have - that thing. - So here, - I said, - which typically increases conversions by 20%. - It doesn't have to be, - although it's more powerful when the there is some type of quantitative measure in here, - like increasing divergence by 20% you could say something like which typically drives - engagement or which simply results in enhanced the user experience. - Whatever it ISS, - you want to give them a reason there. - Okay, - percent. - So that's the wound. - You've irritated it. - You've got their attention. - Now it's time to introduce the solution. - The second block of text does two things. - First, - it lets them know that you can provide the bandage to this wound that you just brought up. - So saying implementing this is actually something that we help with companies like yours - all the time is essentially that. - Next thing you want to do if you if you can, - is basically point to some social proof. - So, - in fact, - it's what we do for companies like X, - Y and Z, - all of a sudden might raise an eyebrow and say, - Oh, - wow, - these other people are doing this. - I guess this really is the best practice that I should take into consideration. - Now, - after you've done this, - your chain, - the wound offered up the solution and the fact that you can help them with it. - Now it's time to basically ask for some time. - And I like to do this and originally in a very casual way, - there's a day next week when you have 10 minutes. - I love to connect so we can talk about getting this taken care of for you. - I love using the freeze, - getting this taking care of because it's totally congruent with the rest of this email, - right? - It makes it appear like this is an obvious thing that other people are doing, - and you need to get this taken care of because the best practice this is a very subtle - nuance but very, - very powerful thing to communicate, - because when somebody feels like they're just not implementing an obvious best practice, - there's a sense of urgency there that often is harder to communicate when you're just flat - all asking for somebody's time. - So let's go ahead and look at a an example of when I do this and the positive results, - because I believe in being open and transparent at all levels of business, - especially when it helps other people learn. - So I said this email to a big time perspective partner that I wanted to do an A p I - integration with so that they would take our menu content. - First part. - Let's let's go ahead and see how your change the one Hi Andrew. - I want to touch base. - They noticed there's no menu content for your restaurant listings. - Without this content, - you're missing out on it. - Additional pages engagement in S E o benefits. - You're also missing out on itemize search, - which I thought you might be interested in. - It is something we power in the Wiping Mobile app and Soon Avatar, - which are both competitors. - Some example. - Implementations with our free P. - I could be seen here by clicking the menu, - New York Times four Square City Seeker Love to connect with your the person appropriate - person. - When you have a few minutes, - Andrew gets back to me. - Definitely interesting having a discussion. - Let me introduce you to Evan, - who is the member of my team, - focused on whatever their initiative is driving on site engagement and, - ah, - the connection is made. - So let's just break this down quick. - Um, - the 1st 2 paragraphs and I kind of didn't take my own medicine here and that it is a little - bit long, - but it worked. - And the reason I think it worked is because very first thing I started with was irritating - the wound. - So I noticed there's no menu content without this content. - You're missing this. - These other people who you're competing with have it. - Then after that, - I introduced the solution. - This is something that we actually power for these people. - And you can actually see exactly what this looks like here, - here, - in here. - If you have time, - no pressure, - because again, - I'm after a long term. - Isn't development relationship ID love the connector, - the you or the appropriate person when you have a few minutes after this email? - I got connected with Evan and the rest of the right people at this company and eventually - re ended up doing an awesome deal with them. - But it all started out with just writing one simple, - effective email, - which just kind of shows you the power that understanding how to cold email effectively can - have. - There's a lot of people out there that say that the best practice for finishing an email is - a direct called action, - and you'll notice it and the bandage email formula. - I actually didn't do this. - I finished email by saying, - If there's a day next week, - when you have 10 minutes, - I loved it, - connects. - You can talk about getting this taken care for you If you compare this to a direct call. - The action maybe something like, - Do you have 10 minutes next week to discuss? - It's a little different. - Interestingly enough, - I just wanted to highlight that I've actually tested with both of these and didn't notice a - statistically significant difference in either direction in terms of response rate. - So if you feel strongly about the direct call to action while means go for it, - I just wanted to highlight in my personal experience, - I found that by the time that people have already gotten to the last sentence of your email - , - they've made a decision whether they're going to respond to you or not. - Which is why I think the 1st 2nd 3rd subject line of the most important things. - Uh, - so that's my personal opinion. - But if you insist on doing a direct called action, - by all means, - you go ahead. - I don't think there's any harm that can be done there. - What a real quick talk about another cold email formula. - I've seen work, - and I actually I got this from a guy by the name of Brian Cruz Berger, - who has a site called Breakthrough email. - Basically, - what he does is try to leverage the internal pressure to respond by emailing multiple - people. - So essentially the structure of this email is that you can pick 3 to 4 people who are - likely related to a particular decision or initiative that you're trying to push through - and essentially email them all these same email just switching out the names indicating - that you're interested in connecting with them about a particular initiative. - This way, - the email doesn't get put by the wayside, - and one of them internally feels necessary to respond to the email. - So an example would be, - Hey, - John, - I'm reading it. - Connect the person who manages whatever the initiative you're supposed to you're looking to - connect with in this percent pursuit. - I've also written to Steve another contact and contact three. - Here you go into why you want to connect them. - I want to connect about how my company blank can help improve whatever value drive with our - solution. - This is something something we're currently accomplishing with social proof, - one social proof to and social Booth three. - Do you have some time early? - Next reaches, - guys. - No, - you take this email and all you do is switch the name. - So here you see, - I've switched Steve and John and send this exact email to 3 to 4 people. - And the hope is that collectively, - these people realize that you're trying to connect them about a certain thing, - and somebody feels the pressure internally to respond. - Now one thing that this email does which I think is great, - is it acknowledges the fact that you're emailing multiple people and it says, - But it's does that by saying in this pursuit I've also written to this person, - this person in this person because honestly, - one of the last things you want to do is cold email and carpet bomb a bunch of people - without indicating that that's something you're doing. - It just looks bad. - It looks like you're mis informed. - And honestly, - it looks pani. - So if you're going to email multiple people at a company, - make sure to acknowledge that and save just B, - C, - C or C seeing multiple people, - or even just just doing a bunch of separate two emails, - you're gonna email multiple people of the same company at the same time. - You want to let them know because they're all going to talk to each other and it just comes - off like you're spraying and brain. - Okay, - let's talk about another strategy that can work amazingly well for getting responses for - cold emails. - And what I would call this is just creating an internal referral for yourself. - The idea here is to basically call above someone. - So call someone's boss and then get that person's boss to indicate that you should talk to - the person that you're trying to reach. - And that person's again the initial stakeholder on your hit list. - And the reason that you want to do this is because when somebody's boss says that they - should talk to you, - that all of a sudden provides a sense of urgency around the cold email that you wouldn't - have gotten before, - which optimizes the likelihood that somebody is going to respond to you. - So let's talk about how to actually accomplish this. - Step one go on, - linked in and figure out who the initial stakeholders bosses. - So, - for example, - if you're trying to reach the director of marketing, - their boss would likely be the VP of marketing and a great place to find this information. - Is that section on the right hand side when you're viewing your stakeholders profile called - Peop 12. Converting Emails to Meetings: - Okay, - so we just talked about sending out the initial cold emails and how to do that effectively - . - Let's talk about converting those e mails and the subsequent dialogue to meetings. - Once you send out a cold email, - there's a few things that might have number one the respond positively, - asking for a meeting. - Number two will respond, - asking you to send more information. - Three. - They won't respond, - and four will just flat out say they're not interested. - Let's talk about some effective ways to handle each one of these scenarios. - If they respond immediately positively, - your job is to basically convert that to a meeting as fast as possible. - Let's say they indicate a day and time that works for them. - The next thing that you do is ask them the best number reaching that and indicate that - you'll be sending a calendar invite. - Once you have this, - here's a simple response to 90 million could use great. - What's the best number to reach you at during that time? - Once I have this, - I'll send you a calendar invite. - Looking forward Now, - this is the simplest, - most ideal scenario After Sameer Cold email, - let's look at a few more what happens if they don't propose a time and they don't propose - the time it's on you to throw a couple times out there. - I generally like to try two days and three times, - and the reason that this is that you want to give them options, - but you don't want it to be incredibly ambiguous because that's just thinking and work that - they don't want to dio. - Additionally, - you can also indicate your openness to another, - more convenient time. - If the two days and three times that you threw out didn't work, - here's an example. - Email response that Miers What I just described Great how this Tuesday from true to 4 p.m. - U S Eastern standard time work were Wednesday at 44 30 PM Work for you. - There's another time more convenient for you, - Let me know. - Also, - let me know the best number to reach you at so I can include it in the counter, - looking for pretty straightforward there. - What happens if they respond? - Asked me to send more information. - This is very important to pay attention closely. - When they say this, - you never should send them an information packet or deck. - If somebody really matters. - And the reason is is because when you do this, - you're letting your ability to pitch your relationship in the hands of just a static pdf - doc, - which is never going to be a good as you on the phone or in person who can dynamically - handover bottle. - You could build a relationship. - You do all the things that make pinch successful, - so typically there were email response from them. - Will look something like you mind sending over some more information before call so they're - trying to get more out of you before committing their time. - I think the aspirin bottle finesses something along the lines of this email right here. - Hi a target. - Our product does X, - y and Z and his best demonstrated live. - More importantly, - for us to really see if there's a fit here, - I'd like to understand your current situation better. - Oh, - things shouldn't take much shine. - Do you have 10 minutes to hop on a call over the next few days? - Let's just briefly go through this email real quick, - so the first ends is just about providing a little bit more context. - So our product does these things. - This is why I should be interested, - and it's best demonstrated life. - So I'm here again. - I'm pushing an imp rhyming for that phone call instead of an email dialogue that eventually - said that eventually sent a pdf. - More importantly, - for us to really see if there's a fit here, - I'd like to understand your current situation better. - Who thinks shouldn't take much. - So again, - this is This is trying to indicate to them that this is an important call that you care - about them. - But you want to make sure that this is all about them and adding value. - And it's not about you just pitching or hawking the relationship that you're trying to - implement. - Um, - and again, - I always try to stress how this isn't gonna take time. - Both things shouldn't take much time. - Do you have 10 minutes top on a call in the next few days? - So here you're asking again in 10 minutes is a magic number because everybody has 10 - minutes there, - it might recall truthfully call might take 20 minutes in my take 30 minutes, - or it might take 10 minutes, - but 10 minutes just seems far less daunting than a 30 minute call or a call even longer - than that was just less friction with 10 minutes. - Other key element of this email I wanted to call to your attention is the fact that I gave - them limited information. - If you recall, - I simply said, - our product does X, - Y and Z whatever the functionality is and is best demonstrated by, - I didn't bring up people that were already work with. - I didn't bring up how much it costs. - I didn't bring up ease of implementation. - All of these things of the years just to give, - as least in amount of information is possible. - That still entices them to want to do more. - Because again, - your best chance of getting them to want to do a partnership with you getting them excited - whatever it is is done through a phone call or an in person meeting, - where you can really calibrate with what's important to them. - So just when you send these type of emails, - it is important to give them a reason to want to have a meeting with you. - But you don't want to get way too much information that forces them to make a decision, - for you have a chance to pitch them Okay, - let's get back to number three. - What do you do if somebody doesn't respond to your email? - Quite simply, - follow up. - It's important to understand that them not responding doesn't mean that they're not - interested. - Let's go over some reasons why people don't respond to eliminate this belief. - One they meant to respond, - and they just forgot. - Two. - It might have gotten lost in their in box. - Maybe they just had too many emails. - And forever reason didn't seem urgent. - They didn't read your proposition thoroughly the first time, - thus didn't realize the value. - These are all examples of reasons why people just don't respond to things that they could - be very much interested in, - which is why it's so important for you to make sure to follow up. - Let's talk about the best way to follow up where what you follow up, - it's all about removing all friction for them to reply to you. - And the easiest way to do this is replying to the original email so they don't have to go - back digging for context. - So what I do is find the first even let you send just click reply, - which should address it to the prospect again and say something simple like this. - I just want to follow up on my email below regarding helping you increase whatever your - values value at IHS, - Is this something you ever considered? - The reason that we do this instead of sending an entirely new email is because you don't - want them to have to go digging through their in box to get the additional context for wire - reaching out. - Why did you get on the phone with you? - When I reply with just a few sentences, - I can point to the contacts. - They have it right then and there, - and it's also increased the odds that they will read it just because it's two sentences - again. - Remember, - people don't want to do a ton of work when they perceive some things. - A lot of work well, - just skim over it. - They won't They won't even read it. - So I know that they will read two sentences. - Hopefully, - or at least there's a higher likelihood that they will. - And if I can get them interested by saying the value add directly in that first sentence, - my hope is that they'll read the email below that on this. - This this is work really, - really great for me. - So let's go ahead and do a live demo of how to do this properly. - Just so you know exactly what I'm talking about. - Okay, - so here we are. - And we're gonna go through a live example of the proper way to follow up. - So this is just a cold email that I constructed for myself. - And it just says, - Awesome. - Plug in for bt playbook dot com. - And I'm just gonna fire this away. - Teoh, - my lifelong learner email address. - So it's in that. - Lawson, - let's say if you let's just say a few days have passed. - I haven't heard anything back from Scott. - How? - What does he probably follow up? - You're gonna find any melon. - You're sent in box. - You're going to reply to that original email and just say something like, - Hi, - Scott, - I just wanted to see if you got my email. - I just want to see if you if there was any interest in my email below regarding the - membership sigh point in that guarantees only the people that have invested in BT playbook - dot com see the premium motor? - Do you have five? - 10 has got 10 minutes this week. - Discuss this. - That's right, - Scott. - Well said. - Then let's let's look how easy and seamless is this. - This is for the prospects, - which is myself on the other side. - Okay, - so here we are. - So here's the email that I just sent and you can see how it is pretty easy to read. - I mean, - it's two sentences and this person wants any more context. - All they have to do is simply click above, - which gives them a little bit more information about why they want to potentially connected - me. - This is a whole lot easier than asking somebody to go back to their inbox gig for the other - email. - Read that. - Go back. - Read this again. - This this is all in one place, - which is again as much more frictionless than sending two separate emails. - Okay, - so you might have be looking at that process and be thinking to yourself, - or that seems like a pain to go back into my sent inbox and identify that email a couple of - days after of Senate and they haven't responded Well, - I actually use a couple of tools to just automate the process of having to remember to - follow up and my two favorites are boomerang for Gmail and follow up, - not CC. - And basically, - what these tools like to do is immediately upon sending the email, - you can set a follow up reminder to yourself that prompts you to remember to follow up. - If you haven't heard back from these people right now, - I'm going to go through a live example of how I use boom bring to do this. - And it works amazingly for just always private me to remember that I need to follow up with - somebody. - Okay, - so we're back in my inbox. - Let's talk about how we can use boom oring to follow up S O. - This is the same exact email that I copy and pasted that I just sent, - and I'm going to just send it again. - So I click send here, - and immediately after I send it, - I click view message on the top of Gmail and I click this tab right here, - which is boomerang. - And I say, - If nobody responds to me, - I want this to be paying back to me and let's just say four days it's a boomerang is gonna - do its work. - And what will happen is is that in four days I will just receive that message back in my - inbox. - Aziz, - Anabel serve as a trigger to remind myself to follow up with that person. - If I haven't heard back from them, - let's just go ahead and see, - like an example of a glimmering message. - So here's a message that I boomer into myself for a bare copper. - Here's the awesome blogger basically sent out the fact that he's going to do a live - workshop. - So what I did was when I saw this. - Wow, - this looks interesting, - but I can't process this right now. - So a quick boomerang. - I had this come back to me Ah, - week later. - And as you can see, - three days ago, - this exact message came back to me and that served as a trigger reminder that I wanted to - watch this. - So I highly recommend boomerang and follow up, - not C. - C, - which you can also check out at just follow up, - not CC. - And these were both just excellent ways to automate the process of having to remember to - follow up with somebody immediately after sending. - You know, - one common question that people have is how long after sending initial cold email. - Do I wait to follow up? - I try to aim for somewhere between three and seven days. - Never wanna wait any longer than a week, - and I try to get him at least three days to respond. - Now, - is there much of a difference between three and five days? - I personally believe that what matters more is the body content of the email and the fact - that that's compelling value proposition for them to want to get back to you. - So I think that within 3 to 7 days you should be fine. - What happens if even when you follow up that second time, - they still don't get back to you? - Well, - if they don't get back to you after the 1st 1 answer, - follow up. - I then tried going for a cold call and what review all about cold calling very shortly in - the next section. - But changing the comedian communication mechanism at that point is definitely a best - practice that works. - Okay, - so whenever we just went over, - what happens if they don't respond? - Let's talk about how to handle if somebody just flat out says that they're not interested, - importantly, - understand here is that you need in order to properly disarm a prospect who says they're - not interested, - you need to understand why they're not interested and when you understand why is when you - can turn and no injury. - Yes, - let's go through some common reasons that people aren't interested 1st 1 that I see a lot - is is I'm not interested because I'm using the competitors software and they think that - your software or your relationship or integration does the same thing. - Let's talk about how to overcome this, - and this typically takes the form of a thanks, - but we're already using X software are already working with Y For this, - My favorite strategy to handle the situation is to position your offering as complementary - to their existing solution were uniquely different, - which, - ideally, - it should be. - Every single persons company software relationship is a little bit different, - so I I think that it's totally, - totally, - totally ethical. - Do you think this way? - And this is this. - This positioning your software from the same thing to something that's complementary - uniquely different is what I like to call reframing. - So let's give just a great example of a complimentary reframe that I saw, - I saw probably about where, - a couple months ago that I just thought was an excellent excellent example of this done - very well. - Okay, - so we're looking at an email from a sales rep named Josh, - too, - a prospect named Matt, - who's basically once talked to him about marketing automation software. - So Josh says, - hi, - that I'm sending you a quick note following up on a couple of attempts to reconnect you. - I'd love the opportunity to speak with you about your marketing automation initiatives. - Mac. - It's back to Josh. - Thanks, - Josh, - for a long time hump spot customer. - And while not a proper and the solution, - it works really well for us. - How recorder and best man. - Here comes the refrain from Josh. - Thanks to response, - man it. - If you're shouldn't take a look at our solution, - let me. - Now we're starting to see more companies using hot spot for their inbound efforts and a - true marketing automation tool for their outbound. - Okay, - so you see what happened here when Matt originally got back to Josh, - He basically said, - Thank you so much for reaching out. - But we are using this, - and I perceive that your software does the same exact thing. - This can be your software. - This could be your beauty relationship, - your data and your FBI. - Whatever it ISS. - What Josh does here is basically saying, - acknowledge the fact that that's great, - that you're using that. - But we're actually seeing companies use our software in tandem with the incumbent because - they're complementary and in this sense, - there complimentary for outbound efforts, - not just invalid efforts. - What? - Which is what the incumbent solution does. - So did this email actually work? - I'm not sure, - but not thought it was so good that he decided to post it on his block at blogged dot - bridge Group Inc dot com, - which just kind of goes to show you that the reframe can be incredibly powerful and again - work. - Let's talk about just some high level thoughts about what you should be thinking about when - you do a reframe for your own efforts. - First thing you wanna dio is acknowledged the existing player in the value they bring. - So something as simple as it's great that you use this actually, - a lot of our partners existing partner Hughes. - This is well or it's great that you value marketing automation, - acknowledge that the existing player exists Number two, - then after that point is when you transition your product in a new light. - So you want to change the perspective from the prospect. - Thinking that your solutions do the same thing to your solution brings something unique - that is slightly different and potentially even complimentary to the tool integration, - whatever it may be that there already engaged, - here's an exact template that you can use just to crystallize what we just described. - I'm gonna read it and then go through each section individually. - That's great that you guys see the value and whatever your initiative optimizes and are - using incumbent software integration. - Whatever it ISS. - One important component of getting the highest return on investment on this initiative is - making sure to whatever your products unique ability does. - Now, - if you have some type of article or somebody else saying this, - that can really pack a punch here. - So I say something like, - Here's an article describing