How we booked 900 demos in 4 months using FB prospecting and why we are stopping it now.
So back in January 1st week, we were trying to get some quick revenues. For some years, my partner, Spencer had been positioning our product as alternative to Salesloft and Outreach and not as Lemlist or other cold email tools. But somebody who has many email addresses, knows the pain of using those platforms. Our real time view and Conversations easily allow one to manage multiple inboxes and reply just within one dashboard (so no forwarding, opening tabs back and forth, etc.)
So we decided to move our strategy to fb prospecting for a while. I quickly extracted data of relevant groups using phantombuster (for some reason, you cant go more than 3700 members per group), cleaned the list (removed non-US profiles, profiles saying student, freelancers etc.) and removed duplicates.
I had a list of 200k profiles after this. I further segmented this list into -
Power user - Saying Agencies in their profile and Cold Email/Outbound/Lead Gen
Medium user - Saying CEO/Entrepreneur in their profiles
My partner and I for 1 week went after some people from the power user list and booked like 30 demos in a week. We would send them friend request and then improv conversations. We quickly documented everything including objections and their answers.
From the second week, we handed off this process to our talented lead gen team. We also gave them access to our own profiles. So we had 10 fb profiles doing prospecting and sending like 40 friend request a day.
Everyday, we almost booked like 8 demos. One day, I remember we booked 25!
Pretty soon our Sales head calendar was full and so was our new Sales Manager. I wish I could join as well, but I am a bad sales rep. 😞
We closed like 30% of the demos but as you know cold emailing is an art, so there is 25% churn as well.
Overall 15% were no-shows and almost all of them were for sure personal email addresses.
Another 20% was junk demos. So the problem is there are many small businesses who would jump on demos but not looking to buy anything. On LinkedIn we can easily know the size but on FB it's not possible.
So we acquired some 110 new customers during this phase and some 25 have churned. A great addition to our MRR.
But we are stopping it now. Why?
If we're a super small company, this would have been totally fine in getting us started. But now that we have a strong branding on FB, 200 inbound trials a month from organic traffic and growing, plus the need to go to after big enterprises, we don’t see this as the right fit. In the next phase of our growth, we are going after our big enterprises, and continue to make our product simpler and more add more features. And also close some big consulting deals. We recently started a new consulting program using our tool, where we offer a certain number of appointments in US market using our app and we are getting tonnes of interest there. So we need to double down on it.
Hope there was some learning for everyone in this post and we all continue to grow together.
05/26/2022, 1:44 AM
05/30/2022, 6:35 AM
@Harsh Gupta - what is your product?
05/30/2022, 10:58 PM
@Naveen Gupta sales engagement tool + lead generation consulting