We have 500,000 investors. Today, I'll go over six LinkedIn sales and fundraising secrets. Here are a couple of spoilers:
- A cold message with a 20% response rate;
- How to get more than 80 leads from online event;
- How to create LinkedIn posts with 3 million reviews.
Let me start with networking and all lead generation channels.
Miro's mental map is shown below. Every founder understands that networking has the highest conversion rate in closing deals. Let it be 80%.
Networking has two drawbacks: lack of predictability and lack of scalability.
So, number one secret. Dopamine is essential.
Do you know what the Croc brain from science fiction is? This is the part of our brain that develops first, and it is in charge of processing incoming messages and detecting dangerous situations. It makes decisions in three seconds, and they usually sound like this: dangerous (run) and boring (ignore). Croc Brain takes three seconds to decide whether or not to scroll down on Instagram, for example. It also elicits strong feelings such as love, hatred, and desire.
A potential investor or client will also quickly decide whether or not they like you. You can influence this investor's decisions by talking to him.
Dopamine provides motivation and satisfaction. Dopamine is also in charge of our emotions and decisions. And this is our hack; our goal is to boost dopamine levelsin investors and clients. Most importantly, don't try to raise your dopamine levels because you might get a crown and then make bad decisions.
Secret number two: success is a sales hack. This can be frustrating if you are a founder with technical or product experience.
I mean, a startup is not a product story, no matter how useful it may be. A startup is a story about potential growth and sales, where fundraising is also sales. So sales are a success. And success is defined by big names, numbers, achievements, customer logos, and so on.
For example, in one American company where I also provide software development services, we collaborated with NASA. When you hear that we have worked with NASA, you immediately think that if these guys provide development services for NASA, they must have a great product team, and I would like to work with them.
The third secret is to create a compelling LinkedIn profile.
I once assisted with the updating of a LinkedIn profile. Xenia Proca is from New York. The product was mentioned several times in the title of the first version. We only left the first mobile startup in New York, where she can meet with various investors over a cup of coffee and close a deal.
We also mentioned her team's one million ARR in seven months, as well as their inclusion on the Forbes 30 Under 30 list. Investors' dopamine levels rise when they see her headline.
Secret number four is required to complete the third step successfully.
Are you Apple or iPhone 14 Pro Max? You can make a fantastic product, but if no one knows who you are, no one will come to you.
Here are the steps to getting your own LinkedIn followers:
1. Automating customer service with Expandi, LinkedHelper, Phantom Buster, and other tools. As three founders, we also use three LinkedIn accounts and can get started with 30 connections per day. I expect 90 responses from investors within one month in the worst-case scenario.
2. Email. With up to ten mailboxes, you can send 50 emails per day with the worst response rate, say 1%, and receive 100 responses from investors each month. When we approached investors in our case, we received 18 to 19% responses. As you can see, if we approached 1450 investors, we would get about 242 plus 35 responses. It’s about 20%.
Secret number five: more dopamine.
We enjoy hearing our names called. Remember when I talked about self-esteem, ego, and dopamine? "Wow, who called me?" you think when you hear your name.
You can use a hacky cold outreach in a message, mentioning in the message to the addressee that he was recommended to contact you. You can specify the traction client's value, a portfolio of clients and their numbers, and invite an investor or potential client to coffee.
A simple illustration. Mitchell Kim, my adviser, recommended that we contact you for the first trial. What do you think if someone suggests contacting you, say Salim? "Wow, someone suggested contacting me," you think. You should be aware of how talented I am. You recall the first dopamine point. You believe in yourself and want to read the first message. And you've already increased the conversion rate in the first message.
Even 1% can be a large number with a high conversion rate. Update everything you can, including your website, LinkedIn profile, message, presentation, and, as previously mentioned, your signature: "please find my signature below."
Sixth, webinars can help to speed up growth. Because we are a B2B company, we hosted the webinar and invited over 80 leads from major corporations to attend. We invited prominent influencers and clients to speak, and we simply distributed invitations via email and Linkedin.
I wrote about this in a LinkedIn post about a year ago, and it received over 8,000 views. This post led to a slew of new potential investors. LinkBoost and LemPod are the only tools I use.