so we just covered how to monetize content so we've covered the first two ways that one person to other people about their stuff so the first ways to advertise warm Outreach and posting content all right so now we're going to transition to cold Outreach so letting people know one-on-one about the stuff that you sell so we're gonna cover how it works how to contact people what's say how much to do benchmarks and why bother all right and I want to be clear this Builds on what we learn from warm Outreach all right so this is
adding two on top this is kind of like the advanced version like if you haven't been able if you can't even pitch your friends right and I'm saying when I say pitch your friends I mean offer them free stuff uh and ask them if they know anybody because again we're not pitching them anything but until you get used to just talking to people in general I'd recommend starting with Warren before going to cold uh so let's go and dive in so here's how it works we advertise people who don't know us cold audiences and like
before we can contact them public or privately right and so this is privately contacting people one-on-one with cold Outreach so that's email phone call direct message SMS anything like that is all cold Outreach right and so let's do a list of strangers so if you can figure out a way to contact somebody one-to-one you can use it for code Outreach so you can knock on 100 Doors make 100 phone calls you can send 100 direct messages you can send 100 voicemails and it worked 100 years ago it works today and when the platforms change it
will work tomorrow so cold Outreach has one key difference from warm Outreach trust strangers don't trust you all right they don't even know you you're just a weirdo and in the past weirdos and strangers are danger all right so we have to bridge that gap of stranger danger in as short a time as possible to get them to know I can trust us so they will eventually do business with us all right and so compared to people who know us strangers present three new problems number one is that first you don't have a way to
contact them duh because they're strangers you had the contacts before because they were your contacts and you don't have a way to contact strangers number two is that even if you can cocktail them they ignore you and then third even if they give you their attention they're not interested so what do we do well I'll show you how to contact them so the first question I get is but how do I contact them the simple answer is you build a list and there's three ways to build a list you can scrape them you can buy
them you can look for them all right so those are the three main ones and I've done all of these all right so let's break these down scrape them means you're using softwares and so this is what I would call step one all right so you want to subscribe in my opinion to as many of these softwares as you can so they're list scraping or lead scraping softwares out there or outbound softwares if you Google enough of those things you'll find the stuff you're looking for all right and so you subscribe to as many as
them as you can search them all based on your criteria of the type of customer you're looking for then try out a representative sample say a few hundred from each of the software that you use and if the contact information is up to date and the leads are responsive and they are the type of person the software claims them to be then Bingo buy more now you found a great treasure Trove of people who might be the right type of people to buy your stuff all right the second way and I've used these two is
Brokers so just like you can have people who buy and sell anything there's people who buy and sell lists they're list Brokers all right and there are Multiple List Brokers out there and so all you have to do is go to many of them and ask them to make you a list and most of them will give you a sample list to show you that their stuff is good all right and you give them the same audience criteria that you typed in the software now some sometimes list Brokers can be even more nuanced than software
can be because that's their whole business sometimes they can't it really depends on the quality of the broker just like anything else all right and so once I get that they send me a sample just like before and I test the sample out and see how it does if I get good results from one or more Brokers then I stick with their list and I ask them to get me more lists now some list Brokers might only have a certain amount and that's fine then you buy all the ones they have and you ask them
if they know anybody just like you would before right and then warm out reach that person and that is the second way that you can go get yourself a list of strangers who might be interested in buying your stuff the third is elbow grease all right this is actually doing it so this is where you join the groups and the communities that I think have my audiences all right and so when someone meets my qualifications I check to see if I have ways to contact them in the group's directory so links to their social media
profiles Etc and if they do I add them to my list if they don't I can reach out them directly within the platform hosting the group now the last piece isn't ideal so I try and find other ways to contact them outside of the group because I don't want to lose my membership to this group or this community if it's a way that I generate leads all right and so if you think about that as a microcosm you can post content in a group or an audience to get value and then try and contact them
outside of that group independently you're not on that platform so that you're not interrupting the flow of what's going on in the group so you don't get kicked out all right again just rules of thumb overall you want to give more to the community than you take okay and so the nice thing is that each of these three ways is different and I move down from easiest to hardest but the flip side is that the easier it is for you the easier it is for other people and your competitors to use those same tools and
so so as you work down that list of softwares or buying them from Brokers or making the list yourself you also go to more and more virgin lists as in lists that haven't been hit or bombarded over and over and over again if you use a software that costs 99 bucks a month and you get unlimited leads on lots of people have hit the leads probably doesn't mean you can't succeed just means many people might have hit it right on the flip side if you assemble the list for many different groups that you joined manually
the likely that many people have solicited those people is far less so you might have a far more responsive list especially if they've seen you provide content to that group which is why all of these advertising methods work together and so here's the action step find your scraping tool by searching outbound lead scraping tool or database lead scraping find Brokers the same way and if you have more time than money then you might want to start a step three since it only costs time okay so if you don't have any money then you can skip
the buying Brokers and using software and that's again if you have no money most software's not too expensive but if you really have nothing then start by scraping manually and uh here's a little approach it for you is that interest groups are the warmest code audience you can get okay so interest group contains some of the highest quality leads because they're concentrated pools of people looking for a solution key Point they've already in some way they're like micro engaged so I would consider them problem aware right they're aware they have a problem already and now
they're in search of a solution and so you don't have to make them problem where they already are aware they have a problem or they want to grow they have a deficit where they are and where they want to go and so now you can intercept them and provide them a solution and so that's what we do we give them a solution and so nowadays their software that can scrape information in these groups too and I would recommend you use it and they're one of my favorite places to fish so I explain how it works
I explained how you can contact them with the three ways you can scrape them you can buy them or you can elbow grease them all right so once you scrape the list here's what you say so personalize and then give big fast value you'll notice that this is similar to warm Outreach we personalize okay now the give big vast value is the maybe the difference between the two now if we want to be super saiyan on this and give you like some super advanced stuff if you know how to conquer cold you should treat your
worm the same way because the way that you are able to provide value quickly provide trust quickly to a code audience is the hardest audience to do it for and then when you do that to a warm audience you get that much more engagement all right that's a pro tip that's not even in the book all right so it was just because I thought it would complicate for people but big picture personalized and provide big fast value all right and the reason for that is because they don't know us they don't trust us all right
so here's how you personalize you act like you know them all right so the idea is to make the code Outreach feel like a warm Outreach makes it feel like a friend is reaching out to them all right so the best way to do this is to actually know something about the person you're contacting so for example if you match your area code on the phone you have a higher pickup rate why it is that because it might be someone they know or someone who knows them if you know their name you buy yourself a
couple extra seconds if you know something about them you buy yourself even more seconds personalization in your Outreach attempt whether it's phone calls cold emails cold DMS whatever get your foot in the door to get the sale so here's the auction step do a little bit of research on each of the leads before you send them a message so when you have the list of names do a tiny just collect a little snippet about them and when you cold call code email cool DM because you can do them all include the snippet and I promise
you I received so many things from people when you get a generic code message you do you like I can't get it out of my inbox fast enough if someone takes time to actually understand what my business is understand my needs understand a little bit my background and then makes that I will usually take the time to read it why because I'm interested in myself right and so we want to leverage that self-interest to get them to respond and like us more so invest the time pay the people pay the software that do that now
there are softwares right now that do that right so the problem number two here is that I have my list now but what do I say to them that's what you say talk about them so here's a little Pro tip for you I got a 50 response bump in email which is pretty big and all I did was I rewrote all of our templates in below third grade reading level so what I recommend doing is taking all of your scripts all of your phone scripts all of your Tech scripts of your email scripts everything and
running them all through a free reading level app online all right I won't recommend one because they go out of business all the time but I promise you can find one all right so all you do is you make your message easier to understand and more people will respond because they actually get it it's easier for them to comprehend because again we have a fraction of a second and the moment they see a word that they kind of don't understand they'll stop reading number two they didn't like us before so we personalize it and they
don't trust us so we have to provide big fast value okay and so the key difference between people who know you and strangers is that strangers give you less time to prove your Worth right so maybe when a family member calls if they just waste your time eventually you're like all right man I gotta go right just like okay this is not worth my time someone you're familiar with you give more time some of you're less familiar with you give less time someone you don't know you give seconds right it's just a spectrum and so
here's how you do it you give away the farm we're not trying to tickle their interest we're trying to blow their minds into 30 seconds with the value that we're going to provide them that's where lead Mexican comes in that's why it was the first thing we talked about you need to make your lead magnet exceptional I just want to emphasize the fact that it's not like oh here's my thing make your thing exceptional and make it insane so that they will want to listen more all right so if your thing isn't working you need
to make it so good people feel stupid saying no all right that was why it was the title of the first book so if by the way your lead magnet is not working I wrote an entire book about making offers this is an integration by the way um that outlines how to do this all right so you can go you can read that book you can follow other things there's a course online acquisition.com that also outlines the stuff in the book so that you can use it and make better lead magnets so that people trust
you with the big fast value faster Okay so action set provide the biggest fastest value you can afford to with your lead Magnet or offer write your scripts phone and chat scripts are never more than a page or two include emails rarely are more than half a page so you don't need to overthink it all right so if you're thinking about this it's like this is not a lot of words that you have to put down to make this happen the actual action is reaching out not the script like the first message might only be
two or three sentences all right if you're doing DMS and if you're calling it's a page maybe two pages like this does not take a long time and you will learn more from your first hundred cold calls than 100 books of on how to cold call all right so it is a higher Roi on time to just get started and to give you a head start I'll provide my sample phone email and direct message script at the end of the chapter it's also online at acquisition.com all right cool so once you know what to say
now you have how much should I be doing of this okay so I'm not getting as many chances to tell people about my amazing stuff what do I do and as a quick side note with the big uh the lead magnet thing that I was saying earlier um we were able to Triple the response rates to our outbound at gym launch after months of doing this the biggest breakthrough we had was actually switching the thing that we're offering for free on the phone and so when I talk about offering a level of service for free
I mean it because if you offer what you want to do is offer what other people actually charge for not offer something so good that you could charge for it no offer stuff that other people charge for it's a much cleaner way and they already have an anchor for what the value is they understand that this actually costs businesses money and when they do when you do that the likely the likelihood that they will respond to you is significantly higher and you will significantly increase the percentage of people respond to your Outreach attempts okay so
once you do that now you get to problem number three which is okay I have my list and I'm reaching out to people with a good lead magnet but I'm not getting enough chance to sell people myself so what do I do so there's three things we're going to do we're going to increase volume and all three of these things increase volume so the number of times and the number of people who hear your thing all right so one is we automate delivery secondly automate distribution and three we follow up more times in more ways
so let's break down all three so when we automate delivery we want to do that to the extent that we can all right because what it does is it unlocks huge scale so there's two ways you can think about delivering anything you can have something that you deliver live you can something that you record so I could copy and paste something that is recorded right now flip side is I could leave a live voice memo that I say the person's name in it and then I send that as my DM the likelihood that that gets
a high response rate is much higher why because it took active time to write it so it's scaling the unscalable in a way we're personalizing the Outreach attempt it's just a different way of personalizing now in time as AI becomes crazier and crazier there will be a continuous arms race between people sending and people receiving of is this legitimate or is this AI that said my name Etc and we'll figure it out over time but for right now you can automate to the degree that you possibly can without sacrificing response rate because fundamentally all it
is to be number of people reached out to times response rate equals output and so you can move either of these you can go way more volume and have automated and get a fraction fraction of people to respond but you put enough n in the amount that you get a big output or you get a high percentage people respond the idea is that you do both and by the way if you have a small audience that you're going after or a small number of leads then I would say personalize the greatest degree possible because those
probably cost you a lot of time and effort to get and I wouldn't want to burn through them one man's two cents with live you could say a script to someone over the phone you can send a personal voice memo to each lead you can write a handwritten card to every person on your list like think about how much of a response you get if each of these things happen so Gary Halbert had this famous thing where he said you want to write your sales letters like you only had one letter left to make all
the money you needed for the rest of your life he said what would that letter sound like what would it what would it look like well it'd probably be and this again this is different time but the fundamental principles apply he said well you probably hand write it on the card you'd probably put the stamp on manually yourself you probably make the whole card handwritten well if that's this extreme that's because that's the highest response rate it takes more elbow grease but if you have more time than money then use it right as you make
more money then you can start making those trades but when you deliver uh manually live you get the highest response rates now when you deliver in a recorded fashion you can pre-recorded voicemail but someone's messages you can do a pre-recorded voicemail to someone's voicemail box you can send a templated email to an inbox or a templated texts someone's phone we can send pre-recorded videos Etc you record your message one time and then send the same message to everyone will you get responses yes will they be as good as the other one no again the the
trade-off depends on how much money and how much time you have and so I won't I won't hit on this harder because I said earlier but AI is going to really change how the game works and it's going to be a constant iterating thing that I just recommend you stay in The Cutting Edge of so number two is the automate distribution okay so when we automated the making of it the other one is we're talking about automating the delivery of it so again we have manual versus automated so manual examples that you dial the phone
number you click Send on each email you click direct message or you click Send on each text that's manually sending it right automated is use a robot to dial multiple numbers at the same time you send a blast of a thousand emails a thousand texts a thousand voicemails all at once so you can have your thing that's manual but you can automate distribution of it all right so each of these elements you can add automation to give you more scale and so generally speaking not always because of AI but generally speaking you sacrifice personalization for
scale you get a higher response rate with personalized messages and so the fewer you have the less automation you should use in my opinion so for example if you're going after hedge fund managers to sell some enterprise software to or sell some sort of data to which is a business by the way uh there's only what a few thousand hedge fund managers in the entire United States at least in the US and I don't know how many there are in the world there's not a lot of them and so what would you do if you're
trying to reach them well you'd probably write a personalized handwritten letter and honestly beyond that you probably send them a personal gift because their account is probably worth a ton of money but there aren't many of them so you go way out of your way to get the response rate if you're selling weight loss leads or weight loss products the United States well okay if you're selling women then you've got you know 160 million people in the US that are women and if it's over a certain age then maybe you've got a hundred million that
are of age that would qualify okay well you've got a lot more to shoot from and so you might have more Automation in that instant so it really just depends on what you're selling and who you're selling to right and so personalization Tech as a side note is that the perfect combination for maximum leads is Max personalization with max volume and with tech you don't always sacrifice personalization with scale and every day data becomes more accessible to find personal data all right so if you can set up the tech to accomplish both personalization and volume
you have an incredibly effective lead getting combo and so number three for getting more volume because you want to get more people to respond to you is follow up more times in more ways and so there's two ways you can get more from your list all right so more ways and more times more ways means the more ways you try contact someone the more likely you're to contact them for example I don't respond to phone calls like I said earlier but I respond more to direct messages than I do it's just me not everyone's like
that some people like phone calls on the flip side you also have more times so if you contact someone multiple times then you show that you are serious all right and doing so quickly and it's a key Point communicates you have something important to discuss so curiosity increases because they fear they're missing out so if you contact someone twice via email and text and phone call and then or three times and then three times again a few times a few hours later and three times again a few hours later the likely they respond is pretty
hot a lot higher than if you called once and didn't leave a voicemail but the thing is is most times that's what people do and say this doesn't work so don't do that more times more ways and I said this earlier and I'm going to say it again is that Cindy might have not been in the right microspace you might have been between things at that time she might have had a full day where she was out with her family golfing or whatever people do you know at Disney World right with her family and she
might not have responded at all it's all nine of the Irish attempts okay or she might not have needed your thing right then and she might need it again later and so once the lead list is big enough believe it or not you can actually keep harvesting from that list you go right back to the top and you work it again the same as we did in cold Outreach reason bringing this up is because there are parallels between warm and cold it's just that cold we got to be tighter and better and so bottom line
here is act like you're actually trying to get a hold of these people rather than going through the motions and you probably will and don't be an nincompoop all right that's my my disclaimer so I'm going to ask you to not contact them don't contact them again all right not because there isn't a chance that it could work but because for the same effort you could reach out to someone who isn't already negatively inclined who doesn't already hate you it's just more efficient to turn neutral CS than no DS and on top of that you
don't want a bad reputation that stuff follows you so try hard because if generally desire to solve their problem but be respectful so when you finish contacting your list start back at the top again and this actually works for the three reasons I said they might not have seen it they might not have time to respond or their circumstances have changed those are all three very good reasons to follow up so don't listen to your own head trash about that action step after you've attempted to contact them multiple times multiple ways wait three to six
months and then do it again and So Pro tip if you are new to outreach on the team shout out the best guy on the team all right so if you're new if you're in a company this is a little bit more than employees and then double their inputs so if they make 200 calls make 400 and if that means you work more duh right you're going to suck before you're good and you can make up for your lack of skill with volume faster volume negates luck you can do away with luck if you just
increase your volume sufficiently and when you do twice as many you get good in half the time and once you beat their numbers then you can get cute and try new things so replicate what they do before you iterate on it all right so don't try and get cute look at what the best guy does copy it exactly with twice the volume and then until you beat that guy's numbers or that guy's numbers don't change anything and then once you have enough Mastery then you can you can get cue with it all right here's a
little bonus voicemail script for you let's say you're targeting Adidas and Nike is one of your customers okay hey John it's Alex I'm calling in reference to Nike please give me a call back at whatever and the thing is is that actually gets a ton of callbacks because what does that sound like like someone who actually knows them right or someone who has some piece of information they might find relevant so if you know some of their customers or someone who's in their Circle talk reach out to them using the third party trust all right
I'm giving you some tactics here because I actually get this I understand the stuff I know what it's like to have no reputation and actually have to like drum and like make business all right so like this is script there are many others like them that are out there I'm just giving you this one as a uh as a way to think through it okay so here's why this works it's short no need for your prospect to overthink it it's relevant I'm not mentioning any company I'm just mentioning a competitor and the three it opens
a loop humans are curious by nature and hate open Loops just like I've created here so for example if I was if I was contacting a gym I would look at a gym across the street from them that they would know and I would say hey uh once you you know hey hey John it's Alex I'm calling in reference to uh wolf Fitness uh give me a call back at XYZ if I'm if I'm the owner of one two three Fitness and I hear about wolf Fitness from across the street big bad wolf uh I
might be like huh I wonder what it's about like what what could curiosity so I call back right and now it's inbound so here's what you don't do hey this is Alex I'm calling from like just say who you're looking for John yeah it's Alex from right see the pauses there if if I if I were talking to somebody that like you can hear my tone that I give the pause to give them the idea that they should be searching their memory for my name but you know what they're not doing hanging up don't say
this is first name don't mention your company name and don't fail to follow up all right so follow up no matter what okay so how much should I do a lot and that's what we do we automate all these different pieces and we get more volume up so here's some benchmarks so we said earlier that there are three problems that strangers create which we have now solved number one is that how do I contact them you scrape them you buy them or you elbow grease them problem number two is that you have your list but
what do you say to them well we outline the script we personalize it big fast value as fast as humanly possible the big breakthrough we had we threexed our response rates by actually giving something that other people used to charge for away for free number three is I'm not getting enough chances to tell people about my stuff what do I do you increase volume you do that by automating delivery and automating distribution right and you can do that if you have enough Scout now if you want more people to responding you have more time then
you go even heavier on personalization so you get your response rates up and I give you a sample script okay so how well are you doing a few times I fail to code Outreach I hired people who'd never track metrics well the third person did in code Outreach succeeded and so here's an example there's me pitching so 100 cold calls a day you get a 25 picker break so 25 pickups and 25 want to take the lead magnet whatever the thing is so four people become engaged leads so that means that it may take me
four hours of making cold calls to get one engaged lead per hour so four total not a bad deal you get one gauge lead per hour it's okay it's not a bad gig in terms of your cost per time it's zero it's whatever food it takes you to stay alive right if it's somebody else whatever their hourly rate is not a bad cost right and this is how it works and so I'll tell you this is actually a screenshot from one of our portfolio companies um that we uh we just tweaked one of their uh
one of their outbound email delivery systems and they actually they have a massively effective outbound email only system and so here's the emails per day we got 30 uh open rate which in the the phone call would be in pickups right and 10 opens reply right pretty good now the opportunities we don't track in there but you can see like this is these are actual numbers from a company so like you can get good at this stuff and this company is very good at it here's a pro set for you so give each rep an
explicit number of leads to work every week so they should care for these leads like they are children all right so give a rep too many and they will waste them and I think that's why it's important to get your own leads in the beginning because you will know how valuable these are and how hard you have to work for them all right so if someone can work 100 leads at full capacity I'll give them 70-ish that way they have time and energy to squeeze everything they can out of the leads they've got and since
all reps get the same amount of leads every week you can give them Absolute quotas for deals all right which is kind of nice so I give you 70 leads you give me back seven appointments I pay you no leads Left Behind that's the game and so here's here's your action steps so it's still you because we're in the core four the stuff that only one person can do so it's you what are you doing hook and then a lead Magnet or core offer big fast value where any private communication platform to whom the leads
list that you scrape bought or software used uh when every day seven days a week why to get leads to engage to sell more stuff how live calls voicemail drops email blast Text Blast direct message text video messages voice messages Direct Mail pieces handwritten cards all of those things are examples of code reach outs how much 100 a day minimum how many two times a day three times a day at least for the first few days and then you can do seven days of one times a day reach outs after that how long as long
as it takes so those are our benchmarks and be like man that sounds like a lot of work so why would I bother so let me give you a real world of why you would bother and why it's worth it number one is that with cold Outreach you don't need to create lots of content or ads now is it a bonus absolutely but do you have to no so if you want your business to not to be dependent on a face or a character or Mickey Mouse then code average is a really viable solution number
two is that your competition won't know what you're doing because everything is private no one has any idea what you're saying to your prospects and so they can't copy you all right no one you can grow as big as you want in silence so I actually found out that there was a company a gym company in my space doing 10 million dollars a month from code Outreach and I didn't even know they existed and that was when I was like you know what I need to look at this closer and that was ultimately the time
I succeeded because I saw how much scale they had and I said man if they're doing that in Myspace this is worth it number three it's incredibly reliable the numbers through the funnel work like clockwork once you get the first guy all the way through it's really just about increasing volume it's incredibly reliable it's just a machine and the pipeline continues to stack over time if you've been doing cold Outreach a year two years you start to have leads that contacted from you six months ago 12 months ago 18 months ago and that's why I'm
making the content as the long-term nurture strategy also brings people back in your world number four is that there are fewer platform changes so you know algorithms change on content uh with paid ads you know they change cpms there's rules that change they ban certain types of businesses but cold call laws haven't materially changed in the actual process almost hasn't changed at all emails Direct Mail think about the post service like not a lot of things have changed over a long period of time have things changed yes but compared to the other ways of getting
customers not even close so once you get the machine working you can be pretty confident that it's going to keep working for a long time which makes it a very valuable thing for the business number five is that compliance is less painful so again all you have to worry about here is just uh like legal compliance rather than platform compliance and legal compliance so for example you know selling to back or selling Firearms or selling weight loss in if selling adult you know toys whatever on some platforms is banned completely legal just banned on the
platform and so you just have fewer things you have to worry about um in a private communication environment than you do in the public environment number six is that because you have no spokesperson you actually create a more sellable business because if an acquirer somebody's going to buy your business knows that there's a team of 20 guys who are cold calling every day to get business if the owner swaps it doesn't really matter like it's okay like that doesn't interrupt the client getting but on the flip side if you are the the one Rainmaker for
the whole thing it becomes a significantly larger risk for the business which makes it less sellable so it makes a business much more valuable and so one of the reasons I mean one of if not the main reason that I think Joe mulch was able to sell for the multiple did was because we had 50 of our sales that came from called outbound so for them they knew okay they've paid ads but they also have an equally strong Channel with cold outbound and they also know cool well we can double the outbound team and we'll
double the sales which is more or less what they did the number seven is again it's hard to copy if everything's done in private no one knows what you're doing so you don't have to innovate nearly as quickly on the client getting process whereas if you have to make content or make paid ads you have to make new ads all the time to make new hooks new angles new campaigns same thing with content you have to think about Trends topics all that stuff which here all you're really doing is finding the perfect opening script the
perfect follow-up message the perfect thing to offer and then once you have those you can do it for 20 years and so I just want to break a little belief here about about scale so uh scaling to 60 000 emails a month so to break your beliefs around what's possible here's an example so to break past a million a month we automate the entire process of scraping crafting and sending emails from one of our portfolio companies one virtual assistant sends 2 000 emails a day using multiple pieces of software this generates the business 40 engage
leads per day note the response rate dropped because we took so much personalization off from there they're able to get about 10 of those engaged leads sold meaning they get 40 customers a day this got them passed that 100 customers a month failure fun facts they started with us at 250 000 per month mind you we do much bigger businesses now but this is earlier on when we started um our minimum size requirement at the time and that business now makes actually now the numbers higher over twenty thousand dollars per customer lifetime value can you
do the math with four customers a day how much money they make interesting all unlocked with cold Outreach so hopefully that's why you should bother and that is how you do called Outreach
