Written by Eman Ibrahim.
In today’s highly competitive market, cold outreach campaigns have become essential for businesses, not only for driving sales but also for market validation. However, many people struggle to achieve their desired outcomes from these campaigns. This is often due to the use of a formulaic, sales-driven approach that leaves potential clients with a sense of detachment and disinterest. To overcome this challenge, it’s essential to embrace a warm, friendly approach that fosters positive and fruitful connections with your audience.
I made the critical mistake that was invisible in the moment but obvious looking back: I focused on the conversion rate for booking interviews or closing sales. I sent generic messages like: “I came across your profile on LinkedIn while searching for individuals involved in the XYZ industry” and “Could you spare 30 minutes for an interview sometime next week?”. My recipients felt marketed to rather than genuinely engaged with, which kept my results sadly below average. It was painful to realize the impact of this error.
Over the past year, I’ve had the opportunity to work with one of FutureSight’s portfolio ventures, Medibanx. Medibanx is a patient-centered platform that revolutionizes medical research by collecting and analyzing longitudinal data for rare diseases and giving data ownership back to patients. Our objective is to engage with enterprise biopharma leaders who are inundated with sales pitches for new solutions. To address this, we shifted our primary goal from short-term gains to fostering robust and enduring relationships. This strategy proved highly successful, and I’m excited to share some tips that worked for Medibanx.
1. Prioritize on building relationships
Start with recalibrating your focus to building genuine connections. This approach increases trust and loyalty, leading to long-lasting relationships that yield better outcomes compared to just selling a product or service. Key practices include asking for feedback, offering assistance, engaging in meaningful conversations, and following up.
❌ Don’t: Leave the Conversation Hanging
✅ DO: Leverage CRM Tools and Strategies
At Medibanx, we knew we would have a long journey with the biopharma SMEs (Subject Matter Experts), starting from learning about their pain points, validating the problem-solution fit, and seeking feedback on our product. Engaging the same individuals for multiple calls is not easy, so we relied on a robust and active CRM. This enabled us to effectively utilize various communication channels, such as sending newsletters, extending invitations to contribute to whitepapers, and incorporating social touchpoints.
2. Do your research
Generic and impersonal messages are the ones you find yourself skipping past to find real opportunities. They just don’t stand out in today’s crowded landscape. Take the time to research your recipient – look into what topics they talk about, groups they’re active in, and causes they champion for – and find common grounds with them. By uncovering shared interests or connections, you can establish a meaningful starting point for your conversation. Keep in mind that you’re initiating a conversation to ask for help and advice, so you need to build confidence and credibility.
❌ Don’t: Get Caught in the Dilemma of Quality Vs Quantity
✅ DO: Balance your Effort
The challenge of prioritizing quality versus quantity often arises in outreach campaigns. Depending solely on a small audience may not achieve your target number since outreach is, to some extent, a numbers game. On the other hand, sending bulk messages without personalization hinders the development of enduring relationships.
Through our experimentations at Medibanx, we discovered that striking a balance is crucial. While it may not be necessary to customize a message for each person, it is advantageous to identify common grounds upfront and utilize them as a starting point. Getting to this balance required iterating on our process.
3. Be authentic and show your personality
Use language that reflects your unique voice and style to show your personality, whether you’re naturally enthusiastic and energetic or more reserved and thoughtful. Consider sharing a personal story or experience to help break the ice. This can help create a sense of connection and authenticity. Ultimately, the key is to be yourself and to let your personality shine through in your messages. Remember, while your mission and product are great, it’s you as a person that drives them to collaborate.
❌ Don’t: Pretend to be Someone You’re Not
✅ DO: Share a Personal Story
Ian Taylor, the CEO of Medibanx, has personally experienced a life-threatening medical emergency, which has profoundly influenced his dedication to advocating for what he is building at Medibanx. By openly sharing his personal story with patient advocates and biotech leaders, Ian has witnessed a remarkable increase in connection and understanding. The authenticity in his storytelling and the ability to establish a common ground have resonated strongly with his audience.
4. Ask for help
Finally, once you’ve established a connection, it’s time to ask for help. When making your request, be specific and respectful. Explain why you are reaching out to them specifically and what you hope to gain from the conversation. Be clear about your goals and intentions, but avoid being pushy or demanding. Remember, you are asking for their help – not demanding it. Also, be prepared to reciprocate. When someone helps you out, show your gratitude and appreciation. Consider how you can help them in return, whether it’s by providing a referral, sharing their content, or simply keeping in touch.
❌ Don’t: Request a Rigid Interview Arrangement
✅ DO: Have a Flexible Ask
During our time at Medibanx, while requesting interviews from SMEs, we soon realized that there were additional ways in which they could contribute their expertise. This taught us a valuable lesson: by asking for help and allowing them to suggest how they can provide it, we discovered many possibilities. This approach maintained a low barrier of involvement but also unlocked a higher level of collaboration for our future-champions. This could manifest in various forms such as phone calls, referrals, surveys, guidance, and more.
By being warm and friendly and seeking help from your cold contacts, you can build stronger relationships and achieve remarkable success in your outreach efforts. So next time you reach out to someone new, focus on building a connection and asking for help. You might be surprised at how much you can achieve when approaching things from a different angle.