Are you reaching out to enough customers?
Sales isn't a magic trick, it’s a numbers game. And if you're a founder struggling to close deals, it might not be your product, and it might not even be your pitch. The issue? You're likely not reaching enough people. If you want success in sales, you need to understand the cold, hard math behind customer acquisition.
During our live webinar, we broke down the exact steps your leads go through before they sign on the dotted line. Spoiler alert: it's not as simple as sending one email or making one call. It’s about reaching many potential customers, and understanding the conversion rates that happen at each stage of the process.
So how many leads do you need to talk to?
The short answer: A lot more than you think. We explored the conversion rates at each stage of the customer journey—from initial contact to signed deal—and you need to be prepared to handle the numbers. Whether it's 100, 500, or more, it's crucial to know your target, because without reaching a broad pool, you won’t get the results you want.
But let’s not sugarcoat it: this process is tedious, and it's often discouraging. Many startups underestimate how many conversations, touchpoints, and follow-ups it truly takes to convert a lead into a customer. But if you're serious about growing your business, you need to embrace the grind.
Decide on your annual revenue goal (let’s say it’s $200k)
Guess what your customers will spend per year, on average (let’s say it’s $2,000 for a B2B customer)
Think about how easy it is to identify personas that fit your hypothesis (easy or hard?)
Use the following formulas to calculate how many customers you should reach out to:
If it’s easy to find your persona: Daily outreach goal = [annual revenue goal] / [average customer spend] x 55.6 /260 business days
If it’s hard to find your persona: Daily outreach goal = [annual revenue goal] / [average customer spend] x 1250 /260 business days
Watch the full webinar to get some additional insight (e.g. navigating pricing conversations, handling complicated org structures)