Crunching Numbers: What 100 Pitches Taught Me About Prospecting

One of my priorities for 2024 was to start prospecting regularly. To do so, I needed a system. As I’ve mentioned in past editions of PFF, I serendipitously stumbled across a prospecting workshop — this helped me develop a simple, replicable process to follow each workday.?

After completing Ed Gandia 's workshop in February, my goal was to send 100 pitches over the ensuing three months. Let’s explore how it went.?

The Results of Pitching 100 Prospects

67% open rate. This is a standard email metric with a slight twist: it’s an open rate by prospect, not necessarily by email. Although I sent pitches to 100 prospects, many required follow-up emails. So, if a single prospect opened either my initial or follow-up email, I counted it as an “open.” In case you’re curious, I use Streak to track when/if my pitches are opened, which is particularly useful for ruling out poor points of contact — if they never open an email, I know to try someone else next time.?

12% response rate. As you’d expect, this is any response — positive or negative.?

6% conversation rate. In this context, I define a conversation as a fruitful, back-and-forth discussion, whether that’s fielding questions about past projects or talking through potential projects. Conversations can still stall or lead to rejection, but the foot is in the proverbial door.?

2% close rate — or, to put that another way, 33% of conversations turned into paying clients.?

You might be thinking, “Hmm, 2% seems like a small number.” Very understandable. So, let’s look at this another way. In terms of dollars, those two clients have generated over $6,500 of work in the last three months. Compared to my $249 investment in the workshop, that’s a ridiculous 2510% ROI already.?

Taking this a step further, I’ve spent 54 hours and 42 minutes “prospecting” this year, including the workshop, finding leads, pitching, and sending follow-up emails. Consequently, my “time ROI” is almost $119 per hour (and rising with every project), which is almost in line with my hourly rate anyway.?

Lessons Learned

• I implore you to view prospecting as a way to start conversations, instead of closing deals. We can’t guarantee that any business we reach out to is ready for our services, but we can plant seeds for when the time eventually comes.?
• Prospecting is much easier if you accept, from day one, that silence and rejection are the default responses. We’re essentially sifting through a sea of prospects in search of the handful that need help — we have to cast a lot of lines to catch a fish.?
• Prospecting is, for the most part, a low-energy task, especially if gamified or streamlined through a concrete process.?
• Our systems and pitches don’t have to be perfect right away (if ever). You’ll instinctively refine your pitches and process with practice.?
• One conversation can justify the time and effort input.?
• Statistically, 100 pitches should lead to 2 or 3 new clients. But that doesn’t mean it’ll happen in the first dozen pitches — or even the first 90. You can’t predict which ones will be successful.?
• Play chess not checkers. Be prepared to handle positive responses. Have your portfolio squared away. Have your rates set. Have an initial set of discovery questions ready. This way you’re not panicking.?