Even though I'm no stranger to digital marketing, I never did anything in LinkedIn marketing 3 months ago. So let me walk you through some things I learned from it.
LinkedIn marketing follows the same concept as other marketing strategies. You want to attract impressions (eyeballs) with a multi-touch points approach. What that really means is don't just spam the contact list with the generic message; try to build relationships with conversational and custom messages. (You can still templatize the message but make sure it feel personal) However, regardless of how many impressions you have, conversion is all that matters.
There're two types of messages you can send in LinkedIn. One is the direct inMail message, and the other is the note you can attach when sending invitations to connect. Generally, I noticed the inMail performed a lot better. It probably has to do with inMail messages show up in people's inboxes.
I started by sending out a short and general message asking if I can help with anything. With the open-ended question liked above, I noticed people get more curious about your profile, resulting in more engagements. (The more people engage with you or your content, the more familiar they're with you. Familiarity is good)
I messaged about 100 people in 2 weeks and had about 15% of people either inquired about my service or respectfully decline the offer. Two people eventually subscribed to our CFO service, which results in about $20k in ARR (annual recurring revenue).
Regardless of what marketing strategies you deploy, you need to have a good product first. Like us, we offer CFO services to tech startups, and we've been doing this for the past decades. We not only have CFOs with tech expertise, but we also developed our own proprietary software to help us serve the founders better. Feel free to check us out at https://www.SMBFinance.co
Hey Ethan, thanks so much for sharing your experience. I'd be interested to know how you went about finding and selecting the 100 people to message. What was your process for doing that? Do you have a premium LinkedIn account or did you do it using the free version?
I used many different tools to look for startups and founders' LinkedIn profiles. On the high level, I look for companies mentioned in Tech Crunch and other startup news. Then, I use RocketReach to get the LinkedIn profiles. On average, I spend about 30 mins every night and gather about 200 LinkedIn profiles a week.
This is super interesting, thanks.
Interesting analysis of LinkedIn Marketing, thank you! I understand how important it is to have a good product, especially if you target professionals and high profiles.
Do you think that a SaaS startup is fitted for this strategy? I tried LinkedIn Ads but did not have many conversions, however, I think that InMail could be a little spammy and cost a lot of effort for only a few results.
I think it really depends on what type of saas you have.
For me, I'm offering my CFO services as a monthly saas subscription. Since my monthly recurring revenue per customer is between $500-$2k based on the complexity of the customers, I can accept a lower conversion rate on LinkedIn and still make my time worth it.
I do plan to automate my LinkedIn outreach in the future with the researcher I just hired. However, doing it manually is my way to optimize the conversion rate before burning too many leads.
is there any way you can share the list with us as a paid service? btw, love the hustle
I can definitely put something together and let you guys know!