Metrics for outreach success
What are the right metrics to track?
Running cold outreach from your personal profile can sometimes feel a little isolated - is your outreach campaign running well compared to industry averages? Are you getting as much out of it as other people do? What might need improvement? How do you know what to improve?
At Upscale, we care very specifically about some key metrics that indicate whether or not your campaign is running well.
- Acceptance rate
This is the number of people who accept your connection request divided by the total number of people who you sent a request to.
- Response rate
This is the number of people who reply with a message back to you, divided by the total number of people to whom you sent either a connection request message or a follow-up message.
- Meeting booked rate
This is the number of people who agree to have a meeting with you, divided by the total number of people who replied to one of your messages.
- Attendance rate
This is the number of people who actually attend the meeting, divided by the total number of people who agree to have a meeting with you.
What are the averages or Benchmarks for each metric?
Tracking metrics is just the first step - but understanding whether or not your results are good requires knowledge of average rates across all campaigns. Here are the benchmarks you should track your metrics against.
- Acceptance rate: 25% - 35%
- Response rate: 38% for manual outreach, 2% for automated generic messaging
- Meeting booked rate: 20-27%
- Attendance rate: 80%
If your metrics are below these benchmarks, there is an opportunity to improve your campaign. If they are above these benchmarks, your campaign is running successfully.
The Response rate gap - 2% for automated generic messaging and 38% for manually curated messaging - is where the opportunity lies for you with Upscale. Using automated messaging that achieves the quality of manually curated messages typically triples, if not quadruples, the Response rate to up to 9%.
The great thing is that once you have some certainty in your metrics, this becomes a science. If you want to achieve a target of $X, then you can reverse-calculate the number of prospects you need to reach out to, and multiply it by an average win rate and an average sales value, in order to generate the total sales value that will achieve your target.
