Prospecting and outreach is critical for any business (and increasingly, for professionals motivated to expand their network).
Many claim that prospecting is “different” in crypto. They’ll tell you cold outreach is dead.
But is it true? Or just cope? What are the methods you are using to reach out to your audience and engage your community? Prospecting – which includes expanding your network – is just as crucial in the crypto industry as it is in any other business.
This is what I discuss with Zach Fowler in this week’s episode of The Blockchain Startup Show. Zach shares his experience and insights into prospecting in Web3, what’s working and what isn’t working.
Watch the episode below.
Why Prospect?
With effective prospecting, projects can take the randomness out of their biz dev efforts. It can also play an important part in educating potential users or investors, increasing the likelihood of conversion. “You can prospect for clients, a prospect in your network, and, as I said, expand that network. There’s the side of prospecting that is sales-driven. And then there’s the side of prospecting that is totally relationship-building. And maybe it benefits you now, or maybe you’re building out your pipeline for the next three to five years,” says Zach.
Prospecting on LinkedIn
There are many different methods available for founders aiming to up their outreach game, and LinkedIn is a tool that can definitely help. Zach discussed how he uses the social network to reach out to potential leads. “Generally, they’re already experiencing some type of pain. I just want to get their attention so that when they do feel that pain, I’m the person that they think to go to.”
However, it is also important to keep in mind that, just like with emails, LinkedIn might not work for every project. Knowing where your audience is, what their needs are, and building your brand are key aspects in prospecting that can determine your math, method, and the tools you’ll use. Approaches have evolved and that does not mean traditional methods, such as cold calling for example, are ineffective.
Zach highlights how this decision and perception will come from gathering data. Looking at open rates, replies, engagement, and even social media performance can offer founders a clue on which direction to take.
The Importance of a Personal Brand
Social media, email, DMs and other resources are great to reach out to potential partners, but a personal brand can make a great difference in prospecting. “People buy people. If you’re doing founder-led sales, consider working with your marketing team to focus on your content,” warns Zach.
For founders, being present on social and ensuring people are familiar with their ideas is key.
Zach also highlights the importance of commenting and putting yourself out there, showing potential prospects that you are available and might have the answer to some of their pains.
Signal-based Prospecting Today
My conversation with Zach also touched on the idea of signal-based prospecting. Using some signal tools can help with sales, but it can be hard to determine what has potential and what is not with it. “You’re not gonna know what signals to look for if you don’t know your product and know the pain that your product solves very intimately,” says Zach.
Since these platforms work based on keywords, it is important to pay attention to what contacts and prospects might need and approach them in a personalized way instead of trying to reach out to every person on a list in the exact same way.
The unseen effect was all the reputational damage they were doing in the background. And I don’t think people think about that enough.
“What is the unseen consequences of when that person isn’t responding?” questions Zach. Reaching out to prospects for the sake of reaching out can damage yours and your project’s reputation. Approaching people in a more targeted way leaves a more long-lasting positive impression. “My successful DMs normally start with just a normal conversation,” he says.
Advice for Founders
Zach and I finished our conversation with some tips and advice for founders.
Zach reminds us that more traditional methods of prospecting, such as cold-calling, can be effective and evolving according to your product and audience can be crucial.
“Just remember that people don’t want to hear about your product. They want to solve their problems,” he says. Posting on LinkedIn and X can help founders build a persona within the crypto industry, which will allow people to reach out when they have a problem they believe the project can solve.”
