Effort vs. Revenue
A free video tutorial from Patrick Dang
Founder of PatrickDang.com ● Sales Coach
4.4 instructor rating • 8 courses • 70,525 students
The most effective way to allocate your time when sending cold emails.
Learn more from the full courseLead Generation Machine: Cold Email B2B Sales Master Course
Schedule meetings emailing small to large companies for business development, B2B, startup, consultants, & entrepreneurs
03:53:25 of on-demand video • Updated April 2020
- You'll learn our PROVEN cold email methodology to get meetings with anyone and grow your business
- How to build a Lead Generation Machine to get consistent leads every month
- How to write amazing emails that get responses even if you don't have any copywriting experience
- How to get meetings with your dream clients as an entrepreneur, freelancer, business development professional, sales person, or consultant
- How to use the BEST email scripts and templates top sales professionals use
- How to find an infinite amount of companies and people who will be a GREAT fit for your product or service
English [Auto] So when I first started in sales I remember I called e-mailed this financial tech company who I thought seemed very promising for the software I was selling at the time. So they agreed to a meeting we got on the phone and they seemed like they were on board. And the thing was every week they would watch another meeting with me another meeting with me and they required so much time. And the thing was because I didn't really have too many options when I first started out. I just kept investing time into them believing that they would buy something with me in the long term and it would be all worth it in the end. They took so much of my time and in the end they barely bought anything. It was a complete waste of my time. And in parallel I remember I e-mailed this other company who bought way more software than the first one did it just like in a fraction of the time. So in one company I put in a ton of effort barely got anything out of it and on the other side I put very little effort and got a ton out of it. And so this really got me thinking about how I thought about how much effort I was putting into potential customer and how much revenue I was generating from it and it led me to a graph that I created for you guys. So this graph is called the effort versus revenue graph. And on the left hand side where it's the vertical axis that's how much effort and time you put into your deals and so on the bottom it's going to be revenue. So in beginning the first company I was talking to I put in a ton of effort and got very little revenue out of it. And so in this quadrant This is where you do not want to be. And so over here it's going to be companies where you put in low effort but then you get low revenue which isn't the best because you want to maximize the amount of revenue you put in. But then again is low effort so it's okay. So next spot is going to be high revenue for high effort. And so this is where things become a little more lucrative. But you've got to put in the work. And finally we've got the high revenue low effort and this Khwaja and this is where you want to be. So when you think about where you're putting your time into your deals and who you're e-mailing you want to think about the companies that you feel like are ready to buy where you don't have to invest so much time and effort into them and they're going to give you a high return. And so as you think about your prospecting strategy and who exactly you're going to email these are the aspects you want to think about so that you go for the people that can give you the most revenue for the least amount of effort. And so bringing it back. One thing that's really good about outbound e-mailing is that you get to choose who you work with. Meaning if there is someone who's just wasting your time with they're kicking tires just let them go because when you have an outbound e-mail strategy you just email a hundred more companies who have a way more potential to generate you more revenue. You want to think an abundance mentality you know don't just spend all your time on deals that on companies that you start to work with in the beginning just because that's all you've got. You want to think like you want to keep e-mailing more and more people so that you have options. You know you've got a prize yourself and think of yourself as someone that really provides value and that wherever you work they're lucky to work with you. And so when you develop that abundance mentality you're going to start thinking of your time as very valuable and you're only going to work with people who respect your time and where you see the financial benefit of it. And so that's all I really want to say about you know how you spend your time versus how much reward you're getting because when you're developing your own strategy it's going to be very important to let go of the losers and figure out what's working and go for the winners.