As the product co-founder, let me share how I am using LinkedIn InMail outreach to validate my product and get potential customers.
In 2024, LinkedIn limits the number of InMails you can send without shelling out for their costly premium plans. But we have found a way that bypasses those limits and runs a LinkedIn outreach campaign on a shoestring budget. An estimate that I get is 10,000-12,000 relevant contacts on LinkedIn for ~$400. Now, the conversion rate on cold LinkedIn outreach is notoriously low - let's say 0.1-0.2%. That would still give me around 10-25 quality lead conversations.
However, compared to the $5,000+ I'd have to spend on attending a relevant industry conference to get a similar number of conversations (I normally chat with many people, but I don’t think I ever get more than 20 quality convos per conference), the LinkedIn approach seems to be a much more cost-effective way to validate the product at this early stage.
The Benefits of LinkedIn Outreach
Beyond the clear cost savings, there are some great benefits to my LinkedIn outreach strategy:
- Laser-Targeted Messaging: I can hyper-target my messaging to the exact personas and job functions I know will be most interested in my video analytics solution.
- Ongoing Relationship-Building: Even if the initial response rate is low, those who do engage become part of my ongoing nurture and relationship-building process. I can continue to provide value and stay top-of-mind.
- Data-Driven Insights: This LinkedIn campaign is going to give me invaluable data and insights to inform my product-market fit.
The Downside
LinkedIn might ban accounts that we used to send out those messages. Thus, we are not using real accounts that are associated with the company.
Digital outreach has its drawbacks - the conversion rates are lower than face-to-face, and there's a risk of coming across as spammy. But frankly, the upside FAR outweighs the downside.
Approach
Given the significant cost savings and the data-driven insights I can gain, I'm going all-in on the LinkedIn outreach approach for my initial validation efforts.
I'm dedicating a portion of my early-stage budget to this campaign, and I'm committed to closely tracking the results and learning as much as I can. Even if the conversion rates are low, the insights I gain will be priceless as I refine my product and messaging.
I'm excited to put this strategy into action and start building my initial customer pipeline!
Contact me if you need assistance with any of this.