Key Takeaways from Lecture on Cold DM Strategy by Alex Horoszi

Introduction

• Alex Horoszi grew his company Gym Launch to a $46 million exit using cold DMs.
• The lecture explores Alex's advice on growing a business using cold DMs.

Importance of Cold Outreach

• Cold outreach is a way to get one-on-one with strangers; it's a form of advertising.
• During a challenging time (e.g., during COVID-19), cold outreach was vital for Gym Launch's survival.

Strategy and Implementation

• Initial Steps: Start with contacting people through SMS, DMs, emails, LinkedIn, etc.
• Execution:
  • Implement on platforms like LinkedIn, using tools like LinkedIn Sales Navigator and Hey Reach.
  • Focus on volume: Coined as the "Rule of 100" - do 100 reachouts per day.
• Automation: Tools like Smart Lead or Instantly help scale cold outreach efforts.
• Handling Volume: Use automation to manage large volumes of DMs efficiently.

Tips for Effective Cold DMs

• Value Proposition:
  • Offer something for free that others charge for.
  • Provide unique and valuable insights as part of the initial pitch.
• Targeting:
  • Target new, overlooked, or untapped communities for higher response rates.
  • Avoid saturated lists that everyone uses.
• Unique Selling Points:
  • Offer a unique service or feature that others cannot.
  • Make offers so compelling that prospects can't refuse.
• Transparency and Truth:
  • Be honest about your business status or capacity.
  • Small businesses can leverage their size to create a sense of scarcity.

Conclusion

• Apply these strategies immediately to grow your business using cold DMs.
• Further resources are available to incorporate these techniques into a broader lead generation strategy.
• Emphasize continuous practice and application of these principles to achieve business growth.