Want to build your dream network through cold emails? If you effectively utilize the cold email strategy introduced by Alex Banayan, author of *The Third Door*, meeting billionaires could become a reality. Banayan was able to interview numerous famous personalities, including Bill Gates, Warren Buffett, and Larry King, through this strategy. Now, let me introduce the cold email strategy that Banayan developed after overcoming numerous failures.
Why do cold emails often fail? Perseverance alone is not enough. To increase your chances of success, you need to meet an insider. If you don’t have an insider, try using the successful cold email template suggested by Tim Ferriss.
Characteristics of Failing Cold Emails
At 18, freshly dropped out of college, Banayan’s most desired meeting was with the world’s top investor, Warren Buffett. Believing that persistence was the key to success, he sent handwritten letters monthly and called Buffett’s office weekly for six months in an attempt to secure a one-hour face-to-face interview. However, he was rejected every time. From this experience, he learned that persistence alone cannot guarantee success.
How to Increase Your Chances: Find an Insider
Banayan managed to secure an invitation to a shareholder meeting through Buffett’s secretary, Debbie, where he had the chance to ask Buffett a question, but he ultimately failed. However, an interview with Bill Gates later paved the way for a connection with Buffett. This illustrates that the success of cold emails often hinges more on finding an insider than on sheer persistence.
An insider is someone within the organization you wish to contact who trusts you enough to help you, even if it means risking their own reputation. One insider is far more effective than a hundred cold emails. A good example of this is director Steven Spielberg, who learned about filmmaking and became the youngest director thanks to Chuck Silvers, the president of Universal Studios.
How to Find an Insider
The best insiders are those who actually have the time to spend with you and are willing to help you achieve your goal. Initially, Banayan searched for influential or well-known individuals within organizations, but the people who ultimately helped him were not those high-profile individuals. For example, the person who helped him meet Larry King was King’s close friend.
Cold Email Template
Not everyone has access to an insider. Especially when starting a new business, cold emails or cold DMs might be the only feasible options. So, how should you write a cold email to be most effective?
Banayan shares the best cold email template he learned from Tim Ferriss. Not only Ferriss but also Banayan and his readers have successfully used this template to establish contacts.
Template Summary
- Start by proposing, “I know you’re busy, but could you spare 60 seconds?” The email content should indeed take no more than a minute to read.
- Explain who you are and why you matter to them in no more than two sentences. Be specific in your approach.
- Craft a detailed yet concise question in two sentences that the recipient can answer immediately.
- Conclude with a line that gives the recipient the freedom not to respond while also expressing gratitude and humility.
Banayan emphasizes that the quality of your outreach matters more than quantity. Before contacting someone, do enough research to understand how you can make it easy for them to respond to you.
Conclusion
Banayan’s cold email template may work best in the context of the United States, but there are many takeaways nonetheless. I hope this guide helps you write cold emails that increase your chances of success.