Total Contacts
Prospects in campaign
Imported via Sales Navigator
Acceptance Rate
Connection requests accepted
1,008 of 2,472 invited
Response Rate
Of messaged contacts replied
354 of 984 messaged
Lead Conversion
Responses converted to leads
179 qualified leads
Table of Contents
LinkedIn Outreach Campaign Overview & Results
This outbound sales campaign case study breaks down an investor outreach campaign run by the founder of an early-stage investment syndicate. The goal: find angel investors interested in co-investing in fast-growing AI companies across Europe. No cold calls, no mass emails—just LinkedIn prospecting executed with precision targeting.
The results speak for themselves: a 36% LinkedIn message response rate and 179 qualified leads from 2,582 contacts. But the numbers only tell part of the story. What made this B2B lead generation campaign work was the combination of precise sales outreach strategy, credibility-first messaging, and a follow-up sequence designed around investor psychology.
Campaign Funnel: Full Breakdown
Total Contacts
100% of campaign
2,582
Visited
99.6% of total
2,572
Only 10 skipped
Invited
96.1% of visited
2,472
100 filtered out
Accepted
40.8% acceptance rate
1,008
Above 30% benchmark
Messaged
97.6% of accepted
984
24 not messaged yet
Answered
36.0% response rate
354
7x industry average
Lead
50.6% conversion rate
179
Half became leads
Why these numbers matter: The average LinkedIn outreach campaign sees 15-25% connection acceptance rates and 2-5% cold outreach response rates. This outbound campaign more than doubled the acceptance benchmark and achieved 7x the typical response rate. The 50.6% lead conversion rate—meaning half of all responses became qualified opportunities—demonstrates the quality of both targeting and sales messaging.
Target Audience Definition for B2B Lead Generation
The foundation of any successful LinkedIn prospecting campaign is knowing exactly who you're targeting. Vague targeting leads to vague results. This outbound sales campaign had a precisely defined Ideal Customer Profile (ICP) that filtered for both capability and intent—essential for high response rate outreach.
Target Audience: Angel Investors
Role Criteria
- • C-level executives (CEO, CFO, CTO)
- • Board members or advisors
- • Business owners
- • Active angel investors
Investment Criteria
- • Minimum check size: $100,000
- • Previous investments in tech companies
- • Interest in AI/technology sector
- • 10+ years professional experience
Why This Targeting Worked
The targeting criteria weren't arbitrary—each filter served a specific purpose:
- C-level/Board/Owner status: These individuals have both the capital and the decision-making authority to invest. No gatekeepers, no "let me check with my partners."
- Previous tech investments: Past behavior predicts future behavior. Someone who has already invested in tech understands the risk profile and is more likely to invest again.
- 10+ years experience: This filters for accumulated wealth and professional maturity—both correlated with angel investing capacity.
- $100K minimum check size: This ensures the campaign reaches serious investors, not tire-kickers. It also signals the quality of deals being offered.
The contacts were imported through Sales Navigator, using a carefully constructed search that combined these criteria. The search URL was then pasted directly into Walego, which handled the LinkedIn prospecting at scale while maintaining the precision of the targeting. For more on using Sales Navigator effectively, see our complete Sales Navigator guide.
Crafting the Value Proposition for Cold Outreach
The value proposition had to answer one question: "Why should a successful investor give this their attention?" The answer couldn't be generic—it needed to address the specific pain points and desires of angel investors. This is the foundation of any high-converting sales outreach strategy.
The Value Proposition Framework
What's Being Offered
Access to dealflow of the fastest-growing AI companies in Europe—curated, vetted, and available for co-investment alongside top-tier VCs.
What's NOT Required
No membership fees. No fund commitments. Investors only participate when a specific deal resonates with them. Zero obligation.
Why It's Credible
The syndicate has deployed significant capital in 2 years. Recent investments include companies backed by tier-1 VCs. The founder has a track record managing substantial AUM at institutional level.
The Psychology Behind This Value Proposition
This value proposition works because it removes the typical friction points that make investors hesitant:
LinkedIn Messaging Strategy & Follow-Up Sequence
The sales messaging strategy was built around one principle: credibility before ask. Every LinkedIn message had to earn the right to the next interaction. Here's the exact cold outreach sequence structure that achieved the 36% response rate. For more on crafting effective follow-up messages, see our Smart Follow-Up Messaging Guide.
Message 1: The Opening (100-120 words)
First Message Framework
Tone Requirements
- • Credible & discreet: Value-first, evidence-based, no hype or hard sell
- • Confident, not pushy: Clear point of view; never needy
- • Exclusive & time-respectful: Signal scarcity without exaggeration
- • Professional warmth: Human, polite, concise
- • Compliant: No promises of returns, no public solicitation language
Structure
- • Personalized opening line proving relevance (role, sector, geography, recent activity)
- • One idea per message; short paragraphs
- • Plain European/British English
- • Scarcity cues used sparingly: "invite-only," "limited seats," "private allocation"
- • Soft CTA: opt-in choices like "15-min intro"
Formatting Rules
- • No emojis
- • Maximum one link (or none)
- • No attachments on first touch
- • Avoid exclamation points
- • First person voice ("I" / "we"), but investor-centric
Banned Phrases
These phrases were explicitly avoided: "pick your brain," "circling back," "quick chat?", "can I get feedback on my deck," "guaranteed/safe returns." Each of these triggers skepticism or signals inexperience.
Follow-Up 1: Social Proof (Max 60 words)
Sent 10 days after the first message. The goal: reinforce credibility through social proof without repeating the original pitch.
Follow-Up 1 Strategy
Key Elements
- • Highlight that an exited founder of a large telecom company joined
- • Mention that a CEO of a multi-billion dollar private equity firm also joined
- • Keep it brief—60 words maximum
- • No hard ask, just information sharing
Why this works: Name-dropping (anonymized for compliance) creates "people like me" social proof. If other successful executives are joining, it validates the opportunity and reduces perceived risk.
Follow-Up 2: Momentum Signal (Max 60 words)
Sent 5 days after the first follow-up. The goal: create urgency through demonstrated momentum.
Follow-Up 2 Strategy
Key Elements
- • Share that membership has reached 210 members
- • Mention recent additions: a well-known marketing entrepreneur from the US
- • Reference a large family office from the UAE
- • Note continued growth from Europe
- • 60 words maximum
Why this works: Specific numbers (210 members) and geographic diversity signal legitimacy and growth. It answers the unspoken question: "Is this real, and is it growing?"
Psychological & Behavioral Insights: Why This Outreach Worked
The 36% response rate wasn't luck—it was the result of LinkedIn messaging designed around how investors actually think and make decisions. Understanding these principles is key to improving your own cold outreach response rates. Here are the psychological principles at work:
Principle 1: Reciprocity Through Value-First
The first message offers value (access to deal flow) before asking for anything. This triggers the reciprocity principle—when someone gives us something, we feel obligated to give back.
Application: The message leads with what the investor gets, not what the sender wants. The "ask" (a 15-minute call) comes only after value has been established.
Principle 2: Social Proof & Authority
The follow-up messages leverage social proof by naming the types of people who have joined (telecom founders, PE CEOs, family offices). This signals that smart, successful people have already validated the opportunity.
Application: Rather than saying "this is a great opportunity," the messages show that other high-caliber investors have already concluded it's worth their time.
Principle 3: Scarcity & Exclusivity
Words like "invite-only," "select group," and "private allocation" trigger scarcity bias. When something is limited, we perceive it as more valuable.
Application: The messaging positions acceptance into the syndicate as a privilege, not a sales transaction. This flips the dynamic—the investor is being selected, not sold to.
Principle 4: Loss Aversion
The follow-ups subtly highlight what the prospect is missing: other investors are joining, the group is growing, deals are happening. The fear of missing out is more motivating than the promise of gain.
Application: The second follow-up mentions "210 members" and recent high-profile additions. The implicit message: the train is leaving, and others are already on board.
Principle 5: Reduced Cognitive Load
Busy executives make quick decisions. The messaging is designed for fast processing: short paragraphs, one idea per message, clear CTAs, no jargon.
Application: Word counts are capped (100-120 for message 1, 60 for follow-ups). Every word earns its place. No fluff, no filler.
LinkedIn Prospecting Setup & Outreach Schedule
The technical execution was as important as the sales outreach strategy. Here's how the outbound campaign was configured for optimal B2B lead generation:
Campaign Configuration
Lead Source
- • Sales Navigator search
- • Search URL pasted into Walego
- • Contacts imported directly
- • AI qualification applied
Schedule
- • Monday to Friday only
- • 9:00 AM to 5:00 PM
- • European timezone
- • No weekend activity
Message Timing
- • First message: On connection accept
- • Follow-up 1: 10 days after
- • Follow-up 2: 5 days after FU1
Personalization
- • Role-specific opening lines
- • Sector references
- • Geographic context
- • Recent activity mentions
Why the schedule matters: Sending LinkedIn messages during business hours in the prospect's timezone increases open and response rates. Weekend messages often get buried by Monday morning inbox overload. The Monday-Friday, 9-5 schedule respects the professional context of the cold outreach. For more on building a complete lead generation system, see our guide on building a scalable B2B lead generation system.
Sales Funnel Analysis: What the Conversion Rates Tell Us
Let's break down each stage of the outbound sales funnel and what the conversion rates reveal about the LinkedIn outreach campaign's effectiveness:
Stage 1: Visited → Invited (99.6% → 96.1%)
Of 2,582 contacts, 2,572 were visited (99.6%) and 2,472 were invited (96.1% of visited). Only 100 contacts were filtered out before invitation.
Insight: The high pass-through rate indicates that the Sales Navigator targeting was well-calibrated. Walego's AI qualification removed only those who didn't match the criteria on closer inspection—no wasted outreach on mismatched profiles.
Stage 2: Invited → Accepted (40.8%)
1,008 of 2,472 invitations were accepted—a 40.8% acceptance rate. This is significantly above the 15-25% benchmark for most LinkedIn outreach.
Insight: The high acceptance rate suggests two things: (1) the targeting reached people who were genuinely relevant, and (2) the sender's profile and connection note were compelling enough to earn the accept. An optimized LinkedIn profile is essential for acceptance rates—prospects check your profile before accepting.
Stage 3: Messaged → Answered (36.0%)
354 of 984 messaged contacts responded—a 36% response rate. The industry average is 2-5%.
Insight: This is where the sales messaging strategy paid off. The combination of personalization, credibility-first approach, and strategic follow-ups converted over a third of all messaged contacts into conversations. The 7x improvement over average demonstrates the power of well-crafted, psychologically-informed cold outreach messaging. For more on building relationships before pitching, see our LinkedIn engagement strategy guide.
Stage 4: Answered → Lead (50.6%)
179 of 354 responses converted to qualified leads—a 50.6% conversion rate.
Insight: Half of all responses became leads. This indicates that the messaging attracted genuinely interested prospects, not just polite declines. The value proposition resonated, and the targeting ensured the right people were receiving the message.
Key Takeaways for Your LinkedIn Outreach Strategy
This outbound campaign achieved exceptional results by getting the fundamentals right. Here are the B2B lead generation principles you can apply to your own LinkedIn prospecting and sales outreach:
1. Precision Targeting is Non-Negotiable
The campaign started with a tightly defined ICP: angel investors with specific role criteria, investment history, and check size capacity. Vague targeting leads to vague results. Define exactly who you're reaching and why they should care.
2. Lead with Value, Not Asks
The first message offered access to deal flow—value—before asking for time. The ask (a 15-minute call) came only after establishing what the investor would get. Flip the script: give before you take.
3. Social Proof Compounds
The follow-ups didn't repeat the pitch—they added social proof. Each message built on the last: first the value proposition, then who else joined, then how fast the group is growing. Momentum creates urgency.
4. Brevity Signals Respect
Word counts were capped: 100-120 for the first message, 60 for follow-ups. Busy people appreciate concision. Every word should earn its place. If you can say it in fewer words, do it.
5. Tone Matters as Much as Content
The messaging was "credible and discreet," "confident, not pushy," "exclusive and time-respectful." These aren't just adjectives—they're design constraints that shaped every sentence. Your tone communicates as much as your words.
Ready to Build Your Own High-Converting Campaign?
This campaign was executed using Walego's scalable outreach platform. From Sales Navigator import to AI-powered personalization to scheduled follow-ups—every step was designed for precision at scale. Learn more about how to personalize your outreach at scale or explore our LinkedIn prospecting strategy guide.