I've seen this question come up a couple of times and thought I'd make a post to recap the DIY approach: Best practices:

I use Instantly.ai for email and usually Apollo.io for prospecting (can't speak to Instantly's lead database quality), along with Bouncer (https://www.usebouncer.com/) to ensure the emails are valid. The whole stack should cost you ~ $200/mo.

You can also use LinkedIn automated outreach for better hits (if your target owners are on there); I use Dux Soup for this (https://dux-soup.com/). Typically get 30% acceptance rates on invitations and then 10% on replies.

Email performance depends on how personalized your message is. You should be shooting for open rates in the 40-60% rate, but more generic message might get 1-2% positive reply rate, whereas more personalized (i.e. value-add to their industry, doing more DD on the list and why you're reaching out) can hit the 3-5% rate.

My 2 cents (which some may disagree with, re: time savings); don't be overly sales-y in your emails. I think it's better to be value-add and help owners understand your value as an operator, how to transition out of their business, etc. instead of hard pushing "are you thinking of selling", since they probably get tons of those. I think a stronger brand (talking more about your topic on LinkedIn, writing value-add articles & analysis, etc.) will lead to better replies.

Would love any feedback on this from people who have gone through it! This is largely from my experience in agency services & tech growth (less direct to the searching process). like reply edit | 0 likes