The Company
LedgerPath offers automated reconciliation software for mid-market and enterprise finance teams. Their minimum contract is $80K annually. Before this campaign, 100% of their pipeline came from inbound and founder-led network sales.
They hired their first SDR in January 2025 with a clear mandate: build an outbound pipeline that could stand alone.
The Strategy: Quality Over Volume
At $80K+ per deal, LedgerPath could not afford to be generic. Their SDR built a strategy around deep account research and highly targeted outreach:
- Total accounts in initial list: 40 (not 400)
- Contacts per account: 3–4 (VP Finance, Controller, CFO, sometimes Head of FP&A)
- Research per account: 30–45 minutes before any email was sent
The Email Architecture
Each first email was written from scratch, specific to the account. The SDR looked for:
- Recent earnings calls mentioning operational efficiency or audit challenges
- Job postings for finance automation roles (a strong buying signal)
- Press coverage of M&A activity (which creates reconciliation complexity)
- LinkedIn posts from CFOs complaining about month-end close timelines
Example trigger and email opening:
Trigger: Company posted three jobs for "Senior Accountant - Reconciliation" in 60 days
Email: "Noticed [Company] is scaling the reconciliation function significantly—three new hires in 60 days suggests either strong growth or a process that is not scaling well yet. Curious which it is for you."
The Multi-Touch Sequence
- Personalized first email (CEO or CFO trigger-based)
- Follow-up sharing a relevant case study from a peer company
- LinkedIn connection + short message to the Controller
- Email to a second contact at the account with different angle
- Final email from the CEO of LedgerPath ("Executive outreach" step)
Results After 6 Months
- 40 accounts contacted
- 28 accounts responded at some point in the sequence
- 18 discovery calls completed
- 9 opportunities moved to evaluation stage
- 4 enterprise deals closed
- Total closed revenue: $380K
ROI on the SDR investment (salary + tools): 4.2x in six months.
The Lesson
Enterprise cold email is not a volume game. It is a research and relevance game. The SDR sent fewer emails in six months than some high-volume SDRs send in a week—and generated nearly $400K in closed revenue.
When contract value is high, invest proportionally more time in each prospect. The math supports it.
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