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When it comes to private capital, no deal closes at the first touchpoint.
Complex deals can take hundreds of touches and months to close, leaving the deal cycle laden with opportunities for effective follow-ups and to nurture relationships that lead to successful deals.
One of the most impactful—but often overlooked—ways to elevate deal efficiency and success is to follow up with the contacts in your network. But effective follow-up goes beyond just hitting send on an email.
Successfully engaging your network through a follow-up is both an art and a science. It’s an opportunity to foster stronger relationships and set potential deals in motion.
In this guide, we’ll explore some of the best practices for following up with people and companies in your network and share some templates you can use to supercharge your follow-up strategy.
8 follow-up best practices
Following up with the people in your network is common practice, but that doesn’t mean you should follow up for the sake of following up. The most successful firms have a carefully optimized strategy that builds relationships and drives deals forward.
Here are 8 follow-up best practices you can use to elevate your firm’s follow-up strategy.
1. Follow up with prospective founders and portfolio companies promptly
A follow-up is an extension of a prior conversation or connection. Which means it’s most effective when it comes within a reasonable time frame of that initial conversation.
What’s considered a reasonable time frame? Well, that depends.
When you follow up with new contacts, it allows you to continue the conversation in hopes that it’ll help you build a relationship and drive a potential deal. If there was something discussed during the initial conversation that requires an immediate follow-up, you might reach out sooner. But if the matters are less urgent you might wait a few days.
When a contact initiates engagement with you—perhaps via Typeform or email— time is of the essence. Your response time will dictate your success.
With dealmakers constantly meeting with founders and building their networks, staying on top of every follow-up is sometimes easier said than done. Taking advantage of tools like reminders and automations can help trigger notifications when it’s the right time to reach out, so nothing falls through the cracks.
2. Use the follow-up to build trust with your network
The follow-up can often feel very transactional. And if we’re being honest, there might be some truth to that. But treating it as an opportunity to focus on the relationship, rather than action items or asks, can help your follow-up stand out from the crowd and build a rapport with your network.
Rather than barraging your connections with deal opportunities or requests, shift the focus to adding value. How can you help solve a pain point they’re experiencing? What additional information would they find valuable? What can you bring to the table beyond capital?
If you’re constantly giving off the impression that you’re just trying to close a deal, it can diminish trust and fracture a relationship before it even starts.
In some contexts, gifts, hand-written notes, and other personal touches can help build trust and value. But something as simple as sharing a helpful resource or article can help lay the foundation for a strong relationship. It shows your network that you’re not just in it for the short-term, rather you’re interested in generating a long-term relationship.
While this approach puts the relationship first and the deal second, it can establish the trust needed to secure bigger and better opportunities down the road.
3. Use the follow-up to proactively resolve issues
The follow-up is inherently reactive. But it can also be an opportunity to collect feedback and resolve any challenges that might impact your ability to close the deal.
When following up with a contact, it’s a great time to proactively address any concerns that they may have brought up during the initial conversation. Rather than letting concerns fester, you can tackle them head-on and offer potential solutions before they hinder the deal process.
The follow-up is also an appropriate time to ask questions that not only keep the contact engaged but surface any challenges they’re having.
“For me it’s all about proactively bringing up the reasons they might not have responded and meeting founders where they are. So that’s a quick ‘Bringing this to the top of your inbox’ type email to acknowledge things get buried, or adding details about how Menlo can partner with them if they’re not fundraising right now,” highlights Derek Xiao, Investor at Menlo Ventures.
This provides you with the opportunity to proactively provide solutions and position yourself as a partner in their efforts.
4. Source deal referrals
Far from every interaction will lead directly to a deal. But that doesn’t mean those relationships should be treated as dead ends either. Almost every contact is the potential source of insights or intro to a founder or investor that can expand your dealmaking network.
Deals that stem from a warm introduction close up to 25% faster. This underscores the value of maintaining strong relationships with people in your network who can potentially support your firm’s goals.
Of course, you don’t want to dive straight into asking for favors right off the bat. But once you’ve built up a strong relationship with a contact or portfolio company, don’t be afraid to ask for referrals to key contacts that can help you further expand your network or close deals.
If you position yourself as a strong partner for the people in your network, it’ll open doors to lucrative opportunities.
5. Follow up with portfolio companies on an ongoing basis
Follow-up efforts can be as effective with portfolio companies as they can be with prospective founders. The success of your portfolio companies drives your firm’s long-term value creation, so it’s important to nurture lasting relationships with them—even beyond an exit.
Follow-ups should be a central component of your portfolio management strategy.
It shows them that you’re invested in their success and keeps you at the top of their minds. Many portfolio companies go on to raise future rounds and continuing to deliver value helps ensure that any investments you may want to make are prioritized.
It also allows you to stay on top of performance within your portfolio, so you can quickly identify potential risks and opportunities.
The same can be said for investors in your network. By keeping LPs up-to-date on the latest developments in your portfolio and investment opportunities, you’ll lay the groundwork to successfully raise funds in the future.
Affinity helps firms stay on top of every relationship by proactively surfacing insights from your history of interactions. With machine learning and natural language processing, Affinity can help identify at-risk relationships and let you know when it’s time to follow up with the contacts in your portfolio.
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6. Try a different communication channel
In a professional setting, we often resort to phone calls and emails. And while these more traditional channels have proven to be effective, they aren’t the only method of staying in touch with your network.
Try incorporating other communication channels such as social media, like LinkedIn, or text messaging. While less common in the modern world, even traditional mail can help your follow-up stand out.
When exploring different methods of communication, remember to keep the context of the follow-up in mind. Text messages might be great for a quick check-in but it might be too casual a medium for sending more robust documentation.
If you’re not sure how someone prefers to be contacted, just ask. They might find it easier to connect over a quick call rather than stay on top of their email inbox. Or they simply might not like getting work-related texts. By tailoring your communication method to each individual, you’re more likely to reach them and get what you need out of your follow-up.
7. Automate your follow-up routine
Automation is a great way to take repetitive tasks out of your workflow. Dealmakers can easily send hundreds of outreach emails and follow-ups every week—up to 40-60% according to anecdotal evidence—making it difficult to keep track of every opportunity. Automating the process can free up time for relationship building and ensure that follow-ups are actually getting done.
But we’re not talking about sending generic mass emails here either. In order to make an impact, your follow-up should still be tailored to the interaction and person on the other end.
You can even use a mix of automation and manual emails. “We personalize the first email—meaning there is no automation on email number one—and then we use a sequence for emails two to five,” shares Xiao.
Email templates are a great way to automate the follow-up process while still maintaining that personal touch. When integrated with your CRM, templates can automatically pull key contact information right into the body of your email. It also helps you make sure you capture all the important components of an effective follow-up.
Affinity also has tools to help you with automatic reminders if you’ve missed an important email or you need to follow up with a contact, so you never let an opportunity slip through the cracks.
8. Keep timing in mind
When it comes to following up with contacts, timing is everything. If you wait too long, you can let an opportunity lapse. But if you follow up too soon or too frequently, it can be frustrating for the person on the other end who may need time to make decisions or consult with decision-makers on their end.
The perfect cadence might depend on the context of your follow-up, but it’s best practice to give someone at least a few days to respond. Consider things like holidays, large industry events, or business cycles that can impact response time when sending your follow-ups.
It’s also worth thinking beyond which day you should send your email. Sending a follow-up at the right time of day can also help increase your likelihood of receiving a valuable response.
“I like to send my sourcing emails in the evening, around 8PM local time based on where the founder is,” says Kyra Durko, Principal at Two Sigma Ventures. “Founders are busy people and they’re probably not replying to emails in the middle of the day. If you reach them at night, they have time to parse through the information, and in my experience you get a faster response.”
A great practice is to look back on a complete history of all your interactions as a firm, so you can get a better sense of optimal cadence for follow-ups. While it’s not always an exact science, data can help you get a little closer to the most effective strategy.
How to write a follow-up email
Whether you’re following up after a pitch or re-connecting with founders or other investors in your network, email is one of the most common ways to touch base with your connections.
Emails are easy to send and track, and they allow the recipient to read and respond on their own time. But how can you craft a compelling follow-up message that stands out in your network’s inbox?
Here are some tips for writing an effective follow-up email.
Start with an engaging subject line
They say first impressions matter. And when it comes to emails, the subject line is your first impression.
With the average person receiving hundreds of emails every day, it’s easy for your carefully crafted follow-up to get lost in the inbox shuffle.
While a subject line is usually only a few words, it can definitely be a tricky thing to master. Your subject line should make it clear to the recipient why you’re reaching out, who you are, and why they should open your email.
Don’t be afraid to test your subject lines—or even other parts of your follow-up emails. It can take time to figure out the formula that works best for your firm.
A little personalization can also help your subject line stand out in the inbox. Whether it’s personalizing it to the person or their company name, personalized email subject lines have been shown to increase open rates by 26%.
But personalization shouldn’t be limited to your subject line either.
Personalize your correspondence
Follow-up emails shouldn’t feel transactional. A little personalization can help build and nurture the relationships that drive deals.
At the bare minimum, you should be personalizing the email to the recipient's name, role, and the company they work for. But in an ideal world, you’re able to personalize it in a more meaningful way.
The nice thing about follow-ups is that compared to cold emails you likely have some context from the previous interaction to lean on. Was there a subject that came up in the conversation that was particularly interesting? Did they mention something unique? Is there a common interest you share?
Data enrichment tools can also help provide additional context to help you craft a more enticing follow-up email.
This type of personalization not only makes your email stand out. But it also plants the seeds for a longer-term relationship that goes beyond just closing a deal.
Reference the last time you spoke
In a perfect world, we’d all leave a memorable impression with the people we speak to. But the reality is that founders and investors meet dozens of people every day, which can make it challenging to keep every encounter crystal clear.
Calling back to the last interaction you had can help jog a person’s memory. It also lets them know that your previous conversation left a lasting impression on you and demonstrates that they aren’t just another number on your target list.
Automated activity capture can help provide context—especially if it’s been a while, so you’re approaching your follow-up with the most up-to-date information. It avoids crossed wires that can not only be embarrassing to your firm, but put the relationship at risk.
And while follow-ups are usually best coming from the person your contact spoke to last, having a complete picture of every interaction they’ve had with your firm makes it easy for teams to collaborate—and reduce duplicate efforts—when building relationships.
Restate your purpose
There’s a why behind every email.
While it can be tempting to try to hide that purpose to avoid sounding too sales-y or pushy, you should still clearly tell the person what you’re looking for. This helps them respond accordingly and provide the information you’re looking for.
For example, are you trying to source deals for your fund? Or are you simply looking to connect with more founders in a specific industry?
It doesn’t have to be abrasive or the entirety of your email but restating your goal and purpose can help get everyone on the same page.
Find a way to add value
While your follow-up ask should be clear, the best way to turn your follow-up into a relationship is to offer something in return. It doesn’t have to be groundbreaking, just enough to show that you’re interested in pursuing a relationship that isn’t solely deal-driven.
Durko says, “Winning them comes down to your ability to help founders and be a thought leader in their space.”
Even a quick link to a helpful article or an offer to connect them with someone in your network can be enough to add value and set the tone for a mutually beneficial relationship.
Add a clear call to action
What do you want your connection to get out of your email? What do you want an update on?
While a call to action in a follow-up doesn’t need to be as explicit as an email marketing campaign, it’s still important to make it clear what you’re asking of your contact. Entrepreneurs and investors don’t have time to play guessing games and decipher your email. If they can’t tell what it is that you want, it’s highly likely that your request will get deprioritized.
Whether it’s requesting more details about their venture or asking for a follow-up meeting, your email should make it obvious what you’re asking for. Even better, make it easy for them to take action on your request—such as including a direct link to your calendar.
Express thanks
In the private capital world, everyone is busy. You should always aim to express gratitude for the time that your network spends—both in having initial conversations with you and engaging with your follow-ups.
Sure, emails only take a few moments to read and reply to but all those emails quickly add up. And everyone wants to feel appreciated. So a quick show of thanks is key to maintaining a positive relationship when sending a follow-up email.
Proofread and test your email
This one feels obvious but typos and email errors are more common than you might think.
We’re all only human, but taking a few extra minutes to proofread and double-check your emails will help you come across as more professional and drive better engagement. Even a few simple errors are enough for the other person to feel like your email was an afterthought which can jeopardize relationships, even with the best of intentions.
Look out for:
- Spelling errors, particularly of names
- Broken or incorrect hyperlinks
- Missed attachments
Email templates can be a great way to avoid simple errors, as they can often automatically pull basic details such as names and company details directly from your contact database.
Follow-up email templates and examples to improve your outreach
When it comes to following up with your network, it’s important to keep those communications tailored and personal to the person you’re reaching out to. However, manually creating emails at every stage of the deal process can be cumbersome and inefficient.
Templates are a great way to streamline your follow-up strategy by helping your team:
- Save time: Instead of composing every email from scratch, you can save time by working from an appropriate template while still personalizing each email with recipient-specific details.
- Stay on top of follow-ups: With limited hours in a week, templates can help dealmakers send more follow-ups to keep more of their network engaged.
- Create consistency: While every email should be personalized and different, templates can keep messaging on-brand with your firm, and make sure every follow-up email includes all the necessary components to encourage engagement.
Here are some templates you can use as a starting point when following up with contacts in your network.
Follow-up email after no response template
Not every follow-up lands the first time around. We’ve all experienced situations where the person on the other end doesn’t get back to you in a timely manner.
When this happens, all is not lost. In many cases, the recipient isn’t necessarily ignoring your original email—sometimes, emails get lost, priorities get reshuffled, or they simply forget.
Here’s a template you can use to gently nudge someone after not receiving a response to your previous email.
Subject line: Checking back in on {topic}
Hello {Name},
I hope you’re doing well. I really enjoyed our last conversation about {something memorable you discussed previously}.
I wanted to quickly check in on my last email about {topic}. Did you happen to have an update? Or is there a better time for me to check back in?
If there’s a better way to reach you, please feel free to let me know.
Thank you for your time. Looking forward to hearing back.
Regards,
{Your Name}
Meeting follow-up email template
In most cases, it’s best practice to follow up with a contact shortly after a meeting. It provides an opportunity to stay top of mind as well as provide a summary of everything discussed, to make sure everyone is on the same page.
Here’s an email template you can use to follow up with a contact after a meeting.
Subject line: {Topic} meeting follow up
Hello {Name},
Thanks so much for taking the time to speak with me earlier.
Here’s a quick recap of what we discussed:
- {Point 1}
- {Point 2}
- {Point 3}
After our call, I came across {resource} that I thought you might find helpful.
We’d love to reconnect to discuss {topic} and would love to get that on our calendars. What is your availability like? Here’s a link to my availability if you’d like to book directly into my calendar.
Looking forward to chatting further.
Regards,
{Your Name}
Networking follow-up email template
In private capital networks and relationships are everything. But with investors, LPs, and founders speaking with dozens of new individuals every week—if not more—a follow-up email can help you solidify your standing within their network.
When following up after networking, make sure to take a moment to remind them who you are and how you’d like to build on your relationship.
Here’s an email template you can use to follow up with someone after a networking opportunity.
Subject line: Great to meet you at {context of introduction}
Hello {Name},
I hope you’re doing well. It was great meeting you at {when/where you met them}.
I really enjoyed our conversation about {topic you discussed}. It sparked some really interesting discussions with my colleagues.
You had mentioned {relevant topic} when we had spoken and I was hoping to set up some time to chat further about it.
Here’s a link to my calendar. Or feel free to send over your availability for the next week or two?
Looking forward to reconnecting.
Regards,
{Your Name}
P.S. I came across this {resource} and thought you might find it interesting. Would love to hear your thoughts!
Gentle follow-up email template
While follow-ups are key to maintaining relationships, relationships can also be fragile. When follow-up attempts are too aggressive it can be stressful or frustrating for everyone involved.
Sometimes a gentle reminder is all you need to re-engage a contact and get the conversation going again.
Here’s an example of a template you can use to gently follow up with a contact.
Subject line: Gentle nudge on {topic}
Hello {Name},
I hope you’re doing well.
I was hoping to pop into your inbox and see if you had an update on {topic} after our last conversation. I’d love to get the ball rolling to help you {something your requests help them with}.
As a reminder, we do need {relevant information} by {deadline}.
I know things are really busy right now, so if there’s anything I can do to support your efforts, please don’t hesitate to reach out. And of course, if there’s a better way to reach you, let me know.
Thank you for your time. Looking forward to hearing back soon.
Regards,
{Your Name}
Never miss a follow-up again with Affinity
Stay on top of every relationship and follow-up with a CRM designed for private capital dealmaking. Affinity centralizes all your communications and contacts into one place, so you can focus on building relationships and closing deals.
Affinity’s relationship-building and follow-up features include:
- Automatic record creation: Eliminate communication silos with a record of every email, meeting, and follow-up across your firm’s network. Save over 200 hours per year in data entry and unlock insights into the strength of every relationship, so you know exactly when you need to follow up with a contact—and get a reminder when that time comes.
- Email tracking: Optimize your follow-up efforts with insights into the metrics that matter, such as opens, clicks, and responses.
- Follow-up and email templates Increase your email efficiency and effectiveness with templates to help your follow-ups stay on brand and capture all the important details.
- Contact record enrichment: Automatically enrich records for every company and contact, including biographic and firmographic data, funding experience, and company growth, so you can follow up with confidence.
- Integrations with your existing tech stack: Streamline and automate follow-ups using the tools you use every day. View relevant deal information right in your inbox or browser and automatically send outreach reminders to platforms like Slack or Teams, so you never miss a follow-up opportunity.
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Managing your follow-ups from Salesforce? See how Affinity for Salesforce brings all the benefits of relationship intelligence right into your existing CRMs.
Follow-up email FAQs
How many follow-up emails should you send?
Most experts would agree that anywhere from 3-5 follow-up emails is appropriate. The optimal number will depend on the situation, as well as the urgency. It’s best practice to look back at your firm’s email history to find the frequency and cadence that generates the best results. But regardless how many emails you send, make sure you give the person on the other end a few days between emails to respond.
How long should you wait before you send a follow-up email?
1-3 days is generally considered an acceptable time frame for sending a follow-up email. However, how long you should wait before sending a follow-up email depends on the urgency and the context of the situation.
What are the steps to write an effective follow-up email?
Here are a few steps for writing an effective follow-up email:
- Craft a compelling subject line
- Personalize your email to the recipient
- Call back to the last point of contact
- Make your purpose clear
- Add value to your email
- Provide a clear call to action
- Express thanks
How do you follow up without being annoying?
Follow-ups can feel annoying at times as it can take a few tries to get a response. But there are a few ways to follow up with new contacts and existing clients more effectively, such as:
- Waiting a few days to give the recipient time to respond.
- Focusing on adding value to avoid sounding too pushy.
- Asking the recipient how they’d prefer to be contacted.
- Providing a clear action or call-to-action.
Should I automate my follow-up emails?
Yes, you should automate your follow-up emails. While you should never be following up with generic email campaigns, automations and templates can help you stay on top of follow-ups at the right time—while saving time and resources.
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