Cold mails to competitors
Hi all,
I've recently joined a pod shop, but after a year I have decided that I will need to leave. I spent 5 years on the sell side ER prior to buy side.
I will try to explore internal opportunities first, but the fund doesn't have too many pods focusing on my current sector coverage so I don't have too much hope in this.
I have recently reached out to many headhunters/BDs/PMs. Some headhunters were able to help while some couldn't (they have contract with my current shop). BDs/PMs generally did not respond to my cold emails at all. This is quite different from my previous experiences reaching out from sell-side ER.
Is it a taboo to reach out to competitor's BDs/PMs if I am currently still employed? I do like the people in my fund (except my pod) but there just doesn't seem to be much opportunities internally. I'd like to have something lined up before resigning.
Thank you in advance.
Reaching out to competitors' BDs/PMs while still employed is not inherently taboo, but it does require a strategic and cautious approach. Based on the most helpful WSO content, here are some key considerations and tips:
Be Discreet:
When cold emailing competitors, ensure your outreach is professional and does not disclose sensitive information about your current role or fund. Avoid mentioning specifics about your dissatisfaction with your current pod or fund.
Focus on Networking, Not Job Hunting:
Frame your outreach as a desire to connect and learn, rather than directly seeking a job. For example, you could express interest in their career path, insights into the sector, or their perspective on the industry. This approach is less likely to raise red flags and more likely to elicit a response.
Tailor Your Emails:
Personalize each email by referencing something specific about the recipient, such as a project they worked on, a talk they gave, or an article they wrote. This demonstrates genuine interest and increases your chances of a response.
Avoid Attaching Resumes:
As highlighted in WSO threads, attaching a resume in a cold email can make your intentions too obvious and may come across as unprofessional. Instead, focus on building rapport first.
Timing and Follow-Up:
If you don’t receive a response, follow up politely after a week or two. Limit your follow-ups to two or three attempts to avoid being perceived as pushy.
Leverage Headhunters:
Since some headhunters are restricted due to contracts with your current shop, focus on those who are not. They can act as intermediaries and help you navigate the process more discreetly.
Be Prepared for Non-Responses:
It’s not uncommon for BDs/PMs to ignore cold emails, especially if they perceive a conflict of interest or are wary of engaging with someone currently employed at a competitor. Don’t take it personally and continue to explore other avenues.
Warm Introductions:
If possible, try to get introduced to competitors through mutual connections. Warm introductions are often more effective than cold emails.
By approaching this thoughtfully and professionally, you can maximize your chances of making meaningful connections without jeopardizing your current position.
Sources: Cold Call Email Mistake Made - Sharing Response (Advice) Received, NON-TARGET TO BANKING FORMULA: 100% SUCCESS RATE (so far), Cold email networking while employed?, Something wrong with my cold email?, Should I get straight to the point in my cold email?
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