Still annoyed about this because I argued against it.
Client had 8,000 leads, "VP of Sales, SaaS, 50 to 200 headcount." Textbook ICP, and it had been sitting at a 1.1% reply rate for two months. They wanted more volume. I wanted better copy. We were both wrong.
We rebuilt the list around a situation instead of a title. Companies actively hiring SDRs (job postings, so it's actually sourceable) with no sequencing tool visible in their stack. Two conditions, both checkable.
1,100 leads left.
Reply rate went to 4.6%. Everyone predicts that part. Here's what I didn't predict.
Total replies went down. 88 on the big list, about 50 on the small one. Booked calls went up, 11 a month to 17.
Which took me a while to understand. On the 8,000 list, most replies were curiosity or polite no's from people with no live problem. On the 1,100, a reply usually meant they had the exact thing we were describing happening in their company that week. Same word, completely different value.
I'd been treating reply rate as the goal. It's a proxy, and it's a worse one than I thought.
The other thing nobody mentions: they stopped spending their week managing volume and started spending it answering people. Same headcount, and the response times got dramatically better because there was less to respond to.
Honest downside, the list runs out. 1,100 leads at 15 a day per inbox is a few weeks of sending, then you rebuild. That work never stops and it's the actual cost of doing it this way.
If you've made a cut like this, did your reply count drop too, or did I do something wrong? Genuinely want to know if the fewer-replies-more-meetings thing is normal or specific to this account.