How OutCheese built a scalable outbound engine for a fixed-income investment platform
Client Snapshot
Investment Platform
Netherlands
Bondfish is a bond data analytics platform that helps investors analyze fixed-income markets, compare instruments, and make more informed allocation decisions through real-time data and screening tools
Goal
Validate ICPs in an emerging category, identify the most scalable acquisition channels, and build a repeatable outbound process for customer growth
Pain Points
Platform operates in a “blue ocean” environment where no traditional outbound playbooks exist
Lack of data as not all relevant investor groups and intermediaries expose clean corporate identifiers like domains or public contact details
Results
40%+ open rate and 20%+ reply rate
0.5% prospect-to-SQL conversion rate (onboardings)
10+ SQLs generated monthly
Reduced SQL acquisition costs to approximately $250 per SQL (2.5x cheaper compared to other paid channels)
What Made Our Approach Work
Additional Data Sourcing Layers
Besides basic SalesNavigator and industry events, we developed a custom sourcing workflow using official licensing and regulatory registers
Engagement-Based Framework
Given the product and market specifics, we segmented prospects based on their level of engagement in order to improve conversion rates
Multi-Channel Strategy
Due to lack of corporate info we have enriched prospects with alternative contact details like personal emails, WhatsApp and Telegram to set up campaigns across these channels as well
ICP We Chose (and Why)
01
Family Offices
02
Portfolio Managers
& Wealth Advisory Firms
03
Boutique Investment Funds
& Private Capital Managers
Why:
These segments have direct influence over capital allocation and continuous need for fixed-income exposure
Value Proposition:
Advanced bond screening with broker availability filtering
Risk and return analysis
European Tax Yield Calculator
Buying Intent Signals
Vertical fit: business operating in a Low-Risk vertical Noda's payment platform supports
Local market activity: active sales presence or domain footprint in Estonia, Lithuania, or Latvia
Online transaction volume: evidence of meaningful payment flow worth integrating a new payment partner
Decision-maker accessibility: founder, CFO, or payment lead reachable via LinkedIn or email
Messaging Strategy
The market required education before demand capture, so we built a structured prospect journey rather than relying on direct sales outreach
Prospects were guided through Awareness → Consideration → Acquisition stages using educational content, including branded articles and videos that introduced both fixed-income opportunities and the platform's capabilities
Each stage was supported by tailored messaging designed to move prospects toward the next level of engagement. Engagement signals were tracked through a HubSpot-based scoring system, automatically advancing prospects through relevant outreach workflows based on their interest
This approach created a more natural onboarding experience and proved highly effective for product-led outbound campaigns in an emerging market
Key Takeaways
Proprietary data sourcing can become a competitive acquisition advantage
Multi-channel engagement is critical when decision-makers operate across fragmented ecosystems
Structured engagement-based journeys outperform direct sales approaches when market awareness is low