# Leads vs meetings vs an SDR: what one pack of leads buys

Compare a pack of leads and an in-house SDR on one number: cost per held
meeting. An SDR's salary works out to about $667 per first meeting, by our
estimate. A pack of 50 leads costs
$2,000. Divide that by $667 to see how many held
meetings the pack needs to match.

SDR means sales development representative: the person who finds
prospects and books first meetings.

## One number: cost per held meeting

Cost per held meeting is what you paid, divided by the meetings that took
place. A booked meeting that nobody attends does not count.

Cost per lead hides how many leads turn into a meeting. Cost per reply
counts "no thanks" as a result. A held meeting is the first step where a
buyer gave you their time.

## What an SDR costs per meeting

The Bridge Group surveyed 351 B2B companies for its 2025 report. Here is
what it found, and what we work out from it.

| Fact | Value | Source |
|---|---|---|
| On-target pay a year | $80,000 ($55,000 base plus $25,000 variable) | Bridge Group, 2025 |
| On-target pay a month | about $6,667 | $80,000 ÷ 12 |
| Monthly quota | 10 first meetings | Bridge Group, 2025 |
| Salary per first meeting, at quota | about $667 | $6,667 ÷ 10, our estimate |
| SDRs who hit quota | 60%, the lowest the report has seen | Bridge Group, 2025 |
| Time to ramp | 3 months | Bridge Group, 2025 |
| Average tenure | 1.9 years | Bridge Group, 2025 |

The $667 is an estimate, and a low one. The report counts first meetings
in the quota. It does not say how many took place. The $667 also leaves
out tools, data, a manager and the 3 months of ramp. It assumes the SDR
hits quota, which 4 in 10 do not. And an SDR still needs someone to tell
them who to call.

## What a pack of leads costs per held meeting

A lead costs $40 in a pack of
50. So the pack costs $2,000. The cost per held meeting then depends only
on how many meetings you hold.

| Held meetings from one pack | Cost per held meeting |
|---|---|
| 1 | the whole pack price |
| 2 | half the pack price |
| 3 | a third of the pack price |
| 4 | a quarter of the pack price |

Once the cost per held meeting falls below $667, the pack costs less per
meeting than an SDR's salary alone.

The leads come with your work, not instead of it. You write the emails and
make the calls. We do not book meetings, and we do not promise replies.

## What published averages say about 50 cold contacts

These are averages for cold lists, from vendors who sell outreach tools.

- **Email replies.** Hunter found that campaigns to 50 people or fewer got
  replies from 5.8% of recipients. That is about 3 replies from 50
- **Replies to meetings.** Instantly's 2026 model assumes 15–20% of replies
  become a meeting. Instantly calls this typical. It comes from a model,
  and the page shows no measurement behind it
- **So email alone** gives under one meeting from 50 cold contacts

So the phone has to carry a small batch. An SDR in the Bridge Group's 2025
study made 44 calls a day. They had 4.1 quality conversations. Three calls
to each of 50 people is 150 calls, or about 15 conversations.

To hold 3 or 4 meetings from 50 leads, about one conversation in four must
end in a meeting. That is a high bar for a cold call. Our view: you reach it
only when the person has a reason to talk about your topic.

## What nobody has measured yet

Our leads are people who engaged with content on your topic in the last
90 days. A person checked each one online. Then a phone
call confirmed their company. That gives them a reason to care about your
topic. It does not prove they will meet you.

No public study measures how much better leads like these do than a cold
list. We have not measured it either. So do not take our word, or a
vendor average, for it. Count held meetings on your own 50, with the log
in [our playbook](https://intentchart.com/guides/how-to-work-your-intentchart-leads).

If a lead is wrong, tell us within 7 days of
delivery. We send a new lead in its place. A lead is wrong when
any field is wrong. That includes the proof link,
the public page that shows them at the company. A person who has left
also counts. We
refund a lead only when we have no one left to send.

## Email-only outreach, for comparison

Instantly puts the cost of a meeting from email at $152.73, against
$2,777.78 for cold calling. Instantly sells email software, and its page
does not show how it counted. Read both numbers as a rough direction.

A cheap meeting from email still needs names worth writing to, and a reply
rate that holds. At 3 replies from 50 cold contacts, it rarely does.

## Questions

### Is $40 a lead too much for a seed-stage startup?

It depends on how many leads turn into held meetings. Divide the pack
price by your held meetings. Compare the result with about $667, our
estimate of an SDR's salary cost per meeting. One held meeting costs the
whole pack price.

### How much does an SDR cost per meeting?

About $667 per first meeting in salary alone, if the SDR hits quota. This
is our estimate. The Bridge Group's 2025 report puts on-target pay at
$80,000 a year. The quota is 10 first meetings a month. Only 60% of SDRs
hit quota, and tools, data and a manager cost extra.

### How many meetings should 50 B2B leads produce?

No public study answers this for leads like ours. On cold-list averages,
email alone gives under one meeting from 50 people. Calls add more: about
15 conversations from three calls to each person. Count held meetings per
50 on your own leads.

### Do you book the meetings?

No. We deliver leads that fit your buyers, with the content they engaged
with, its date and a proof link. You write to them and call them. Our
playbook gives you three emails, a call plan and a log.

### What happens if a lead is wrong?

Tell us within 7 days of delivery, and we send a new
lead in its place. A lead is wrong when any field
is wrong. It is also wrong when the person has left the company. We refund a lead
only when we have no one left to send.

## Test it on your own buyers

Give us your work email, then tell us who you sell to. We send
10 leads that fit, with contacts, free. If fewer fit, we
tell you how many and why.

[Get 10 free leads](https://intentchart.com/#start)

## Sources

- [The Bridge Group: 2025 SDR models and metrics report (351 companies, 2025-02-06)](https://www.bridgegroupinc.com/research/2025-sdr-models-metrics-report-the-bridge-group)
- [Hunter: The state of cold email 2025 (11M cold emails sent in 2024)](https://hunter.io/the-state-of-cold-email-2025)
- [Instantly: email sequence benchmarks 2026 (2026-03-30)](https://instantly.ai/blog/email-sequence-benchmarks-2026-whats-a-good-open-rate-reply-rate-and-cost-per-meeting/)
- [Instantly: AI sales agent benchmarks 2026 (2026-09-16)](https://instantly.ai/blog/ai-sales-agent-benchmarks-2026-the-complete-performance-report/)
- [INTENTchart: How to work your INTENTchart leads](https://intentchart.com/guides/how-to-work-your-intentchart-leads)
- [INTENTchart: how we find and check each lead](https://intentchart.com/how-we-check)