We Need to Talk....Why Cold Calling Still Works

Cold calling? Fuhgeddaboudit!

At least, that’s the feedback we get from many business people we speak to.

There are few more polarising activities in business than calling someone you’ve never spoken to before, and asking them to love you (OK, went a bit ‘Notting Hill’ there, but you get the point).

The research into the effectiveness of cold calling is clear: while it’s rarely easy or always effective, when you persist with strategic and effective cold calling, it can really work.

According to Crunchbase, 57% of C-Suite buyers prefer to be initially contacted by phone. Plus, organisations that don’t cold call prospects enjoy 42% less growth.

Since we’ve been building businesses - ours and others’ - cold calling has been directly responsible for establishing relationships with prospects that, in turn, have generated $100’s millions in revenue.

More than posting on social media.

More than sending tens of thousands of cold emails.

More than networking at countless business events.

More than investing in PR and being featured in the general and trade media over many years.

Infinitely more.

Not that you should ignore any of those initiatives.

They can - and will - generate results when done well and consistently.

Despite the proliferation of tools, platforms, and apps to help us to promote and sell more effectively, picking up the phone can still dramatically - and quickly - move the revenue needle.

Why?

1. We Crave Human Connection

Sure, emails are convenient, and social media is where the cool kids hang out.

But there's something special about the human voice. It's like an audio high-five that cuts through all the other noise.

No matter how far technology advances, human nature will never change. We need to connect with others to feel that we’re not alone in this often confusing and stressful journey called life.

When was the last time you created a meaningful relationship without even talking to that person, let alone meeting them?

Of course, not everyone will be delighted that you interrupted their day.

You will be rejected.

According to LinkedIn, the cold calling success rate is 2% (in our experience, with excellent targeting and the right approach, you should have at least an 8-10% success rate).

However, when you connect with the right prospect, at the right time and with the right offer, it can make you and your company millions of dollars.

Year, after year, after year.

And once you’ve made the meeting with your perfect prospect, pick up the phone again to find the next person that needs you.

2. Helps You Stand Out from the Inbox Crowd

Is your inbox a jungle of unread emails? DM’d to the hilt?

Ours too.

Cold calling can help you leapfrog and differentiate yourself from the competition. A well-timed call can be memorable, even life changing.

While this may sound a tad overblown, this is exactly what has happened with us and our clients many times over.

It can happen to you too.

3. You’re Doing What Most Aren’t Prepared to Do

Cold calling is not for the faint hearted.

While your prospects are not going to give you kudos for your telephonic bravery, calling someone who doesn’t know you can do wonders for your confidence and self-image.

You’re taking a potentially lucrative path that few have the courage to take. If you’re worried about your competition, the path is a whole lot clearer when you start making cold calls.

Fortune really does favour the brave.

4. Get Instant Feedback

Want to know what the market wants and needs? Ask them.

If what you’re offering doesn’t interest or resonate with your prospects, you’ll find out in a few hours.

So thank them, hang up, and iterate your offer with your next calls.

The more you call, the better you and your offer gets, the more success you’ll enjoy.

Cold Calling Tips

• Best days to call: Tuesday / Wednesday / Thursday. And, if you’re inspired, Monday PM and Friday AM.
• Be the expert. Know your prospects’ industry and have practical solutions for their potential problems.
• Mindset matters. Don’t focus on getting negative or zero responses; focus on finding the people who desperately NEED you. They’re out there, waiting for you to contact them. And they’re relying on you to persist.
• Call only those who can buy. Don't waste your time on diary fillers. Unfortunately, there are plenty out there.
• Don’t use a script; there’s nothing more obvious and annoying. Just be your professional, friendly and solution-focused self.
• Be succinct: tell them who you are and what problem you can solve. If they’re interested, take it from there; if not, politely get off the line as soon as you can.
• If you follow these tips and make at least 75-100 cold calls per week, watch what a difference it can make to your bottom line within 60-90 days. If making that many calls sounds daunting, start with 1 per day and build from there.

If you would like more specific strategies on how to get bigger clients and bigger budgets using cold calls, book a free strategy session here.