Editor’s note: Leabe Commisso is principal, strategic analytics at market research firm IRI, Chicago.
Full disclosure – I love cold-calling. To me, it’s a challenge to see if I can get the person on the other end of the phone or e-mail to talk to me. If they do – even if it’s a no to what I’m asking, I count it as a win. But, most people don’t find it as exciting as I do. They probably think of it more like I think about running on my treadmill -- a lot of work, getting me nowhere, when I could have been doing something else more productive. But, much like my thoughts about the treadmill, they’re not seeing the whole picture! Cold-calling is part of a healthy sales lifestyle. It sets you up for success in the other things you do. And the best part? You can go as fast or slow as you want, but each time you try, you’ll find that you take yourself a little further.
Sales is a numbers game. You have to have many opportunities in the pipeline in order to assure yourself a successful close rate. But, what do you consider a successful close rate? I look at sales rates like this:
If I call 100 people (not companies … people)
- 60 won’t answer me;
- 20 will say no;
- 20 will be interested in learning more;
- 10 will get a proposal; and
- five will buy.
You can look at this as a 5 percent buy rate or a 40 percent success in cold-calling. I look at both. The larger you can make your pipeline, the more opportunities exist.
So, what’s the secret to getting those 40 people to give you an answer? Much like life, the trick is to treat people the way you’d like to be treated.
- Would you want to get mass impersonal mailings from someone’s marketing department? No. So, have them sent only to advertise specific marketing news or hold the date events. Make sure that you reach out to your contacts with a personalized note.
- Be honest. We both know that you’re not 100 percent sure you’re reaching out to the right person. Unless you’re deeply embedded inside the organization, let them know that you’re taking a shot in the dark and if it’s not them, could they pass you on? You’d be surprised how many people will.
- No matter how much you think your solution is the best, the brightest, the most cost efficient and the most necessary tool introduced to man since the cell phone – you’re wrong. You have one of many tools just like yours in the market place and every single company got to where they are today because they’ve created a value. Don’t tell your prospect what you have, tell them what you do and/or why you’re different. Do you have experience in driving growth? Understanding Hispanics? Saving time? Make sure they know.
- Call, but don’t expect an answer. Always leave a voice mail and be prepared to speak to a real person. Don’t use a scripted message. You do know why you’re calling, right? Just tell them. Do you want to set up a call? See them in person? Send some information? Pretend you’re talking to your best friend and make the ask. It can look as simple as something like this:
“Hi, I’m Leabe Commisso calling from XYZ. I apologize because I’m really not sure you’re the right person to speak with but I’m looking for the person in charge of analytics. I was hoping to set up a call sometime in the next few weeks to talk through the ways I’ve been working with others to drive growth through pricing …”
- What would you say in this instance?
- Prospect: “That’s me, but I’m all set for right now, no thank you.”
Me: “I understand, would you mind if I sent some information and checked back in next quarter?”
(Make sure you do check back.)
- Prospect: “That’s Wanda. Let me give you her number …”
Me: “Thanks so much. Is it OK to let her know you gave me that information?”
(Once he says yes, start your e-mail to Wanda with, “Referred by …”, upping your chances of getting a response from the right person.)
- Prospect: “That would be me.”
Me: “Hi, thanks so much for letting me know. I’m sure you’re busy right now, but what I was really hoping to do was to set up some time over the next week or so to talk through our capabilities?”
(Setting up for a future date/time gives both you and the prospect a chance to organize your thoughts and be better prepared.)
- Follow up over the next three to six weeks with intermittent calls and e-mails. How would you want to be treated? Do you want calls and e-mails every day? Of course you don’t. But, sending an e-mail every week or so and interspersing with one more call shows that you really are tenaciously trying. Remember, it’s harder to ignore a person than an e-mail or a voice mail. Eventually, your prospect will either say no, give you to the right person to speak with or take your call. All are counted as wins.
Sales are based on a trifecta of good timing, right price and need. All three need to exist in order to close the deal and rarely does that happen on the first call or within the first meeting. Be prepared to be patient and not give up. The person that gets the deal will be the last one the prospect remembers hearing from. Cold-calling isn’t something you do once a week, it’s a continuous process of pipeline growth and being in the right place at the right time.
Maybe cold-calling isn’t so much fun but closing business always is.