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Eye-Opening Statistics on Cold Calling Everyone Should Know

Posted by IndustrySelect on Wednesday, March 2, 2022

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Nobody enjoys getting a door slammed in their face. An immediate hang-up or going to voicemail isn’t much better, but at least you don’t have to take the freeway to your next target. Cold calling requires perseverance and determination. It takes a deep understanding of your product's advantages to your potential customer. Still, successful cold calling results in a fuller pipeline and a higher closure rate.

Ignoring the Tall Tales to Close Your Sales

Myths surround any profession, and the internet's echo chamber can blow the stories out of proportion. Some common myths about cold calling are:

1. Cold calling badgers your prospects.
2. You should pitch anyone willing to respond to the ring.
3. You can’t arrange a meeting with a cold call.
4. You cold call to listen, not to communicate your proposition.
5. A large number of calls will generate a host of leads.
6. No one welcomes a cold call.
7. Gatekeepers are an enemy to be avoided whenever possible.

The Statistics Versus the Myths

Statistics tell another story no matter how often the legends above are repeated or reported statistics tell another story. Let's compare assumptions with truth:

1. Badgering prospects. While a cold call may occasionally annoy the recipient, 69% of buyers accepted a representative's cold call in the last year. Furthermore, 57% of C-Level executives prefer to have a sales representative call them rather than bother with another form of communication.

2. Who fields your pitch? Your time is precious, as is that of the recipient of your cold call. You can explain to a receptionist or assistant about your product. Still, you’re unlikely to get an order or a prospect out of it. You'll find it imperative to research your target and concentrate your effort so that you can obtain maximum results. However, occasionally, incidental contact can pay off. Statistics show that 75% of executives prefer to work with salespeople referred by someone they know. So even the unanticipated referral can put you on a winning trajectory.

3. Arranging the meeting. Unfortunately, only 1% of your cold calls result in an appointment. However, the more meaningful statistic is that 82% of actual buyers accept meetings when you contact them. With that level of success in mind, the 1 in 100 calls is worth the other 99. Since the average sales representative places about 52 calls per day, you should arrange at least two meetings per week.

4. Talking versus listening Listening is an essential part of your profession. You’d never understand what the customer wants or build the rapport to close the deal without it. But you won’t just be listening. A study found that sales representatives talked for 55% of calls and listened for 45%. The probabilities are it will take 55% to educate your prospect about the advantages of buying your product and establish a productive relationship.

5. Lead generating calls We've previously explored data concerning the number of calls required to secure an appointment. Still, a lead can be an equally or even more valuable commodity. It sets you on the road to a productive meeting or results in a phone or online order. LinkedIn debunked the quantity of calls myth in 2018. So, how many phone contacts will yield a genuine prospect? The answer is as many as it will take to communicate the value proposition of your product to a person empowered to proceed to a sale.

6. How welcome is a cold call? Most of us have been thoroughly immersed in a thorny issue and muttered a few expletives when interrupted by an unexpected and unwanted phone call. However, it takes an average of eight cold calls to reach a prospect. Occasionally you're going to infuriate someone. Still, the crucial matter is that once you've made contact, you can overcome any resistance by demonstrating the value proposition you’re offering. Once you've accomplished that, the verbal cold shoulder may morph into a warm relationship.

7. Avoiding gatekeepers Gatekeepers can bar the door, but they can also expedite your way through it. One method to get past the guardian is to choose your window of opportunity wisely. The employee picking up the receiver on a Monday could be either catching up on missed paperwork from the weekend or trying to recover from two days of overindulgence. Friday is often impatiently spent in anticipation of freedom. A skilled caller will concentrate their efforts when they stand the most significant opportunity for success.

According to CallHippo, the most productive days of the week to call are Tuesday, Wednesday and Thursday. Success rises precipitously on Wednesdays. While it might seem counterintuitive, the most effective time to call is between four and five in the afternoon. The second best is between 11 a.m. and noon. Also, be mindful of timezones. While you may be wide-awake, the person on the other end could still have barely emerged from dreamland. Catch the access controller at the right time, and you can convert an obstructor into an ally. To build a relationship, have sympathy about the number of requests coming in and compassion for a heavy load. If your call is the one passed through, you’re on your way to a prospect.

Making Your Cold Calls Count

While skirting the myths of cold calling is a big step on the road to closing sales, accessing the right names and numbers is a giant leap to successful prospecting. IndustrySelect can transform your cold calling process and get on your way to more successful contacts and a higher closure rate. Try out a no-obligation demo, loaded with 600 free company profiles here

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