Time and again we’ve heard experts say “Cold calling is dead” and that inbound is where the money is. However, is this really the case? After all, with omnichannel being a go-to strategy for sales professionals, utilizing calls is a must. To help you find out whether or not cold calling is still lucrative, we have compiled the most critical cold calling statistics that you must learn this 2019.
In this article, we will be providing you with answers to questions like “What is the success rate of cold calling?” and “Does cold calling still work in 2019?” We’ve also included some data on how solutions for sales and CRM tools can reinforce cold calling. This way, you can get a better perspective as to how you can leverage this traditional sales method for modern selling initiatives.
Cold calling has become a dying art, especially with success rates dwindling over the past few years. However, many salespeople still swear by it, claiming that it’s still as effective now as it was then. True enough, as you’ll see in the cold calling statistics below, organizations that still used this method experienced more growth than those who didn’t.
This can be attributed to the fact that many customer interactions still happen on the phone and many consumers are still receptive to cold calls.
The art of cold calling is difficult to master. However, it is not impossible. A great place to start would be getting a good idea of which individuals can benefit the most from your products and services. After that, you’ll just have to put a little more effort into knowing what your prospects want to hear.
In the statistics below, you can see that more and more prospects are looking to sales reps for substantial information. They don’t just want to know more about your product; they want to know how it can help them. Meaning, it is important that you know the ins and outs of your offerings as well as a good grasp of the demands of your prospects’ industry.
Moreover, by applying the best practices we’ll be mentioning below, you can greatly improve your sales revenue.
There’s no one way to make a good cold call. However, there are several proven techniques that you can apply to help you interact with clients better. Take a look at these data, for example:
Timing is everything. So, you should plan ahead to make sure that you are calling your prospects at the most opportune time. Below, we have listed down some statistics that can help you guide when to schedule your calls. This way, you can engage your leads more effectively and ensure a better chance at conversion.
There’s a slim chance that you’ll be able to make a sale during a cold call. After all, the prospect probably has no idea your company even existed before the contact. That said, it is pertinent that you follow-up on prospects after a cold call. Unfortunately, not all salespeople do this. In fact, many don’t even call a second time.
If you want to set yourself apart from other cold callers, it is important that you follow up on a lead multiple times. This way, you can show them that you remember them. You may even use these calls as a chance to learn more about their business needs and build rapport with them to increase the possibility of a sale.
They want sellers to specify the value that they can deliver%
They want sellers to collaborate with them%
They want sellers to educate them with new ideas%
They want sellers to have valuable insights about their industry%
Source: RAIN GroupDesigned by
Data is invaluable in the digital age. Simply put, businesses can’t afford to use them incorrectly because it can cost them a lot of money. The same goes for sales representatives.
Cold calling market research shows that inaccurate, incomplete, or outdated customer information can drastically reduce the effectiveness of your cold calls. These can cause you to contact the wrong prospects or be unprepared to talk to leads. Thus, it can drain your productive hours.
If you want to avoid this, you should update your contacts regularly and collect information on prospects as best as you can. This way, it is easier for you to connect with them and you can get a higher chance of actually converting them.
One way to help you keep tabs on your data is customer relationship management software. If you don’t have one yet, you might want to take a look at this list of CRM tools.
When it comes to B2B selling, you have to exhaust all options for communication. So, it’s only right that you include cold calling in your current sales playbook. After all, there are many executives out there who are fine with accepting cold calls as well as scheduling meetings with sellers on the first call, especially if you have an interesting offer.
However, it is best to note that many B2B buyers have had bad experiences with sales reps who seem unprepared to talk to them. So, expect that there’s also a good chunk of these executives who would not respond to cold calls.
With that said, if you don’t want to be the kind of cold caller who wastes the time of your prospects, it is best that you do your due diligence and research your prospects before contacting them. By doing so, you can understand their business needs better and prepare a more useful and personalized sales pitch for your first call.
Source: RAIN Group 2018 StudyDesigned by
Cold calling is perhaps one of the most frustrating tasks among sales professionals. For starters, most people would simply reject what cold callers have to offer on the first call. In some cases, they’d just hang up before the sales rep could even start their pitch.
In fact, only a small fraction of cold calls actually succeed in securing prospects. Moreover, many sales representatives tend to waste a good chunk of their work hours leaving voicemails because they couldn’t get in touch with their lead. However, this doesn’t necessarily mean that cold calling is the problem.
As you may have already seen in the research data we’ve detailed earlier, many sales teams still don’t know how to utilize this strategy effectively. Some of the common mistakes they make include having ineffective cold call scripts, storing inaccurate or incomplete customer information, or making ill-timed calls.
That said, if you truly want to maximize this strategy for your business, you will have to be more proactive in understanding your customers to know when to get in touch with them and how to interact with them.
The statistics don’t lie: cold calling is still very much alive, contrary to popular belief. However, many salespeople struggle to make the most out of it. Consequently, they fail to meet their targets and opt not to utilize this traditional sales method instead.
However, as we have tackled in this list of cold calling statistics, you are missing out if you opt not to use cold calling. For starters, with the popularity of omnichannel strategies, it is crucial that you leverage phone calls as this is one of the most common communication channels available today. Furthermore, through cold calling, you are able to provide a more personable approach to customer interactions, allowing you to foster stronger and lasting relationships with them.
The only thing to note here is that you can only reap the benefits of this method if you do it right. Meaning, you have to go out of your way to learn about your prospects, pinpoint the most opportune time to contact them, and understand how you can interact with them as efficiently as possible. Better yet, you should try to partner with sales software providers that can give you systems through which you can plan your cold calling strategies. This way, you’ll have a better shot at closing deals.
In case you are looking for more insights regarding sales methodologies, feel free to check out our compilation of sales statistics. This should give you a better overview of the trends shaping the industry.
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