In the world of sales, cold calling is still alive and well. According to a study by Rain Group, 57% of C-level buyers actually prefer that salespeople call them.
For many cold calling may be a necessity but certainly isn't one without challenges. Time-consuming cold calling has always been hard, whether it's because of difficulty reaching the right buyers or with reaching key decision-makers. Many of these challenges have been getting tougher as time goes by, but cold calling is still as essential to sales as ever.
In this article, we'll look at what makes cold calls effective and why they're so hard, as well as go over some ways that you can be more efficient and more successful in your cold calling. Since cold calling isn't getting any easier, we'll also look at a key tool that you can potentially make the entire cold calling process 10x easier.
Cold calling defined
To put it simply, cold calling is an unsolicited sales call you direct at a prospect. While the term "cold call" is commonly used, it frequently refers to marketing like emails and social media messages as well as calls.
“Cold” refers to the prospect's pre-existing level of interest and progress in your sales funnel. This "temperature" is commonly used to refer to someone's progress towards a purchase. Whereas leads that have expressed no interest in purchasing may be cold, someone who's filled out a lead generation form could be considered warm. A "hot" customer is coming to you, demanding to buy your product.
Cold calling takes many forms in many industries, but for most organizations, cold calling is the process of finding those leads that can potentially be "heated up" to generate sales.
Pros of cold calling
Cold calling is a time-honored sales method because it has a lot of advantages. With cold calls, you're exposing your brand to the widest possible audience, which includes potential sales that you may miss through other methods.
Cold calls give your team unique advantages in both closing sales and collecting important feedback as well. Cold calling is personal. It puts your sales team in direct connection with a potential buyer so that they can respond better to the needs of each buyer and potentially answer questions and provide information that will move them along your funnel.
Despite the common stereotype of sales calls, a study by the Rain Group found that 51% of business owners would prefer to be contacted by phone rather than other methods like in-person drop-ins. Your salespeople and leads are all busy people. Cold calling can make it simpler to identify leads and check up by phone rather than setting up lengthy sales pitch meetings.
Cons of cold calling
While it's viewed as a nearly essential sales tool, cold calling isn't without its problems and pitfalls. First off, your sales force probably doesn't like it. 63% of salespeople say that cold calling is their least favorite part of their job. For many, calling someone they know nothing about can cause a lot of anxiety, and the best script in the world can't prevent every negative interaction with leads.
The biggest drawback to cold calling, however, is that it's incredibly time-consuming and offers limited success typically. Cold calling is useful, but it's a numbers game. Whether your leads are just averse to speaking to salespeople, you're unable to connect with a key decision-maker, or you have outdated contact info, It's not uncommon for over 90% of cold calls to be ineffective. There has to be a better solution to this inefficiency than cold calling more.
Tired of cold calling?
Repeated failure to close sales during cold calls isn't just inefficient, it's demoralizing and wastes your team's time and efforts. The reason for so many cold calls though is that salespeople are trying to make sales without the right tools to get the job done. Over 40% of sales reps say that they don't have the information they need before making a call, which can cripple their ability to successfully generate sales.
The more your sales team knows about the sale they are trying to make is all the better, and that's where Partnered can help. Using Partnered, your team can come equipped with all the information they need. Additionally, with Partnered you can utilize our collaborative ecosystem to make partnerships and get introductions to key decision-makers that are much more likely sales than your average cold call.
Cold calling takes a lot of time to see results. According to our research, you can save up to 50% of your time by getting critical introductions, recommendations, or helpful tips from your partners.
Give your sales team the right tools
Cold calling isn't easy, and if you aren't giving your salespeople the right tools to be successful, you may just be wasting time. Partnered is the simplest and most effective way to boost your cold calling efficiency by allowing your sales team to reap the rewards of a large strategic alliance partnership. Partnered is a fully automated platform that crunches data from all partners and pushes key insights right into the laps of your sales team, allowing them to save time prospecting and use powerful insights to close more deals in less time.
If you'd like to see how Partnered can help you track your strategic partnerships, eliminate tedious cold outreach, and boost your sales, join us today!