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Cold calling is a sales strategy that involves phoning a potential customer unsolicited in the hopes of getting them to buy your goods or services. Granted, cold calling isn't always the most popular of sales strategies with recipients, but if done correctly, it can absolutely provide you with another avenue to revenue.
In this guide, we'll show you some cold calling statistics that demonstrate the value and limitations of the strategy, as well as success rates, conversion rates, and best practices for cold calling potential clients and customers.
Top Cold Calling Statistics
Before we explore every angle of this arguably-controversial strategy, here are some of the most useful cold calling statistics:
- 82% of buyers accept meetings with sellers who cold call. (Rain Sale Training)
- Organizations who believed that cold calling is no longer effective experienced 42% less growth than those who believed otherwise. (Finances Online)
- 57% of C-level buyers prefer that salespeople call them. (ResourcefulSelling)
- The most successful sales prospecting calls average 14.3 minutes in length. (Revenue.io)
- 18% of cold calls become high-quality leads. (Finances Online)
As you can see from these stats, there are some positive reasons why you might want to try more cold calling as part of your business strategy. But let's dive a little deeper, to get the full story.
Cold Calling Success Rates
The success rate for cold calling is pretty low, with only 2% of cold calls actually reaching their desired target. However, there are a few ways to make that 2% work for you and your business.
How many cold calls should be made a day?
Cold callers are encouraged to take a quantity over quality strategy to optimize that 2% as much as possible. As a result, studies show that the average salesperson is making 33 calls per day, and it takes approximately eight calls before they reached a prospective customer.
How long should each call be?
If you really want to be successful when it comes to cold calling, you have to be a bit strategic. According to research, the most successful sales prospecting calls last on average 14.3 minutes, so try to aim for that range when talking to potential customers.
Studies have also found that there are good and bad times of day to call to increase your chances of a success call. The best times to call are 11am-12pm and 4pm-5pm, while the worst times to call are 7am-8am and 1pm-2pm.
How often should you follow up a cold call?
First time is not the charm when it comes to cold calling, despite 40% of agents giving up after the first call. The reality is that you have a much better chance of converting a cold call if you're willing to follow up — and you're going to have to do it a few times to get a response. In fact, studies show that there is an increase in success when making at least 6 cold calls.
Cold Calling Conversion Rates
Yes, the average 2% success rate for cold calling is quite low. However, if you can commit the time to reaching as many leads as possible, and following up, you might be able to beat those stats, and depending on the value of each sale, it might be worth your time.
For starters, 82% of buyers say they've accepted a meeting that started with a cold call — which should inspire confidence for those getting bogged down by the arduous task. Even better, 18% of cold calls reportedly become high quality leads, so there is a light at the end of the tunnel. Perhaps your techniques can convert more than 2% into real sales?
As for how to ensure your calls are converting, studies have shown that 42% of buyers value active listening the most, so don't just stick to the script when cold calling potential clients. Additionally, 93% of the success of cold calls relies on the attitude of the caller, so make sure you aren't taking out your workday frustrations on your potential customers.
Best Practices for Cold Calling
If you think cold calling is a sales strategy that could benefit your business, the key to your success will be in getting those calls right. The only way to truly take advantage of the gains associated with cold calling is to follow some best practices.
Be personable
Considering the number of cold calls the average sales representative is taking, it can be easy to forget that both parties on the line are actually human beings. The best way to ensure your cold call is worth the time is by actively listening, and making genuine conversation with your potential customer, and that can come in many forms.
For starters, the language you choose is very important. Studies found that opening with the common phrase, “Is this a good time?” was 6.6 times less effective than starting with a simple, “How have you been?”
Don't hesitate
“He who hesitates is lost”, particularly when it comes to cold calling. In fact, sales reps that contact a lead minutes after receiving it have an almost 400% better conversion rate, so make sure you don't take your time when it comes to reaching out to potential customers.
Leave a message
In the modern era, more than 94% of calls from unknown numbers are going to voicemail. While many sales reps may think that means you've missed out on a sale, the reality is that a well-crafted, confidently-delivered message can improve the chance of converting by up to 22%.
Verdict: Should Your Strategize for Cold Calling?
As you can tell, there are clearly some benefits to cold calling as a sales strategy. From higher-than-expected conversion rates to the potential for high quality leads, your business should at least consider it if you're looking to branch out and explore new ways to attract customers. Make sure you know the rules in your country, though, as the UK has recently cracked down on cold calling and text scams when it comes to financial products.
Still, you need to remember how important best practices are to the success of a cold calling campaign. Considering the success rate for cold calling is quite low, following the steps we've laid out in this guide could be the difference between a new revenue stream and a lot of wasted money.
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