Let’s talk about cold calling and, more importantly, converting those calls into meetings. That is the objective of every call.
An Experiment In Cold Calling And Conversion Statistics | The Art of Making Cold Calls
How We Started Cold Calling
Specifically, I want to compare pure cold calling to campaign-based calling. We performed a couple of studies.
First, we looked at our Massimo members, our coaching clients, to see how they were converting meetings. Then we internally performed a pure cold call campaign. My team and I start making blind calls to commercial real estate brokers and agents, trying to share with them our value proposition and why they want to meet with us to certainly grow their business. We recognized that this wasn’t a fully controlled comparison, as I would hope. What we were delivering while making cold calls is much more effective than the usual cold call. Why? Because this is what we coach. In other words, our “cold call” efforts are likely more effective than the average commercial real estate agent’s.
- When we cold called internally, our team calling a blind list of CRE professionals who may or may not have any idea who we are and what we do, we were able to connect, just connect (calls dialed compared to conversations completed) 10% percent of the time.
- A sample of our members, our coaching clients, who used a campaign-based approach to get in front of their prospects, connected over 30% of the time.
- Thus, based on these samples, having an integrated prospecting campaign outperformed the cold calling approach by 3X.
Cold Call Testing
Now let’s talk about once we get on the phone to get them to a meeting during our tests. We had a thousand calls last week in a cold calling service approach.
- When cold calling, and again, I would hope our internal results will be better than average because of what we do, we were able to move 13% of those conversations completed to a meeting. Note, everything I read suggests that in a cold call, a true cold call, you’re going to move less than 10% to a meeting.
- With our same sample of coaching clients who are applying a campaign-based approach, inclusive of the strong opening statement, and an alluring value proposition, plus much more, the conversion rate of call to meeting ranges from 18% to 20%.
Here are the results of our prospecting experiment:
- The number of connections increased 3x when applying a campaign-based approach.
- The number of meetings secured increased almost 2x when applying a campaign-based approach.
- The combination of connections and conversions shows a 6x multiple when applying a campaign-based approach over cold calling.
Challenges for You
This week I am going to challenge you before you pick up the phone:
- Do you know what you’re going to say?
- Do you know who you are calling?
- Do they know why you’re calling?
- Can you articulate the value to them and can you move them to a meeting?
Learn more about converting cold calling into actual sales with this video to help your challenge:
It’s important to convert calls to meetings, that’s why we conducted this study on cold calling and campaign-based calling. Give this campaign a try and see if cold calling lead generation works for you.
Do you know the difference between cold calling and campaign-based, targeted prospecting? The difference is huge. In this 3-part Mini-Course Rod will take you through the exact pieces needed to create a prospecting campaign that will: target your ideal prospects, warm them up before the call, and give you the best chance to win their business! You can watch the mini-course here.