A cold call is when someone contacts another person, usually by phone, without them expecting it - trying to sell a product or service.
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cold-calling guide to instantly heat up your conversion rates! Cold Calling Overview (Short & Sweet)
Simply put, a cold call is a call made to reach new prospects, much like
cold emailing and social selling, all in pursuit of generating fresh sales leads.
It's a great way to reach many prospects directly - especially those elusive decision-makers.
Cold calling is best employed to sell high-value offers to high-value prospects.
The downside? It's time-consuming, financially demanding and success rates can vary.
Warm Vs Cold Calls
Warm calls engage contacts already familiar, while cold calls tackle new prospects, demanding quick attention and trust-building from scratch.
Is Cold Calling Dead?
Cold calling is far from dead!
70% of sellers connect and arrange meetings using the phone, ranking second only to email. Sellers confirm its necessity, with phone calls to existing clients, past clients, and new contacts ranking among the top five most effective outreach methods. Across industries, C-level and VP buyers, even in tech, prefer the phone (57%). Source - Rain Group Prospecting Myths Is Cold Calling Illegal?
Cold calling isn't illegal, but it's crucial to follow the rules.
Always respect 'Do Not Call registries' and adhere to GDPR and privacy laws.
Transparency is key—share your identity and the reason for your call right away.
Offer recipients easy opt-out choices and keep precise records of consent.
Cold Calling KPIs
Assessing the success of cold calling relies on essential KPIs (Key Performance Indicators) that track effectiveness.
Call Volume: Total calls made. Conversion Rate: Percentage of calls leading to sales or appointments. Call Duration: Average length of calls, indicating engagement. Lead Generation: Number of new prospects. Common Cold Calling Frameworks
When engaging in cold calling, employing effective frameworks can significantly impact the outcome of your call.
They essentially offer you a structured approach to conversing with prospects.
Let's glance over five popular frameworks:
FAB framework emphasizes Features, Advantages, and Benefits.
It highlights the direct value offered by the service or product you're trying to sell.
Use this framework when you're sure there's existing interest in the product, like chasing down competitor clients for example.
OPEN focuses on Observing, Probing, Empathizing, and Notifying - leveraging a more conversational approach.
SCRIPT framework guides through Situation, Complication, Resolution, Implementation, Persuasion, and Transaction.
It provides a comprehensive sales structure.
VALUE emphasizes Validating, Asking, Listening, Understanding, and Executing for a customer-centric approach.
PITCH focuses on Problem identification, Intrigue building, Trust establishment, Clarity in communication, and a smooth Handoff.
This one is great for a seamless conversation flow.
Choosing the right framework often depends on the specific context, target audience, and the product or service being offered.
In today's data-driven age, many companies are adapting these frameworks or creating their own based on past results.
Should You Cold-call?
Ready for cold calling? Check these boxes:
Is your audience receptive to calls? Do you have the tools and team? Can you articulate your pitch over the phone? Does direct communication benefit your sales process? Are you compliant with legal standards? Can it integrate with your strategies? Do you personalize based on data?
If most are 'yes,' it's time!
Explore 10 expert-tested
cold calling tips for a powerful outbound start in 2024!