Of the many growth strategies available, finding new customers for your products and services is an essential core competency. The key ingredient is lead generation—finding suspects who might have a need. There are lots of ways—networking, direct mail, telemarketing, advertising, industry events, speaking opportunities, referral sources, search engine optimization, social networking, door-to-door discovery calls—it’s a long list.
Then there’s the least favorite of most sales people—the dreaded cold call. It doesn’t have to be that way. Typical cold calling, where you just dial up someone who doesn’t know you on the phone, isn’t very rewarding or very effective.
A new book, Predictable Revenue, by Aaron Ross and Marylou Tyler, is the “how-to” guide to Cold Calling 2.0. What’s the secret? An intentional strategy to turn cold “suspects” into warm prospects; away to introduce yourself and become familiar to the prospect, perhaps over several months, before you make that phone call.
You know what? This works. I’ve been experimenting with Cold Calling 2.0 principles for several months, and it’s working for me. Here are the basics:
1. Start with a List. There are lots of sources of inexpensive lists—InfoUsa.com, Hoovers, Dun & Bradstreet, OneSource, etc. You can slice and dice these lists by geography, business type, business size, contact title, etc., and then buy just the names you want. This is admittedly the weakest part of this strategy. From personal experience, I can tell you these lists are lousy (and that’s generous). If you’re in a vertical market where you can get lists from a trade association, that’s a great place to start.
2. Validate the List. Read the “Cold Calling 2.0” chapter. Put a three-to-four sentence email together that simply states who you’re looking for and why, then asks “Would you have an interest,” and “Are you the right person?” This is not a pitch, not an introduction—just a request for help or information. If you don’t have an email address or don’t know the prospect’s name for sure, call and ask whoever answers the phone. You’ll be surprised at how easy this is. Just ask.
3. Update the List. You’ll hear from a few that they have an interest. Those go into your CRM as new Prospects (upgraded from “Suspect”). Drop any who say they don’t—don’t bother them again. This is a numbers game. Just move on to the next one.
4. Drip Marketing. If you don’t have a monthly e-newsletter of ideas that are useful to prospects, create one ASAP. Start sending this to your updated list. The idea is to start a conversation, even if it’s electronic at first.
5. Re-Email Non-Responders. About every six to eight weeks, re-send your “Step 2” email to those who haven’t responded (haven’t said they are or aren’t interested). Remember, this is email, and lots of people will miss it on any given send. This is a numbers game, and you’re working the Law of Averages.
This is just a thumbnail sketch on Cold Calling 2.0, and it includes some of my own experience as far as what works for me. Your mileage may vary. You may fi nd ideas in the book that are different from mine, so try it both ways.
Next month— “How to Improve Your Hit Ratio on Prospecting Phone Calls by Three to Four Times”
