Need a prospecting program for your firm?
Here are some of the questions our clients ask us, with our answers:
Q. How do I know whether cold calling will work for my company?
A. Cold calling works for virtually all products or services especially if you use a targeted list. The real question is, what kind of return on investment will you generate? We believe cold calling is best for repeat purchase products (such as IT support), or high-margin products (such as equipment financing).
Q. How do you find the right prospect list?
A. There are list vendors who can help you with virtually any list. Alternately, if you need a more customized list, there are professionals who can research your prospects for you and create a proprietary list.
Q. How do you identify a qualified prospect?
A. Every company has a different definition of a qualified prospect. You may regard someone who has an interest in your product and wants to learn more about it as a qualified prospect. You might, instead, want to meet with a decision-maker who has an immediate need and a budget for your product. The definition of a qualified prospect very much depends on who tends to buy from you - those that plan ahead, or those that have immediate needs.
Q. When do you know that you've made too many calls to the same prospect?
A. It takes about 6 - 15 "touches" for someone to start working with you. You may be lucky to find someone with a need for your product on the first call, but typically you will face - "send more information," "think it over," and "not at this time." We recommend to continue calling every month or so, until you learn whether there is an interest. Of course, if your prospect says "no," be polite and stop future calling to that company.
Q. Should you leave messages in prospects voicemail boxes?
A. It depends. Some of our clients want prospects to know they've called in order to build name recognition and to create a "warmer" situation for the next call. Others want to save money by avoiding the extra time to leave voicemails.
Q. When would you send a letter before calling a prospect?
A. Sometimes firms like to create some branding prior to making a follow-up call; sometimes the offering is complex and they want to explain it in writing. Whatever the reason, if you send a mailing prior to calling, you must make sure it's memorable and answers "what's in it for me" to the client. The follow-up call is a bit "warmer" after a letter, although we would still consider it a cold call.
Q. Why should I send newsletters?
A. Keeping your name in front of customers and prospects is the best strategy to retain and acquire business. Clients want attention and care. Newsletters are an easy way to provide information about your firm, show your personal side and announce new products and services. If you can, as we do for some clients, hand-write notes onto each newsletter, this adds a personal touch that recipients notice.
Q. Is an email or hard copy newsletter better?
A. Your audience's preference should guide you to that answer. If you are sending to professionals who typically receive information electronically, definitely opt for an email newsletter. If you are sending to consumers who like to read print media, you should consider a printed newsletter.