Cold calling is one of the most versatile and effective sources of acquiring prospective customers and can produce results for almost any firm—from healthcare to technology.
Before you launch a cold calling program, consider this perceived barrier to success.
Perceived Barrier: B2B Cold Calling is Telemarketing
This is the main reason most people do not cold call. They equate B2B cold calling to consumer telemarketing—those bothersome, unwanted calls that interrupt our day. The fear of interrupting someone overwhelms them.
While the similarities are obvious, the programs are different. If your mindset is that B2B cold calling is identical to consumer telemarketing, you will never succeed. Your callers will sound like telemarketers, and the prospects you call will treat them as such.
Stop right now. Cold calling will not work with the mental barrier you have established.
Cold calling is an opportunity to present information to individuals who don’t have access to it. It provides real solutions to actual business challenges. This is the belief successful callers have when they make cold calls. Prospects can hear it in their voices and respond positively.
Real Barriers to Success
Now let’s discuss the actual barriers you should address. These barriers stand between success and failure.
Barrier #1: B2B cold calling is expensive.
B2B cold calling is labor intensive, which makes it costly. There are few economies of scale. Finding prospects through cold calling is more costly than finding prospects through referral partners or from your website. But you are connecting with companies that otherwise would not have been aware of your services.
Barrier #2: Cold calling can be risky.
As with all marketing campaigns, cold calling also requires an appetite for risk. You will not know in the beginning whether your cold calling program will be successful.
Barrier #3: Results are inconsistent.
Even when cold calling programs are successful, the results are inconsistent. You can generate 10 excellent opportunities this month and two opportunities next month. Firms that succeed with cold calling generally make long-term commitments and view results over extended time periods. The program must also be periodically reviewed to make subtle changes to ensure success.
Barrier #4: Cold calling leads must be nurtured.
Prospects who originate from a cold calling campaign typically require extensive cultivation by skilled sales people. Don’t mistake leads identified through cold calling for warm leads.
Is Cold Calling Worth the Investment?
Successful cold calling requires a bigger financial investment than you may think, a willingness to take risks, a long-term outlook, and strong sales skills—four ingredients many companies don’t have or cannot afford. If your firm can’t commit to these four things, cold calling is not for you.
If you can make these commitments, cold calling may be one of your best sources to uncover ‘hard-to-find’ prospects before your competitors do. It may be one of your biggest competitive advantages and a substantial source of new leads. Your investment can help you grow your business every day, and you’ll wish you had addressed your barriers sooner.
We’ve seen companies earn returns on their cold calling efforts that outpace the investments they made. If you are interested in learning more about cold calling and whether it’s right for your company, reach out to schedule a call with our team.