What does Big Foot and a cold call that works 100% of the time have in common? They’re both a myth!
Whether you’re a sales representative or a business owner, cold calling is an essential part of generating new leads and closing deals. But with so many variables at play, it can be difficult to come up with sure-shot tactics to crack a cold call.
I have gathered the most important cold calling statistics in 2024 to give you a fair idea of what has worked for salespeople. By analyzing data and identifying patterns, we can gain valuable insights into what distinguishes a successful cold call from a dud. In this article, we’ll explore some of the most compelling statistics, including what times of day are most effective, how many attempts it takes to make a successful call, and much more.
So, whether you’re new to cold calling or a seasoned pro looking to up your game, read on to discover the latest insights and trends in the world of cold calling.
Does cold calling still work?
Cold calling can still be an effective way to generate leads and close deals, but it requires a strategic and personalized approach. With the rise of digital communication and social media, people are more wary of unsolicited calls, and sales professionals need to be mindful of that.
However, it is important to remember that cold calling is just one of many tools in a sales professional’s arsenal and should be used in conjunction with other sales and marketing strategies. Take a look at a few stats before you decide to scale up or cut down on your ongoing cold calling efforts.
- Cold calling is 5 to 10 times more successful, at making sales and generating leads, than email marketing (GetVoip)
- Companies that don’t use cold calling as part of their sales strategy grow 42% slower than companies that focus on cold calling. (FinancesOnline)
- Buyers who have been contacted via a cold call are 82% more likely to consent to a meeting. (Selling Signals)
- 57% CEOs and VPs, across all industries, prefer to connect over the phone, even more than directors (51%) and managers (47%). (Klenty Blog)
- The majority of companies and customers believe their use of voice calls will either rise or stay the same in the next 12 months. (Hiya)
If you want to boost your sales and grow your business, then cold calling might just be the strategy you’ve been missing. One of the biggest advantages of cold calling is that it personalizes your interactions with potential buyers. By speaking to someone directly over the phone, you have the opportunity to build a rapport and establish a relationship with them. And as the statistics show, buyers who contact salespeople via cold calls are much more likely to consent to a meeting.
Now that you know that cold calling is still an effective sales channel, let’s look at a few variables that you can optimize while making cold calls.
When is the ideal time to make a cold call?
Timing is crucial when it comes to making a successful cold call. Calling a prospect at the wrong time can lead to frustration, annoyance, and a lost opportunity.
On the other hand, reaching out at the right time can significantly increase the chances of making a connection and closing a deal. You can determine the best time to make a call by taking a few factors into account, such as the prospect’s schedule, industry, and geographic location.
Here are a few points to consider before you schedule your next cold call:
- The ideal time to plan a cold call is on a Wednesday or a Thursday, between 4:00 p.m. and 6:00 p.m. (LeadSquared)
- On the other hand, Monday morning between 6:00 a.m. and 12 p.m. is the worst time to call. (LeadSquared)
- One hour is the ideal amount of time to respond to client questions. Beyond that, there is an 8-fold drop in the likelihood of engaging a lead. (FinancesOnline)
- If you get in touch with a prospect as soon as they get added to your system as a lead, your chances of converting them rise by approximately 400%. (FinancesOnline)
- While making a cold call, salespeople may schedule more appointments by adopting words like “our” (55% increase) and “we” (35% increase). (Klenty Blog)
When it comes to engaging leads, speed is essential. Responding to client questions within an hour is the ideal timeframe. So, make sure to prioritize timely and effective communication with your clients.
As the number of leads and cold calls to be made increase, salespeople struggle to manage so many conversations. LeadSquared can help you simplify this process with its scheduling and reminder system.
Sales reps can also set up automated lead capture forms on the website to collect leads in real time. It ensures reps are notified immediately when a new lead comes in, allowing them to follow up with the prospect quickly.
Now getting to the most crucial variable of your cold call—the script. What you say, and how you say it on a cold call is extremely important. It’s your first impression on your prospects and can highly impact how they will perceive your business.
Here’s a free resource for you if you’re looking for ready-to-use cold calling scripts that’ll help you ace your sales call!
What do prospective buyers feel about cold calling?
Prospective buyers generally have mixed feelings about cold calling. Some may see it as an intrusion into their time and privacy, especially if the call is unsolicited or irrelevant to their needs. On the other hand, others may appreciate the opportunity to learn about new products or services that can help their business.
- 95% of clients feel that the typical salesperson talks too much. Also, 74% of customers claim that they’ll be more likely to make a purchase if a salesperson listens to them. (Selling Signals)
- B2B decision makers believe that salespeople making cold calls are ill-prepared 82% of the time. (LinkedIn)
- 75% of potential customers from different sectors have gone to an event or planned a meeting as a result of unforeseen cold calls. (LinkedIn)
- Prospects who have received cold calls report that the caller came off as pushy 84% of the time. (crunchbase)
- 94% of customers believe that unknown callers may be frauds. (Klenty blog)
Remember that the art of effective sales is all about balance. While it’s important to share information about your product or service, it’s equally important to understand your potential customers. So, make sure to prioritize active listening and ask questions that show you are interested in their needs and concerns.
When it comes to cold calling, preparation is key! They need to do their research and have a clear understanding of the potential customer’s needs before picking up the phone. It is important to strike a balance between being assertive and being respectful of their time and needs.
How to build relationships with prospects through personalization and technology?
Successful cold calling requires careful planning, research, and a personalized approach that addresses the prospect’s specific needs and pain points. In addition, leveraging technology makes cold calling more efficient and effective, such as recording calls for quality audits, or using conversation analytics platforms to analyze calls. Ultimately, the key to successful cold calling is building a relationship of trust and providing value to the prospect, rather than simply selling a product or service. Here are a few statistics that cover a few tips to build relationships with prospects:
- The success rate of calls that included the question “How have you been?” was 6.6 times greater than that of those that did not. (Selling Signals)
- On a cold call, finding a point of commonality with a lead may boost the chance of setting up a second meeting by 70%. (LinkedIn)
- Beginning a cold call by enquiring about the lead’s wellbeing increases your chance of setting up an appointment by 3.4 times. (LinkedIn)
- 93% of the success of a cold call is determined by the tone of your voice. (Close)
- A salesperson needs to make 6 calls in order to close the deal. If there are fewer, salesmen might not be able to cover enough land. In addition, there are decreasing returns on further time and effort. (Resourceful Selling)
Show genuine interest in the person you’re speaking with by starting with a simple question like “How have you been?” This can significantly increase your chances of success.
Find a point of commonality with your lead, such as a shared interest or experience, to create a sense of trust and familiarity that can make them more likely to continue the conversation.
Remember that your tone of voice can convey confidence, sincerity, and enthusiasm or boredom, disinterest, and hostility. Speak clearly, confidently, and with a smile on your face to establish a positive connection with your lead and set the tone for a successful conversation.
Consider using a CRM to personalize your first contact with a prospect by tracking their previous activities and interests. This information allows you to tailor your approach and message, which can make it easier to connect with the prospect and increase your chances of success.
Building trust is essential for successful cold calling, and in order to do so, sales professionals should follow these few essential cold calling tips.
6 essential cold calling tips for sales professionals
Cold calling can be a challenging and daunting task for many sales professionals. However, with the right approach and tools, it can be an effective way to generate leads and close deals.
You can also check out our recent cold calling webinar video to learn more about effective cold calling techniques and strategies from industry experts.
Here are six important things to keep in mind while making a cold call, along with how technology can help in cold calling:
- Prepare for the call: Research the prospect beforehand, understand their business needs, and tailor your pitch accordingly. Use tools like LinkedIn, company websites, and other online resources to gather as much information as possible.
- Create a script: While you don’t want to sound robotic, having a cold calling script can help you stay on track and ensure that you cover all the necessary points. Tools like Turtl, a sales enablement platform, can help you create engaging and interactive sales content that you can use as a script.
- Make a strong first impression: The first few seconds of a cold call are crucial in establishing a connection with the prospect. Use tools like Gong, a conversation analytics platform, to analyze your calls and identify areas for improvement in making a strong first impression.
- Listen actively: Listening to your prospect’s needs and pain points is critical in understanding their business and how you can help. Use tools like Chorus, an AI-powered conversation intelligence platform, to transcribe and analyze your calls for key insights.
- Overcome objections: Prospects will likely have objections and questions about your product or service. Use tools like ClearSlide, a sales engagement platform, to create and share relevant content that addresses their objections and concerns.
- Follow up: After the call, follow up with a personalized email or a social media message. Use tools like LeadSquared, a customer relationship management platform, to automate your follow-up process and ensure that you stay on top of your leads.
Technology can help in making cold calling more effective and efficient by providing tools for research, creating engaging content, analyzing conversations, overcoming objections, and automating follow-ups. However, it is important to remember that technology is only a tool and that the human touch is still essential in building relationships and closing deals.
Closing remark
Armed with the right statistics and strategies, you can turn cold calling into a powerful tool for generating leads and more closing deals. And with the help of sales enablement platforms like LeadSquared, you can make your cold calling process even more efficient and effective. Don’t let the fear of cold calling hold you back and sign up for LeadSquared today to turn cold leads into hot prospects.
