Cold Calling and Its Success Rates
Before you invest time and energy in any marketing strategy, it’s important you evaluate whether it has the potential to effectively generate leads for your business. While some marketers may suggest that B2B cold calling isn’t worth your time, the statistics say otherwise – here’s why it’s a lead generation strategy worth investing in.
What Is B2B Cold Calling?
Cold calling is when you make an unsolicited outbound call to another business. Chances are, the contact you’re calling doesn’t know much, if anything, about your business.
It’s not the same as a warm call, which is when you call a business that you’ve already connected with and that’s already expressed some interest in your company.
Is B2B Cold Calling Legal?
Yes. According to the Telemarketing Sales Rule (TSR), which is enforced by the Federal Trade Commission (FTC), B2B cold calling is legal.
However, since there’s a chance that less ethical companies may use the B2B loophole to send spam messages or other nuisance correspondence, there are various rules in place to regulate how cold calls can be made, such as:
- Abiding by state-wide “Do Not Call” lists
- Avoiding the use of auto diallers when calling wireless phones
- Following local and state laws regarding B2B cold calling rules
At SalesHive, our professional cold calling service means you won’t need to worry about understanding the complexities of these rules, though. Our experienced team fully understands the legal requirements and complies with them at all times.
B2B cold calling might be legal, but is cold calling still worthwhile? Absolutely – here’s why.
What Do We Know About B2B Cold Calling Success Rates?
There’s a common belief that B2B cold calling is somehow outdated, irrelevant, or simply not useful. However, according to a comprehensive study, at least 27% of sellers are finding success with cold calling, so it’s certainly a lead generation strategy worth exploring. Here’s a breakdown of what we can say about cold calling success rates and how they might affect your business.
Who to Contact By Phone
Callers typically find more success if they reach out to C-level execs rather than directors, with over 50% of C-level buyers happy to talk over the phone. So, do your research and pick the right contact before phoning the business.
To maximize your chances of success, make sure you’re prepared first – 82% of B2B prospects report that callers don’t sound prepared or ready to make the call. And, if you need to leave a voicemail, keep it short and professional. Include the reason for your call to incentivize someone to reach out to you, but be prepared to call again within a day or so.
Length of a Successful Cold Call
Remember, a successful cold call is the opportunity for an informal business meeting. As such, it’s crucial you set aside enough time to give the call your full focus.
The average successful call can run around 55 minutes – if this isn’t something you feel comfortable committing to, our team can help.
It takes, on average, eight attempts to reach a prospect by phone, which isn’t the best use of your team’s time. Spending so long on failed attempts can distort your B2B cold calling success rates, so when you’re tracking progress, focus more on the number of leads you generate once you successfully make contact.
Our team can make up to 400 calls per day for you, which can maximize your chance of reaching a prospect and making a successful connection.
Openness to Meetings
Studies show that at least 69% of B2B buyers will accept your call, if you target the right contacts. What’s more, 82% of B2B buyers are open to accepting meetings proposed by phone call, which suggests that the outreach is worth the effort.
Some marketers will suggest that B2B cold calling is outdated, irrelevant, and a waste of your time. However, when we consider what the statistics are showing us, this assumption is far from true.
At the very least, B2B cold calling should be considered as part of a larger, omnichannel marketing strategy – contact the team at SalesHive to find out more.
What B2B Cold Calling Best Practices Should My Business Follow?
While it’s a good idea to use cold calling as a B2B lead generation strategy, there are some best practices you should follow in order to boost your success rates.
- Time your calls wisely. Avoid Mondays and Fridays, when companies may be dealing with their most pressing issues or trying to wrap up key business goals for the week.
- Target the right contact within the organization. You can do this by performing some research on the company in advance.
- Write a pitch and a script. Show that you understand the prospective client’s business, and focus on how you can help them achieve their goals or solve a problem.
- Give the prospect a chance to ask questions. Make sure you have time to answer queries effectively – don’t give potential clients the impression that you’re rushing them.
The Sales Hive team already understands these best practices and more, so reach out to us if you’re struggling with your own cold calling strategy.
B2B Cold Calling Services from SalesHive
Although it may seem like cold calling is an outdated lead generation tool, this simply isn’t true. In fact, a professional cold call could be the strategy you need to find your next client.
What’s important, though, is that you only contact qualified leads, and you follow cold calling best practices such as using a professional tone and respecting a customer’s decision if they’re not interested in talking this way.
If you’d rather not worry about making cold calls yourself, or if you don’t have the resources to train your team in cold calling techniques, contact SalesHive and ask about our cold calling services.
Don’t settle for poor cold calling numbers – SalesHive clients know they can rely on us to provide them with a dedicated advisor who can make up to 400 calls per day on their behalf.