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May
06
2010

Cold calling ... for the first time in 10 years

BY Peter Cook IN salesmarketing

A couple of days ago I got on the phone and did some cold calling for the first time in 10 years (cold calling is ringing up someone out of the phone book that doesn't know you from a bar of soap). The last time I cold called was when I was just starting out as a business coach - and the results back then were nothing to write home about. In fact I think over six months of fairly consistent cold calling I didn't get a single client. Since then I've been in the fortunate position of getting enough business coaching clients through referrals, so it's been a while (which is lucky really, because I if I was relying on my cold calling skills I think I'd be on the street by now).

You are probably thinking "what on earth prompted you do that again?"

Good question. Most people would prefer to do just about anything other than cold call.

In a couple of weeks I'm launching a new business - Pure Bookkeeping. It's a partnership with my bookkeeper, client and friend Debbie Roberts. We've been working together for 8 years, and in that time Debbie has grown from a sole trader to a team of 12 bookkeepers, doubled what she charges, and created the best system in the industry. So we're starting a business teaching other bookkeepers how to grow their businesses, and selling the systems that have been so successful for Debbie.

But I don't know that many bookkeepers apart from Debbie, so to get a room full of bookkeepers it was time to smile and dial, as they say. On Tuesday I had my first session of calls. I gave myself one hour, and in that time I made six calls. My thinking was that to get 1 person to come to our seminar I'd need to speak to 4 people (and it would probably take 10 calls to get onto 4 people). Of the four, one person would basically hang up on me, one person wouldn't be interested, one person would be busy on the night and I'd make one sale. So how did I go?

In a word, unbelievable.

I spoke to 2 people and left 4 messages. Both the people I spoke to are coming, one is bringing a colleague, and one gave me the name and number of someone else I should invite (who is also coming now). Later that day 2 of the people I left messages for called back, both are coming and one is bringing her business partner. The end result - made 6 calls, spoke to 4 people, and have 7 people registered and paid. Not a single no - as I said, unbelievable.

I thought it would be useful to identify what I think made it so successful. Here are my thoughts:

  • Credibility. I started by asking if they had heard of Debbie Roberts from BACS Bookkeeping? I was her business coach and had been working with her for 8 years, and over that time she had grown to a team of 12 and doubled what she charged. Immediately I had some credibility.
  • Talked to their need. I then said we are launching a new business aimed at helping bookkeepers grow their business. Most bookkeepers are interested in growing their offer.
  • Had a great offer. I'm calling to invite you to a seminar that we are running on the 19th of May on The Seven Secrets of Growing Your Bookkeeping Business. Do you have a couple of minutes now for me to tell you about it.
  • Preparation. I'd looked at their website, and knew a bit about them and their business.
  • Confidence. I know that our seminar will be great, and if they're looking to grow their business they would get great value out of it. I'm doing them a favour by letting them know about it.
I'd love to hear about your experiences with cold calling - whether they are closer to my first attempt (a big donut over six months) or my more recent efforts.

Oh, and if you know a good bookkeeper who is looking to grow their business, I'd love an introduction. Thanks.  

7 comments
May 06
2010

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Brilliant, Peter.

And I had one big hope that when I got to the page after ' ...... don't leave me hanging ......' I'd see a new picture (one of YOU). But no, our bearded guy (we know not who) is still there!

After the cold call success I reckon we should see a picture with a phone just to remind us.

And not only are the takeaways here really great ? how many people do you know in your 'position' who'd actually get on the phone like that.

As I said, BRILLIANT. Now ...... that photo .........
May 06
2010

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Alright, alright ... I surrender! Mike, can we get a photo of me up on the front page, and get Paul off my back?
May 06
2010

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Whoo hoo...at last the clean faced Peter will show himself, stay tuned for the unveiling... Remember Peter, only last week we said we have kept your blog above others because of your down to earth earth stories we could relate to...let's face it the least we could have is a face off!...
Congrats on the cold calls...I bet they can't wait to see your face at the workshop!...
May 06
2010

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Congratulations Pete - good on you!!
Pete, I do quite a lot of this work for my clients and I LOVE IT!! Here are a few tips I've learn't along the way. Here's the thing I always say - if you have a telemarketing conversation you get a telemarketing result. If you have a business conversation - you'll get a business result. Pure and Simple. If you think of it as cold calling - chances are....you will have a Cold Call! Think of it as a business development call and chances are ...you will Develop Business!! Always remember - People don't like to be sold - People like to buy. A lot of people think don't think of this as very sexy work however it's one of the most needed and wanted skill sets, utilised by almost every business and it's the front end of the sales cycle/ sales funnel/ sales pipeline. It's called having a Conversation. Here's the thing - pay a low rate and get an unskilled person to perform this role without any awareness of how important the front end of the sales cycle is and it's no surprise how often people say things don't work. Pay $$$$ Put a sales/ business development manager on the line standing inside spending key prep time getting very clear on target audiences, key messages, clarity around the offer and desired outcome - stand it all inside a Conversation (NB not processed words) and you'll get a great result. After all - this is the first interaction a company has with you. I design information to ensure every step in the demand generation process is part of a greater corporate communications strategy. This is a key tactic inside a strategic go-to-market strategy. The other key tip is Know Your Numbers - all of them. Just like anything in life there are "batting" ratios. Usually every 12-15 will move 3-4 to next stage resulting in one sale. Lead generation and the Sales Funnel is just like our own personal healthy living. Put junk food in at the top of end of your own personal funnel - AKA your mouth!! - And your waistline, thighs and cellulite will speak for themselves!! . Put high quality (pre qualified and/or targeted/cheery picked market segment leads) in the top end of the funnel and know your sales cycle and your buyers journey and the odds are a higher quality result of interest, appointment secured and business gets developed, sales made, repeated and the cycle continues. Just today one of my clients - a catering business - was thrilled with a result. She has a good business and in Jim Collins words is looking to take her "good business and make it great". Amongst other things I have been doing some business development for her, contacting her target market and making appointments for the caterer to personally go and met her potential clients, take samples of her delicious wares and create a background of relatedness. 47 calls to get to speak to the key player resulted in 42 appointments secured. Orders are now coming in, some immediately ie within hours of the appointment - such as today. The caterers return on investment for travel time to and from the city plus a 30 minute meeting this morning, some yummy samples for 3 resulted in an order 6 hours later for catering for morning and afternoon tea plus lunch for a meeting for 50 people with the new client asking if it was ok if she could increase the numbers next week!!. Top end of Collins Street Consulting Company, Southbank IT Company or a suburban catering company all have the same need - to communicate, connect and engage with their previous, current and future marketplace. As you said Pete, build credibility, talk to their need, have a compelling offer, prepare like a landscape gardener - (what are you building and designing?) mix with confidence and Voila!! You?ve just become the person everyone wants to speak to!!
Footnote: Here's the key - once you do it and get it working - REPEAT IT!! A lot of people will say the key is Taking Action. The key really is Momentum. And here?s the real tip - the key to momentum is rhythm. Keep building the top end of your sales funnel so that the bottom end is like a dripping tap... rather than a flood of leads/ opportunities and not being able to handle them and sales missed - or alternatively not enough opportunities created have create a rhythmic momentum with you sales funnel and create a flow of leads, opportunities you can handle and watch your money tree grow!!!
May 06
2010

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Yes! ... and can it be a REAL photo of you? As much as I love the painting of you in your FB profile... I think the REAL you is a great idea... say 'cheeeeeeeeeese'
;-)
May 06
2010

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I had great success at cold calling when I first started my business. I used to research 10 businesses each week and find out who to talk to. I would then send a scripted email explaining how I could help their business and gave examples and I would send the emails out late on a Friday afternoon so they would be in their inbox on Monday morning. I would then do the follow up phone call on Wednesday morning. This gave them time to read the email and digest the content.

Out of every 10 cold call I made I received two appointments and out of two appointments I converted one sale. 1 -10 ratio per week.... Great results in cold calling.
May 07
2010

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Well done Pete.

I think it shows the difference between cold calling and cold calling to a specifc market.

Congrats ;-)

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