Cold calling might not be as popular as it once was, but it still works. Calling up potential customers to sell them goods and services stands out these days—but how can you make cold calling more effective? These cold calling statistics will help you determine whether cold calling is right for you and how to best refine your strategy.
From cold calling success rates to how many cold calls it takes to make a sale, the following statistics should be enlightening for businesses and marketers.
1. 82% of buyers accept meetings with salespeople who cold call them
If you want to get a potential client’s attention, cold calling is one of the best ways to do so. 82%of buyers at least agree to an initial meeting with salespeople who cold call them. In fact, 71%of customers want to hear from a salesperson early on in the process—a good reminder to reach out and make those meetings count.
2. Over 30% of leads never receive a call after initial contact
When someone expresses interest in your company, it’s important to follow through. Over 30%of leads say that they never receive a call after making initial contact. That’s a large untapped market. Be sure to follow up on your leads as soon as possible. It’s a prime opportunity to guide people toward your product or service.
3. Sales reps who make several calls increase conversion rates by 70%
Persistence pays off. When sales reps make several calls to a lead, their conversion rates go up by 70%. That’s not to say you should pester potential clients, but don’t fall into the trap of giving up too soon. When you follow up with interested clients, one to three more calls could help you turn them into paying customers.
4. 57% of executive-level buyers prefer to be contacted by phone
This one might shock you, especially if you fall into the phone-averse camp: 57% of executive-level buyers actually prefer to be contacted by phone, and 69% of buyers say they’ve accepted cold calls from new providers. That’s a great reason to brush up on your cold calling skills and stay persistent—you might be much closer to closing a sale than you think.
5. 79% of unidentified calls go unanswered
Caller ID has changed the way we answer the phone. More precisely, it changed whether we actually answer the phone at all—79% of unidentified calls go unanswered, and 92% of consumers think that unidentified calls are probably fraud. This is a good reminder to make sure that your caller ID states your business name. It’s also more evidence that the initial cold call may not work. Keep persisting, and leave voicemails. A new sale might be as simple as ensuring the customer knows you’re from a legitimate business.
6. The best time to call is in the last hour of the workday
When you call prospects matters, too. Studies have shown that the best time to call new prospects is in the last hour of the workday. That’s usually 4pm to 5pm for most workers, when they’re just wrapping up their projects and waiting to head home. Make sure you take time zones into account.
7. The most successful cold calls have 65% more “we” statements
Successful cold calls explain what kind of product or service they’re offering and why it can benefit the buyer. A survey revealed that the most successful calls have 65% more “we” statements than unsuccessful calls. Furthermore, when you open your call with, “Hi, how’s it going?” the customer is more likely to accept a meeting with you. On the other hand, if you ask, “Is now a bad time?” you’re 40% less likely to book a meeting.
8. Calls that mention a common connection are 70% more likely to schedule a meeting
Research counts. When you mention a common connection during a cold call, the buyer is 70% more likely to request a meeting with you. It helps to quickly establish common ground and trust—if your common connection trusts your services, this new buyer may as well.
9. It takes an average of 6 calls to win a sale
When you’re calling prospects, it can take a while to reach a real human. It takes about eight calls to reach someone. Once you’re talking to an authorized decision maker, it takes six more calls to make a sale. That’s why it’s so important to do your research ahead of time and keep persisting. The average salesperson spends at least six hours per week researching contacts. If you’re giving up after a few calls, you’re missing out on sales opportunities you could have otherwise closed.
10. Discussing pricing on the first call increases conversion rates by 10%
Don’t shy away from talking cold, hard cash. Some sellers assume that they’ll scare off customers by talking about pricing on the initial call. In reality, it actually increases your win rate by 10%. By giving the potential client all the most pertinent details, they’ll have what they need to make a decision. It also ensures that you don’t give the impression you’re hiding the cost.
11. Successful calls have a longer monologue duration
You might assume that potential buyers want short, sweet calls, but the reverse is true. The longer your initial monologue, the more likely you’ll be to set a meeting or win a sale. A baseline monologue is about 25 seconds—but a successful monologue is 37 seconds. Your initial monologue should cover your name, your company’s name, specific products and services, and how you can help this potential client. This is where your six weekly hours of research come in: it’s your best opportunity to establish yourselves as the solution to their problems.
12. The worst time to call is on Friday afternoon
Just as there’s a best time to call potential customers, there’s also a worst time. Friday afternoons are the exception to the “last hour of the workday” statistics, for obvious reasons. No one wants to discuss sales when they’re just minutes away from the weekend. Stick to Wednesdays and Thursdays for the best chance of success.
Support your business with NorthOne’s banking services
Finding and cold calling customers should be easier, now that you know these cold calling statistics. While many sellers dread cold calling, it can be an extremely effective sales technique. And don’t forget to pair your new cold calling knowledge with an excellent small business bank! NorthOne’s small business banking services are designed to support smaller companies, whether you’re an independent contractor or a well-established force in the community. Learn more about our services and sign up for your account when you visit our website today.