If you’ve been in marketing or sales for more than a decade, you’ve probably heard the phrase “cold calling is dead.”
This is, in fact, one of the most well-known statements in the industry. Despite this, many of the most successful companies are still cold calling in 2022, and they aren’t going away anytime soon.
Why? Is cold calling still a viable option? Is it still a feasible method of connecting with B2B buyers in the digital era, both now and in the future?
We will meticulously answer all of these questions, as well as many more, in our comprehensive guide to resolving the riddle of cold calling.
Must Read: Account based marketing tactics in 2023
What Is The Definition Of Cold Calling?
Cold calling is a prospecting method used in B2B outbound marketing to initiate business interactions with decision-makers over the phone. The idea is to create awareness and, eventually, set up an appointment with the right person.
The origins of cold calling may be traced back to door-to-door sales. It was first formally documented in 1873, by Henry Patterson, creator of the National Cash Register Corporation.
The core concepts of cold calling haven’t altered since Patterson, according to Cargill Consulting Group. Cold calling’s three primary pillars demand that the seller:
- Arrange direct contact with prospect
- Prove that their company’s process can be improved for the better
- Demonstrate that your product is capable of making it happen
However, there have been some adjustments. Technology, communication channels, supporting systems, and diverse aims have all influenced how cold calling is done today.
Cold calling used to be all about closing transactions. It is now utilised to identify eligible potential clients and initiate dialogues at the very top of the sales funnel, with longer sales cycles and more decision-makers participating in a single transaction.
Is Cold Calling A Thing Of The Past?
It is if you can’t do it efficiently. The Rain Group analyzed 488 B2B customers and 489 vendors in 2018 and discovered some interesting statistics:
These figures show that it is still alive.
So, why does the idea that “cold calling is dead” persist? Because a lot of cold calls aren’t well-informed, motivated, or persistent. Velocify discovered that it takes an average of six cold calls to clinch a sale with a single prospect. Meanwhile, just 50% of decision-makers receive a follow-up call, according to this survey. According to ZoomInfo, 50% of purchases occurs after the fifth touch, whereas most salespeople stop up after the second.
Chorus discovered that it took 106 dials to convert a single meeting in a sample of over 5 million calls. Only 27% of those dials really connect, for what it’s worth. So, out of 29 connected calls, you have a 1 in 29 probability of converting 1 meeting.
Given such statistics, it is reasonable to declare that cold calling is not extinct, but it is difficult yet worthwhile for gaining new business. That is, at least, what research claims.
The words “cold calling” and “telemarketing” are sometimes used interchangeably. This, however, is incorrect. Cold calling is an unsolicited engagement with the goal of selling a product or service, according to Chron. Telemarketing is a broader term that denotes any contact with potential customers, while cold calling is an unsolicited engagement with the goal of selling a product or service. Both tactics use the same communication channel, however telemarketing usually refers to a larger, B2C approach, whereas cold calling is reserved for a more targeted, B2B approach.
There are calls that are cold and ones that are warm. A warm call is any phone contact with a potential consumer who has previously been reached, according to Investopedia. In other words, the first touch in a multichannel sequence would be chilly, followed by the second, third, fourth, and so on.
Cold Calling and Cold Emailing: A Sizzling Combo
A cold email is a mail sent to a recipient without any prior contact in order to initiate business dialogues.
Do you have to pick between making cold calls and sending cold emails? You don’t have it. We feel that the optimal resources-to-efficiency ratio for B2B is a combination of email sequences and phone conversations. If you use both and leave one channel out of the outreach mix, you risk losing up to 98 percent of your response rate, according to SalesLoft. A multichannel outbound approach is a golden ticket to sales success in the new decade.
To Call Or Not To Call – That Is The Question!
You may specify a variety of goals for your cold calls, ranging from gathering sales information to building corporate recognition. Cold calling goals, like all roads lead to Rome, boil down to one thing: setting up a meeting between a qualified prospect and a sales manager who can then clinch the transaction.
It would be very optimistic to expect a sale after just one contact. While it’s conceivable, the cold call is more likely to initiate subsequent discussion. Cold calling is an excellent way to initiate a business discussion and schedule an appointment with a sales representative.
These are the key goals of modern cold calling:
- Collecting Sales Intel and market feedback
- Qualifying Leads (Marketing qualified and Sales qualified)
- Setting Appointments
- Increasing company and product awareness
- Generating value for potential customers
Cold calling is a powerful outreach strategy that may help you connect with the organization you want to work with and turn them into customers. A multichannel outreach strategy, an Ideal Customer Profile, a great content writer, an accurate B2B list of leads, a dedicated and well-trained SDR, a bunch of software tools, a good script, an experienced manager to oversee implementation, and a lot of persistence and patience are all required to succeed in cold calling.
You can also employ Only-B2B and delegate all actions for your cold calling success to us.
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Vikas Bhatt is the Co-Founder of ONLY B2B, a premium B2B lead generation company that specializes in helping businesses achieve their growth objectives through targeted marketing & sales campaigns. With 10+ years of experience in the industry, Vikas has a deep understanding of the challenges faced by businesses today and has developed a unique approach to lead generation that has helped clients across a range of industries around the globe. As a thought leader in the B2B marketing community, ONLY B2B specializes in demand generation, content syndication, database services and more.