New customer acquisition is vital to the long-term viability of any business. Cold calling is the most inefficient and ineffective means to that end. Friends don't let friends cold call. There are better ways.
The unfortunate truth in business is that one day your best customer will call you and say, "Budgets have been cut. I'm sorry." Or, "We are being squeezed. We need deeper discounts from you." The astute sales leader prepares for this.
Cold calling is the traditional, and worst, "go-to" method for finding new paying customers. It is highly inefficient. A sales leader once told me proudly of his sales charge who had made 400 cold calls in a three-month period, and garnered [only] 20 appointments. Don't let this be you!
It is also as ineffective as it is inefficient. The chances of finding a person with the type of need(s) you can fulfill at the moment you call are miniscule. Many dials are required to counter these odds. As such, the return on time invested is very low.
Cold calling is a very taxing activity as well. It exacts its pound of flesh from the poor soul tasked with it. It is rife with rejection and frustration, and the emotional capital spent in its pursuit is simply not worth it. Your team will leave the endeavour deflated and discouraged.
Cold callers unite, and abandon this fruitless practice! There are several more effective and efficient options available to you.
Centre-of-influence business development is one. Have your team identify the warmest senior-level relationships that exist within their top 10, 20 or 30 accounts. Meet with those senior folks for the sole purpose of discussing joint business development opportunities.
Ask those senior contacts two questions. First, "How might we be able to help you develop/grow your business?" Brainstorm ways your company can help them find new customers or revenue-generating opportunities. Then ask, "Is there anyone you can connect us with that may have a need for our products/services?" This is a healthy quid pro quo/win-win approach.
A second way to find new customers is by looking for hubs. A hub is a place where your customers congregate — industry associations and the like. Become a member. Attend the meetings, and set a goal of giving out 20 of your business cards and getting 20 members' cards back at each. Get on the association's committees and boards. Get involved, get visible and get customers.
Networking groups are an excellent option, too. These folks are falling all over themselves trying to refer business to each other. Get in the fray. Find an existing group and attend their breakfast meetings. Better yet, build your own group. Invite people you can help, and who can help you in return.
Public speaking is the most effective alternative to cold calling. Not for the faint of heart, it requires the wherewithal to stand and deliver. But there is simply no better way to showcase your expertise and capabilities than to address an audience on their turf talking about their issues. Four hundred cold calls versus a captive audience of 400 of your target customers hanging on your every word? The choice is simple.
Consider your business to be a table. It needs many legs (customers) beneath it to remain stable in rocky times. Have your team in continuous new customer acquisition mode, using productive methods that do not include cold calling.
