What is Cold Calling 2.0 & How does Cold Calling 2.0 Work?
Above you can find steps in Cold Calling 2.0 process.
We will discuss each step in detail.
This step is typically adopted by experienced sales people & neglected by amateur salespeople. Customer profiling come in two forms: Profiling the business you want to target & profiling the contacts you want to get in touch inside the business.
Going after anybody & everybody is not a good sales strategy in terms of utilization of resources and ROI for the efforts your team puts.
Focus on a homogenous segment which has similar characteristics like size, revenues, geography etc. They might be similar in either all or some of the characteristics.
Focusing on a homogenous segment will help you in:
- Understanding their thought process & what gets their attention in terms of messaging or proposal.
- Speaking their language which will improve conversion rates
- Understanding a typical DMU(Decision making unit) of the segment.
- Give references of other customers in that segment to close new deals. Businesses show immediate interest when they see another business similar to them using your product.
All the above aspects are similar to a homogenous segment of customers and once you master them, you will be able to sell to almost any customer in that segment with ease.
Once you have a profile of customers you want to target, next step should be to build a list of customers that you want to focus on.
A list of leads should contain following details:
- Name of the company
- Name of the contact
- Designation of the contact
- Email of the contact
- Contact Number of the contact(Optional)
We encourage you to only look for decision makers in the business through a top-down approach.
For example: If you are selling a marketing software, look for CMO(Chief marketing officer) details.
Let us understand why it is important to reach decision maker, following things can happen when you reach decision maker first:
- You get a reply & directly connect with decision maker – This is great as you are not wasting time on trying to convince others in the company just to reach their boss and directly reach the decision maker.
- You get referred to the relevant person in the company – This is great too since now the new contact will take your email seriously as it is internally referred by the decision maker in the company.
- You don’t get a reply at all – You cannot really do much but follow-up in this case.
- You get a negative reply – You can contact the lead after a certain time.
Make sure you have relevant contacts of targeted leads in your lead generation process. Do not spend time on gathering leads which don’t fit your customer profile, you will just end up wasting time on them.
Outbound Email Campaign
This is the first step towards making a contact with the business. It is this step that will open the doors for you and allows you to reach many potential customers in one shot.
An outbound email campaign is a process to send a cold email to multiple leads through a bulk email tool. This is where cold calling 2.0 is broadly different from usual cold calling process which isn’t scalable and takes too much time to reach the same number of leads.
There are many bulk email tools out there to help you send an outbound email campaign. There are many elements to sending a cold email that we have discussed in detail in another article “How to write cold emails & follow up emails “
Try sending not more than 100-150 emails per day or two days. The reason for such a limit is that you don’t want too many responses in your inbox which will affect your response time and some of the leads might fall through the crack.
Some of the key aspects to keep in mind while sending a campaign:
- Personalize email. You can use merge tags feature in bulk emailing tool to personalize the messaging. Personalize messaging at least till the level of “Hi Nameofcontact”.
- Keep your messaging simple & text based.
- Use analytics to see open rate & response rates. Optimize your email campaign in terms of best subject lines & email body.
You got a response to your email campaign & after email conversion you are able to setup a time with the prospector for a detailed call. This is the opportunity for you to generate enough interest in the prospect to actually think about the possibility of using your product. This can be achieved by not actually trying to sell anything in the first call. You have some work to do before presenting them with a sales pitch.
Ask relevant questions about their business to understand more about their business. As much as you are trying to establish the problem, you are also trying to qualify the lead to check if they are serious enough to solve the problem.
Your job in this call would be to create a vision of a dream solution that will solve their problem. As you warm up prospector to the possible dream solution, slowly start connecting your product to the solution that you are proposing.
This is the stage where you also understand how serious they are to solve the problem you are trying to solve through the product. Do they consider it a big enough problem for their business just yet? Are they willing to take action to solve the problem? Do they have some budget allocated for the solution? Answers to these questions will help you ensure that you are not chasing a client who might not become a customer.
Once you qualify these leads, you have to pass them to account executive team who will close those leads.
Please understand that it’s of no use to pass too many leads to account executive team just for the sake of showing the number of leads. If you pass too many leads which have very low chance of converting then you are wasting your time and other members of the sales team as well.
Opportunity to talk to the prospector should be used not only to pitch your product but also to understand the probability of closing the lead & gather other information that can help account executives close the lead faster. Some of the questions that you ask during the call are as below:
- What is your current process where you are facing problems and how long have you been facing this problem?
- Why change now?
- Have you used any products before? Why are you looking for a change?
- Have you checked out any other products in the market? What do you think about them?
- How important is it to solve this problem & why?
- How does your typical decision making process look?
- What would an ideal look like to you?
Following are two objectives of an opportunity to talk to your prospector:
- Establish Problem & Understand seriousness of the prospector to solve the problem.
- Envision them dream solution for their problem & connect your product to the solution offered.
Pass The Lead
After generating interest in your product and SDR(Sales development representative) understands that the lead is a qualified lead in terms of ability to buy the product and seriously looking for the product to solve the problem, it is time for them to pass it to Account Executives.
The sales manager should clearly define profile of a qualified lead so that SDR can pass any lead to the Account executive once it fulfills qualified lead profile. Lead can be passed by SDR through a simple email introduction between lead & account executive and also updating the CRM accordingly.
We have come to an end of this article and briefly looked at various steps in cold calling 2.0, please share your thoughts and tell us about your experience with cold calling 2.0