What results can you really expect from a cold call?

The "lucky" 1%

Count yourself fortunate if your firm can run a successful cold calling campaign, only call each prospect ONCE, and still generate lots of responses.

A single call campaign used to be the norm, but no longer. Now, only about 1% of firms fit the criteria:

• These companies have a service/product their target market knows about and needs.
• Prospects return calls.
• Established suppliers are not entrenched.
• There is virtually no competition vying for their market.
• Pricing is so competitive that a company would be foolish not to jump at the chance.

• Decision makers are not sitting at their desks waiting for our calls.
• Most don't return our calls, either.
• Our client's services are not "top of mind," so only a small percentage--even in the most targeted lists--need the service immediately.
• Firms have existing suppliers and competition abounds.

• Identified price-competitive markets and called firms likely to spend significant amounts on Electricity.
• Invested about 40 - 80 hours per week over the first two months.
• Expected and prepared to receive return calls from interested prospects; recognized that these prospects were also calling competition!
• Reduced the number of hours to about 30 per week for the next two to three months and focused on interested prospects.
• Implemented a series of emails and follow-up calls (about 8 follow-up calls and 4 emails/faxes) to the qualified prospects.
• Left voicemails every time.
• Developed relationships and trust.
• Finally, gained the required data on Electricity usage from qualified prospects and set sales appointments.
• The pipeline built during the initial burst of calls will pay-off with qualified appointments in future months.

VSA, Inc.
441 Station Avenue
Haddonfield, NJ 08033
856-429-5078
valerie.schlit@vsaprospecting.com
www.vsaprospecting.com

"While free information has value, the right information, in the right format, delivered at the right time is game-changing and worth paying for." So says John Jantsch in his blog for Duct Tape Marketing*. When I read this, I sat right up and cried, YES!! Someone understands!

So many times, clients tell me they can do a Google search and get information
themselves--and for free! Nothing against Google or other search engines (I myself start many research projects with a Google search), but are you sure your results are accurate, current and definitive? The old cliché, "you get what you pay for," is often true, and there's a lot of garbage out there in webland.

The value of "FREE" is relative.

Your time is really not free, in the sense of opportunity cost, so you want to spend it in the most productive way possible. And I would wager that it is more productive to focus on your business rather than to sort through an overload of free information whose quality is questionable. That's why researchers like me pay for access to data aggregators such as Factiva, Lexis Nexis, and Morningstar. It's worth the cost to get targeted search results we can rely on. Analyzing that data, and delivering concise information and conclusions, is the true value of what we offer, and what our clients are willing to pay for.

Jantsch, of course, is not putting in a plug for hiring business researchers. He is talking about business information producers, and why they should package and deliver content in a more usable way--even if it means charging for it.

What does "FREE" mean for you?

Think about how the concept of "free" applies to your own business. I would guess that most of us offer something for free: a free consultation, free shipping, free samples. What is the perceived value of those free items? Are we gaining or losing by offering them?

Here are some common examples of how "free" can work to build your business:

• Bundling some "free" services or products with existing ones will enhance their overall value--perhaps enough to justify a higher price point. Or at least create greater customer satisfaction.
• Offering free information can help establish your position as an authority or expert. Many organizations charge admission for access to this free information in the form of membership dues. Some companies commission special research studies and freely share the results as proof that they are industry thought leaders.
• Doing pro bono work can demonstrate your expertise and increase your visibility. The same goes for speaking engagements.