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Strategic Guidance to Build Your Business
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Volume 5, Issue 5, May 2011
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"The Business Builder" is brought
to you by VSA, Inc. in collaboration with Rink
Consulting. VSA, Inc., founded by Valerie
Schlitt,
builds and implements B2B prospecting
programs for
businesses and professional service firms.
VSA has
a
team of professional telephone callers who open
doors to new business opportunities for VSA
clients.
Linda Rink, president of Rink Consulting,
specializes
in
B2B and consumer marketing and research. Both
Wharton MBA graduates, Valerie and Linda often
team together to help clients identify and
reach new
customers. In this newsletter, they share
some of
their business development insights.
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Key Ingredients for Successful B2B Cold Calling Campaigns
by Valerie Schlitt, President of VSA, Inc.
If you sell "business to business" you need to read this article.
All B2B companies should consider some form of cold calling to reach new markets and expand.
Business to business cold calling is far more than taking the phone book and starting to dial randomly. In fact, an entire industry has been built around technology, processes, training and monitoring, and measurement - all to get the best possible results from cold calling.
Here's the short list of what you need to consider before starting your program:
- The most important ingredient is your calling list. Many don't realize that the list contributes 70% to the success of your program. You must have a list of companies that are likely to need or want your service.
The best source is using one of the many list vendors. But, you can also research lists by using the internet or outsourcing list research to companies who specialize in this.
Here's an important tip. It doesn't matter how great your product is and how much it will help your prospects. For cold calling, it only matters that the people you are calling will perceive they need your service and perceive it will help them.
Never start a cold calling campaign without seriously planning your calling list.
- Next, your product or service must be easily understood over the phone within 20 seconds. If your message is confusing, your prospect will get bored, confused and hang up.
The most important point to start with is the benefit. What problem does your product solve?
If your prospects quickly understand the problem - or as we call it, the pain, and quickly understand how you take that pain away, they will listen to you.
- Also important is the voice tone and inflection style of your callers. If you are talking to C-level executives, you must be an articulate, confident caller. If you're talking to the production manager, your callers must sound like a plain speaking, no-frills person.
- And, don't forget metrics. You need to set goals including the number of calls/hour, the number of appointment per hour and other metrics that will help you calculate the success of your campaign.
- An ingredient many cold callers overlook is "time." Success does not happen overnight. You might need a month or two to start seeing results. Make sure you have funds to sustain your program for that period. If you stop your program, or make continual changes, you may never realize success.
Whether you use cold calling to build an initial client base, or to augment a mature pool of clients, the steps above are critical.
Read the VSA blog for more cold calling tips: VSAprospectingblog.com. Photos of our calling team will be posted on our blog within the next couple weeks.
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VSA, Inc.
441 Station Avenue
Haddonfield, NJ 08033
856-429-5078
valerie.schlit@vsaprospecting.com
www.vsaprospecting.com
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You Never Know
by Linda Rink, President of RINK Consulting
What would you pay to gain exposure to 4 million interested people? Does ZERO sound good? Last month I was profiled in Woman's Day magazine in a feature article about what to do after a job loss. It did not cost me a cent.
I write this not to brag, but because it reinforces one of my favorite mottos: "You never know."
In this case, "You never know" applies to a service called "HelpAReporterOut.org" (HARO). It's a free e-mail bulletin board that works two ways: 1) reporters broadcast their information needs, and 2) people respond. You obviously should have knowledge or experience on that subject, but the diversity of reporters' inquiries continually amazes me. They run the gamut from health to travel to business.
How did I learn about HARO? One of the keynote speakers at the 2010 conference of the Association of Independent Information Professionals was Peter Shankman, who founded HARO. Since HARO is free, I figured, "What the heck, I'll register. You never know." Three times a day, I started receiving e-mails listing reporter queries. One caught my eye, wishing to interview women who had survived a job loss and gone on to do something new. Since I started RINK Consulting eight years ago when the company I was working for was acquired, I e-mailed back, was interviewed, and voila! National exposure to over 4 million readers.
Have I gotten any new clients from this? No, but I really pursued it for the PR value. (Actually, I did it as a lark, not expecting anything.) Considering I paid nothing, I can't complain. For me, one of the greatest joys of running my own research business is that I can be flexible, even adventurous, without worrying about getting approval from anyone else.
So what does "You never know" mean for you and your business?
- It means exploring ideas, leads, opportunities you may not have considered before.
- It means keeping your eyes and your mind open.
Granted, my experience with HARO and Woman's Day was no-risk. In general, though, before rushing into something new, you should evaluate its pro's and con's. Calculate what, if anything, you have to lose. It could be money, but just as important, it could be time and effort.
Is it a step in the right - or wrong -- direction?
Here are 8 questions to ask yourself if a new opportunity looks intriguing:
- What's my out-of-pocket cost?
- How much time and effort will it take to explore and/or implement?
- What's the estimated ROI? What's the payback period?
- Does this fit with my business proposition and positioning?
- In terms of my business priorities, where does this rank?
- Will this open new doors (clients, markets, channels, partnerships) for me?
- Can I leverage this venture in some way?
- Will I learn new skills or gain valuable new knowledge?
Then, if it makes sense, go for it! Because you never know.
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RINK Consulting
1420 Locust Street, Suite 31N
Philadelphia, PA 19102
215-546-5863
lrink@lindarink.com
www.lindarink.com
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