In Zachary Ramirez’ video, Cold Call Basics! What you need to know, he does a great job explaining how to greatly improve the effectiveness of every cold call.
From the first second of the video to the 4 minute mark you can see him deliver the first key takeaway from this talk.
Zach outlines his 3 Main Goals of a Cold Call:
- Get email
- Schedule callback
In the spirit of starting with the end in mind, he is doing a great job separating out the tactics from the key objectives meant to be achieved on this call.
If you know exactly what specific result you are trying to accomplish with every single conversation you have, you will speed up sales cycles, maximize time, get to more deals, and fund more deals.
If you get stuck on tactics but aimlessly talk your way through calls, at best, you will waste time, and at worst you’ll lose deals.
Time kills deals.
At the 4:11 mark, Zach launches his first tip for a successful cold call:
When opening a call and introducing yourself, use the merchant’s name, your full name and the full company name.
“Hey John, this is Zachary Ramirez from Select Funding.”
What not to do:
“Hey John, this is Zach from Select, what’s up?”
Why do it this way?
Zach’s internal analytics have this opening phrase associated with a 2.1x higher likelihood of success in your cold call.
What’s at work here?
“Very important people introduce themselves using their full name.”
This is spot on.
Important people – people/professionals who value who they are and what they do tend to state their full name when you meet them.
If you think of the alternative, customer service reps in call centers all around the world are often those who will call, only give a first name and even sometimes withhold where they’re calling from.
Nothing against call centers or customer service reps, but you are Funding Pro. Its different.
Your mortgage loan specialist gave his full name and commanded your respect. It’s an important and established process mostly owned by banks, deeply entrenched and well respected institutions.
You can use the same principle to your favor, business funding is just as important and worthy of respect.
When you don’t take this approach you will often be asked:
“Who is this?”
“What company are you with?”
Now you’re on your heels and things typically go downhill from here.
Own what you bring to the table and introduce yourself confidently.
At the 5:33 mark, Zach dives into the second tip:
After introducing yourself with your full name, asking “how are you?” as opposed to just going right into the pitch is 2.2x more effective at producing a successful call.
But even so, his data has found it is not the most effective way to follow up your introduction.
The phrase that is 6.6x more likely to produce a successful call is “How have you been?”
Subtle change, but it implies familiariaty, and small seemingly insignificant shifts in how you communicate can have very significant effects on conversion.
Zach’s third tip is to then lead into explaining the reason for your call and describing what you offer before making your ask.
Cold calls like much of sales is a numbers game, and Zach is right in that many will play the numbers game with a quick but suboptimal pitch:
Are you in the market for financing?
Do you need funding?
Turning over rocks as fast as you can all day with a shoddy pitch like this can still get conversions. Hundreds of calls later, there will be some traction because blitzing through the numbers will eventually get you to low hanging fruit.
But taking a few more seconds to explain the reason for your call and what you offer will increase your effectiveness so that you can produce more successful cold calls with less brute force.
“The reason for my call, John, is we’re offering good business owners like you an unsecured, no real estate required, line of credit or loan with interest rates possibly as low as 4.8% for qualified candidates. And the funds can be in your account in less than just one day. Do you think this type of financing can help grow your company?”
Why do you think this pitch is that much more effective at converting?