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:
Said another way, know the key objectives you want to achieve with every single call within the Sales Process.
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.
“Gathering the application is your utmost goal. It’s not to call them and get rapport or whatever. Those are tactics that help you accomplish your goal.”
Know that whatever tactics, steps or tips you execute within a call are only as effective as they are in helping you achieve your key objective for that call in the most efficient way possible.
Zach’s cold call example falls within Sales Phase 1 – The Prospecting Phase. If everything went perfect on this call, you would get an application out and in on that same call.
Know what you’re after. If you know exactly what you are trying to accomplish, every word that comes out of your mouth must be in alignment with accomplishing that goal. Don’t dilly dally.
What if the merchant is not in the market for financing now and you can’t get the application?
Zach’s 3 Main Goals of a Cold Call:
- Get email
- Schedule callback
He is driving the effectiveness of each call by avoiding a binary situation.
“I couldn’t get the app, I guess I’ll quit and get on to the next call.”
Happens a lot. Burning through calls like this is a quick way to burn out and go broke.
These secondary goals allow you to move every merchant you can get on the phone closer to becoming a customer in the future, if not now.
The more emails you collect, the more high quality touch you can have over a broader amount of contacts.
The more followup calls you set, the more potential pipeline you are creating down the road. 90 days of approaching every cold call with this approach dramatically raises the amount of quality conversations you’re having, which drives more pipe and allows you to fund more deals.
Make the most of every call, because if you cannot get the app today, it doesn’t mean that this same merchant can’t use your services a month or a quarter from now.
In real estate, this is called building your database. Realtors understand their business – they understand mostly everyone they meet is either in the market to buy/sell a home or will be in the future.
The more high quality touch you have over a deeper database, the better and the more predictable your results become.
The fundamental belief underpinning realtor’s approach is this belief that most of everyone can use their services/expertise now or at some point in the future.
What if you approached every call with the same fundamental belief?
Most merchants can use your services now or can really benefit from you being their Trusted Advisor in the future.
How efficient can you get at achieving at least one of these goals with every cold call you make?