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Cold Calling For Financial Industry: Tips, Tricks & Best Practices

Cold Calling For Financial Industry: Tips, Tricks & Best Practices

Sergey Butko
Sergey Butko
October 30, 2017

If you are in sales and you "don't put stock in cold calling" you may miss out on a considerable measure of money.

A standout amongst the best methods for securing new business is through cold calling – it is an excellent method for getting new leads in the event that you do it right. 


Obviously, approaching past and current customers, requesting referrals, is the primary spot to begin, that is essential to deals being prepared on the grounds that "one" referral is comparable to "fifteen" frosty calls.

What do you do after you've called a large part of your customers? Sure, networking is excellent as well; however, then you need to catch up with whoever you met.

Sales Trainers will recognize that approximately seventy-five percent of sales representatives never follow up with a prospect.

So if you are battling financially, you should start cold calling, which means, make new friends!

Let’s count up the potential return of venture capital for an hour of cold calling.

I'm not considering a deal as a result, only a qualified lead.

Let's assume you spend an hour creating an email and sending it to an entire bunch of potential clients.

How many responses will you receive?

Are you prepared to talk business to the ones that really do?

Imagine a scenario where you grabbed the telephone and called 20 prospects.

Your response rate would be closer to 10% for sure.

How much money could you make cold calling for a year straight, selling your products or services?

Let’s use this sales metrics.


Activity:

[100 cold calls/day] x [5 workdays/week] = 500 cold calls/week

[500 cold calls/week] x [52 weeks/year] = 26,000 cold calls/year

Reach rate :

On the average, campaign has a reach rate  of around 20%

[26,000 cold calls] x [20% reach rate] = 5,200 decision-makers reached

 

Qualification rate:

On the average, campaign has a qualification rate of around 30%

[5,200 decision-makers reached] x [30% qualified] = 1,560 qualified decision-makers

 

Conversion rate :

On the average, campaign has a conversion rate of around 50%

[1,560 qualified decision-makers] x [50% conversion rate] = 780 buyers


But, you’d receive nothing without properly defined strategies :


Have a stone strong script

 

 

You set yourself up by creating a convincing script.

That begins with carefully working out everything, from your introduction to the types of inquiries your prospect will ask and how you'll answer it.

You need weapons of tested lines and cases to use during your pitch.

A short time later, rehearse the scripts, so it doesn't sound scripted.

 

Keep an organized pipeline

 

A pipeline is your list of prospects.

It's how you monitor who you've contacted, need to connect with, and pitched.

You need to take a look at sales from a base up point of view, implying that if your procedure is not proper, it doesn't make a difference what number of calls you make or how great you will be, you won't succeed.


Put in the work

 

The people on the other side are as skeptical of you as you might be of them.

Your task is to make a deal, and the initial step is to pick up the telephone and begin calling your list of potential customers.

 

Ensure you are speaking with the key decision maker

 

Talk with the decision maker — the person who will at last approve whatever you are trying to offer. Talking with any other will be an exercise in futility, since they won't be in a position to work with you.


Understand the goal of your call

 

Most sales managers confuse cold calling with closing a sale.

They need to understand that every sale goes through a cycle from the introduction of the offer to information gathering about the prospect to offering them the solution to closing the deal.

Ensure that you express your goal quickly, and afterward get information about their business needs to determine if there is a need to push ahead further.

This will demonstrate your prospect that you are respectful of their time.

The technique of cold calling comes with experience.

Studying all aspects of communication in the telephone mode is essential.

Also, it is necessary to know the options for answering the interlocutor in advance, possible objections, to be able to interest the client.

Knowing the scheme of cold calling thoroughly helps to become a professional in this field and increases the profitability of the company.

 

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