The typical cold-call success rate is one in 50. However, if your salespeople use two advantages, they can increase the rate at least tenfold.
Consider the statistics: If a salesperson makes a cold call, there’s a 2% chance of success. With a referral, the rate jumps to 20%. With an introduction, it jumps to 60%.
Referrals from customers
One of the best ways to increase your closing odds in cold calling is to ask for referrals from existing customers. A good time to ask for referrals is when customers send a signal that they’re pleased with something you’ve done for them.
Maybe they’re pleased with your product or service and it’s delivering the benefits you promised. Perhaps you helped them solve a problem or have done something beyond the normal supplier/customer relationship.
Ask for an introduction
Even if your customer is kind enough to give you a name and phone number, don’t stop there. Ask your customer for an introduction. Your chances of making a coldcall successful increase dramatically when you have been introduced by a present customer.
Referrals from noncustomers
Despite your best efforts, you may not have a fit with a prospect. Perhaps he or she is locked in with a competitor. It’s still a good idea to ask for referrals from prospects who have turned you down.
If they’re willing to give you a referral, they may be willing to go to the next step and make an introduction. A simple phone call can increase your closing chances of a cold call by 58%.
Source: Up Your Sales In a Down Market by Ron Volper.
