Can Prospecting Be Successful Post Covid? The Latest Research
By Michael J Griffin
Many B2B salespeople say prospecting is tougher in this post Covid, hybrid marketplace. Recently Hubspot investigated the latest research on prospecting via cold calling by B2B salespeople. I have summarized the key points from Hubspot here and added a few other relevant insights on cold calling. The source of the research is in parentheses. As you read each point of research determine if will support your prospecting success in starting relationships by cold calling.
Referrals are still the best way to expand your client base. These are warmer than cold calls and are more likely to get an appointment. Ask your existing customers for referrals! (ELAvate)
The majority of businesses and consumers predict their use of the voice calls will increase or stay the same over the next 12 months. (Source: Hiya)
Cold calling is a form of proactive outreach, and 82% of buyers accept meetings with sellers who proactively reach out. (Source: RAIN Group)
Sapper’s website notes that lead gen outsourcing is 43 percent more effective than doing it in-house. (Source: Sapper Consulting)
42.1% of respondents say that the phone is the most effective sales tool at their disposal. (Source: Sales Insights Lab)
Over 30% of leads never receive a follow-up call after initial contact. (Source: Call Hippo)
By making just a few more call attempts, sales reps can increase the conversion rate by 70%. (Source: Call Hippo)
57% of C-level buyers prefer to be contacted by phone. (Source: Crunchbase)
B2B technology reps usually average 35 calls per day and spend a total of 55 minutes per day speaking to prospects. (Source: Revenue.io)
92% of consumers think unidentified calls might be fraud. (Source: Hiya)
79% of unidentified calls go unanswered. (Source: Hiya)
Successful cold calls last 2x longer than unsuccessful ones — 5:50 minutes vs. 3:14 minutes. (Source: Gong.io)
Salespeople who state their reason for calling have a 2.1x higher success rate. (Source: Gong.io)
Different DISC personalities respond differently to cold calling styles. Determine which tactics or messages will work best for each DISC style of buyer. (Source: Sapper Consulting)
Marketer Charlie Cook estimates that cold calling is successful 2 percent of the time; qualified leads convert 20 percent of the time, he says, while referrals convert half the time. (Source: Forbes)
Successful cold calls include 65% more “we” statements. (Source: Gong.io)
The last hour of the workday (between 4PM and 5PM) is a good time to reach prospects. (Source: Call Hippo)
Timing for cold calling depends on the national culture. Early mornings before 900am are better in some cultures. Other cultures work late, try after 600pm. (ELAvate)
Opening your cold call with “How’ve you been?” has a higher success rate for booking a meeting. (Source: Gong.io) Addition: ask if they and family have been safe and healthy through COVID will lead to a higher success rate. (ELAvate)
The most successful sales prospecting calls average 14.3 minutes in length. (Source: Revenue.io)
Wednesday and Thursday are the best days of the week to call prospects. (Source: Gong.io)
Win rates are 10% higher when pricing is discussed on the first call. (Source: Gong.io)
Cold calls where reps monologue are more successful. (Source: Gong.io) Monologue should include a general need problem statement, an “expertise statement of your company” and the reason for the call.
63% of sellers say cold calling is the worst part of their job. (Source: LinkedIn)
Mentioning a common connection during a cold call can increase the likelihood of attaining a meeting by 70%. (Source: LinkedIn)
Sales reps with longer monologue duration have more successful cold calls. (Source: Crunchbase)
Asking “Is now a bad time?” on a cold call makes you 40% less likely to book a meeting. (Source: Gong.io, 2021)
Cold calling has a high rejection rate. Don’t take it personally and be consistent and positive in your daily prospecting activities. (ELAvate)
Wow! A very interesting number of cold calling statistics! Use them to fine tune, upgrade ad craft your prospecting strategy and KPI’s for 2022!
Michael J Griffin
Founder ELAvate
Global Sales Productivity Coach
Maxwell Leadership Founding Member