Cold calling: how to speak with more decision makers
Today's newsletter takes about 3 minutes to read.
Today, we're going to talk about how to have more conversations with decision makers on the phone.
And to talk about this metric: conversation rate: calls -> Connect with a decision maker (CDM).
It's a metric I don't often hear about because SDRs talk about their connect rate and it's different.
We just count calls that connect with decision makers, we don't include calls with gatekeepers or other people who are not a decision maker.
If you have this metric in mind and you know how to improve it.
It allows you to make fewer calls or make more appointments without even improving your cold calls.
How to calculate this rate?
You take the number of CDM and you divide it by the number of calls you make: CDM / calls = Conversion rate: Calls → CDM
Let's take a example, if: your goal: book 10 demos in August on the phone.
Your conversion rate: Connect with a decision maker (CDM) → Demo : 20%
Your conversion rate: calls → CDMs : 5%
You need to have 50 connects with decision makers (10 demos / 20% = 50 CDMs)
You need to make 1000 dials this month (50 CDMs / 5% = 1000 dials)
Knowing that in August you have 23 business days.
You need to make around 44 dials / day. The math: 1000 dials / 23 businnes days.
To achieve your goal of 10 demos booked on the phone.
So if you achieve to increase your conversion rate: call to connect with decision makers: 5 to 10%.
It means you need to make 500 dials to book 10 demos. 22 calls per day.
Another option, you can make the same number of dials when you had a 5% conversion rate calls -> CDMs. With 1000 calls, you will get 100 CDMs and book 20 demos.
14 tips to improve your conversion rate: calls to connect with decision makers.
Focus on direct lines or cell phone numbers.
Focus on the phone numbers that you are sure are those of your prospects: example you heard the message from their voicemail box the last time you tried to call them.
Call your prospect several times, once is not enough.
If you called them more than 5 times and he never answered remove him from your list.
Call your prospects when they open your emails many times or watch a video you sent. Configure your sales engagement platform to automatically create a task to call your prospect immediately or do it manually.
Send an email telling your prospect that you are going to call them and with your phone number. "Hey {{First name}}, I'm going to call you at 2pm with this phone number: + 1 234 567 8901"
If you don't have your prospect's cell phone or office number. Call their office or a colleague to ask for help on how to contact your prospect and ask for the prospect's phone number.
Call your prospect several times a day. 1 time in the morning and 1 time in the afternoon.
Send emails, LinkedIn messages and videos. It impacts the chances that your prospect picks up.
Leave voicemails. Same as above.
When is the best time to make a cold call? Test what works with your personas and your industry.
Examples: if you contact:
Scientists, the afternoon is a good time to call them.
Restaurants owners: before or after lunch or before dinner
Tips about when to call:
Call Monday morning and Friday afternoon. Because SDRs are told not to call at these times. So there are few SDRs who call prospects at these times.
Call outside of your prospect's working hours: for a person who works in an office: try 7:45 a.m. to 8 a.m. and 5 to 6 p.m.
Call within 5 minutes before or after the start of an hour: example 1:55 p.m. - 2:05 p.m., to call your prospect between 2 appointments. Same for emails you send or LinkedIn messages.
If you have a tool to track your calls (sales engagement platform or a phone system), check the best time to call for you or your company, and call at this time. You can see an example below.
Thanks for reading.
Next week you won't receive a newsletter from me because I'm doing one-month break, to recharge and prep this newsletter.
That's all for this Sunday. 14 simple tips for SDRs.
Quick Reminder: If you like my emails please do “add to address book” or reply.
See you at the end of August.
Happy prospecting, and enjoy your summer,
Elric
PS: Here're the 3 last issues if you miss them:
If you want to read the previous ones, you can here.
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