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The Art of Cold Calling & the Science of Contact Ratios

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This eBook is a must read for sales reps and managers in the inside sales industry.

Optimize your cold calling efforts and boost contact rates. You'll learn about cold calling best and worst practices,the 7 rules of cold calling, how to combine sales technology with sales training

You can read and download the ebook here:

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The Art of Cold Calling & the Science of Contact Ratios

  1. 1. 3 1 6 9 6 7 THE ART OF 0 4 OLD9 5 88 4 2 2 3 6 8 7 68 ALLING 3 2 AND THE SCIENCE OF CONTACT RATIOS 70 47 1 12 5 32 9 5 0 8 3 KEN KROGUE KRAIG KLEEMAN 5 9 0 The Art of Cold Calling and the science of cantact ratios By Ken Krogue and Kraig Kleeman
  2. 2. INTRODUCTION “The Art of Cold Calling and The Science of Contact Ratios” is designed to increase the skill and ability of THE ART OF sales reps to tackle cold calling with confidence and OLD increase success. Learn how to approach cold calling in a way that will dramatically increase your contact ratios. Featuring Ken Krogue’s “Seven Rules of Cold Calling,” and four cold calling examples from Kraig Kleeman, sales reps ALLING will walk away with the ability to increase their contact and qualification rates through best practices and tips. These tips and best practices were originally presented AND THE SCIENCE by Ken Krogue and Kraig Kleeman as a webinar. Access OF CONTACT RATIOS the webinar at Trademarked title used with permission of Ronald Scott LaVine dba Accelerated Cold Call Training, | Blaire Group Share this eBook:2
  3. 3. FROM KEN KROGUEI first heard about Kraig Kleeman when somebody told Forbes, Fast Company, and many about his book “The Must-React System: User’sGuide to Prospecting C-Suite Executives.” So I called him. We talked and talked like old friends.I bought it from Amazon, read it and immediately Since then I have had dinner with him twice, including aknew his concepts of “Executive Briefing,” leading BBQ on the veranda at his home in downtown Chicagowith research, and staying in the “no product zone” overlooking Lake Michigan. I brought along my son,were something new… a breakthrough… a disruption Josh Krogue, CEO of Kraigto prevailing prospecting wisdom. Top-of-funnel also has a son, about the same age, who is also a leaderapproaches that use marketing wisdom in the world of in the inside sales industry, just like his dad. Kraig issales; very similar but more refined than the “Stadium what he says he is, and does what he says he does.Pitch” introduced by the late Chet Holmes in hisbestselling book “The Ultimate Sales Machine.” That I checked references on a half dozen accounts; somebook had already made a huge impact on sales a lot he didn’t know I knew about. They all said the samelike “The Challenger Sale“ is making today. thing… incredible results.We have experienced huge success at We spoke together at a national leadership summit ofby leading with research rather than a product pitch. the American Association of Inside Sales Professionals.Our research on immediate response to web leads When I heard the buzz, controversy, and sarcasm indone in conjunction from Dr. James Oldroyd from the audience among the prevailing thought leadersMIT and later with Harvard Business Review has now in the hallways after he spoke, I knew he was on tobeen accessed by sales and marketing professionals something.from over 160,000 companies and republished in Inc., He | Blaire Group Share this eBook:3
  5. 5. ABOUT THE AUTHORS Kraig Kleeman Ken Krogue Chairman of The Blaire Group President co-Founder of InsideSales.comThe author of the award winning book, “The Must Ken is a results driven sales leader and visionaryReact System: A Users Guide to Cold-Calling,” Kraig for the inside sales industry. The research and dataknows the best practices to optimize cold calling driven approach he uses has led to best practices ofefforts to create a high return. He is a frequent contacting and closing leads. He pioneered thespeaker at sales conferences, executive retreats powerful sales automation PowerDialer which greatlyand motivational events. Under Kraig’s direction, increases the effectiveness and efficiency of insideBlaire Group analysts have directly observed, sales professionals. Ken is also a regular contributormeasured and documented more than 25,000 cold- to, and his blog,, iscall presentations. number one in the world on the topic of inside | Blaire Group Share this eBook:5
  6. 6. SALES PEOPLE OUGHT TO PERSUADE Most sellers embrace a language and a process that is decades old and void of best practices. In particular, this language is void in persuasion. CREATING To counteract this, sales people ought to be equipped with scripts that persuade. Not unlike OPTIMAL COLD CALLING actors in a play, salespeople ought to run lines, rehearse, practice and they ought to be held SCRIPTS accountable to include systems and methodologies that will persuade. Many companies masterfully deploy exceptional product development processes. Sadly, companies rarely deploy an equally sophisticated selling apparatus. Remember If cold calling is about anything at all it’s about the art and science of persuasion. Share this eBook: | Blaire Group6
  7. 7. PROPOSITION COLD CALLINGThe following example to the right is a script for coldcalling that a team that The Blaire Group worked VALUE PROPOSITION SCRIPTwith used. Admin: Hello, this is Mr. Williams’ office.Who They Targeted Seller: Hi, this is Joe Smith from GlobalChief marketing officers and senior marketing Enterprise Systems (GES). Is Mr.executives of large insurance companies Williams available? Admin: No, he isn’t.Their Product Seller: I’d like to schedule a 30 minuteEnterprise class software solution that was in the area meeting with him. Can you help meof an agent portal software solution with this? Admin: Maybe. This is Jane, his assistant.Results What is this regarding?For 12 months, they scheduled 250 net-new briefingsgenerating $3.5M in forecasted revenue (This is where it all breaks down, when he introduces the value-proposition language.)Why it FailedIt was ineffective because it incorporated value Seller: I’d like to introduce him to GES,proposition language specifically our agent portal software solution. I’d like to share with him how we saved Zurich International Insurance Company $1 Million last | Blaire Group Share this eBook:7
  8. 8. LEAD-WITH-RESEARCH COLD CALLExecutive buyers respond to research that is relevantto their professional mandates. By incorporating this LEAD WITH RESEARCH SCRIPTmindset and applying it to a sales script positionedat the target audience, sales teams will get very Prospect: Hello, this is Bob Williams. May Idifferent results. help you? Seller: Oh, hi Bob. This is Kevin JohnsonHow To with Corporate Systems. GoodIt’s critical that the research aligns perfectly with the morning. I noticed that yououtcome of the product or service that you want to downloaded our white paperget them interested in. entitled “Optimizing Social Media to Drive Brand Awareness.”Results Do you recall requesting thatThe team, in a 12 month period, scheduled and white paper?completed 1,680 net-new briefings which generated P rospect: Yes. It was very helpful. Thank you$30 million forecasted revenue. so much.Click here to see the detailed results Seller: Great! What was your purpose for downloading the white paper? rospect: We are interested in doing social P media monitoring in a more formal way. We wanted to hear what you folks have to say about it? | Blaire Group Share this eBook:8
  9. 9. UNPRODUCTIVE WARM CALL FOLLOW-UP Seller: Well, I noticed that you downloaded our whitepaper “Optimizing SocialA common mistake we see senior VPs of global Media Monitoring to Improvesales making is hiring someone for an inside sales Brand Awareness.” Did you findmanagement role whose primary experience has that whitepaper informative andbeen with inbound warm leads, but assigning them to insightful?work on outbound cold calling. (Phrases like this are irrelevant and violate theThe following is an example of a warm call presentation rules of persuasion).gone wrong, but is fairly common within the industry. rospect: Yes, it was very helpful. Thank you P so much. Seller: Great! Is there anything else that INEFFECTIVE WARM CALLING I can help you with? Do you need anything else from us? rospect: Hello, this is Bob Williams. May I P rospect: Nope. I’m good for now. Thanks, P help you? so much. Seller: Oh, hi Bob. This is Kevin Johnson Seller: Well, great Bob. Listen, would you with Corporate Systems. Is this a mind if I check in with you from time good time for you? Do you have to time to see what’s happening, a minute? or if you need anything else rospect: Well, I guess I have a minute. P from us? What’s up, Kevin? rospect: No, go right ahead. Check in with P me | Blaire Group Share this eBook:9
  10. 10. FirstThe first thing that went wrong here was the WARM CALLING DONE RIGHTineffective, “Do you have a minute?” No one has time A successful warm call presentation should befor the interruption of an unsolicited sales cold call. productive and should not squander a lead. By leadingWhile it’s important to be polite and show respect, the target to talk about their purpose, a sales rep canunfortunately this over emphasis on politeness is at adopt these principles.the expense of persuasion, leaving the call ineffective.SecondWhen the lead said, “No, go EXECUTIVE BUYERSright ahead. Check in with EMOTIONAL REACTION TO EFFECTIVE WARM CALLING UNSOLICITED SALES CALLSme sometime,” this wascode language for never FRUSTRATION Admin: Hello, this is Mr. Williams me again. HOSTILITY Blaire Group’s research Seller: Admin: Seller: Hi, is Mr. Williams in? No, he isn’t. Do you keep his calendar?ResultThis is a squandered lead because the seller did not Admin: Yes, I do.have the discipline of persuasion. Seller: Oh good. This is Joe Smith with Global Enterprise Systems and I’m calling to schedule his 15 minute analyst discussion. I plan to accomplish this no later than Friday of next week. I have availability on Tuesday in the morning, or Wednesday in the afternoon. Which works best for him? | Blaire Group Share this eBook:10
  11. 11. Get (Notice the use of deadlines the alternative close.) more MEETINGS Admin: What is this regarding? Seller: Optimizing Agent Retention and CLOSED   DEALS Improving Agent Productivity… 3 Courses of TrainingBy asking your prospect about their purpose the target Prospecting with Excellencebegins to open up. Additionally, qualifying with openended questioning allows sales reps to use a “Three Presenting with ExcellenceDeep and Down” campaign. E-mailing with ExcellenceHow ToTo execute a “Three Deep and Down” campaign, startby discovering the target’s values. Next, qualify andseek to understand. Last, sales reps then have theopportunity to land and expand.By adopting this strategy, companies experience off Transform your sales organizationthe chart conversion rates. Click for | Blaire Group Share this eBook:11
  12. 12. In 2007, the Lead Response Management research study changed the industry and showed how fast a lead cools off or how fast you need to respond. Download the LRM Study In 2011, another study done in conjunction with Dr. Oldroyd that was ten times larger found similar results and was published in HBR and INC. RULE #1 – IMMEDIACY THE SEVEN RULES OF COLD CALLING Best Practice Contact leads within 5 minutes. The odds of a sales rep actually contacting and qualifying a web lead drops a hundred times from waiting thirty minutes. CONTACTS MADE FROM FIRST DIALS WITHIN 5 MINUTES CONTACTED / QUALIFIED LEADS 100 X Higher chance of contacting 21 X Higher chance of qualifying AFTER 5 MINUTES Contact rates drop significantly Leads That Become: Qualified Contacted 5 MIN 10 MIN 15 MIN 20 MIN 25 MIN 30 MIN RESPONSE TIME Share this eBook: | Blaire Group12
  13. 13. RULE #2 – PERSISTENCY Tip Make sure that your sales reps are wringing the most value out of their leads as they possibly can and areBest Practice not leaving money on the table.Sales rep should make 6-9 calls before giving up.Reality RULE #3 – OPTIMIZEMost sales reps are making one or two calls per leadbefore giving up. A few years ago, was doing a research study with FranklinCovey. Their reps were callingThink about that people back immediately when they were abandoningIf the contact ratio is between 10 and 11 percent and the sales process half way through, only to experiencethe sales rep is only make one or two calls, they’re the leads getting upset with them for calling.only going to reach 10 or 20 percent of the people theywant to talk to. Their reps called a few of these individuals back on a later date and surveyed them. This is what they said, “I % OF SALES BY CALL ATTEMPT was halfway through buying a day planner and I forgot100% my credit card. I didn’t have it with me. I didn’t want 91% 92% 93% 80% 90% you calling me – I just went and got my card.” 82% 85% 73% 60% 61% Tip 40% Put a field on your webform that says, “When is the 37% 20% optimal time to call you?” If the lead wants you to call, they will tell you when the best time to contact 0% 1ST 2ND 3RD 4TH 5TH 6TH 7TH 8TH 9TH them is. NUMBER OF CALLS Based on internal | Blaire Group Share this eBook:13
  14. 14. RULE #4 – TIME OF DAY RULE #5 – DAY OF WEEKAssuming you’re calling into your same time zone In addition to the INITAL DIAL TO LEADS THAT BECOME CONTACTED(if not, then adjust accordingly) the best times to dial best time of day 2.5are between 8:00 and 9:00 a.m. or 4:00 to 5:00 p.m. to call, the study also revealed the 2.0If you call during these times, you’re going to have best days of themuch higher contact ratios than if you’re calling around week. Tuesday is 1.5lunch time. the worst day to be 1.0 calling. Thursday is M T W TH F CONTACTS MADE FROM FIRST DIALS the best. 3,5003,000 Why 2,500 Most people go into work on Monday and then2,000 get slammed from everything that came in over the weekend, only to spend all of Tuesday digging 1,500 themselves out. By Wednesday, they’re ready to talk 1,000 to people again. 500 0 Tip 7-8 8-9 9-10 10-11 11-12 12-1 1-2 2-3 3-4 4-5 5-6 BEST TIMES TO CONTACT 8-9 AND 4-5 Do some testing and figure out the best days of the week for your target industry.What This Means for BusinessIf your morning sales team meeting is at 8:00 a.m.,you’re wasting the best calling time of the day! | Blaire Group Share this eBook:14
  15. 15. RULE #6 – GET DIRECT DIAL NUMBERS RULE #7 – LOCAL PRESENCE Do your best to find If I call you from San Jose, California, area code 408, AVERAGE MEETINGS PER % DIRECT LINES REP the desk phone or and you live in New York, area code 212, you probably MONTH (LAST 3) ON CONTACT LIST cell phone number aren’t going to answer my call. 1 11 51% of the prospects 2 13 45% you are trying to However, if I call you from a number with area code 3 20 76% reach. 212, you’re probably going to answer the phone. 4 22 74% Take a look at rep The odds of your prospect answering is 57.8 5 29 87% number six with percent higher if the call is from their own, local 6 33 97.6% an average of 33 area code verses a blocked, toll free or even a long Source Vorsight appointments per distance number.month. Vorsight went into the sales reps’ database 57.8%and found 97.6 percent of the sales reps’ personal data BEST How This Impacts Coldbase included direct dials. The results of rep number Calling Effortssix’s efforts were triple that of rep number one’s. If you have ten salesThe good news is that this is mostly a technique, MORE LIKELY TO ANSWER PHONE reps and you boost their productivity by 57.8not even a technology. Teach your sales reps the FROM A LOCAL NUMBER percent with InsideSales.importance and impact direct numbers can have. TOLL com’s LocalPresence, TOLL FREE it’s the equivalent to BLOCKED hiring six additional full- WORST time sales | Blaire Group Share this eBook:15
  16. 16. SUMMARY From this eBook, you’ve learned that simple changes to your sales approach can have a dramatic impact on your cold calling and contact success. What’s next? By implementing the best practices found in this eBook, any sales rep can experience enhanced confidence to tackle cold calling and increase success. This eBook was based on a webinar originally presented by Ken Krogue and Kraig Kleeman. View the webinar, POWERDIALER at DO 8 HOURS OF WORK IN 2 HOURS • Increased contact rates • Total visibility into sales • Best practice analytics activities SEE A DEMO GET A FREE • Optimized sales workflow • Happy sales reps EXECUTIVE SHOULDER BAG Start Free Trial Schedule My Demo Call: 877-798-9633 Call: | Blaire Group Share this eBook:16
  17. 17. CREDITSCONTENTKen Krogue |http://kenkrogue.comKraig Kleeman |http://www.blairegroup.comWRITERAlex Orton |Jessica Winn |COPY EDITOR OPTIMIZE LINKEDINJessica Dyer | GET THE FREE EBOOK Download eBookDESIGNERSScott Humphries |Stephen Gashler | | Blaire Group Share this eBook:17
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This eBook is a must read for sales reps and managers in the inside sales industry. Optimize your cold calling efforts and boost contact rates. You'll learn about cold calling best and worst practices,the 7 rules of cold calling, how to combine sales technology with sales training You can read and download the ebook here: Try free for 10 days: PowerDialer™ — #1 Power Dialer Software for B2B Sales -


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