Cold Calling Like A Pro 2

3 Apr

As a continuation of yesterday’s cold calling post, we are looking to answer the following questions:  What is the best time of day and/or the best day of the week to cold call?  How many hours per day should I spend cold calling?

Let’s start with What is the best time of day and/or day of the week to cold call?

Since we all have the same objective of getting to the decision maker, the answer to this question is any time of the day or week where you can catch the decision maker.  Ok, that seems a bit too simple right?  Well, think of it this way…what type of businesses are you looking to target?  If you were in that business, when do you think you’d be the busiest?  The answer to that question will tell you the best times to avoid calling.

For example, I target a lot of auto repair shops.  I’ve found that Monday mornings are the worst since most people are dropping their cars off for service as well as most afternoons (after 3pm) since the mechanics are scrambling to finish up cars before people pick them up.  During the rest of the week, I’ve found that mid morning (10-11:30am) and after lunch (1-3pm) are the best times to reach auto repair owners.

Targeting restaurants?  Try to avoid calling restaurant owners during the breakfast, lunch or dinner rush when the owners have the least amount of time to talk.

Targeting painters?  Any rainy day is a great time to catch a painter!

Now, what about corporate businesses where there is always a gatekeeper in your way?  Well,  your first contact should be with the gatekeeper since we can get extremely valuable information from him/her such as the target person’s name, who their current carrier is and x-date, among other things.  But, now you want to get through the gatekeeper and get to the decision maker, right?  So, when do you call?  My suggestion is to call anytime the gatekeeper is away from his/her desk which would be during lunch hour, before 9am and after 5pm.  Generally decision makers will have much longer office hours then their receptionists and you will have a better shot at catching them at that time.

Also, for any business that may have to generate quarterly reports or reach monthly quotas, avoid the last week of the month.  Most of these type of employees spend this time on a mountain of paperwork in preparation for the start of the next month and/or they are scrambling to fill their monthly quota.

That being said, my personal philosophy with cold calling?  You should be cold calling or cold knocking any time you are not doing something else productive!  Anyone you don’t get this time around, you can always try again in a few months.

Let’s move on to the next question of How many hours a day should I spend cold calling?

That depends on your sales goals.  The best way to figure out how many calls a day you need is to write out the following:

1.  My annual sales goal is $_________.

2.  My monthly sales goal is $_______.

3.  I make $_________ in commission per sale (this can vary…feel free to average)

4.  I need ________ number of sales a month to hit my monthly sales goal.  #2 divided by #3 = #4

5.  It takes ________number of hot leads to make 1 sale. (A hot lead is someone willing to let you quote them and has given you all the information needed to do so.)

6.  It takes ________ number of cold calls to make 1 hot lead.

7.  Multiply the numbers from #4, 5, & 6 to find the total number of cold calls you need to make per month. _________

8.  Divide the answer to #7 by the number of days you work per month, and this will give you the number of cold calls you need to make each of those days to hit your monthly and yearly sales goals.  ________________

And, thus, the answer to #8 will give you a general idea of how much time per day you should spend cold calling.  I generally cold call until I’ve hit my cold calling goals (number of cold calls not including those that don’t answer), but some people set daily cold calling goals based on the number of leads they generate (I’m not stopping until I get 10 leads),  or based on the number of x-dates they receive.   However you want to do it is fine, just make sure you have a goal and you stick to it!

Your turn:  Please share your experience with cold calling.  I’d love to hear any other advice you may have for us concerning the topics discussed above.

If you have any ideas or requests for future posts, please feel free to email me at melissa@njbusinessinsurancelady.com

Melissa Ash

New Jersey’s Business Insurance Lady

www.njbusinessinsurancelady.com

 

 

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