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February 3rd, 2010 by Barry Caponi
I was talking with a manager of one of our customers the other day and he told me he noticed on some of his team’s Klpz reports that one of his reps was making very few phone calls but was still hitting her activity goals of reaching out to her targets each week. I asked him if she was setting as many appointments as she needed and he said no, her Initial Appointments had dropped.
Without boring you with his travails, let me cut to the chase. I’m sure there are markets somewhere where email trumps the phone for setting appointments, but I have yet to find it. If it’s yours, I’d love to talk to you. In the meantime, here’s what I think about email in the appointment making process.
My experience is that when sales professionals begin making more attempts to set appointments via email than the phone, it’s generally an indication of them avoiding making the calls and fooling themselves into thinking they’re still working at it. My advice? Nip it in the bud immediately and get them back on the phone. (It’s particularly seductive to do this in Klpz because sending the already created email templates requires only the click of a mouse to send.)
Surveys show that less than 5% of our universe of targets is ‘in the market for what we’re selling when we contact them’ – and realistically I believe it is closer to 1%. Historically, good direct mail (and email) campaigns show a 2% response rate, and that is not measured in appointments. So what makes our intrepid sales professionals think they can better what marketing experts can do?
Only in a conversation can we convince the 99% that don’t think they are ‘in the market’ to see us by asking the right question based on their response. We can’t do that in an email.
So use email where it is effective, but use the phone when trying to set appointments. (Next week, we’ll talk about where and how to use email.)
You can also check on my Blog dated 1/31/08 entitled, When the email left along with our ‘Cold Call’ is returned with a ‘Not Interested’. It discusses some of the challenges of using email to set appointments.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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January 27th, 2010 by Barry Caponi
I received a call from one of our customers this week. He was very excited because for the first time he could see exactly what his teams were doing in terms of cold calling. He’s a regional sales manager with several sales teams that were trained before the first of the year through one of our appointment setting Prospectors Academies™.
He told us that his reps had been truly pounding the phones now for a couple of months since the training which fixed his lack of activity problem. He also said that the activity was very consistent across his districts. He was also pleased with the fact he was now able to start deep drilling on the process and results a bit more instead of just focusing on the activity levels as he had to do in the past.
Reading his weekly Klpz reports had gotten him to ask why some of his guys were setting appointments like crazy and some were not. As a matter of fact, he was able to see that the ones that were being successful were all in the same districts. He told us that when he role-played with the different districts, they sounded pretty much the same. He told us that the teams that were not setting the appointments were getting discouraged and so are their managers.
Here’s a synopsis of what we found:
· We ran a report that found that his districts that were not performing differed in one key area from those that were having success. To put it frankly, their lists were awful. The successful districts were seeing about a 35% removal rate of names and the unsuccessful ones were seeing a more than 80% removal of names.
What this means is that after following the four steps in the process of contact we set up (we call them Cycles), the rep has three choices of what to do with the target: Recycle them for 120 days and try again; declare Success (they met with them and began a Buying Cycle); or Remove them from the list. After speaking with the District Managers, it became clear that the managers that had taken the time to put some effort into defining the lists their charges would call into (call it a semi-qualified list of suspects if you wish) were experiencing the most success. The ones that did not were filled with targets that were not good fits (for a variety of reasons). The targets were too small, the reps were not getting through to decision makers because a quick conversation with the gatekeeper determined the company was not a good match for their products, or once talking with the decision maker they determined the same thing.
There are two morals to the story. First is that by adding what we call ‘Science’ (Klpz (www.contactscience.com), to the challenge of prospecting for new customers, managers gain access to valuable information none of us have ever had before to help improve our prospecting processes for the first time. Second, we’ve talked about the value of investing time in refining lists and building territories over time in this Blog before (see January 20, 2010, November 4, 2009, March 26, 2009, March 19, 2009, March 11, 2009, and April 23, 2008), so we know the importance of this.
And by the way, just imagine the potential consequences of what might have happened if he hadn’t been able to define the problem. Would have some of his reps quit because of the frustration? Would he have incorrectly assumed he had a closing problem or a rep problem instead of a management problem?
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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January 20th, 2010 by Barry Caponi
I’ve said it before, but let me say it again. The better our list is, the more often we’ll get through to the right person and the more often we’ll be able to convince that target that we’ve been able to help others like him/her solve like challenges.
In our ColdCalling101 Academies, we invest time determining the top challenges our participants solve for their customers and also the top benefits their customers tell them they derive from investing in their solution. To accomplish that, we suggest they start with their best customers.
When trying to build a territory list to call from, we suggest exactly the same thing. How do we describe what our best customers look like and then go find others the same. Well, here are three resources we’ve come across that provide tools for you to enter those best customers and then ‘clone’ them. In other words, find other companies that look just like them. They are:
- Manta.com
- InfoUSA
- Bizjournals.com (only works where the Business Journals publish
If you’ve got any more, let us know and we’ll share the knowledge.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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January 13th, 2010 by Barry Caponi
Many customers we’ve worked with originally only had their sales teams reporting to management each week the number of dials they were making to set appointments. A few more would also track the number of appointments set. But even in those situations that track them both, it’s not enough to effectively manage the process.
We believe that both must be tracked along with one other interim result; conversations with decision makers. Why? Because in order to help a sales professional improve at appointment setting we need to track three metrics, not just one or two. They are:
- The number of dials being made.
- The number of conversations that occurred with decision makers. From the first two numbers, we can then determine the ratio between the number of dials and the number of conversations. We call it the Conversation Ratio.
- The number of appointments actually set with those decision makers. From this and the number of conversations, we can determine the ratio between the number of conversations and the number of appointments set. We call this the Appointment Ratio.
Here’s why we want those three metrics.
- The number of dials being made is an indicator of effort. Are they making the dials we believe they should be making or not?
- If the Conversation Ratio is too low there are only three reasons for it:
- The list they’re calling off of is bad.
- They are not leaving voicemails and (where possible) emails that get returned enough.
- They are struggling with Gatekeepers.
- If the Appointment Ratio is too low, there are only two reasons for that:
- Again the list is bad and the targets are not qualified.
- They’re not able to effectively handle the initial ‘no’ they’ll almost invariably hear.
If our selling process truly necessitates finding new customers through telephone prospecting, accurately tracking these metrics is critical to our success. If we don’t, our turnover will unnecessarily be too high (lack of early success) and our sales will be too low. Both of these negatives can be addressed if know how to appropriately focus our effort to help our charges improve.
Lastly, the metrics must be accurate and timely. There is still only one product we’re aware of that will provide that information automatically and accurately. That product is called Klpz.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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January 6th, 2010 by Barry Caponi
Quota going up? Of course it is. Does every year, right? So what are we going to change in the new year to reduce the need to just work harder to accomplish more in the new year?
For most of the country (and world for that matter) will still find targets reluctant to spend money and take risks. Therefore traditional lead generation activities will still be struggling to supply us with enough easier targets to call in 2010. Networking and/or referrals in most B2B environments don’t supply us with enough either. The only other choice is to cold call. But even that’s not the point I want to make.
We are believers in addressing both the efficiency and effectiveness of the appointment making process. I work hard, but I’m not interested in working any harder than I have to. I brag all the time on our customers making twice the number of prospecting calls in the same amount of time as they did before implementing our solution. But we also have customers that are pleased to make the same number of calls in half the time they used to. So regardless of which camp we fall, January is a great time to address how we’re going to get more efficient and effective in the new year.
Our typical customer will pay for the investment in our Prospector’s Academy™ in less than one buying cycle. Give us a call. We don’t bite!
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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December 30th, 2009 by Barry Caponi
In our Prospector’s Academies, we hear all the time that, “I don’t cold call. I network and follow up on marketing generated leads.” So what’s the difference between a cold call and a ‘warm’ call?
There are 4 components to an appointment making call regardless of whether it is cold or warm.
- The Approach
- The target’s Response (No)
- Our Counter
- Asking for the Appointment again
The Approach will vary slightly as we want to invoke either the name of the person who suggested we call, or the fact that they had asked us to contact them through a marketing program of some kind. The processes of how we get through a gatekeeper, leave a message, send an email, gain their attention, introduce ourselves, etc., is the same.
If we really think about it, the target’s Response is generally the same as on a cold call. They’re just nicer about it. Ever run into a referral target that said, “Hey, I appreciate Barry suggesting you call, but we’re all set in that area”. Of course we have. That’s because in very few instances does the referrer know the target’s business in enough detail to know they need us.
Even in the case of an inbound request for information from a lead generation program, we sometimes are surprised by a response of “No”, to a request for an appointment. It’s not uncommon for an inbound request to be a tire kicker or information gatherer and not someone ‘In the Market’ right now for what we sell. Maybe they just want us to ‘send something’. Perhaps not often, but it happens more than we think.
There’s also many times a different challenge that occurs on these calls; the temptation to ‘sell’ on the appointment making call because of their interest. So how do we keep from falling prey to this? Easy, we use the same process we do on a cold call to provide enough value to get the appointment.
My point is this. The reason our curriculum is called The Appointment Making Formula™, even though we talk a lot about cold calling, is that process or ‘formula’ that we apply in a warm call also applies in a cold call. It’s all appointment setting. We must be prepared in order to be successful.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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December 21st, 2009 by Barry Caponi
No matter what your beliefs are, as we approach Christmas in two days, take a moment to reflect on the important things in life (thought I was going to say we should reflect on our appointment setting skills, right?).
All of us at the Caponi Performance Group and Contact Science hope that you have a wonderful few days off with friends and/or family. And may God bless you and them.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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December 17th, 2009 by Barry Caponi
According to the Wall Street Journal: An analysis of 600 companies in the 1981-1982 recession found companies which maintained or increased their marketing expenditures during this slow period averaged new sales growth of 275% between 1981-1985. Companies which cut back on their marketing averaged just 19% sales growth during the same period.
The government says we’re beginning to come out of the recession (if you can believe the government on anything). 2010 may not be a boom year, but it should be better than 2009. What are you doing to prepare yourself for the coming good times?
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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December 7th, 2009 by Barry Caponi
When making cold calls, many of us use certain questions that make our process more difficult. Here are the top three to avoid:
- “Do you have a moment?”
If you believe, as we do, that the targets we’re calling don’t believe they need us when we call, asking them if ‘they have a moment’ is just giving them a perfect way to get rid of us. Just get right to the point.
- “How are you today?”
If you think about it, when we call your friends, this is not the first question we ask; at least not in the fashion most of us ask this question on a cold call. This approach just signals that this is a cold call. Our target doesn’t believe we really care (do we really?), so if we’re trying to build credibility we’re off to a bad start.
- “Do you mind if I ask?”
This is not as big as the first two, but if the target is still looking for reasons to get rid of us, why give them the opening? Use the ‘I’m just curious’ or ‘I was wondering’ approach instead until we get them into an open conversation.
Very few of us like to cold call, so why make it harder? Avoid these questions and you’ll be more successful!
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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December 2nd, 2009 by Barry Caponi
Sales professionals seldom take the long term view of their jobs, and hence. the concept of building their territories over time. As sales managers, we also tend to focus on this month, this quarter, and certainly this year. It’s how compensation plans are built. Companies also tend to change compensation plans and territories at the end of the year and sales professionals change companies, so it’s no wonder that no one pays attention to multi-year planning.
I believe that it our job as senior management to build processes and compensation plans that support the long term growth of the company. What do I mean by that? Look at your compensation plans. Do they encourage making the territory a bit warmer in the future?
Even if the compensation plan doesn’t explicitly encourage this approach, build appointment setting Best Practices that support warming up targets over time. Leave or send consistent voicemails and emails that build and tell the story you want the target to understand. Build into those Best Practices the ability for the target to request written information instead of taking an appointment at the moment. And make sure to follow-up on a consistent basis. Don’t waste the effort, even if the sales professional changes.
Why do that? Simple: next year your goal will be higher won’t it? Taking the same approach year after year will finally become a scaling challenge. There will be no efficiencies of scale, so your cost of sales cannot be successfully reduced.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
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