A Guide to Effective Sales Approaches: What Really Works?
The Challenge of Cold Outreach
Nobody knows the perfect sales approach, especially when it comes to reaching out to cold prospects. It's like sailing in uncharted waters; you never know which call, email, or personal meeting will catch the prospect's interest and lead to a deal. Even after securing a meeting and presenting a proposal, intense negotiations are still ahead. For now, let’s focus on cold outreach.
How Technology enables Sales Engagement?
Recently, we acquired a new sales engagement platform that enables our sales team to reach prospects through multiple channels and touchpoints. The goal is to bombard prospects while maintaining a personalized approach to tap into their psychological mindset. But does this strategy really work?
Understanding Prospect Needs
From what I understand, a prospect will connect with you instantly if they perceive your offering as essential and beneficial to their organization or personal goals. Let me illustrate this with an example:
A startup CEO trying to streamline his accounting systems will research extensively to find the best solution for his company. He might take demos of various platforms to ensure the right fit. Before scheduling a demo, he will search the web for these platforms. If your platform doesn't show up, you're already a step behind, and your marketing team isn't doing its job.
When the need arises, that’s the time to strike. Reaching out through email, cold-calling, or even a LinkedIn message when the prospect has a high buyer intent increases your chances of success. If your message clearly addresses his challenges, you’ve converted a cold lead into a hot prospect. It’s all about timing!
Timing: The Crucial Element
The ideal prospect is one with a need, and you reach them at the perfect time to resolve that need. Such opportunities are rare and often fall into three categories:
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The Reality of Cold Outreach
In my opinion, it doesn't matter if you use cold-calling or cold-emailing; if there is a need, you will get a response. Otherwise, you'll be chasing forever. Many sales experts say it takes an average of eight touches to get an initial meeting or other conversion with a new prospect. However, this is just the initial engagement and does not guarantee sales. There is a 90% chance that after the eighth email or cold call, the prospect has already blocked, unsubscribed, or is ignoring you. Or they might finally reply and say, "Not interested!"
There is no magical number for how many times to send those emails. It's about the need and timing. I sent 10 personalized LinkedIn messages in a day, based on thorough research about the prospect and their business. Out of 10, I got three responses and one meeting. Why did this happen? I addressed the need at the right time.
Creating a Need When There Isn't One
Not everyone needs your products or services. Many consumer goods have fantastic marketing and advertising that create a need when there isn't one. Take Coca-Cola, for example. Do you really need it in your life? Does it solve any life-changing issues? No, but Coca-Cola has convinced many people that they need it. The same goes for B2B products and services. You have to create and make the organization feel there is a need for your products.
I recently had an interesting conversation with a CEO whose company provides implementation and migration services for ODOO Accounting Software. His experience as a Director of Finance with another ERP and accounting software inspired him to start his own start-up because he understood the pain points of other accounting software and how ODOO addresses them. This knowledge helps him from a messaging and positioning standpoint as he can clearly understand and address the challenges of other CFOs and finance directors, which makes it easier to close deals.
To conclude, there is no specific number of cold calls or emails that guarantee conversion. If there is a real need for your products and services in the market, customers will come to you. If they don't, create the need for them. Happy hunting!