Is cold calling history?
In short, cold calling is very much alive, but it’s definitely not the most efficient and cost effective way to convert strangers into prospects.
Cold calling was one of the best prospecting techniques used by salespeople for many decades. However, the rise of the digital era has changed consumers’ buying behaviour tremendously and permanently, as consumers are now able to find company reviews, feedback, and all types of information online. In other words, the rise of the internet and social media is leading to the extinction of the traditional cold calling.
According to an article published by Forbes, nowadays, a salesperson makes an average of 8 phone calls per hour and takes approximately 6.25 hours to set one appointment. With that being said, for every 50 calls made, only 1 prospect would set up an appointment. This means, only 2% of cold calls actually result in an appointment, which further proves that this “old-school” prospecting strategy is no longer effective. A research by LinkedIn found that cold calling significantly increases the cost per lead at least 60% more than other strategies, and greatly decreases the ROI.
It’s not rocket science to see exactly why that’s the case.
When was the last time you picked up a call from an unknown number? Probably longer than you can even remember. Simply because you, along with every other consumer, see these calls as nothing more than just a robocall.
In fact, according to a survey conducted by Zipwhip, 87% of consumers would often or very often ignore calls from businesses and unknown numbers.
So why waste your time on the out-dated cold calling, when the calls just end up being ignored or rejected?
Instead, switch up your prospecting strategy and focus your effort on what’s actually working in the 21st century – Digital Lead Generation.
In a nutshell, digital lead generation is the act of attracting people who are genuinely interested in your company to inquire more about the product or service you provide.
So, why is this better than the traditional strategy?
Simply because it requires less labour, allows you generate leads on demand, and can be as targeted as you wish. And ultimately, you’ll be able to lower your cost per the lead by 12 – 17%.
According to the Marketing Insider Group, digital lead generation is more cost effective because it only costs $25 to $30 per lead, compared to $300 to $500 per lead with traditional lead generation.
In fact, with this strategy, you are literally putting your business in front of 100% of your target audience, and collecting their information if they’re interested. And the best thing is, you’ll be able to continuously attract your most desired customers, who are already considering a purchase, 24/7 with little input from you.
So needless to say, digital lead generation should be at the forefront of every businesses’ prospecting strategy to grow their business.
However, with the ever-evolving world of advertising, digital lead generation can get quite sophisticated by the day. So it might be a challenge for businesses to keep up and constantly adapt to develop their digital marketing strategies.
And this is where we can help.
Whether it’s crafting an irresistible lead magnet, finding your target audience, or even executing the entire campaign in your ad account, we’ll be able to help. So at the end of the day, your entire Automated Lead Machine will be completely built for you.
With the bulk work already done for you, you can solely focus on converting the hot leads into paying customers.
To find out more about how to get your entire Automated Leads Machine completely done-for-you, just click here to book a free strategy session.
If you’re still using the traditional cold calling strategy to generate leads, then it’s probably time to modernize your strategy, and switch to digital lead generation. This way, you can generate more targeted leads, and spend your precious time on closing them instead.