IBM STUDY ON COLD CALLING = 97% INEFFECTIVE LEADS TO 400% INCREASE IN SALES
IBM’s preference study indicated that cold calls and cold calling are 97% ineffective.
The same study also revealed that 75% of respondents are more likely to use social media in future purchasing decisions.
Because of this data, IBM implemented a social selling program that saw a 400% increase in sales.
Research by Altimeter Group found that only 11% of companies used customer-facing social media efforts for sales.
But while adoption is currently low, performance results for early adopters are impressive.
A research report described in Forbes demonstrates the link between social selling and sales performance.
Among the findings, 78.6% of sales pros using social selling techniques outperformed their non-social peers, and those social selling reps were 23% more successful in exceeding their sales quota (by more than 10%).
7 VERY INTERESTING SALES FACTS
- The average sales rep only makes 1.3 phone calls per lead before giving up. If you only call a lead once, you wring 37 percent of the value from your lead.
- Ideally, sales reps should be calling each lead six times. With six calls, you get 90 percent of the value from your leads.
- The best times to contact a lead are between 8 a.m. and 9 a.m. or 4 p.m. and 5 p.m.
- The worst time of day to attempt contact is during the lunch hour.
- Make sure your sales reps are being most productive during these times.
- Wednesdays and Thursdays are the best days of the week for contacting leads.
- Tuesdays are the worst. When should you hold sales meetings? Tuesdays during lunchtime
COLD CALLING ACTION PLAN
Based on this research its best you set yourself a Cold Calling Action Plan.
Get your team together, share this research, then set your weekly planners to focus on:
a. Best times to call
b. Use of Social Media (Facebook, LinkedIn, Twitter, etc) to support your Cold Calling
c. Practice – Drill – Rehearse your approach, your scripts, your objection handling and your resilience building
Now get on with it..