Like any brand launch, launching a cryptocurrency business will require that you utilize many acquisition methods to connect with prospective customers. Cold calling is one such method.
Cold calling is the sales call made by the customer service representative to a lead that is generated and turns them into a customer. At this point, the customer might or might not be aware of the business.
The leads for cold calling would be collected by the sales team by searching and piecing together the information available in public records or even could be bought from brokers.
The sales team representatives or cold calling service providers then call those leads and warm them up a bit and proceed with their sales pitch that they got to deliver.
Is cold calling effective even now?
The effectiveness of cold calling is rare and is often questionable. Since the process is time-consuming and the conversion rate is too low. In the cold calling process, the negative responses outweigh successful ones.
Most of the time the customer might simply hang up once they figure that it’s a sales call. In the worst cases, the representative would even receive verbal abuse. Rejection would happen more than 180 times out of 200 calls. According to stats by Investopedia, the conversion rate of cold calling service is around 2 percent.
To exactly picture the effectiveness of cold calling, Imagine a customer/Lead receiving a sales call when they are in their daily life, maybe in the middle of dinner. More likely the customer would hang up or be polite and end the call as quickly as possible.
A salesperson faces so much of such awkwardness and rejections from cold calls. This is a wrong approach and almost always fails.
But in recent days cold calling strategies have changed with the evolution of sales techniques. Nowadays there are numerous tools with enormous amounts of information about people and their business to research before randomly calling every lead the business provides.
Cold Calling techniques to know:
- Before making the call, research the prospect and market.
- Use social media to its fullest and improve the approachability.
- Prepare sales scripts that focus on the opening statement, benefits, and addressing the possible concern.
- Decide and make the call at the right time.
Some Tip and Tricks to Use that would work:
Know the right time to call
There are times classified as the right time and wrong time to make a sales call. Studies say that it is one of the worst times to make a sales call on Friday afternoon. By that point in time, everyone would be already ready for the weekend and no one would be interested to engage themselves with a sales call.
Another poor time would be on Monday morning. Even in this scenario, users would not be interested to answer such calls, since they would be already busy dragging themselves to the office. So when would be the right time to call?
It would be usually on the mid-days like Wednesday or Thursday. Making a call either in the mornings or later in the day would be the best option. Time Interval is the key factor, no matter which day the call is made.
Peak sales recruiting says that calling a lead a minute after they have been generated would boost the conversion rate up to 390 percent, which is a huge margin in the conversion rate.
Practice the Right Tone
Practicing the right tone of voice is as important as choosing the right words to make a sale. The tone of the cold calling service provider should be confident and not be bored.
If the voice sounds bored, the customer prospect would hear it and wouldn’t be much interested to close a deal. It is tough to maintain enthusiasm all day long every day, but it is an important aspect that affects the sales pitch.
There is no room for being aggressive by the salesperson. They should sound confident yet friendly during the whole call, even if things aren’t going the right way for them.
Use of Sales Script
For a beginner-level salesperson, it would be tough and they might become nervous easily during a sales call. When nervous, people tend to talk too fast or stumble on their words and forget some of the important points they had to deliver.
If the salesperson talks too fast, it makes it difficult for the prospect to decipher all the points that are made and the message would not be delivered clear to them.
Using a sales script makes it easy to deliver the points. The script should only be used as a guide or hints, rather than writing down all the points and just reading it out.
Be confident to leave a Voicemail
Keep the message short and concise while delivering a voicemail. Studies advise making a voicemail for about 8-14 seconds.
Practice fitting the context within that period, since it’s a very short time. The voicemail should be clear and appealing to the prospect and should make them call you back.
The Bottom Line
The cryptocurrency space is a crowded one and there is stiff competition among emerging brands, so at some point you may have to exhaust all options to compete.
And while the stresses of cold calling are high and the success rate generally quite low, cold calling can still be an effective tool to capture new customers.
If you do decide to take advantage of this time tested customer acquisition method, give the tips in this guide a go to improve your chances of success.
Have you tried using cold calling to get new customers and help you build your cryptocurrency brand? What was your experience? Let me know in the comments below…