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Article : Cold Call Lead Generation And New Business Development

New Business Is The Life Blood Of Any Enterprise
The Hi-Tech industry is no exception. Once new business stops coming in, sooner or later there is a decline. Depending on the target market, cold call lead generation works! There are only two instances in which it would NOT be worthwhile.

The first instance is if you are selling to a limited target market. If you are targeting Brain Surgeons or Rocket Scientists, a key Sales Rep within you're your own organization could probably reach all of them faster, more cost effectively, and with much better product knowledge than any outside resource.

The second instance is if you are selling a low ticket item like a piece of Software, ($200 or $300.dollars in total value), There has to be enough margin in it to make it worth the cold callers time, and still be profitable for you.

If your product/service represents a sale of $20,000 and up to over a million, with a good chance of continued on-going business being done, then it's definitely worth considering cold call lead generation as part of your marketing mix. If it's done right you won't find a more cost effective means of marketing for new business development.

There are generally 3 basic categories of leads produced by professional cold call lead generators: HOT, WARM and COLD.

Hot
The Prospect is in the market and actively seeking a proposal or quote. It's the decision maker, or his/her designate. Budgets have been approved; the buying decision is imminent within 3 – 6 months, and implementation is to take place within the next 12 months. A face-to-face meeting or on-line demo is arranged, or if requests for proposals are in the works, you can decide to pursue, or not to pursue.

Warm
The Prospect has not planned, nor might not have contemplated your product/service, but is interested in finding out more. An email with a file attachment outlining your product/service is immediately sent out. But only under the proviso that a follow up call can be made to explore in more detail. You follow up to find out how you can be of service, to hear about a problem; find out how you can eliminate some pain, etc. The objective is either to arrange a face-to-face meeting, an on-line demo, or a conference call. It may involve several follow up calls before you can either qualify, dead file, or hopefully diarize a warm Prospect for future action.

Cold
The Interested are also Prospects, but the timing is wrong for whatever reason. These Contacts are usually sent literature, but only if they agree to periodic follow-ups. Many of these leads don't pan out. But sometimes you get a nice surprise a few months later, or even a year or two down the road. Most Sales Managers agree the majority of longer-term opportunities are usually lost through inadequate, and/or improper follow up procedures.

Keep It Simple!
The right way to get leads is also the easiest way. Cold calling for the purposes of lead generation should attempt to do only one thing: open the door! Closing the door is your Sales Representative's responsibility.

Caution - Lead generators should not divulge too much information. That works in mail order, when the Prospect wants much information as possible to avoid making the wrong buying decision. But in lead generation "discretion is the better part of valor". Avoid too much talk during the initial cold call. Many people will suggest you send literature just to get you off the phone. It's a judgment call on your part. If you feel the interest is genuine a brief e-mail with an overview attachment introducing your Company will suffice. Anything over 2-3 pages likely won't be read. Don't disclose too much too soon. The idea is to get them to talk about problems, frustrations, aches/pains, etc. The objective of the cold call is to capture their name, title, address, phone number, and any other pertinent data that can be used in a pre-arranged follow up call where you try to initiate further action, like a meeting or on-line demo. Saying too much upfront may satisfy your Prospect's hunger, but provide reasons for them to not respond positively.

Some Techniques
While it may not be right for everyone, depending on the nature and/or the culture of the business, the following promotional efforts have worked well. Offer something free! It can be intangible like free information, or tangible like a promotional product, but it should be of benefit to the Prospect in relation to his business. This is a key element to any successful lead generation program. Whether you use direct mail, print ads, radio, television, cold calling, or other media, you must offer something free to open the door. But it must be something useful to the prospect. You can offer just about anything: free booklet, free gift, free survey, free sample, free catalog, free inspection, free consultation, or anything else, but it must be related to their business. A free sample is the most effective form of promotion next to word of mouth.

Stay focused on getting the lead. Don't get carried away with the creative aspects of copy, design, and production. Keep your message as simple and clean as possible. In this age of information overload the idea is to tweak your prospect's interest in the free offer. Don't talk about your company, and then tack on an offer. And don't talk too much! If you say too much, you'll prematurely quench the thirst for information.

Gather the information you need to make the sale. The only reason for offering something free is to get a name, address, phone number, and other information to begin the sales process. Be careful if you ask for an e-mail response, since prospects may not give you everything you need. And if you want to direct prospects to your web site, create a special URL that will ask for contact information first.

A company in the telecommunications business illustrates how well simplicity can work. A mailing was sent out with a free USB Computer data storage device offer. Easily fitting into a pocket or purse, these devices are about the size of a finger, store about 64 megabytes, and are useful for anyone wishing to transport data without having to tote a Computer around. A follow up call to those prospects who responded produced a significant percentage of demos and meetings.

An accounting firm sent a letter offering a free demo CD may I send it to you?" It didn't talk about the company, but went on to describe what was on the CD. A two-sided insert did not discuss the Company's services, but presented success stories from Companies who use their services. In each piece there was a clear call to action pushing the CD. The free offer should help your prospect solve a problem. Forget positioning and pr and the rest of the fluff. Give your offer value. For an accounting firm, offering a "free tax reduction kit" is of more interest than "a free brochure about the ABC Accounting Firm." It's great if you can cure a particular ache or pain!

A Computer Consultant specializing in troubleshooting and tune-ups offers the first hour free to new Customers. He tells them if they don't like what he's doing the first hour they can terminate the session without having to pay anything.

The Bottom Line
To be successful in cold call lead generation you must always bear in mind it's a numbers game. You must be able to face considerable rejection without taking it personally. The few winners should more than make up for the ones that go nowhere. In fact, many times when you call back the same Company, the original Contact is no longer there, and then it's a whole new ball game.

Lastly, don't expect your top Closers to cross train in cold calling. They usually hate it! It takes a certain type of individual with a unique set of skills and some innate inborn qualities to cold call and generate well-qualified leads for your Sales People to develop and close!


Today's Tip of the Day - Utilize Time & Money Saving Tools

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Published: Wednesday, March 30, 2005

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