Cold Calling Techniques

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Cold Calling Overview

• Cold calling remains a productive method for securing meetings.
• Dedicating one hour daily to cold calling potentially yields at least two meetings weekly.
• This assumes 40 cold calls can be made in an hour.
• Successfully executing 200 weekly cold calls can lead to meeting generation.

Mindset and Energy

• It is normal to experience anxiety before cold calling, even for experienced individuals.
• Standing up can positively influence mindset due to the "power stance" effect.
• Consistent cold calling for 30 minutes daily builds confidence.
• Persistence is key, even facing numerous voicemails before connecting with someone.
• The adrenaline rush experienced after a successful pitch can be energizing and motivating.
• Success in sales is determined by the number of uncomfortable conversations one is willing to seek.
• Separating feelings from actions is crucial; feeling unmotivated is not a barrier to starting.

Pre-Call Routine

• Mantras can help overcome the initial hesitation.
• You don't have to feel good to get started, but you have to get started to feel good.
• You can hack getting started by using habit stacking.
• Habit stacking involves linking the desired activity with a necessary task.
• For example, delaying inbox checking until after completing a set number of cold calls.
• This forces adherence to the cold calling quota before other tasks.
• Cold plunging is a good analogy for cold calling in that they both suck at the beginning.

Structuring the Call

• The cold call can be divided into: introduction, hook, and close.
• The introduction occurs within the first 60 to 90 seconds and significantly impacts success.
• The hook keeps the prospect engaged by finding a problem they connect with.
• The close is to secure the meeting with the prospect.

Common Intro Mistakes

• Prospects receive numerous daily cold calls, including irrelevant solicitations.
• Many salespeople fail to differentiate themselves from telemarketers.
• Opening with generic greetings like "How are you doing today?" or "Did I catch you at a bad time?" is a mistake.
• Instead, a tailored permission opener can lead with context relevant to the prospect.
• Mentioning a recent job posting or trigger event can pique the prospect's interest.
• Establish context by communicating that the call is targeted and intentional.
• Attempt to shift the interaction from "telemarketer" to "respected peer".

Examples of Good Openers

• "Have you heard our name tossed around?" implying familiarity and credibility.
• Sharing that you work with other peers or people of the target's standing establishes authority.

Tonality Tips

• Two common tonality issues: uptones and speaking too rapidly.
• Slowing down speech allows for better thought composition and reduces stammering.
• High-level executives typically speak deliberately slowly.
• Be aware of uptones, which can convey uncertainty, especially when asking questions.

Transitioning from Opener

• Avoid immediate product descriptions.
• Instead, use a problem proposition that clearly states what problem you expect to solve.
• Share the types of issues that your company can resolve.
• Make it clear on the front end what common frustrations and pain points your clients have.
• Reduce the prospect's cognitive load by quickly stating what problems you solve.
• Reference common issues CFOs in similar firms face.

Example Transition Statements

• "I talked to CFOs of insurance defense law firms, and they express frustration with deductions on E-bills".
• Followed by "That's a problem we solve for 300 law firms in the US. Would you be open to learning more?".
• This phrasing seeks permission to continue the conversation and is not expected to provide a sale on its own.

More Opener Examples

• Mentioning a recent case won by the law firm and that you read about it can show familiarity.
• Acknowledge the cold call directly, then quickly establish credibility and ask for limited time.
• Sharing a recommendation from a mutual connection can add credibility.

Sales Challenges & Solutions

• Inquiring about top sales challenges can reveal immediate needs and opportunities.
• Addressing a prospect's challenge directly can be a compelling reason to meet.
• Some common sales team challenge is finding really good sales talent.
• A recruitment agency's solution would be to help a sales team find great quality talent in the market right now.

Effective Cold Call Intro

• Open with a known name, which can be followed regardless of the response.
• Example: "Armon at Northwestern, have you heard her name tossed around?".
• Trigger a memory of a pain point, such as tax day for financial partners.
• Give a minimal preview of your solution to avoid being dismissed.
• Soften the request with a pre-emptive "push away," assuming they are already covered.
• Most people will typically not say yes, but the next objection landing will be softer.
• Use context and familiarity to show you've helped similar people.
• Agree that the problem prop is crucial for a cold call and nail the first 60 seconds.
• Closely observe what people say in intro calls to identify key reasons for contact.
• Listen to sales call recordings to understand common reasons people want to talk.
• If intro is executed well, expect responses like "Wait, yeah, we're dealing with that. Who are you again? What do you do?".

Handling Objections & Creating Dialogue

• Pain or aspiration motivates prospects to attend meetings, so find the reason.
• If a prospect claims everything is fine, dig deeper to uncover potential improvements.
• Ask: "If you could wave your magic wand and improve one thing, what would it be?".
• Use the prospect's answer to create a pain point and highlight potential improvements.
• Listen to the language used by the peer to better understand.

Objection Handling Techniques

• Acknowledge positive aspects of their current situation before suggesting improvements.
• Use a "pros and cons" approach to navigate objections such as internal hiring processes.
• Frame solutions through the lens of what you hear from others in their position.
• Talk about customer voice: speaking through the lens of what you hear other people talk about.
• Avoid directly stating that they're doing it wrong; instead, offer external perspectives.

Active Listening

• Resist the urge to interrupt; focus on fully understanding the prospect.
• Create artificial pauses to prevent cutting off the prospect by taking a quick sip of water.

Creating Intrigue

• Aim to get to the first objection promptly to initiate a conversation.
• Many cold calls fail to progress beyond the initial hang-up due to a poor intro.
• Transforming an objection into a conversation involves splitting it.

Mr. Miyagi Method

• Agree with the objection initially to demonstrate understanding.
• Split the objection by offering multiple options to address their concerns.
• For example: I'm not interested. - “Hey Nick I totally get that honestly you probably would have called me if you were this one's on me sit for a second now Nick is going to take a Brea that's step one number two is I want to split the objection people tend to be more open to conversation when you one demonstrate you were listening and then two give them options to grab on to and so after I say that I'll be like hey just so no one calls you again could you give me a sense is it because you have something in place you’re doing this in house or I just totally caught you off guard and you hate getting cool calls it’s got to be one of those three things or they’ll give me a fourth but if I just said why aren’t you interested now it’s a conv all a sudden what’s going on what I did is I agreed with it and I’m like 1 2 3 which one is it I’m hearing you out and now they’re going to share their actual situation because I’ve removed the pressure of the sale and I’ve demonstrated that I understood one of the three situations that they’re in and I said just so no one cold calls you again could you give me the actual reason and that will give me the real reason that allows me to have a conversation and then use their actual solution to uncover some pain from there”.
• This removes pressure and encourages them to share their actual situation.
• Multiple-choice questions make responding easier and are appreciated by executives.

Expertise Demonstration

• Demonstrate you've done this before and what the common priorities that the prospect might have.
• Identify common priorities, problems, and existing solutions before the call.
• Discuss what happens when you address the pain and what they have tried to achieve.

Transitioning to a Close

• Goal is to get off the phone.
• The purpose of the close is that you should suggest the next step on the call
• Transition by emphasizing the fit between their needs and your solution (EX: "That's exactly why we should meet").
• Suggest specific meeting times to encourage commitment (EX: "How about we meet tomorrow at 2 or 4 p.m.?").

Closing a Call & Securing Meetings

• Make it easy for the prospect to say yes by offering two specific days and times for a meeting.
• Giving options like "tomorrow or Friday at 2 or 4 PM" allows the prospect to visualize their calendar and find a slot.
• Clarify the meeting's focus to tailor it to the prospect's needs: "Just so I'm best prepared for this meeting tomorrow at 4:00, what would you like me to tailor it to based on what we said today?".
• Inquire about additional decision-makers to include in the meeting, aiming to consolidate key stakeholders.
• Verify the prospect's email address to ensure the calendar invite reaches them.
• Summarize the discussion to transition into scheduling a meeting, emphasizing how you can address their needs: "Here's what I heard, and we can help you with that. This is exactly why we should meet".

Calendar Invites & Confirmation

• Ideally, send the calendar invite live during the call and ask the prospect to accept it immediately.
• If the prospect doesn't accept the invite, it might not appear on their calendar, especially with Gmail's changes.
• Explain to the prospect that accepting the invite is crucial to ensure it appears on their calendar.
• Follow up with prospects about the meeting, even if it means calling them, as it shows professionalism.
• Obtain the prospect's permission to send text messages for quick updates or reminders.

Additional Tips for Securing Meetings

• When a prospect requests an email for coordinating times, offer to send a placeholder invite instead.
• Send a hold for a specific time (even if potentially incorrect) and ask the prospect to accept it or suggest an alternative.
• If facing multiple objections, use the "exit" strategy by acknowledging the lack of relevance and suggesting a follow-up in 3 months.
• Suggest sending a calendar invite for a brief check-in later to maintain the connection.