Is the traditional way of prospecting wasting your time and resulting in countless dead ends? Here’s why: it’s impersonal and intrusive.
Cold calling, scripted pitches, and a lack of transparency about pricing and scope are three common methods you might use to jumpstart the buyer’s journey. Unfortunately, these seemingly tried-and-true methods are no longer enough.
Cold Calling: A Huge Time Sink When Prospecting
- A Baylor University study found that only 1% of cold calls end with an appointment or client meeting.
- 3 out of 4 business executives said they would rather work with someone referred by someone they already know.
- It takes, on average, 8 cold calling attempts to even reach a prospect.
- It costs 60% more per lead than other methods of prospecting.
Cold calling is so popular because it allows prospectors to make contact with a lot of people in a relatively short amount of time. But is it worth the time and resources if the vast majority of these people won’t become loyal clients? Maybe — but you shouldn’t rely on these calls as the sole way of generating new business.
Scripted Pitches: You’d Hang Up, Too
- Surveys have found buyers only see 20% of sales representatives as valuable to a transaction.
- Data from Corporate Visions shows 74% of buyers would rather communicate with a sales representative that added personal insight.
- Studies show the average customer now completes 60% of a buying decision on their own before ever speaking to a specialist.
With limitless information at their fingertips, many prospects today will have already pinpointed their issues and have possible solutions in mind. Companies must either understand a potential client’s pain point before they do, or employ new, creative methods of marketing that are uniquely tailored – not pre-scripted. Client-focused communication may take more time and research than performing a practiced pitch, but is certain to end with a longer, and more meaningful, conversation.
Lack of Transparency: Get Real
- The Fournaise Marketing Group found 77% of CEOs think marketers spend too much time on subjects that don’t matter rather than results that do. They were specifically looking for transparency on revenue, ROI, and market valuation.
- Surveys show 95% of buyers chose a company that provided ample content to help them navigate each stage of the buying process.
- A study conducted in 2011 found 72% of decision-makers were tired of marketers asking for more money without an explanation of how it will generate increased business. Can you imagine this percentage in 2017?
Long gone are the days of tricky semantics and sneaky omission of the truth. Establishing credibility with prospects through open communication and transparency during the sales process leads to more trust and less hassle in the long run.
Ready to Start Using Prospecting Methods That Work?
Contact us. We know finding quality leads can be difficult. Engenius can help you augment these ineffective methods and find carefully crafted strategies that work for you.