Cold Calling 2.0: Setup 2x More Meetings
Boost your cold calling outcomes with refined processes and AI-driven critical steps like account prioritization, auto call prep and power dialing.
Hey, Welcome to this week’s edition of “Future of Prospecting” Newsletter by “Evabot”.
We have been researching Generative AI Technology for the last 18 months and have been astounded by the use cases it brings in Prospecting through Hyper Targeting and Personalisation. For Sales leaders and Revenue leaders, the main challenge with AI-led Prospecting is “How and What not?”
If you’re not a subscriber, here’s what you missed earlier:
Subscribe to get access to our weekly posts on Prospecting, Automation, AI, Revenue Growth and Lead Generation.
Cold calling isn't dead; it's just evolved.
Effective cold calling, upgraded with account insights, allows sales professionals to target more precisely, enhancing the possibility of successful outcomes.
Over the last 8 weeks we have been experimenting with our cold calling process for higher conversions. We have seen interesting results. Here are a couple of them…
Cold calls backed by prior research have a 70% higher chance of converting compared to traditional cold calling strategies.
Implementing prioritization in cold calls leads to a 50% increase in initial positive responses, significantly shortening the sales cycle.
We decided to write a newsletter specifically on our “Cold Calling 2.0” process experiment so that our fellow sales leaders also test and see outcome improvements from calls. Here are the topics that we are covering below…
Cold Calling (Before vs Now) - Process and Conversion Rates
Current Challenges and AI-led approach
4 major innovations in Cold Calling
Our Case Study
Cold call process and conversion rates
In the last 8 years, cold calling has undergone significant transformations. Let's break down the evolution of this vital sales technique, showing how it has shifted from a manual-intensive low outcome process to an AI-driven high outcome strategy.
Cold Calling: Pre-2017
Step 1: Taking a list manually from databases.
Step 2: Manually researching potential leads.
Step 3: Making calls one-by-one.
Step 4: Recording and Manually taking notes during calls.
Step 5: Tracking follow-ups and outcomes manually.
→ Effort Level: High
→ Conversion Rate: Low
Dial to Call pick-up - Medium (Somewhat higher if calling at certain times)
Call pick-up to Meeting Set Up - Low
Cold Calling: 2017 - 2022
Step 1: List gathering is still manual but more refined across parameters.
Step 2: Lists are prioritized manually based on random choice of parameters like designation, industry, company size.
Step 3: Research remains manual but is more targeted.
Step 4: Calls are still placed manually.
Step 5: Introduction of AI solutions for recording and analyzing conversations helps in note-taking.
Step 6: Tracking incorporates both manual inputs and AI insights.
→ Effort Level: High
→ Conversion Rate: Moderately Better than before
Dial to Call pick-up - Low (Somewhat higher if calling at certain times)
Call pick-up to Meeting Set Up - Better than before (due to targeted segment scripts)
Cold Call 2.0: Present Day
Step 1: Lists are auto-pulled from databases using advanced filters and updated regularly.
Step 2: AI prioritizes lists based on real-time insights relevant to business context.
Step 3: AI conducts deep analysis for actionable insights, automatically creating and updating call-prep notes.
Step 4: Use of power dialers to accelerate the dials.
Step 5: Enhanced AI solutions for comprehensive conversation analysis and note-taking.
Step 6: Manual review with robust AI tracking for detailed outcome analysis and follow-up plans.
→ Effort Level: Lowered significantly on no-calling activities
→ Conversion Rate: Higher (as focus is only on calling and building relationships)
Dial to Call pick-up - High (Since call dialing volume is high, call pick-up count is higher number even if pick up rate is low)
Call pick-up to Meeting Set Up - High (Call Prep notes with precise account insights to discuss)
With Cold Call 2.0, our focus has shifted towards leveraging technology to enhance connection rates and getting precise insights for building relationships.
Current Challenges and AI-led approach
Let’s look at common cold calling challenges that AI-driven solutions are battling head-on for increased efficiency and improved conversion rates.
1. Why is the dialing volume low?
Challenge #1: It's tough getting through; not many people answer their phones.
Solution: Power dialers! These tools automate the dialing process, boosting call volumes effortlessly, ensuring you connect with more potential clients.
2. What causes low conversion rates from initial call pick-ups to meaningful conversations?
Challenge #1: Are generic call openers causing quick hang-ups?
Solution: Switch to psychological call openers designed to capture interest and engage listeners right from the start.
Challenge #2: Is using a one-size-fits-all script turning prospects away?
Solution: Use pre-filled account insights in your call-prep notes for a personalized approach that keeps interactions fresh and relevant.
Challenge #3: How can you be sure you’re calling accounts with immediate needs or interests?
Solution: Implement account prioritization algorithms to identify high-priority accounts based on their likelihood to engage, optimizing your calling efforts.
By integrating these AI solutions, your sales team can not only reach more people but make each conversation count by being prepared, personalized, and timely.
4 major innovations in Cold Calling
Here’s a breakdown of the four major innovations that has transformed Cold Calling completely
1. Enhanced Account Prioritization
- How It Works: Using precise insights generated by AI, each account on your list is automatically prioritized based on engagement likelihood and other relevant metrics.
- Benefit: Ensures your team focuses their efforts on leads most likely to convert, maximizing efficiency.
2. Revamped Call Prep Notes
- How It Works: AI tools pull the latest data and infer relevant insights on prospects and auto-populate your call prep sheets.
- Benefit: Sales reps go into calls well-informed, ready to engage meaningfully with every prospect.
3. Integration of Power Dialers
- How It Works: These advanced dialers automate the calling process and save the SDRs dialing time.
- Benefit: Increases the number of successful conversations and reduces time wasted on unproductive calls.
4. Advanced Call Tracking and Analyzers
- How It Works: Each call is recorded and scrutinized by AI analyzers that help understand customer sentiments, compliance, and key conversational benchmarks.
- Benefit: Provides actionable feedback that can be used to improve future interactions and strategies.
These enhancements in Cold Calling 2.0 aren’t just about adopting new tools; they represent a shift towards more strategic, informed, and effective sales practices powered by AI tools. As these tools become more integrated into daily operations, sales teams can expect not only higher conversion rates but also a memorable experience for clients.
Our Case Study
Here is our case study of implementing the Cold Calling 2.0 process within our sales operations. We increased our meeting setup by 2x.
Setting Up the Team and Tools
Team Composition: We selected a small, agile team consisting of 2 Sales Development Representatives (SDRs) and 1 Account Executive (AE) to pilot this initiative.
Software / Tools Utilized:
Outreach: Used for efficiently managing and pulling contact lists.
Nooks: Implemented as our power dialer to increase call connect rates.
Evabot: Employed for dynamic account prioritization and auto-refreshing call prep notes with relevant insights.
Gong: Integrated for advanced call tracking and detailed conversation analysis.
Process
Each SDR called 500 Prospects on a daily basis.
The calling was done through Nooks on a priority order set by Evabot AI Tool.
As the call was picked, SDR opened the call-prep notes generated by Evabot AI Tool.
After the call, Gong shared the recording and analysis.
Results: Before vs. After Cold Calling 2.0
Dial rate:
- Before: 200 dials/day/SDR
- After: 500 dials/day/SDR
Call Pickup Rate:
- Before: 2%
- After: Increased to 3%
Conversion from Pickup to 60-second Conversation:
- Before: 20%
- After: 20% (Didn’t change much due to experiment with different call openers)
Conversion from a 60-second Conversation to Meeting Setup:
- Before: 15%
- After: Improved significantly to 20%
Scaling Impact: Increase in Meeting Setup Rates
Volume Analysis for 10K Contacts:
Meeting Setup Increases:
Before: From these contacts, only 6 meetings were set up.
After: Post implementation of Cold Calling 2.0, the number of meetings skyrocketed to 12.
Meeting Setup Rate:
Before: A mere 0.06%
After: Enhanced dramatically to 0.12%.
By leveraging AI and automation, our team not only enhanced their productivity but also significantly improved engagement and conversion rates.
As we continue to refine these processes, we're excited about the potential further enhancements and efficiencies that Cold Calling 2.0 can bring to sales teams across industries.
Ready to move to Cold Calling 2.0? Subscribe to our newsletter for exclusive insights, tips, and expert advice.
Plus, register to experience our tool for implementing “Cold Calling 2.0”...