B2B Sales Top Challenges: Cold Prospecting

In today’s digital world, the idea of cold prospecting may seem archaic. However, the reality isn’t so straightforward. As old-timers as cold calling and email campaigns may seem, they still have their place in the modern sales pipeline.

In an era of rise in remote work, sales managers are rediscovering that cold selling can be an effective way to attract customers if used correctly.

Benefits of cold prospecting in B2B

Cold prospecting has stood the test of time, largely due to ongoing necessity, because sales professionals need to build a pipeline. Every deal starts with communication. Think of cold calling or email campaign in B2B as simply starting the sales process. And consider the following facts that show how effective cold selling can be:

• 27% of salespeople say cold contacts are very efficient
• 82 % of buyers say they accept meetings with salespeople after cold contacts

Stages of cold prospecting

1.         Create a list of prospects

Use your knowledge of your target audience and create a list of leads based on your own criteria. It will help you not to waste time on unpromising contacts and to work only with those who can really become a client of the company.

It is desirable to get contacts not of the front office, but by departments of interest to you, for example, the procurement department or the import department. In this way, the probability of getting a positive response and acquiring a new client will be much higher.

Such a lead generation tool as EasyBusiness will help you to create a list of potential buyers according to your criteria and get contacts for specific prospect divisions.

2.         Prepare yourself to communicate with the customer

Use a script. A script is a ready-made set of phrases and questions that a salesperson uses when making initial contact with a prospect. It helps structure the conversation and provides a unified approach to sales in the company. This way, all managers will know what wording to use and won’t get lost if a client asks an unexpected question.

Use active listening. Don’t just speak following the script and listen to the customer, but ask questions depending on the situation to get to know the customer’s needs better.

Focus on the benefits of the product. The customers need to understand how they will benefit from using your product or service. Connect product usage scenarios or frame your communication around the JTBD (Jobs to Be Done) principle. This principle means that a person buys each product not just for nothing, but to ‘hire’ it for performing a specific job.

Offer choices and show alternatives. Compare the advantages of products and help the customer to choose the one that best suits their needs.

Work out and close objections. Do not ignore questions, answer them honestly and constructively without sinking to the conflict.

3.         Reach out to potential buyers

This can be done through calls, emails, messenger and social media messages, or even paper mailing. Introduce yourself, present your business and explain how your products or services can be useful and beneficial to the customer.

4.         Don’t forget to promote your product

Even if you get prospects interested in your offer for the first time, they will most likely go looking for information about it online or ask people they know. Therefore, it is important to promote the product in such a way that it stays in a positive information field. Create a B2B company presentation with newsline and blog features, keep social media accounts and groups, update the website regularly and stay in touch with potential buyers.

5.         Evaluate the effectiveness of cold sales

To do this, analyze metrics such as the number of deals closed or conversion rate. See how well you met your goals, identify mistakes and take them into attention for next time.

For example, you’ve never done cold sales and you set an ambitious goal: to get 50 new customers per month with calls. At the end of the month, you only got 35 customers. The goal was not achieved. But the results still show that the team worked effectively. In this situation, you need to take into account the mistakes and change the KPIs for employees so that the indicators are achievable.

Best practices for cold calling in B2B

When it comes to the art of cold prospecting, there are a few ‘shoulds’ and ‘shouldn’ts’:

You should:

• Know exactly who you’re calling or writing to and why: While cold contact means contacting someone who has never shown interest before, that doesn’t mean you should start a conversation with them without first learning some basic information. When you call to make a sale, you need to know exactly who you’re talking to, what kind of company they work for, and how they can benefit from your product. Otherwise, you will waste your time.
• Introduce yourself, listen, then listen again: this is called adapting to the tone of the interlocutor. For example, if he is very energetic, you should be too. If he is more skeptical, tone it down. When it comes to cold calling, adapting your tone is one of the most important tactics you can use to build better relationships.
• Clearly define the purpose of the contact: cold prospecting is one of those situations where you need to know exactly what you’re going to communicate before you even pick up the phone or send an email. Define the exact purpose of the contact so you don’t waste time, make sure the client understands who you are, what brand you represent, and above all, how your solution can help them solve their problems.

You shouldn’t: 

• Asking who you are talking to: Before picking up the phone, you should know exactly who you are calling, what his or her position is and the scope of decision-making authority in the company.
• Trying to sell on first contact: The first cold contact with a potential client should be primarily an introductory contact to make sure you’re both on the same page. Instead of trying to push your product or service right away, use the first contact to get to know the prospects better and try to explain how your product can solve their problems.

Conclusion

Cold prospecting is a simple, effective method of product promotion that can have a significant impact on your company’s success. Let’s summarize all the important theses on this topic:

• Cold selling is a tool that targets brand new potential customers among your target audience who have not heard of or tried your product before.
• Cold prospecting can be done through calls, emails, social media communication, messengers or chats, etc.
• In cold selling, it is important not to try to sell a product, but to gain the customer’s interest.

Kompass digital solutions are designed to optimize cold prospecting methods – contact our experts to find a customized option for your specific needs.