Just gave cold calling a try and damn is it hard
So, I've been giving cold calling a try to setup some meetings to learn about my potential customer's (small landlords) workflow and problems. It seems quite a lot of them have no website or even a public email, so if I want to reach them it means doing it by phone. So far none of the landlords I've called have accepted my request for a meeting, but I'm going to keep trying. Any advice for me?
Right now this is what I open with: "Hi, I'm a young entrepreneur and I am working on a business idea I have to help landlords. It would be amazing if you could help me learn what being a landlord is like so I can make sure I build something would be useful and provide value. Would you be willing to spend 15 minutes doing an interview with me in the next couple of weeks?".
I have done a TON of cold calling. I was a realtor for about 5 years, sold penny stocks over the phone, owned a pressure washing business in high school, owned a catering company for about 3 years, and a web design business for about 10 years. I also had several short-lived companies that I started here and there.
All of my companies were mainly driven by cold calling. I would grab the yellow pages (or internet equivalent), pick a category that best applied to my business, and start dialing.
Some tips:
1 - Read a few sales books. They actually help. A lot.
You're a startup founder/CEO/business owner now.
Your primary job is to increase sales.
You are now a salesperson, first and foremost.
Get good at your job.
2 - Stand up and smile when you call.
3 - Don't ASK for something, offer to GIVE something. For instance, instead of asking landlords to help you with your project, make it appealing to them.
Say that you are building an app that will help landlords find new low-cost properties that they can put early bids on, and if you can buy them a coffee to ask a few questions you will give them lifetime access for free to your app, which you will be charging $50 a month for. You are giving them a $600 a year piece of software for free!
4 - Ask if you can meet up sometime this week (so they don't forget about you), but be super-duper polite (not even a hint of pushiness). If they say they can't do it until next month on the 15, you say 'Oh, that's so great! Thank you so much!', not 'Aw, dang. Are you sure you can't squeeze me in sooner?'.
5 - Follow up the day before the meeting if it was scheduled this week, and 3-4 days before if it's been a few weeks.
Book recommendations (some of my favorites):
Swim with the Sharks Without Being Eaten Alive
by Harvey Mackay
The Sell
by Fredrik Eklund
The Challenger Sale
by Brent Adamson and Mathew Dixon
To Sell Is Human
by Daniel H. Pink
Also, you might just want to see if they have a few minutes when you are on the phone with them. Don't say '15 minutes', just ask if you can ask them a few questions and then you'll give them access to the app for free when you get it launched.
Something like:
'Hey, I'm building an app that helps landlords get notified when there are new foreclosures and preforeclosures nearby, and I'm giving free access to any landlords who can answer a few questions for me. If you have a few minutes, I'd love to ask you a few questions in exchange for a free lifetime subscription to my app, which will cost other landlords about $50 a month.'
And another thing to remember, so as not to get discouraged when not everybody is interested, is that cold calling, like other direct marketing indeavors, has, on average, about a 2-4% return.
(I guess I tried to cram as many commas in that sentence as possible.)
So, for every 100 calls (or fliers, or postcards, or carrier pigeons), you can expect to get about 2-4 sales, or meetings, or people who will answer questions about being a landlord.
Although, I think you'll have quite a bit higher rate of return on getting your questions answered once you get your pitch right.
Hi Matt,
Loved your insight on sales.
I am Akash, a Digital Marketing Specialist from Dynamic Digitech.
I am looking for a sales partner for my agency who can work on client acquisition and I with my team can work on the operational part of Digital Marketing.
I do work with some partners in the US in a similar arrangement and would like to expand.
Let me know if you have any references and I can share further details with you.
Thanks for reading.
Akash
Skype: nice_webby
I am trying to be a freelance videographer/editor for international nonprofits. I guess I am trying to figure out my "offer". Part of my pitch is that I will already be in the country they work in (hoping they bite since there no extra expense to them) then just charge a fare rate that covers my cost and some profit. What would you suggest be a good offer? free video content? something else?@matt_trussell
I think you're not reaching landlords with an early adopter mentality. Let me explain.
A landlord with a website, email, heck even a Facebook campaign or two probably knows the value of going digital. They're more likely to help you vs. landlords still "stuck in the 20th century".
I originally heard about this insight from Dan Martell on Clubhouse and it made sense. When looking for early adopters, try to first get in touch with people who already displayed some of the behavior you like to be displayed.
Ditto. I've also struggled with the cold call tactic and found that working my ass off to get warm intros or even lukewarm intros is a MAJOR value-add to getting a return on your time. Also, I've found luck going to where active, open-minded target users already are (a subreddit, for example) and commenting on relevant posts and DM'ing the OPs.
It's tough to grind for peanuts, but the result of shooting in the dark is often nothing, so anything above that is a win. You got this!
Hello, I am a Landlord myself and I am actually building up an app for landlords and tenants. I am willing to help you, I have one goal in this life: kill commissions. If you are interested you can reach me here. [email protected] or call me directly 0034695360202
Hey! I'm no expert, but I think toning down the "all about me" in your opening line might help. For example, you could start with something like "Hi, thanks very much for taking my call. I noticed you are a landlord and was hoping you might be able to help me. Is now a good time to talk?" - then you go into "I'm a young entrepreneur working on a business idea that's designed to help landlords. So, I'm trying to gain a better understanding of what it's like to be one. I have a few specific questions I'd love to run by you. Would you be willing for me to give you a quick 15-minute call sometime in the next couple of weeks to go through them?"
Also, have you considered asking them whether they prefer for you to send you the questions via e-mail so they can fill them out in their own time? Just a thought. Hope this helps!
Haha cold calling is damn hard.
That line is way too focused on 'you' and not on them and their needs.
The question shouldn't be 'hey, can you offer your time to do this for me?'. It should be 'hey, is this a problem you ran into? let's talk about it.' That way you get them talking about it. If that's not a problem they're facing, you've got to figure out what is.
here are cold calling resources - read these. You should change who you're targeting like @zerotousers mentioned
READ THESE:
https://www.gong.io/blog/cold-calling-tips/
https://www.gong.io/blog/cold-calling-examples/
https://www.gong.io/blog/here-are-the-9-best-cold-calling-tips-youll-read-this-year/
cold calling is mostly a numbers game + quality pitch/best practices
To echo what GregariousHermit said and expand on it a little, consider that no one likes cold calls, including the person on the receiving end.
Given this, it could help to paraphrase your script in the most negative way possible. That might help see what's going through peoples' heads when they pick up the phone.
E.g. 'Hi, I'm young, inexperienced, and clueless, but that's not going to stop me from working on an idea I have to extract money from landlords.'
Sure, this is an unfair characterization of who you are and what you do. But remember, the person on the receiving end is in a negative frame as soon as they realize this is a cold call. This probably isn't the moment to hope that some kindly stranger is about to help you out just because... you know... you're a young entrepreneur. Especially if they're already assuming this is a sales call.
Instead, try to either offer value to them right off the bat (might be hard...), or appeal to some base human desire, such as having someone listen to their opinion. Essentially, try to cut out any space for negative opinions to form.
Maybe lead with something more like "Hi, I'm [name] from [insert company/future product name]. I'm calling you as we're looking to understand how landlords are navigating [insert problem you're solving with your product]."
You're still gonna get a very low response rate, but it might work better. First, you get to the point and don't give them a chance to form negative opinions or feel like their time's about to be wasted on another sales call. Plus, they know straight away that you're giving them a chance to talk and be heard, and what that conversation is going to be about--if your problem resonates with them, your chances go up again.
Disclaimer: I have no experience making cold calls (only taking, haha), so take this advice with a big grain of salt.
Yep, like shoveling wet snow.
Your pitch is weak. No offense.
Business owners care about one thing. Money. M-o-n-e-y. Money.
Sales are 70% giving and 30% asking. You aren't giving anything. Only asking.
You can easily book meetings with a better pitch and a great offer.
First - The pitch.
A I D A:
You need an opener. Something to grab their attention.
Our best-performing rep always said, "Hey It's Jameson. Yes, like the whisky".
That gave you about 10 seconds to pitch. Create interest.
You don't specify your product, so I'll make something up, "I figured out a way to collect 100% of your rental income every month. Without your involvement."
Qualify the prospect, "Are you struggling with collecting rent each month?".
If not. They won't need your solution. Move on. Find the prospects that are in real pain.
Now.
Don't wait. Move on and create a desire, "No more late payments or manual follow-up with renters. Spend your time on the fun things. Buying more properties, renovating, financing."
Ask a part question, "Is that something that could be interesting?"
If they are in pain, they will say yes. There can be a "but". But they are interested. So move on.
Finally. Ask for the meeting, "I would love to expand on exactly how the solution works and how it could work for you. Do you have 30 minutes in the next 7 days?".
P.S. It's a numbers game, so you should at least do 100 calls.
P.S.S. Try to reach out to a landlord association. Maybe they can help.
Take it as a numbers game. It takes practice but for sure you will get better and even enjoy it. Best of luck.
I would never cold call.... Not that it's a bad thing, but for me there are easier ways.
What I would do: ask my network if they know any landlords. Ask them if they know anyone who knows anyone who knows landlords. And I mean actually phone them and ask them. Get an introduction. Then when I talk to a landlord, ask them if they know any other landlords. My renter friends should know at least one landlord each.
Find landlord organizations in town - they exist. Go to a meeting. Get to know some landlords.
Cold emailing is extremely hard and it's just a numbers game really. I have tried to make it a bit easier by creating a pre selected list of CEOs and Industry Experts that agreed to be contacted by my communities members
Maybe remove "I'm a young entrepreneur and I am working on a business idea I have to help landlords" and just focus on knowing about problem and how you going to solve them.
Try to engage in longer conversation itself in first call instead of setting up a meeting later.
If they really seems interested in end duration of call then try to setup a meeting.