Traditional cold calling relies heavily on two things:
Volume!
Luck!
So it goes something like this…
Get a list of contacts. Craft an email. Blast it out. Or, park the car. Start at the end of the street. Visit every business along the way back to your car. This ‘spray-and-pray’ approach is time-consuming and delivers mediocre results, not to mention the burnout it causes to your sales team.
I’m not suggesting that we walk away from this approach entirely. But it should be complemented by a more targeted way to sell. Let’s call this additional activity signal-based selling. Just what is it?
This approach flips the script by focusing specifically on the two things we can’t often control – timing and circumstances. Along with casting a wide net using your traditional sales efforts, you monitor for specific events or changes that suggest a prospect might be ready to engage. It’s fishing where the fish are biting, not hoping they’ll swim into your net.
What are some of these events and changes?
- Leadership change at the buyer level.
- A new product launch.
- Expansion plans.
- Funding rounds.
First, determine the ‘signals’ you want to watch to implement this process. Then, set up a system to monitor them. Use tools like Google Alerts for company news, LinkedIn for job changes, and industry news sources to track your chosen signals.
The results of signal-based prospecting speak for themselves. Significantly improved response rates, more meaningful first conversations, shorter sales cycles, better conversion rates, and stronger partnerships are all likely.
The future of selling will always include persistence, but it will also make way for being relevant and timely. This approach helps focus your efforts on prospects when they are most likely to be receptive to your message. It’s not about reaching more prospects but reaching the right ones at the right time with the right message.