Just the phrase “cold call” is enough to make many of us switch our phones to silent mode. Too many sales calls come across as untargeted, self-serving, and a major waste of time.
I know that you, as a part buyer, are inundated with cold calls offering precision machining services—and I can relate. The number of cold calls I get at TAKT is alarming at times. And it got me wondering:
Is cold calling really still a thing in 2023?
A quick Google search will tell you that, yes, cold calling is alive and well. But research shows that, in their purest form, cold calls have a success rate of only 2%. Ouch! That means a cold caller needs to speak with 100 people just to convert two of them!
With such low conversions, you’d think cold calls would be a thing of the past. But with a little digging, I learned that cold calling still has the potential for huge returns—if done correctly.
How Buyers Can Get the Most from Cold Calls
Cold calling, it turns out, is still a necessary business-building practice. However, the old way of cold calling simply doesn’t cut it anymore. Blindly calling businesses yields a minimal return, but there is a way for callers to leap past that depressing 2% conversion rate.
Unlike the cold calls of past decades, today’s successful cold calls reach beyond the sales pitch, instead seeking to establish an authentic, long-lasting B2B relationship.
So, what should buyers look for when approached by vendors about precision machining services (or anything else)? Here are some general guidelines to keep in mind when you’re on the receiving end of cold calls:
Don’t tolerate low-quality cold calls
As the owner of TAKT Manufacturing Solutions, I approach every interaction with a part buyer with a genuine desire to add value. If you post on LinkedIn, I aim to leave a comment that adds something meaningful to the conversation. I’m not there to waste your time or mine. I want to understand your needs and offer solutions.
In my experience, the high-quality cold calls I receive are focused on three things:
Building a community or network
Connection-oriented goals speak to us on a deeper level, both as highly motivated businesspeople and as human beings. Additionally, studies show that cold calling a pre-qualified lead increases the success rate from a pitiful 2% to a healthy 20%!
Don’t settle for low-effort cold calls
Your reputation as a part buyer hinges almost entirely on the vendor relationships you build, and not every call you receive is from someone you want or need to do business with. Many callers neglect to put even the slightest effort into learning about your industry, your business, or the pain points you face.
Before letting a cold caller take up any of your time, run down this short checklist:
🔲 Has the caller researched your industry or role before contacting you?
🔲 Does the caller know anything about your particular challenges or needs?
🔲 Is the caller offering solutions to help you achieve your goals and targets?
If your answer to any of those questions is no, you’re likely better off ending the call.
Look for value-oriented vendors
Cold calls are an excellent outreach tool, but they shouldn’t be a company’s only outreach tool. If a company’s efforts begin and end with cold calling, you probably don’t want to do business with them.
Relationship-driven businesses provide continuous value through blogs, newsletters, social media, and attendance at industry events. When a company doesn’t support its sales team in relationship-building, how well can you expect it to support its customers?
If you research a vendor after a cold call but can’t find evidence of other outreach efforts, you should probably keep looking.
Forget Cold Calling—Let’s Make “Warm Calling” a Thing
When a TAKT team member reaches out by phone, we want the experience to be anything but cold! I’m hyper-focused on reaching potential customers with timely offers, relevant solutions, and high-value services—all wrapped up in our sincere desire to know your business and YOU as a person.
I built TAKT to be fueled by real relationships, not account numbers. That’s how we’ll help you succeed. And when you succeed, so do we.