Mastering Cold calls
Target Your Customers
You may feel that cold calling is like shooting in the dark. It is not. To get the greatest return for your time investment, start to determine which large groups will need the benefits your product/service offer—this is your target market.
Within a target market are subgroups made up of different demographic types. Within the target market are your strategic accounts that will provide leverage for you to market your products. By saying, for example, that a Fortune 500 company uses your product/service you will be leveraging that strategic account to get others to do business with you.
It is important for you to fine-tune your market to maximize the investment you make in your sales process.
It is important to know the demographics of your target market. You should spend the majority of your cold calls on prospects that will give you 80 percent of your business.
Ask the participants to share their target market
Example: Demographic types
If you are selling raincoats, this may be your specific demographic group:·
- Age: 7 – 16 years
- Income: Medium to high
- Business type: Outlet stores, sporting stores
- Specific needs: Safety, performance
- Gender: Male (You want the demographic that has the highest number. In this case there are more males, so focus on them, but don’t rule out the other)
Instead of concentrating on teenagers themselves, or on every store that might carry snowboards, your target market might be defined as:
- Outlet Stores catering to teenagers
- Located in or near Resorts
- Snowboard sales over Rs. 2,00,000 per year
Your strategic accounts might be The Shoppers Stop.
Fine Tune Your Market
Divide your potential prospects into three lists: High priority, moderate, and low priority. Then use the number of employees and proximity of their company as the other criteria. After prioritizing your prospects, decide how often you will make your telephone and face-to-face calls at each of the companies. Spend the majority of your cold-calling effort on the high-priority list.