Cold Weather Contemplations about Cold Calling

January means that Mother Nature is busy whipping up polar vortexes and iciness as part of this year’s great Canadian winter. While lore says that we’re made of hearty stock, many of us find that the cold weather makes us stop in our tracks. We recoil at the prospect of turning into blocks of ice if we attempt to brave the cold. It’s easier to linger inside and hunker down, settling into a kind of hibernation where it’s much warmer. But the truth is that this season brings some of the most brilliant,  satisfying and wonderful experiences when you opt to get outside. 

The same “stopped cold” phenomenon exists for those faced with making first-time calls to prospects, employers and potential partners. Indeed, the cold call is one of the most dreaded parts of any sales or business development process and easy to avoid. At its core is relationship building, and for some, that’s hard to do well. But when you develop the confidence and skill to conduct a compelling cold call, it can be one of the most satisfying business experiences that open up many new opportunities.

When working with Start-Up CEOs as an Entrepreneur-in-Residence at the MaRS Discovery District, part of Ontario’s innovation economy, I focused on teaching how to conduct an effective cold call. It’s a skill that should be an essential part of any well-rounded business development practice in reality. While it’s true that a cold call holds a reputation as a bit of a pariah, I’d argue that given our current situation and the right focus, it’s time to revisit what’s at its core and rediscover an appreciation for the combination of skills it requires. Let’s break down the dynamics of an effective cold call technique into some good sized ice cubes. 

Cube One – It’s cold outside. Be prepared to bundle up.

Sure, it’s more comfortable to sit on the sofa sipping warm drinks from a mug and warming yourself by the fire, but call it what it is; avoidance. Getting out for a winter walk on the trail requires physical exertion and good planning. In reality, you’ll be fine and feel both refreshed and rewarded at having gotten outside into the fresh air, even for a short time. So get bundled up. Overcome the resistance and get on with it! 

Cold calling is quite similar. There’s a tendency to avoid it because, with the slightest misstep, the payoff can be frozen out. But making these connections is paramount to find long-term success. The key to acclimating is when you invest and preparations you make before deciding how you’re going to approach reaching out. Here are four essentials to be sure you’ve taken care of: 

1. Build your list

You need to invest some quality time in thinking about coming up with a list of opportunity targets. It should include businesses and individuals’ names and a brief note about why you suspect making a connection would be advantageous to both parties.

2. Conduct research

With your list of prospects, you need to move on to finding out as much as you can about them. 

• Examine your network and determine whether you can connect with anyone who could provide you with a warm introduction. Explore LinkedIn profiles to find common interests and connections.
• Find out all you can from the web. Use Google to look at events, publications and mentions. Web databases like SEDAR (sedar.com) and D&B (dnb.com) can get you information about the business. Check the company website and press releases as well as review what people are saying about the organization on recruiting sites like Glassdoor.  
• Look at industry publications and articles to boost your knowledge and confidence in holding a credible conversation. 

3. Establish goals

Be realistic. Set yourself some objectives. Appreciate the process flow. You’re developing relationships and moving to different phases of the engagement.

• You won’t close a sale or establish a partnership on the first call. It could take up to five interactions to complete a discussion that results in a new opportunity. 
• It can be enough to achieve the objective of turning a suspect into a prospect or getting an agreement to meet and discuss possibilities. 

4. Plan your pitch

Invest time preparing a crisp, 30 second story that describes who you are, what you have, and why you would be compelling to meet with. 

• Don’t use a script but capture some quick notes to outline what you need to cover. You can use a block diagram that maps out the discussion components and add bullet points in each section to help you move the conversation forward. 
• Anticipate some key questions about your company that demonstrate your points of differentiation. Try to share the experience of what it’s like to work with your organization. 
• Think of some open-ended questions to ask that allow you to find out new information and increase engagement through the entire process. 

Ice Cube Two – It’s Snowing Really Hard. You’re Prepared to Venture Out. 

With your preparations in place, it’s like you’ve collected all the necessary gear to venture out into the cold air. Hat, scarf and mitts are adjusted appropriately. Snowshoes are in hand. There’s no room for frostbite here. Let’s go!

1. Block your calendar

Reserve time when you are at your best and most fresh but be strategic and adaptive. I’m a morning person with a carpe diem mindset. Many executives start their days early to get a good chunk of work done before the business day begins. You may have greater success connecting at this time. However, COVID-19 has adjusted many patterns in the workplace so there may be new norms to consider.

2. Attitude adjustment

Dave Kurlan, who wrote Baseline Selling, suggested a formula to consider when participating in a successful call. 

• 50% was weighted to phone manner – that is, the warmth, pitch, tone, speed, pace and volume of your voice. Reduce tension and improve the quality of your conversation by smiling as you speak.
• 32% was attributed to attitude – having positive yet quiet confidence in “knowing you can do this.”
• The remaining 16% comes down to being on script – that is, staying true to the content and message you want to convey during the discussion and situating a call to action.

3. Correct course as you go

Assess how where you are in the blocking of your pitch as you speak. How close are you to meeting your objective? Make corrections as you go and leverage your earlier research to pivot the conversation back on course. Do what you can to make it through to delivering your value proposition in the discussion. It’s necessary to have this on the table before you try to approach the close. 

When you encounter resistance, probe with questions that keep you on target. 

• If not you, can you suggest a more appropriate person to connect with? 
• Can I use your name in my next conversation? 

Ice Cube Three – Push Through the Drifts

When you’ve returned from the trail, you know what will happen if you don’t take time to clean up and set your cold-weather gear in place to dry out. You’ll need it to be ready when you venture out again, so even if it’s tempting, don’t forego this step and head straight in to warm up. 

Completing your cold call is like that too.

The actions you take during the end of your discussion set you up for next steps.

Give yourself the time you need to reflect and get your gear in order for the next one. The hard work doesn’t stop at the end of the call. 

1. Follow Through and Action items

As your conversation begins to wrap up, summarize the actions you discussed and highlight the appropriate next steps. If you have committed to deliver more information by a specific date or within a defined time frame, ensure you do so. 

2. You Can’t Remember It All

Invest in some tracking software that will help you remember key discussion points and information shared during your call. Record action items and relevant facts that could help as you continue to build the relationship. Did you talk about golf, kids, opinions on sales executives? Capture those notes. 

Many companies start with tracking information in a basic spreadsheet and eventually graduate to a more sophisticated experience using Client Relationship Management (CRM) software that captures and maps out every client interaction. It’s great for managing and tracking leads, as well as closing deals. CRMs can also help deliver process automation, freeing up time for more calls and interactions, ultimately helping you grow your business.

3. Bounce Back Quickly

Not all calls will go as planned. Recognize that a shortened conversation is not personal. Don’t be discouraged. You need to move on. When pushed into a pile of deep snow, you need to get moving again quickly or suffer the cold, wet consequences.

Cold calling is a renaissance that needs to happen.

While it’s far easier to send an email than to make a cold call, I would argue that it’s not as useful because it’s less personable. You can’t guarantee that when it arrives, they will read it or respond. It’s too easy to be lost in a blizzard of nondescript subject lines. You have to deal with the potential of being tagged as “junk” or “spam” or even risk having your note be deleted. 

If you’ve never tried to connect through a cold call, I’d suggest that it’s something you need to develop as part of your repertoire, if only to set yourself apart from your competition. We need to connect differently to recover some of what has changed because of how we’ve been operating during the pandemic. Like getting outside in the dead of winter, cold calling can be exhilarating and good for you. Now take a breath of that brisk air and try it!