Why Cold Pitches Don't Work

One of the comments on my previous post, “The Art of the Cold Call Pitch”, suggests that during the cold call you should “ask if it is a good time to talk” and only ask for an appointment if the answer is “No.” That’s a great idea -- if you like throwing sales down the toilet.

...This isn’t to say that you won’t make some sales with that way. But your close rate is going to be a fraction of what it would be if you followed the original prescription; trying to secure an appointment. Here’s why:

First, you’re flying blind. If the prospect agrees to talk, then what do you say? Being properly prepped for a follow-through conversation requires more research and preparation than you should do for a cold call prospect. Cold calling is a numbers game -- success requires making dozens or hundreds of calls -- and it's just not viable to spend an hour researching every prospect on your call list. Save your energy for prospects who are clearly interested, as evidenced by their willingness to make an appointment.

Second, you’re still SPAM. Even if you’ve got the prospect’s attention, and even if the prospect agrees to talk right then, you're still interrupting whatever he or she was doing. Most of the time, the prospect will agree to talk right then because it’s rude to say “no” to a conversation request. But that doesn't mean they'll be happy about it, and it doesn't mean they'll have much patience for your pitch.

Third, you’re missing a major opportunity. Cold pitching stems from a fear that the prospect might blow you off, so better pitch now while you’ve got the chance. That’s shortsighted, because asking for an appointment forces the prospect to declare whether he or she is actually a potential customer.  Here’s a list of the possible outcomes:

1. After repeated requests, prospect will not agree to a meeting. This means the prospect is not a potential customer so cold pitching would just be a waste of time.  Move to the next call.
   
2. The prospect agrees to a meeting and shows up. Now the prospect is already engaged so you’re part way towards a sale.
3. The prospect agrees to a meeting but doesn’t show up.  Cool. The prospect now owes you a favor so when you reschedule, you’ll be that much further towards making the sale.
4. The prospect agrees to a meeting, doesn’t show, and won’t reschedule. The prospect isn't a potential customer so cold pitching would have been a waste of time.

In other words, asking for an appointment is a can’t lose proposition -- for you.