Every entrepreneur is a salesperson. So how come we can quit our jobs, give up steady paychecks and put everything on the line, but the thought of cold calling makes our stomachs curl?
I am taking an Entrepreneurial Selling class at Chicago Booth, and the first assignment was to cold call businesses until you get 10 purchasing decision makers agree to take a 5 question survey. Four hours and 31 rejections later, I have some lessons of cold calling to share:
1. If you can avoid cold calling, avoid it. Do anything else... show up live, have a friend refer you, or send an email. People hate cold calls, and immediately are in a negative mood. No one wants to buy when they are angry or annoyed.
2. Time of day matters. Don't call retailers and gyms at 5pm on a Friday. You may get to the right decision maker, but they are too busy to spend 2 valuable minutes on the phone when they need to serve customers. Try calling right after lunch or in the early afternoon when business is a bit slower.
3. Be humble. You are asking a very busy person to take time out of their schedule to talk to you. Using openers such as "I am a student" or "I need help completing an assignment" draws on their heartstrings when they realize you aren't selling anything and just want them to share their knowledge.
4. Every industry does purchasing differently. Know the rules and follow them. For instance, nursing homes have receptionists, who are gatekeepers to the purchasers such as the Director of Nursing, Finance Director, Executive Director or Administrator. Small boutiques are usually run by the owner and therefore you can get to the decision maker as soon as they pick up the phone.
Applying some of the lessons to my company Serenity Sender (www.serenitysender.com), I cold called nursing homes to find potential sites to pilot the MVP. The goal was to get past the receptionist gatekeeper as soon as possible, so knowing who you are looking for is important. The purpose of the cold call is to get a meeting, so I only said enough to spur interest, but not enough to allow time for a "no" response. While my stomach still curls at the thought of asking strangers for their time or money, I am glad to move past the cold calling phase and launch into piloting Serenity Sender at several nursing home locations throughout Chicago.
