This article isn’t fair. I’ll admit it. We’ve spent the last six months working on a platform that integrates multiple forms of communication in order to modernize franchises’ lead nurturing tactics. So it’s not super fair for us to talk unbiasedly about cold calling.
But, to be fair, we’re asked about the topic all the time. So we thought that we’d go ahead and share some of our favorite stats we’ve heard about cold calling and its effectiveness today.
Here we go!
A FranchiseHelp study from May 2015 found that when asked whether leads wanted to be contacted by phone or text, 90% prefer text. That’s a pretty ridiculous ratio. But it makes sense. Who prefers their phone to ring?
A Keller Center Research study from 2012 measured how effective real estate agents were in reaching leads via phone. And while they were able to get 28% answer rate on the calls, actually booking appointments was nearly impossible.
A Bridge Group study from 2016 focuses on how difficult it is to maintain the same number of quality conversions as time goes on. People become more and more difficult to reach in a productive manner as time goes on, so keeping conversions up becomes more costly.
Jon Pritchett, the owner of CPB UK Ltd., writes that the hay that his business was making just 18 years ago is gone. He writes, “Not only this, but there are now multiple marketing and media channels and, crucially, prospects have more control of how and when they are communicated with. As prospects get better at gatekeeping it’s getting harder to achieve success at outbound marketing. Whereas we saw a call to contact ratio of 19% in 1998, we are now getting only 10.5%.” It’s so true. You can see how we tackled that topic here.
Ovation Sales Group does some simple math to show how soft costs really add up when you’re looking at sales follow-up via phone. But if you’ve ever spent an afternoon on the phone, you can pretty easily agree with a stat like this.
We find that there are two types of franchise developers out there. Some of you just read these stats and wrote them off as not applicable to you. Great! Thanks for reading anyway. Then there are the others. Those of you who just hollered out a few “Amen Brothas!” as you read these stats.
If you’re part of the second category, you really should take a look at FranFunnel. Click here, see what we’ve built, and sign up for a demo. I can personally promise that you’re a lot closer than you think to not dealing with all this crap!
This article was written by Eli Robinson, General Manager of FranFunnel.
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