MRL #082- New Report Reveals Cold Call Success Rates Doubled in 2024

Earlier this evening Sharon Iscaring DM’d me the following nugget:

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Got this from our national sales leader and thought I’d share with you....

The success rate for booking a meeting from cold calling has more than doubled from 2% in 2023 to 4.8% in 2024 according to Cognism’s Cold Calling Report.

Are you seeing the same thing Max?

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In case you don’t know who Cognism is…

They’re a competitor to ZoomInfo. Think big data collection company that sells contact info to sales minions like you and me.

Now…

Am I surprised that cold calling success rates have doubled in the last 12 months? (full report here)

No-sir-ee.

Micah and I have been shouting our cold call successes from the roof tops since we started this Max Revenue thing back in 2023…

Or was it late 2022?

I don’t remember.

Anyways…

I’m sure there are lots of reasons why it’s doubled...

But, the biggest one in my humble (but correct) opinion is…

Most Producers are too scared to pick up the phone.

And with every Tom, Dick, and Guru out there telling you that the key to success is social media, personal branding, and networking…

It’s no wonder cold calling is killing it…

There’s Less People Doing It Now Than Ever!

We’ve talked about cold calling ad nauseum in the past…

So I won’t rehash everything in this newsletter.

What I will share with you though in this week’s newsletter is the importance of knowing your numbers.

We previously did an entire newsletter on this called “The Four Letter Word That Guarantees Cold Calling Success.”

In case you missed it…

You might think your script, or your objection handling, or your agency is what matters most when cold calling…

But you’d be wrong.

The answer is actually M-A-T-H.

By using “math” you can literally reverse engineer into the exact number of cold calls you need to make (down to the day) to be successful.

Allow me to demonstrate.

(For the sake of time, let’s use my current goals and conversion rates)

First, I start by…

Tracking Conversions Throughout The Year

I keep a tally every day of my number of:

• Cold Calls

• Decision Maker Conversations

• Research Meetings

• BOR Presentations

• Won Deals

At the end of every day and at the end of every week I total up my numbers.

My current conversions look something like this:

• I convert 1 in 10 Cold Calls into a DMC (Decision Maker Conversation).

• I convert 1 in 10 DMC’s into a RM (Research Meeting).

• I convert 1 in 2 RM’s into a BOR Presentation.

• I convert 1 in 5 BOR Presentations into a Won Deal.

Next, again using “math” I…

Calculate Number Of Deals Needed

My yearly sales goal is $100k in revenue.

I take my sales goal ($100k) and divide it by my average account size ($20k).

Ex: 100,000/20,000= 5

Now, I know I need to close at least 5 deals to hit my yearly sales goal.

Next, I take my conversion rates from above and again using “math” calculate number of calls needed to close a deal:

Ex: 1/10 × 1/10 × 1/2 x 1/5= 1/1000

Said another way…

I need to make “1,000” cold calls to land “1” deal.

(That’s a lot, I know)

Now I multiply cold calls needed for 1 deal (1,000) times number of deals needed to hit my sales goal(5):

Ex: 1,000×5= 5,000

So, now I know I need to make “5,000” cold calls to hit my sales goal for the year.

Great!

But, we’re not done yet.

Lastly, I need to…

Calculate Daily Activity Goal

So, I divide total cold calls needed (5,000) by number of business days in the year (250).

Ex: 5,000/250= 20

(I like to add a few extra calls every day for a buffer, so we’ll call that “25”)

Now I know exactly how many cold calls I need to make to hit my sales goal on a daily basis… 25!

No guessing.

No hoping.

Just math.

Do with this info whatever you want.

As for me…

I’m gonna keep smiling and dialing because the numbers don’t lie.

If you’ve been sitting on the sidelines not making calls…

Or if your current way isn’t working…

We have a few ideas that might help.

It’s all in here.

Might be worth a look.

Ok, that’s enough out of me.

Give em’ hell tomorrow and have a great week.

See you next Sunday.

Kick ass take names,

Maximus F. Revenue IV