When it comes to making the initial connection, should you rely on cold calls or cold emails?What's the best way to connect with life science companies, and which method brings better results? This article delivers insights from the industry we specialize in. What works best in life sciences? What doesn't? We'll weigh the pros and cons, and back up our analysis with data. 📞✉️
The Art of Cold Calling 📞
What's the deal with cold calling? It's that age-old practice of picking up the phone and reaching out to potential clients without any proper introduction. Surprisingly, it still delivers results today.
Cold Calling is far from easy. According to LinkedIn's data, 63% of sales professionals view cold calling as the worst part of their job, highlighting the challenges that sales reps face. Despite these challenges, same report indicates, voice calls remain the preferred choice for both consumers and professionals, and the inability to reach customers can lead to significant financial setbacks for businesses. 🤔
RAIN Group, a well-respected sales consulting firm, reveals that 82% of buyers accept meetings with sellers who proactively reach out. Additionally, 42.1% of respondents affirm that the phone is the most effective sales tool at their disposal, according to Sales Insights Lab. These numbers suggest that cold calling remains a valuable strategy for engagement.
However, Hiya's data from over 243.5 billion calls in 2022 shows that 10% of all phone calls were spam or fraud, highlighting the common problem of unwanted calls.
Spam and Fraud by the Numbers (according to Hiya):
Cold Calling Tips: Dialing for Success 📞
Number of follow-ups: Do you forget to follow up after your first outreach? Surprisingly, more than 30% of leads don't get a follow-up call after the first contact. By simply making a few extra call attempts, your sales team could boost the conversion rate by 70%. So, consider adding follow-ups as a must-do step in your campaign. (data brought from Call Hippo)
The choice of C-level buyers is quite interesting. According to Crunchbase, 57% of C-level executives prefer receiving a phone call. This indicates that, especially for high-level interactions, using your voice might still be quite effective.
Timing matters: Call Hippo suggests that the last hour of the workday, from 4 PM to 5 PM, is a great time to connect with prospects. During this period, there's a good chance for meaningful conversations to take place.
Establishing a connection: Surprisingly, starting a cold call with a personal touch, like asking "How have you been?" as recommended by Gong.io, tends to result in a better chance of scheduling a meeting. Effective cold calls also tend to involve 65% more "We" statements, showing a more collaborative approach.
Persistency pays off: Data from Revenue.io reveals that the most effective sales prospecting calls last around 14 minutes on average. This information underscores the importance of dedicating time to meaningful conversations.
The optimal days to make calls: Gong.io suggests that Wednesday and Thursday are the most favorable days of the week to reach out to potential clients or partners, suggesting that choosing the middle of the week for your calls can be a smart strategy.
Speed matters: According to Call Hippo, there's a significant 450% difference in response time for leads who get a follow-up call within an hour of their inquiry compared to those who don't. This emphasizes how crucial it is to respond quickly.
Early price talks: According to Gong.io, win rates increase by 10% when you bring up pricing in the initial call. This suggests that being open about pricing can be a successful approach.
Talkative reps succeed: It may come as a surprise, but according to Gong.io, cold calls where sales reps engage in lengthier conversations tend to be more successful. This challenges the common belief that shorter and to-the-point interactions are always the best approach.
Utilizing your network: Bringing up a shared connection in a cold call can boost your chances of scheduling a meeting by 70%, according to LinkedIn.
Avoiding a common mistake: Asking "Is this a bad time?" during a cold call can lower the chances of scheduling a meeting by 40%, as per Gong.io, emphasizing the significance of starting the conversation with confidence.
While cold calling has its merits, let's not have a look at the advantages of cold emailing.
The Art of Cold Emailing ✉️
Cold emailing is like the online version of cold calling. You send out unsolicited emails to potential clients. Emails can be very effective, as long you have got the right strategies and tactics, including proper personalization, subject lines, call-to-actions and last, but not least, follow ups.
Cold Emailing Tips: Crafting the Perfect Pitch ✉️
Personalization: Cold emailing allows for extensive personalization. You can tailor your message to address the specific needs and interests of the recipient. This can be a powerful tool for initiating a conversation with a potential lead.
Efficiency: Sending an email is far more efficient than making a phone call. With just a few clicks, you can reach a wider audience.
Documentation: Emails serve as a valuable written record of your interactions. This means that when you send an email, you're not just sending a message; you're creating a lasting account of your communications. This record can be especially helpful in situations were clarity, accountability, and history matter.
Expanding your reach: Cold emailing is a valuable tool for reaching out to potential partners or clients around the world, especially when dealing with different time zones.
Attachments: Emails often include links to helpful resources, company profiles, and websites, giving recipients the opportunity to find out what your business has to offer. This makes it easier for potential customers to gain an understanding of your products and services.
Now that we have dissected the data and nuances of both approaches, it's time to weigh the pros and cons of cold calling and cold emailing in the life science industry.
Effective Outreach: Cold Calling vs. Cold Emailing for Life Science Professionals
You might be asking, "What's the right strategy for my business development campaign?" Well, both cold calling and cold emailing have their pros and cons. Apart from this, don't forget to think about whom you are speaking to, their age and their preferences.
Cold Calling in the Age of Personal Boundaries
People are more likely to answer calls from people they know. One of the main reasons why the majority of business professionals dislikes cold calling, both doing it and receiving it, is the issue of personal boundaries. Cold calling involves unsolicited and intrusive outreach, which can make people feel uncomfortable, which is why cold emailing is usually the preferred option. In today's world, people are more protective of their personal time and space, so they prefer to be contacted on their own terms.
Even though cold calling can still work as a way to generate more leads and sales, it's essential for salespeople to understand that:
People are more likely to answer calls from people they know. Lack of trust during cold calls makes it hard for salespeople to connect with prospects.
Prospects tend to be more open to sales messages when they actually have a need for a product or service. Cold calls often catch them at a bad times, which can make it even harder for salespeople to get their point across.
Personalized and relevant sales messages are more convincing. Cold calling scripts are usually one-size-fits-all, which can make it tricky for salespeople to relate to prospects.
So, which approach is best to use?
The best aproach for your business will depend on a number of factors, including your target market, product or service, and sales goals. Here are Cold Calling vs. Cold Emailing outreach metrics:
Here are some general guidelines:
👉 If you're targeting high-level decision-makers or need to build a personal connection with your prospects, cold calling may be the best option. Either way, an introductory email before cold calling can be helpful.
👉 If you need to reach out to a large number of prospects in a relatively short time, or need to send detailed or customized messages, cold emailing is a far better choice.
👉 In the life science industry, as well as industries, trust-building and relationships are essential, so a combination of cold calling and cold emailing may be the most effective approach.
Conclusion
Moving smoothly to the conclusion, I would like to share the opinion of Outbound Pharma's sales consultants, who have extensive experience generating leads within the life science industry.
"Cold calling and cold emailing both have their pros and cons, and the best approach for you will depend on your campaign's goals and your target audience. Be mindful and respectful of your prospect's time and preferences"
According to our consultants, cold calling is still a powerful tool, especially when it comes to reaching high-level decision-makers and building personal relationships. However, it's important to be prepared for the challenges. Cold emailing is efficient, scalable, and has a global reach, making it a great option for reaching a wider audience.
Sometimes, a hybrid approach could be a highly effective way to reach the target audience. For example, sending an initial email to introduce yourself and the company, and then follow up with a phone call to schedule a more in-depth conversation.
Takeaways:
The best approach may be a combination of both cold calling and cold emailing to leverage their respective strengths. Regardless of your chosen method, personalization is important. Customise your message to the recipient's needs and interests. Also, timely responses and follow-ups can make all the difference. Be ready to adapt your approach based on the unique preferences of your prospects.
In the end, the effectiveness of your communication strategy lies in your ability to connect with your audience, understand their needs, and provide solutions that meet their needs. Whether you're picking up the phone or sending an email, the human touch and genuine interest are what truly matter in B2B. 🌟🧬🔬
If you're seeking ways to enhance your outreach efforts, I extend an invitation for you to arrange a 20-minute consultation with our expert consultants. During this call, you can discover how we can assist you in crafting a tailored outreach strategy that will enable you to connect with your desired audience, foster valuable connections, and generate additional appointments.