How to Win Client Business When You Don't Know Where to Start

CHAPTER 13Does Cold‐Calling Work? And What to Do if It Doesn't: Remember What Mom Said: Don't Talk to Strangers!

Your ability to build a rich, robust network of relationships with people who trust you is the barometer that predicts your success. It's as easy as that. It's also as hard as that, because relationship‐building concepts like generosity, intimacy, accountability and candor are all easier said than done.

—Keith Ferrazzi, author, Who's Got Your Back

Mel vented, “No one wants to talk to me! When I call a prospect I get hung up on. Or the admin puts me into voicemail – of course, no one ever calls back.”

“Why do you think that is?” I asked.

“I don't know. Maybe they're busy. Honestly, it drives me crazy. I feel like I'm wasting my time. And, frankly, I don't think I can do it any longer,” Mel said.

I responded, “Do you ever take a call from a stranger?”

“I guess not. If I don't recognize the caller, I'll let it go to voicemail,” Mel replied.

“Huh,” I said, “I guess your prospects are not that different than you or me.”

Cold‐calling has the lowest success rate in winning new client business – representing roughly 12% according to my survey data. And if we looked at the return on investment of the time required to achieve that 12%, I'd say it's hard‐won business. Just like my friend Mel, I have learned the hard way that cold‐calling is difficult. And I haven't found it to be very effective in my practice, and I don't enjoy it very much.

If you're one of the rare individuals ...