Have statistics on cold calling/telemarketing success rates?
by Mortgage Rates on Tuesday, September 14th, 2010 | 6 Comments
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change your job…i hate those calls..if ppl wanted to refinance..they would call you..if any cold callers call me..i hang up on them straight away…there invading my privacy..and i did not give them my phone number…it shouldnt be allowed
I dont mean this to be rude to you, but telemarketing is the second lowest form of marketing its 1 tier up from mailers.
I think your boss is looking for a cheap way to make a lot of money while paying you a little. Not to mention i am sure he breaking at least 5 laws, the laws associated with telemarketing are exstinsive, and usually only worth it to MAjor companies.
You DESERVE better !!
Statistics on cold calling show that you need to make about 100 to 150 calls in order to get one sale—somewhere around a 5%-10% success ratio.
How are the other employees doing?? What are their stats compared to yours?? Some bosses will just make you feel like you’re not doing your job, even when you are. They want you to do better and try harder, that’s all. I am no expert on cold calling, but I have done it in the past. Good luck with the job.
Your boss sounds like he doesn’t understand telemarketing or sales. You don’t run a successful sales force with criticism. You are working in an industry with a lot of competitors. The statistics will vary from industry to industry, The longer a competitive industry has been around, the more calls you will have to make per lead. In this situation, 100 calls per lead wouldn’t be unreasonable.
The fact that you are making the calls is a very positive thing. You need help more than anything. Perhaps your boss or other reps can provide you with some catch phrases that seem to work better.
Your boss is not doing his/her job. Unfortunately, you have no control over that. If no one is available to or wants help you, try changing your approach when you do get some one on the phone until you hit on something that works. Perhaps, getting the prospect laughing about language barriers would help. “ha, ha, giggle, giggle. I’m supposed to call you and talk to you about refinancing your home and I don’t understand you and you don’t understand me.” “”So, what can we do?” “ha, ha, ha.” Laughing can be infectious and make people feel better about your call.
I don’t know what the response rate should be per se, but:
1) Tell your boss to go pay $7 per click at Yahoo and see how many clicks turn into a prospect. If you are doing it right, one out of 20 wouldn’t be bad for mortgages – That’s $140 for a prospect. You are creating prospects for $60.
2) What’s your offer? The hot offer in mortgages change over time. Right now it’s “fix your rate so you don’t get eaten alive by your ARM” (being eaten by your own arm is an interesting image!) An unexciting offer is death no matter how many calls
3) Who are you phoning? Holders of ARMs are available from your local Title company. Or brainstorm with the mortgage reps about what new products they have; who it would help and then figure out how to get ahold of them.
4) After you have a track record, screw this guy and find someone who wants good leads and will pay for them – there are many out there.
5) You really should watch out for the “do not call registry”.
Your boss is an ass. That’s a very tough job you’ve got there. My advice, look for B2B opportunities (Business to Business).
If oyu need evening hours and you live on the east coast you can still probably cal on west coast businesses.