Lessons Learned: Go For The $$$

Hey there, cold call aficionados. Sorry I haven't been posting much lately -- I'd like to say it's because I've been so busy with all the work my cold calls rustled up, but that's only part of it.

The good news: since about June 2011, I have only had a handful of days where I haven't hit my daily billing quota, which is a pretty good feeling. And when I start to run out of projects, I only need to email a couple of my "warm" prospects to refill the pipeline.

However, being busy with lots of new clients at once has definitely steepened my learning curve expo-freaking-nentially. I've found there's more to running a business than courageous marketing. And I've pinpointed a few of the flaws in my original approach that I'll be reflecting on in my next couple of posts.

So let's start with reflection #1: Quality, not quantity.

My little cold calling strategy, as outlined in this blog, is definitely designed to get you in front of a large number of prospects in a short time. In this respect, I think it works pretty well.

However ...

If I were to do it all over again, I'd be way more careful about the kinds of prospects I target -- and those I choose to work with.

When I started connecting with all of these new clients, it felt so good! Finally, I thought, I've crawled across the freelance desert. And so I said yes to just about any and every project -- even when the terms, fees and contracts offered weren't all that great.

Well, adieu to all that.

I soon found myself working for way less than my going rate. And resenting it like hell.

Generally, I was doing it for lovely, honest people who just didn't have much experience working with a writer. They were "newbies" as much as I was, and they really did not have a firm grasp of the time and money involved in producing a great piece of writing.

Then the payment issues started. Or rather the non-payment issues. One was worked out amicably. The other -- well, it's so touchy at this point I don't even dare discuss it in cyberspace.

Here's what I'd do differently -- and what I'll definitely do when I get around to making those other 550 cold calls:

* Invest in the Book of Lists. Contact only large companies that have a history of working with freelancers.

* Discuss fees early. When in doubt, quote high. Share examples of past projects you've worked on and the fees involved.

* If prospects balk at your fees, you can try some education. Remind them of the going rates for this type of work and that they're saving on payroll taxes, health insurance, benefits, etc.

* If the prospect is clearly never going to pay your fee, move on. Consider it a blessing that you've reached this sort of agreement.

Cold call pals, I know when you're a starving newbie, it can be really tempting to drop your rates. But I for one will be fighting that temptation tooth and nail from now on.

Charge what you're worth, period. That's a whole new aspect of courageous marketing for you.

Cold Calling 101

Here's my reply (from another board) to the oft-asked question --

How do I get started cold calling? Explain in 100 words or less.

Here's my method in a nutshell. Anyone who has read Peter Bowerman's book will see I'm following his recommendations pretty closely.

I'm still working out the kinks and I'm sure other folks do it way better. If you have your own methods, please share in the comments!

1. Prospecting. Start by compiling a spreadsheet of potential prospects. I use Google and Chamber of Commerce directories to search my area. My favorites are universities, nonprofits, hospitals, graphic designers, marketing firms and Web designers. Briefly visit each prospect's website, try to identify the decision maker and get an email address if possible.

2. Script. Mine goes like this: "Hello. My name is Sarah Maurer and I'm a local freelance (copywriter, writer, health writer) checking in to see if you have any occasional or ongoing needs for a writer to help with (marketing materials, fundraising, publicity, Web content, etc.)."

If possible, group your prospects by type (graphic designers, event planners, nonprofits, etc.) and call them all on the same day. This allows you to adjust your script to the client type and refine your approach as you go. Also, it's easier to notice patterns -- e.g., what they're looking for, what types of project they're working on.

3. Call. If you're not sure who to ask for, read your script and say, "Who would be the best person to speak with?"

4. If you manage to reach a decision maker, read your script and wait.

5. If the prospect is THRILLED to hear from you (happens all the time), say you'll send a link to your online portfolio and resume (your website). Ask what types of clips/samples the prospect is most interested in seeing and if there are any questions.

6. If the prospect rarely use freelancers, or if the company already has a go-to writer, offer to send your info "just in case your regular freelancers are maxed out and you're looking for someone in a hurry." Prospects will almost always agree to this.

7. If the prospect has "no need now" or never uses writers, I personally just thank them and end the call. Peter Bowerman recommends asking if there are any colleagues or associates who might need a writer (can't hurt).

8. If the receptionist offers to put you to voice mail, ask for the decision maker's name and email address (sometimes you'll get it, sometimes you won't).

9. When leaving a voice mail (and you will leave many), read your script. If you have an email address for the prospect, say you'll send a link to your online portfolio and resume. If not, leave your website address.

10. Keep notes in your spreadsheet about who you talked to, who you left voice mail for, and any other details you can glean about the company.

11. After you do your daily round of calls, follow-up with a brief email and a link to your website. I have templates set up in Mail for:
- Really interested prospects
- Prospects who hire writers infrequently or already have a regular freelancer
- Voice mail / message follow-ups
- Prospects I couldn't reach of by phone (basically an LOI)

12. If you get a nibble, suggest a meeting (preferably in person) to discuss their writing needs.

And that's about it. Sounds complicated, but it all flows kind of naturally once you start doing it.

Regarding follow-up, that's a question I'm still figuring out myself. At this point, if they don't give me a nibble, I don't contact them again. After the initial 1,000 contacts are done, I do plan to follow-up with some prospects, but I haven't thought that far ahead.

Prospect Lists for Wusses

A confession: I have not been taking my own advice.

I let several days go by last week without cold calling.

Part of it was looming deadlines, part of it was normal life drama, and part of it was, well, resentment because cold calling the past two weeks hasn't been going as smoothly as it was at first.

Unable to face another round of, "You do, um, WHAT?" I decided to prune my prospect list to focus on the types of businesses that have been most receptive to cold calling. These include:

* Marketing firms
* Graphic design firms
* Hospitals
* Universities
* Publications/Publishers
* Larger nonprofits

And I kept a few things that I just happen to like (e.g. microbreweries).

This made today's round of cold calls refreshingly smooth. It's just so much faster and less taxing when you're calling people who already know exactly what you're selling and can give you a yes or no on the spot.

And if you're an anxious cold caller, I would recommend starting out with these types of prospects.

So who did I cut? For the moment (until my sales skills are more honed and my skin is thicker), I've decided to give small businesses, medical practices and school districts a miss. I just haven't had much luck with them.

Anyone have any tips for selling projects to businesses in any of these categories? Might be a great opportunity for a guest post!

TIPS: Before you make 1,000 cold calls, check your phone plan

Ugh. I'm a bit of an infrequent cell phone user, so to save money, I'm on a $25-a-month, pay-as-you-go plan by Virgin Mobile.

Which was fantastic until I started spending an hour or more each day on the phone.

Just checked my phone bill and it's over $100.

Now, if I had been smart, I could have saved at least 60 of those dollars by upgrading to a better pay-as-you-go plan, at least for the remaining month of my campaign.

Another thing I should have done was switch off the automatic top-up feature (which allowed me to keep calling after maxing out my Anytime Minutes -- without realizing the massive charges I was racking up).

I've fixed the problems and in the end, it's all tax deductible so I'm not too bummed. Just hoping someone may learn from my mistake -- and save their business a few bucks!

Prospecting: Keys to compiling a strong call list

I've had several questions about how to compile a cold call list of 1,000 potential clients, particularly in smaller market areas.

While I'm hardly an expert, I'll share what's working for me so far -- and what isn't. Hopefully some of you more experienced cold callers can chime in with your own experiences.

Some quick background: I'm in Fort Collins, Colorado, population 130,000. I'm about an hour from Denver, the largest market in the Rocky Mountain region. So while I'm not in a huge city, I won't run out of people to call.

I started by compiling a list of marketing firms, advertising agencies, graphic design firms and web designers in my area. I did most of this initial prospecting by Google.

Since I have some real-world experience in health care and education, I also made lists of hospitals, school districts and private schools.

And finally, I added a few dozen companies I thought were fun or interesting (like our local microbrewery).

My initial list was about 120 prospects long. I started calling them one by one. It's turned out to be a decent list.

My learning so far:

• A strong cold call list makes all the difference. Cold calling is stressful enough. But it's even worse when you get passed around to five different people only to find out that the marketing department is in Pig's Knuckle, Arkansas. Or worse, the people who take your call act like you're speaking Klingon when you describe your services. 
• Call companies who have used freelance copywriters in the past. Your best source for this information? Other writers. It's a great reason to join a local writing group and network.
• Call companies that do a lot of writing. Before calling a company, take a quick look at its website. Is it producing web content, press releases, publications and newsletters? Are white papers posted? Does it engage in fund raising or receive grants? Does it issue an annual report? Is there a marketing department? All of the above are indications that a company may need a hand with writing projects -- at least occasionally.
• Some industries are an especially good bet. In my experience, marketing companies, publishers, web design firms, graphic designers, hospitals, universities and regional publications are most receptive. 
• Call the right person. If you can easily pinpoint the marketing or creative director on the company's website, by all means call this person directly (or ask for him or her by name).
• Call the right office. Many companies have multiple divisions. To avoid aggravation, call the main office/main campus/headquarters/administration.

A caveat -- while it's worth doing a quick scan of the prospect's website, don't go overboard with your research. Remember, the odds that a particular company will be interested in hiring you is about one in ten. Just gather enough info to increase your chances of getting through to the right person.

Questions I still have ...

• I have the worst luck with franchises and local divisions of national companies (they inspired the example above about speaking Klingon). Do franchises ever hire freelancers? 
• Does cold calling outside one's geographic area ever yield results? To find out, I may try calling some folks in Cleveland (where I grew up), and Denver and Cheyenne (each one hour away).
• Can you cold call clients overseas? After living in Asia for six years, I know of several English-language hospitals, financial services firms, law firms and so on that produce a lot of writing. Might they hire a freelance writer stateside?

How do you compile your cold call list?

TIPS: Choose Your Web Address Wisely

If I had been sane when I set up my business, I'd have given www.sarah-maurer.com a pass and picked something that's super easy for people to spell.

Why?

Because when I'm leaving a voice mail for a prospect, I like to spell out my web address so they can check out my online portfolio and resume.

Because of my stunning lack of foresight, it usually goes something like this. (Combine this messy spiel with my goofy accent and it's easy to imagine marketing director's head exploding.)

"To see my online portfolio and resume, visit duble-u duble-u duble-u dot Sarah dash Maurer dot com. Haha, let me spell that for you. It's Sarah with an 'h' dash mike alfa uniform romeo echo romeo dot com."

I knew it was way too much for people when a very nice lady called back and said, "I didn't get that last part. Was that in code?"

Gah. If I had been smart, I'd have made my business name the domain. Then I could just say, "Visit my online portfolio at zipline media dot com."

Food for thought if you're going to be setting up a commercial writing business. Especially if you plan to do much cold calling.

How do others with crazy names get around this?

TIPS: Lunchtime is Voice Mail Time

So here's something I've learned after a few all-day cold calling blitzes.

For better or worse, you are very likely to get the marketing person's voice mail between 11 a.m. and 1 p.m.

So if you are feeling especially chatty and social, take a break and use that time to work on something else.

However, if you are strung out and grumpy (like I was feeling today), it's the perfect time to cold call. You can leave voice mail after voice mail message and never have to talk to a real person.

Anyone else have any good recommendations on the timing of cold calls? I've heard early morning and late afternoon are good, but I've yet to try it.