Cold Calling Works*
*provided you're strategic and do your homework.
Not every time. Maybe not even most of the time. But when cold calling works, and at some point it will, it can pay dividends.
Allow me to offer a recent example: back in early June, specifically on #BlackoutTuesday, the topic of social justice reached an apex on social media as myriad corporations and celebrities shared statements on Twitter, et al. expressing solidarity against racism and police brutality. And it got me thinking: who might be willing to give more than mere lip service (a.k.a. tweet) and actually lean in and invest resources?
Shortly after Blackout Tuesday, on behalf of a nonprofit that operates within the realm of social justice, I composed emails to companies and individuals in proximity to the organization. As far as I'm aware, the recipients were all new prospects and had not been contacted before by this nonprofit. A few folks responded, and within a couple weeks, one reached out directly to the organization expressing intent to make a sizable grant.
I share this story because it's true and because even I, a seasoned fundraiser, was taken aback by the magnitude of response. These particular cold calling efforts involved following up on corporations' and individuals' public declarations to step up their support for a movement garnering increased media coverage. While external factors aligned advantageously, taking swift action to reach out to prospects undoubtedly optimized the probability of getting a desired response.
I can't predict when lightning will strike again, nor can I guarantee results for anyone. But I can provide tried and true tips that, when put into practice, will boost your confidence and aptitude in cold calling:
You cannot be afraid of getting a no. A no means you got through. You broke through the noise and got someone's attention who then took time to reply. No in this context sometimes means not right now. So be sure to check back later.
You cannot expend energy on non-replies. A non-reply is trickier than a no. It's more ambiguous and lends itself to speculation, e.g. did they get my email? Don't squander your time wondering why someone has not responded. Instead, focus on sourcing new and more relevant prospects.
Templates are fine, but tailor them to your audience. In the example above, to create efficiency I drafted an email template, however I modified verbiage in each email to reflect back what the intended recipient had posted on their social media, at times even using their own words. Let's be clear, we all appreciate when people listen to and hear what we're saying. Mirroring their language indicates you listened and you understand their message, boosting the likelihood they will better receive your message.
These principles are applicable to new donor prospecting well beyond celebrities and corporations. In fact, the case can be made that targeting less prominent entities may yield a higher response rate given the premise that in general, they're likely to field fewer communications than high profile enterprises. Ultimately, whomever your target is, you must tie your message back to them. How is it relevant to them? What's in it for them?
It's been said that every no brings you closer to a yes. It may sound cheesy, but it's valid.
Now, go chase your yes!