- Best Practice | Sales
- | Article
Cold Calling Metrics:
KPIs for Measuring
Cold Calling Campaigns
- Nivedha Thangaraj
- February 19, 2024
Tracking performance and optimizing campaigns based on reports are critical factors in getting the most out of cold calling lists. However, if you are only considering closing rates, you’re missing out on other indicators that can give you insights into areas of improvement.
We are here to tell you seven other KPIs you can check to understand how well cold outreach works for you.
7 Cold Calling Metrics to Measure
While the exact metrics may differ from industry to industry and product to product, some KPIs are general and applicable across all industries.
Call Volume
The logic behind this is simple—the more prospects you call, the higher your chances of getting an appointment, showing a demo, and selling your product.
Call Duration
However, if your team calls many people but hangs up quickly, you can safely assume that your outreach endeavor is not going well.
Track the average call duration. And if the time is too low for your industry, you may have to review a few things. Check your prospect's place in your ICP or the sales pitch itself to refine your campaign.
Connect Rate
Calling 500 numbers daily will only be beneficial if the calls connect to a human. Interactive voice response systems (IVR) are the norm- and utterly useless for cold outreach.
Keep tabs on your connect rate to check the accuracy of the data you use for cold calling.
Accuracy Rate
Another way to check the accuracy of your data (and, by extension, cold calling) is to track the accuracy rate. Your sales team shouldn't be reaching random humans at your target company. They should be talking to the key decision-makers.
Call To Appointment Ratio
Tracking the call-to-appointment ratio will give you insights into how many calls generate leads. If this ratio is skewed, your prospects have no use for your product, or your sales process requires fine-tuning. Most times, it is some mixture of both.
Quality Of Leads
While the call-to-appointment ratio gives you insights into the number of leads acquired, you also have to check the quality of those leads. Tracking the quality of leads will allow you to determine if you are targeting the right audience or need to revisit your ICP and contact lists.
ROI
Check if your ROI numbers are in the acceptable range. If you get negative returns from cold calling, it's time for some big changes.
Bonus Metric
Go through the sales team's report and determine the time of the day with the highest connect rate. The time with the highest connect rate is when people in your industry are most open to receiving cold calls.
In addition, you can check which day of the week has a higher connect rate and direct your sales team to focus on those days.
Final Thoughts
Remember that you should not only look at the number of closed deals. In fact, you should use that number to formulate the conversion rate and include that in your KPIs.
Tracking the progress and using key performance indicators for your projects will show you what areas require special attention and what areas are doing well.
You can track the efficiency of your campaigns using a cold calling metrics template and make changes where required.
That said, the quality of your contact lists is one of the most significant factors affecting the success rate of your cold calls. Constantly update and verify your database for connect rate. Accurate and up-to-date data will also give you higher-quality leads and, as a result, better ROI.
ReachStream provides accurate B2B contact data with 20+ insights sourced and maintained in compliance with privacy regulations like GDPR, CCPA, ACMA, EDPS, and CAN-SPAM.
Frequently Asked Questions
What is a good closing rate for cold calls?
The ideal closing rate for cold calls would be around 10%
How do you evaluate a cold call?
You evaluate your cold calls using metrics like call volume, duration, accuracy, connect and conversion rate, call-to-appointment ratio, and ROI.
How can I improve my cold calling conversion rate?
You can improve your conversion rate in multiple ways, including increasing your connect rate by getting an accurate B2B database provider, refining your timing by understanding sales triggers, and upskilling your sales team for better cold calling techniques.
What future trends should I be aware of in cold calling metrics?
Cold calling will become increasingly automated as businesses incorporate Artificial Intelligence into their tech stacks. AI can be used to record and transcribe calls automatically. Conversational intelligence and summarization of prospect’s data are also possible with AI.
What is the best time to cold call?
According to research, the best time to call cold leads is 10 am-12 am on Tuesdays and Wednesdays.
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