This is a recording of a cold call example for lending services. In this video we share the actual call recording and then provide an analysis of what went well and what could have been better. At the end of the video, we provide a recommended cold call script that this salesperson could use when trying to cold call for this particular service.

The cold call example is not great but there are a couple of things that he does that we can look at as somewhat good. First, in his introduction he shares a value proposition of:

We just have something to share.
That could help you to succeed more in your business.

There are a lot of ways to make that value proposition stronger but I think it is good that he starts out the call with some sort of value proposition. In the recommended cold call script, I provide what I think is a better value proposition and introduction.

Qualifying Questions
I also think that it is good that he asked a couple of qualifying questions:

You are still handling SalesScripter?
Have you considered getting a loan?

Although, I think there is room for improvement in the questions that he asked and I provide my ideas for that in the recommended cold call script.

Sales Process
I think the biggest area for improvement in this cold call example for lending services is the sales process that the salesperson was trying to go through. It seemed like the salesperson was more focused on selling the product and I think it could have been better to just sell the conversation or meeting.

He was trying to close for a meeting where experts could explain their “options”, which is trying to sell the meeting. But to present “options” is skipping ahead in the sales process and just having a conversation or meeting first before discussing options can not only be more productive, but it is an easier close and more difficult for the prospect to give an objection for.

Objection Handling
The first objection in this cold call example for lending services was where I said:

Regarding what?

He responded to this in an OK way because he responded with something close to a value proposition. Again, I think his value propositions have room for improvement and this could be improved also if he uses the value proposition in the recommended cold call script.

The next objection he faced was:

I don’t need a loan right now.

His response to this was not great because he just asked me to keep him in mind. Because he is leaning more toward selling the product than selling the meeting, when I say that I don’t need to product he is selling, there is not much that he can say. But if he shifts to selling the meeting, he can get around this objection because there can still be a reason to meet even if I am not needing today the product that he is selling.

We hope this cold call example for lending services helps give you ideas for how to improve your own sales efforts!