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The Honest Truth about Cold Calling for RegTech Vendors

By April 22, 2022June 28th, 2023No Comments

Since 2007, many of the world’s RegTech vendors have outsourced their prospecting and lead generation programmes to the Gungho team in Dorset, UK and Charlotte, US. As specialists calling into the world’s risk and compliance community, Gungho is exceptionally well placed to secure appointments and interest for the growing number of RegTech sales and marketing teams.

Each week, the Gungho team makes thousands of highly targeted phone calls to decision-makers working within risk and compliance. These decision-makers mitigate risk, and maintain compliance and legal frameworks within their tightly regulated businesses.

Increasingly, compliance and risk professionals have significant budgets and spending power to invest in technology to meet the ever-widening global regulatory obligations. As such, the RegTech vendor community has a huge opportunity to leverage this demand.

Enter Gungho Marketing

We solve challenges that most RegTech vendors experience at some point on their journey to winning new business. From implementing a rigorous workflow for lead generation, to motivating a disciplined team of unscripted callers to secure a regular drip-feed of sales leads.

Chief Revenue Officers inside RegTechs are (quite rightly) focused on closing deals, and Chief Marketing Officers are concerned with brand awareness and filling up the top of the funnel. Gungho do the bit in the middle, and with this in mind, are uniquely placed to share the honest truth about calling for the world’s RegTech community.

Our Superpowers

Gungho Marketing has developed, and maintains the largest data set of decision-makers for Legal, Risk & Compliance; our latest count was 500,000+ legal, risk and compliance professionals. It’s safe to say that without this data set, the Gungho team would find their jobs VERY challenging! Relying on large amounts of accurately targeted data is required to make high volumes of outbound calls and operate an efficient workflow. This combination is much needed to consistently connect with the audience. Any RegTech vendor who has tried to build this combination in-house knows how difficult it can be to get right.

Combining the right data and workflow is one thing, employing the right people, management and incentives are another. It takes a special kind of talent to be motivated to hit the phones all day! The statistics below show the number of activities delivered in 2021 by Gungho’s 140+ strong international calling team.

Total outbound calls made 591,415 546,441 27,073 11,019 84,324 9,453 2,231
Total conversations held 26,821 33,169 1,659 803 4,835 696 235
Total qualified appointments 4,567 5,721 399 199 831 162 75
Conversion rate (conversations to appointments) 6 6 4 4 6 4 3

The Numbers Don’t Lie

On average, 106 activities are required to secure 1 qualified appointment with a Legal, Risk and Compliance decision-maker. An ‘activity’ for Gungho is any attempt at making contact with a decision-maker within an organisation, whether that be an email, a conversation with a gatekeeper, or the best outcome – a great conversation that secures an appointment.

The table below focuses on 10 European countries in which Gungho callers booked the most appointments last year and highlights the differences in the number of activities needed to secure an appointment.

The Honest Truth

The honest truth about cold calling? It’s not easy. For RegTech vendors trying to do this in-house as well as the day job, it’s an uphill battle.  Not only do they need to keep on top and maintain a workflow for calling campaigns within their CRM system, but they also need to have highly targeted & voluminous data sets to call into, trained and motivated callers who will last the test of time, and a strong management team who love incentivising and motivating a calling team all year round.  With limited time, it’s a no brainer that outsourcing this piece of the demand generation programme can be a cost-effective way to deliver ROI.

If you’re still not sure, see how we have helped organisations like yours to maximise their revenue. Our client case studies highlight our work, results, and campaign ethos.

Whether you’re looking to reach accounts in new markets, industries, or geographies, or simply want to close those warm leads you’ve been working on, Gungho is committed to delivering a results-oriented programme that identifies real revenue opportunities.

Interested in working with Gungho? Get in touch today!