According to Colleen Francis in her blog, “Sell More, Work Less, Make More Money”

The closing ratio on cold calls is 75:1 while the closing ratio on referred leads is 4:1

CSO Insight’s 2007 Survey says that

Sales people spend 18% of their time cold calling.

With a 40-hour work week (yeah, if we only worked 40 hours), that’s over 7 hours of cold calling resulting in …. frustration.

In other words, if you spent those 7 hours working on referrals instead of cold calling, you’d close 18 times more deals!