Cold calling is a is a 2% game. I was actually a “pilot” user of LinkedIn back in 2002. Networking seemed like a great idea, and my contact list had grown to 1,000 friends, clients and business partners.

The Problem – Initially I accepted every invitation request, even the cold calls and people I had never met. They call these people LIONs (LinkedIn Open Networker). That turned out be be a huge mistake. Right after connecting, most people would start soliciting for business and ask for an introduction to my friend Tony Hsieh (CEO, Zappos). Quickly changed my model to “by referral only.” Only connecting to executives I know personally, or those referred to me by my professional network.

Recession 2024 – With the economy spiraling down, cold calling has gone into overdrive. I’m receiving 20 to 50 unsolicited resumes (cold calls) per day. My profile clearly states I don’t take cold calls. All my posts clearly state I don’t take cold calls. In addition to a thundering herd of unsolicited resumes, I get 10 to 20 cold calls from Realtors wanting to sell my house (not for sale!). No longer take a phone call unless a name from my contact list pops up on the screen.

Probably 95% of executive simply delete cold call messages. My approach was always a quick, “No thank you”, because my parents taught me that is the right way to treat people. Unfortunately, because I’m the one person out of 200 they soliciting today that responds, many cold callers won’t take no for an answer.

Time is Our Most Valuable Asset – We can get more of everything in life…except time. Father Time is undefeated. A CEO put it this way, “If I accepted or responded to all the cold calls, I would literally get nothing done.” Cold calls are disruptive. Even slowing down long enough to say, “not thank you” reduces my productivity. And every minute I’m dealing with someone I don’t know and have never met…is a minute I’m not helping a friend find a new job.

The Solution – Let me tell you a sales secret: Cold calling is a 2% game. You have a better chance of hitting the lottery. Busy executives don’t respond to cold calls. I don’t care what anyone or any sales book tells you. And, without a doubt, some knucklehead will comment, “I’m hugely successful cold calling!” Which makes you 1 out of 1,000 – congratulations.

I am NOT a sales guy, however after 20 highly successful years owning an executive recruiting business, I’ll tell you the best approach: Referrals. Warm introductions. If I have a new CFO position to fill, I email 200 of my CFO friends and ask for referrals, “Who do we know that might be interested?”

By God’s grace I don’t have to do business development, however here is a great example of working “by referral.” An executive approached me with an interest in a new hospitality project in the Middle East. Pinged a “C” level executive on the ground (actually placed him in a job previously). He pointed me to the CFO (wait – I got him a job previously as well!). Six degrees of separation is real.

Stop cold calling! You are better off buying lottery tickets.