The short answer is yes…and no. It depends on your expectations and the amount of time invested before – and especially after – the meeting.

Here's what typically happens:

The president of a negotiation training firm secures 10 appointments with Vice Presidents of Human Resources of Fortune 1000 companies in the retail industry. Some of the meetings go well, some not so well, and in one case, the prospect expresses a great deal of interest.

The president sends thank you emails to the indifferent leads, leaves voicemail messages for those that fall in the mediocre category, and aggressively pursues the one promising prospect. After eight months, nothing happens. No call backs. No contract. Nothing.

The president then abandons the cold-call campaign because, in his estimation, it failed.

But did it?

Most professional service providers underestimate just how much time and contact it requires to turn a cold lead into a viable prospect. And, they fail to put in place additional outreach measures that are absolutely necessary in order to build the requisite trust to convert prospects to clients.

If you want cold call set meetings eventually translate into new business, two things need to happen:

1. You need to set realistic expectations.

The purpose of the meeting is to introduce yourself and learn about the prospect, not to launch into a detailed sales pitch. Remember that you are meeting with someone who has never met you before and, in all likelihood, has never heard of your company. They may even already have a provider for your service under contract. But that should not disqualify him or her from your prospect list.

In fact, if the prospect is actively looking for the service that you provide at the time of the meeting, it may be too late. In choosing from a group of unknowns, a well known brand or trusted personal connection is what tips the balance.

Professionals switch and/or add service providers all the time. According to How Clients Buy: The Benchmark Report on Professional Services Marketing and Selling from the Client Perspective over 50% of buyers of professional services are likely to switch service providers within the next six months. Your objective is to get in front of buyers early enough so that when they are looking, they actually have some favorable history with you.

2. You need to treat the introductory meeting as only the first step in a series of actions designed to build trust with your prospect over time.

Think about it. Would you switch accountants or contract with a technology consultant based on a single introduction?

The process of converting cold leads into sales is a protracted one – 67% take nine months or longer. Because you have no history with the prospect, you must develop his or her trust in you and in the value of your services. However, it is well worth the effort. Studies have shown that nurtured prospects tend to buy 100-250% more than those who are not nurtured.

The purpose of lead nurturing is to inspire trust and to become a reputable advisor to the prospect over time. To do this, you need to touch base with your prospects at least once a month – more often if you have identified specific needs relative to your service.

This does not mean calling every four weeks to check in and see if the prospect is ready to buy. In fact, it's essential that during this time you do not sell. Instead, through emails, letters, and phone conversations regularly provide the prospect with information, insights, and solutions that reflect the needs or interests uncovered during the introductory meeting. Be sure is something of value, for example an article you read on the topic or upcoming industry event.

This way, you will no only strengthen the perception of your organization, but also stay top of mind for the prospect during the process.

So, don't get caught in the same trap as that president of the negotiation training company. Cold call meetings can work, if you have the right processes set up to nurture the lead after the meeting.

That president of the negotiation training firm would have been wise to remember that sales is a numbers game and that only a percentage of meetings, like any opportunity, will result in business. But which meetings and how much of a percentage depends on how carefully you listen and how rigorously you follow up with every single prospect.