I filled in an application via linkedin, and I was contacted almost immediately after. I ended up having two phone screens by recruiters who then directed me to the actual interview itself. They gave me a description of the process which would be 3 20 minute back to back interviews, and within that I would have to make a cold call during the interview.
Flash forwards about a week later, and I went in for the actual interview. The first round was actually really enjoyable, and the person interviewing gave me some feedback for the actual cold call itself. From there, I proceeded to have the second round where unfortunately I didn't actually close the cold call. The product you sell is extremely vague, and you have to be able to close the deal right there. Unfortunately (fortunately in the long run), I couldn't close, and I think it was from that point onwards the interview more or less ended. The person interviewing me, lost any sense of enthusiasm, and I could see from that point onwards she didn't want me there. I'd say from there, the questions also got I'd say a bit more one-sided, the interviewer I could tell would not work for me. The second person questioned my energy levels, my previous experiences, and then after it finished she left. Once the third person came in, and found out I didn't pass the call he pretty much lost interest as well.
I feel that if you are going to do something with this type of format, you should simply start off with the cold call, and from there see if you'd want the person or not. Also, for what it's worth I get that you guys have been working there longer, but please don't look down on potential employees just because they couldn't close their first live cold call.