Westwood's Cold Call Journal

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Westwood's picture
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Joined: 2010-10-05

I have been cold calling for about a month now.  I have been able to get a couple of appointments and open a couple of accounts, but it just seems like it is not happening fast enough for me.  So I have decided like many others here to try and keep an update to journal of my activities.  I have lurked for a while and “roogled” my good topics on this forum and have tried to incorporate many of the best practices mentioned here.  I would truly appreciate all your feedback.  I am currently using this script: Hi Mr. _____________, this is _______________ from _____________.  The reason for my call is that we currently have limited supply of Insured, “Tax-Free” bonds that paying ______ %.  I would like to see if you are an investor and if you so, would you me interested in hearing more about these bonds? I find that this script is opening up some conversations, but more than not it seems that some simply say “not interested” and hang up on me.  My number for this week so far are as follows: MondayDials                      240Contacts                22Prospects             4Appts                      1  TuesdayDials                      315Contacts                34Prospects             9Appts                      0 Any thoughts?  

squash2's picture
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Westwood wrote:  I am currently using this script: Hi Mr. _____________, this is _______________ from _____________.  The reason for my call is that we currently have limited supply of Insured, “Tax-Free” bonds that paying ______ %.  I would like to see if you are an investor and if you so, would you me interested in hearing more about these bonds? I find that this script is opening up some conversations, but more than not it seems that some simply say “not interested” and hang up on me.   Should shorten.. asking to much... Hi Mr. _____________, this is _______________ from _____________.  The reason for my call is that I currently have supply of high quality Insured bonds that paying ______ % tax free. How does that compare to the rates you are seeing at your bank?  Hi Mr. _____________, this is _______________ from _____________.  I will be brief. Are you an investor and if so would you be interested in new ideas from time to time? (if no, I understand, let me ask you a question, do you have a backup plan when another year like 2008 happens?) Hi Mr. _____________, this is _______________ from _____________.  I know you are probably busy so I will be brief. The reason for my call is  that i have been finding  4% yields that are completely tax free, in high quality municipal bonds.  THat is the same as a CD yielding 6%, are you currently earning at least 6% on all your money? Try different ones... do 100 dials, until you find something that works..(take into account, list, time of day, etc)

Westwood's picture
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Joined: 2010-10-05

Squash, thanks for the feedback.  I will try and incoporate some of these into my daily calls.Let you know how it goes.

squash2's picture
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Joined: 2010-03-09

Don't thank me.. Bond Guy, Primo, Gaddock etc... have posted these or a variation of these in the past... I just copy them down..

vintalk's picture
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Joined: 2010-09-22

i assume you would primarily be calling residences with this pitch....what time of the day is working best? i have noticed during hte day its mostly housewives who get on the phone and they are usually clueless.also have u used this while calling businesses? and what has been your experience?

Westwood's picture
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Joined: 2010-10-05

I have only been calling on residentials.  I have not found a good source to call businesses yet, and not sure sure what pitch I would call them with.I have found that the best times for me to reach people is during the week, 9.30am-11.30am and 3.30pm-6.30pm.  I have also found that on Saturdays from 9.30am to 11.00am works well too.You are right though, I find that I do reach a lot of housewives, that have no clue on what I am calling on.  They either say not intersted and hang up or sometimes defer to calling their husbands at a later time.

ricky32478's picture
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Joined: 2010-09-30

what is your source for residentials?

Westwood's picture
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Joined: 2010-10-05

Just using a list of residential numbers that the firm purchased from a lead company for now...

ricky32478's picture
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Joined: 2010-09-30

Ya I got a list too but no answers during the day.  Are you calling these people during the day or at night?

Westwood's picture
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Joined: 2010-10-05

WednesdayDials                      369Contacts                25Prospects             4Appts                      0 What a terrible day!  I couldn't get anyone on the phone.  I am really trying to make a strong consertive effort to pound the phones more, but days like these make it really tough to stay motivated...good night all...

Westwood's picture
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Joined: 2010-10-05

ricky32478 wrote:Ya I got a list too but no answers during the day.  Are you calling these people during the day or at night?I am calling all day long from 9am-8pm depending on if I have meetings or appointments.

Westwood's picture
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Joined: 2010-10-05

Here we go...another day of dialing for dollars. Wish me luck!

squash2's picture
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Joined: 2010-03-09

Westwood wrote:I have only been calling on residentials.  I have not found a good source to call businesses yet, and not sure sure what pitch I would call them with.I have found that the best times for me to reach people is during the week, 9.30am-11.30am and 3.30pm-6.30pm.  I have also found that on Saturdays from 9.30am to 11.00am works well too.You are right though, I find that I do reach a lot of housewives, that have no clue on what I am calling on.  They either say not intersted and hang up or sometimes defer to calling their husbands at a later time.Residential is good in the am(8:30-10:30) for people over 55 Also good from 4:00-8pm for anyone else on your list (I wouldn't call anyone younger than 45 though). So from 10:30-4pm... Business or corporate directories.... If not you are just burning numbers.Break down your call sessions for a week.. You will find that a large percentage of your contacts came at the above mention times and calling residential from10:30-4pm just increases your dials and not your contacts.

Westwood's picture
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Joined: 2010-10-05

squash2 wrote:Westwood wrote:I have only been calling on residentials.  I have not found a good source to call businesses yet, and not sure sure what pitch I would call them with.I have found that the best times for me to reach people is during the week, 9.30am-11.30am and 3.30pm-6.30pm.  I have also found that on Saturdays from 9.30am to 11.00am works well too.You are right though, I find that I do reach a lot of housewives, that have no clue on what I am calling on.  They either say not intersted and hang up or sometimes defer to calling their husbands at a later time.Residential is good in the am(8:30-10:30) for people over 55 Also good from 4:00-8pm for anyone else on your list (I wouldn't call anyone younger than 45 though). So from 10:30-4pm... Business or corporate directories.... If not you are just burning numbers.Break down your call sessions for a week.. You will find that a large percentage of your contacts came at the above mention times and calling residential from10:30-4pm just increases your dials and not your contacts.I do find that I am just dialing through numbers during that mid-day gap from about 11am-3pm.  I get nothing but answer machines and faxes.What source do you reccomend for directories and business numbers?

vintalk's picture
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Joined: 2010-09-22

those are good inputs....i have been calling businesses and the contacts are higher. the only issue in most cases is getting past the gatekeeper or having to leave voicemails (which makes no sense). westwood - u can try polk directories for business contacts.

Westwood's picture
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Joined: 2010-10-05

vintalk wrote:those are good inputs....i have been calling businesses and the contacts are higher. the only issue in most cases is getting past the gatekeeper or having to leave voicemails (which makes no sense). westwood - u can try polk directories for business contacts. I don't leave voicemails anymore, I tried that when I first started cold calling and dialed maybe a 1000 times and got 2 callbacks.  So I didn't see any value in that.I have heard about the polk directory mentioned many times on here, so I plan to visit my library this weekend and see what I can use.  What is your ptich or opening when calling businesses?

palmpre's picture
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Joined: 2010-09-07

what is at the library?

BondGuy's picture
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Joined: 2006-09-21

You have 17 prospects in three days of calling! Don't change anything!!!!!Your contact rate will vary day to day list to list. Go back and review Tuesday's calls. Your prospect rate was up. Was there anything different about Tuesday's calls? Most likely not, but that's what you need to pay attention to to refine your process. With your current rate you will end the week with 25 prospects. over the coming weeks that will equal at least two new accounts and two or three money in the future leads. Again, don't change anything!!!!

Westwood's picture
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Joined: 2010-10-05

palmpre wrote:what is at the library?From what I hear, the libraries give you access to directories that the large lead companies pull from.

Westwood's picture
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Joined: 2010-10-05

BondGuy wrote:You have 17 prospects in three days of calling! Don't change anything!!!!!Your contact rate will vary day to day list to list. Go back and review Tuesday's calls. Your prospect rate was up. Was there anything different about Tuesday's calls? Most likely not, but that's what you need to pay attention to to refine your process. With your current rate you will end the week with 25 prospects. over the coming weeks that will equal at least two new accounts and two or three money in the future leads. Again, don't change anything!!!!Thanks for the advise Bondguy!  I have been using the same bond script to lead with.  From what I can tell, I haven't really done anything different from Tuesday, other then really trying to ask open-ended questions and keeping my mouth shut.  I'm am really trying to get the prospect talking and it seems to be working somewhat.  It's just all the hang ups that get you thinking that you are saying something wrong, but I guess it's a numbers game. 

vintalk's picture
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Joined: 2010-09-22

i have been using the appointment / service pitch rather than product. not much luck though....even if u do get to the prospect, u mostly get not interested!! i plan to try residential next week....just that scrubbing the data is too time taking and i thought businesses might be better. but not so far reference usa in libraries seems like a good source for residential..  

Westwood's picture
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Joined: 2010-10-05

ThursdayDials                      279Contacts                30Prospects             4Appts                      0Another exhausting day...good night.

BondGuy's picture
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Joined: 2006-09-21

People are hanging up on you? Gee, you must be doing something RIGHT!!!!!!!!West, why do you think so many people fall out of this business? I worked 70 hour weeks with my ear glued to the phone for the first seven years out of the gate. I can't count my 500 plus dials days. More than not. Back then opening 25 to 40 new accounts a month was doable because of higher contact rates. Today, that's been halfed. So, less accounts means go for bigger accounts. So what!  Penetrate the accts more quickly to add assets. Don't be a one trick pony and add other marketing channels once the cold call pipeline is a finely honed machine delivering the goods month after month. If i Knew then what I know now i probably could have climbed off the 70 hour a week horse two or three years sooner. As for the drudgery of the task at hand. Many on these boards read my posts and other who have cold called their way to success and figure to do the same. Only, once in it, and seeing how really hard it is do they realize how much easier said than done completing the task is. Yeah, tell me about it!Good luck!!! 

ricky32478's picture
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Joined: 2010-09-30

Bondguy This is soooo true.  I thought cold calling would be way easier.  its not but I m not going to give up.  I make sure I get on the phone everyday no matter what my schedule looks like.  I have only been cold calling for 4 days and I have got 19 prospects.  going on my first meeting today.  Its hard but I know it will work

IndyBDguy's picture
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Joined: 2010-07-22

Been following ricky and west's journals.  Keep it up guys.  Stay with it.  You'll get there.  I bet everyone on this forum is rooting for you.

ricky32478's picture
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Joined: 2010-09-30

Thanks very much  Still calling 8 at night on friday

Westwood's picture
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Joined: 2010-10-05

Thanks IndyBDguy!  Need all the motivation we can get!Ricky32478, you must be on the east coast?  Keep on dialing!!!

Westwood's picture
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Joined: 2010-10-05

 FridayDials                      244Contacts                16Prospects             2Appts                      0I think I'm going to have to get another list or something, my contact ratio really sucks.  I try to call during th prime morning and afternoon times, but it seems like these last couple of days nobody is answering.  Have a great weekend guys, I'm out of here. 

ricky32478's picture
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Joined: 2010-09-30

im a newbie so I don't really have any say but I get the same results you get when calling from a list I brought.  Nobody picks up the phone and I spend all day dialing.  I found out when I get creative and make my own list I dial less and get more contacts.  Now granted It takes time throughout the day to find the numbers but it really works so far.  If you look at my journal you see the numbers I got in my first week cold calling.  I'm sure i suck on the phones too, because it is only my first week.  i'll give you an example of what I do to get leads. I find companies that are downsizing and ask to talk to the HR department (never works but I try everyday).  What works is to find SMALL COMPANIES that are down sizing and talk to the owner and tell him you want to drop by.  Buy two Pizzas and BS with him for a little and ask for contact info of people that might be interested in rollovers and say you only want individuals with 250,000 assets or more.  It works best with Blue collar works not executives.  I did that today and it worked great.  Westwood, PM me privately and we can share what works and what doesn't work.  I have some more ideas but I rather keep them private.

Westwood's picture
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Joined: 2010-10-05

ricky32478 wrote:im a newbie so I don't really have any say but I get the same results you get when calling from a list I brought.  Nobody picks up the phone and I spend all day dialing.  I found out when I get creative and make my own list I dial less and get more contacts.  Now granted It takes time throughout the day to find the numbers but it really works so far.  If you look at my journal you see the numbers I got in my first week cold calling.  I'm sure i suck on the phones too, because it is only my first week.  i'll give you an example of what I do to get leads. I find companies that are downsizing and ask to talk to the HR department (never works but I try everyday).  What works is to find SMALL COMPANIES that are down sizing and talk to the owner and tell him you want to drop by.  Buy two Pizzas and BS with him for a little and ask for contact info of people that might be interested in rollovers and say you only want individuals with 250,000 assets or more.  It works best with Blue collar works not executives.  I did that today and it worked great.  Westwood, PM me privately and we can share what works and what doesn't work.  I have some more ideas but I rather keep them private.You have some good ideas there.  I sure you will continue to see some good results from that.  I've thought of some ideas similar to those...I just haven't been able to put them on paper as an organized plan of attack, but you got me thinking now.  The way I look at is, one of the most common problems right now is unemployment.  So if you can find a way to capitalize on that then you're on to something. It kind of reminds me of training where they keep harping on how X amount of BabyBoomers are retiring in the next few you years, this is one of the best times to be in the business, there's going to X amount of trillions of dollars to manage, blah blah blah...

Otane's picture
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Joined: 2008-08-04

I would forget about the actual dials and just concentrate on the number of prospects and appts. Making 200 dials a day, you will burnout just by looking at the number. I just look at how many hours I put in and go from there. 

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Otane wrote:I would forget about the actual dials and just concentrate on the number of prospects and appts. Making 200 dials a day, you will burnout just by looking at the number. I just look at how many hours I put in and go from there. Good point.  I try not to aim for a certain number of dials, but I always try to maxmize the time I do call.  So it may be 7 hours or it may be 3 hours.  I just try to maximize my time with dialing, because when you don't have many clients, then what else are you going to do...that's the way I look at it.

ricky32478's picture
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Joined: 2010-09-30

you calling today westwood?

Westwood's picture
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ricky32478 wrote:you calling today westwood?Yup, probably gonna do a call block or too. I tend to get a much better contact ratio on Saturdays.  Also gonna get a little organized and research a few things.How about you?

Otane's picture
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Joined: 2008-08-04

Cold calling is hard. I know a cold calling coach who tells me it is still hard for him. If he takes off a week, then it is that much harder, Just do it everyday, and you will get to where you want to go. Just look around the office and 99% of the people are doing everything else but prospecting. I love it when FA's tell me they are a good closer. What a joke...they hardly get a prospect to practice their close on a consistent basis. I think every FA's who doesn't call says the same dumb statement.   

ricky32478's picture
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soo true!!!!!!

ricky32478's picture
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ya westwood I am on call 79 for today.  I got to do way more I am stay off this site till tonight so i can concentrate

Otane's picture
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Once you start calling....scumbag senior FA's will come to you to "partner" up with them. Pick and choose carefully, since a majority of them are a waste of time. The typical scam is we will split the account 50/50. Of course, they wil establish the relationship and they count on newbies dropping  off. If I had a bullet for every statement an FA said this I would have a pile of lead higher than Mt. Everest.  

Westwood's picture
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Joined: 2010-10-05

SaturdayDials                      117Contacts                5Prospects             0Appts                      0Alright guys, not a great Saturday for cold calling for me.  I arrived at the office 2 hours later than I usually do.  Lesson learned, calling from 8.30am to 10.30am is a lot better than calling from 10.30am to 12.30pm.  Also on another note, I need to get better at not letting dead leads take up my time on worthless conversation. I had one call today that took about 20 minutes of my time, just complaining about his mortgage and how he can't get the bank to do a loan mod for him.  I guess I'm too new to realize that sometimes these kind of conversations go nowwhere...ugh!  Well I'm out of there, gonna go to the library and see what I can dig up on some new lead sources.

Westwood's picture
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Otane wrote:Once you start calling....scumbag senior FA's will come to you to "partner" up with them. Pick and choose carefully, since a majority of them are a waste of time. The typical scam is we will split the account 50/50. Of course, they wil establish the relationship and they count on newbies dropping  off. If I had a bullet for every statement an FA said this I would have a pile of lead higher than Mt. Everest.  Thanks for the heads up.  I will have to keep this mind, just in case it happens.  Being a newb, sometimes you don't know no better.

ricky32478's picture
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Joined: 2010-09-30

hahahhah ya mad FA's asking if I want to hang out and go out to dinner.  I know what they are up too.  Im not a dumb rookie. 

Westwood's picture
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Joined: 2010-10-05

MondayDials                      257Contacts                24Prospects             2Appts                      0What a day....looks like I'm going to be calling an early night.  I feel like I been dragging all day today, like I'm hungover or something, maybe depressed who knows.  Anyways catch you guys later. 

ricky32478's picture
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Joined: 2010-09-30

hang in there bud.  I look for to you for inspiration.  Were gunna get through this together.  I have faith.  You now know 2 more people that you did not know this morning.  have a great night!!!

BondGuy's picture
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Joined: 2006-09-21

ricky32478 wrote:im a newbie so I don't really have any say but I get the same results you get when calling from a list I brought.  Nobody picks up the phone and I spend all day dialing.  I found out when I get creative and make my own list I dial less and get more contacts.  Now granted It takes time throughout the day to find the numbers but it really works so far.  If you look at my journal you see the numbers I got in my first week cold calling.  I'm sure i suck on the phones too, because it is only my first week.  i'll give you an example of what I do to get leads. I find companies that are downsizing and ask to talk to the HR department (never works but I try everyday).  What works is to find SMALL COMPANIES that are down sizing and talk to the owner and tell him you want to drop by.  Buy two Pizzas and BS with him for a little and ask for contact info of people that might be interested in rollovers and say you only want individuals with 250,000 assets or more.  It works best with Blue collar works not executives.  I did that today and it worked great.  Westwood, PM me privately and we can share what works and what doesn't work.  I have some more ideas but I rather keep them private.Ricky, whether this works or not, it's good stuff!!! This shows that you are thinking out of the box. Sooner or later that creativity will lead to success. I knew of two guys who would sneak into large firms where the HR dept wouldn't give them the time of day. They would sneak in and post flyers advertising their custom retirement workshop at a nearby restaurant. Most infamously they posted flyers above the urinals in the mens room. Sweet! Hr finally called them and told them to knock it off. They said Ok, but they didn't listen. HR could only threaten them. Thus a million dollar plus money managment practice was born.

ricky32478's picture
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Joined: 2010-09-30

That story makes me smile

squash2's picture
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Joined: 2010-03-09

It seems like you could do that in any office building(I would think a company building would be hard to get in)...may have to try that

BigFirepower's picture
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Joined: 2010-07-09

Ricky, without a doubt, you "got it". Never give up, keep firing, your strategy will work. Might be some dark days, but trust me, you're on the right path like many of us have not seen before.

ricky32478's picture
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Joined: 2010-09-30

Thank you so much. I was having a bad day but I am going to stick with it and keep motivated.  You guys Rock.  Lets do it Westwood we can show all these senior guys we got what it takes!!!!

Westwood's picture
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Joined: 2010-10-05

ricky32478 wrote:Thank you so much. I was having a bad day but I am going to stick with it and keep motivated.  You guys Rock.  Lets do it Westwood we can show all these senior guys we got what it takes!!!!Lets do it!I took sometime to step out of the office today, just to try and clear my head and get out of this funk that I've been in.  It worked and I am feeling a little more relaxed and confident, now back at it! 

ricky32478's picture
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Joined: 2010-09-30

has anybody had any success with mailers?  is it a waste of time.  I wanted to switch it up today so I went reference USA and did a New Movers search with people who make more the 250+ per year and sent them out a brochure,letter,bio and busienss card.  Is this a waste of time? or just another way to prospect?  I heard mailing salesmen are starving salesmen thats why I am asking this questions. P.S I only mailed to people in the town where my office is

Westwood's picture
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Joined: 2010-10-05

ricky32478 wrote:has anybody had any success with mailers?  is it a waste of time.  I wanted to switch it up today so I went reference USA and did a New Movers search with people who make more the 250+ per year and sent them out a brochure,letter,bio and busienss card.  Is this a waste of time? or just another way to prospect?  I heard mailing salesmen are starving salesmen thats why I am asking this questions. P.S I only mailed to people in the town where my office isI've heard the same thing about mailers, total waste of time.  I only mail to people that I've talked to, and even sometimes that feels like a waste of time.

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