Westwood's Cold Call Journal

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ricky32478's picture
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Joined: 2010-09-30

I am only going to mail to people who move in my town who make money.   I think it might be nice to introduce myself that way.  besides, I just mailed everyone who moved in the last 6 months so now if I stay on top of it its only going to be 30 mailers a month at most.  I  let you know how it works!!!

Westwood's picture
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Joined: 2010-10-05

TuesdayDials                      298Contacts                15Prospects             4Appts                      0

ricky32478's picture
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Joined: 2010-09-30

nice numbers

StoneColdMutha's picture
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Joined: 2010-09-04

Westwood,Your contacts per dial is more in line with what I see daily when I dial.  I still can't understand how others are getting 7 or 8 contacts with the decision maker per 100 dials.  I know the Judge in older posts talked about 50 contacts per day for two years.  Gaddock talks about 40 contacts per day and I think it took him on the order of 367 dials to do it.  So the question to those who have actually built a book dialing in recent times, how in the heck do you increase the number of contacts to get on the order of 40 to 50 contacts per day?  Is it simply dialing all day long?  Using Westwood's numbers (which are similar to mine when dialing residential), you would have to roughly DOUBLE the daily dials to even come close to where The Judge, BondGuy, and Gaddock says you should be in terms of contacts per day.  I have been pumping out 250 dials per day lately so am I just missing something?  Thanks in advance.        

squash2's picture
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Joined: 2010-03-09

If you are calling residential you have to call at night..4-8pm... when people are at home...A guy at my old firm would come in during the morning (7am-12pm) got to lunch, go home and come back at 4pm and dial til 8pm..4 hours at night @ 50 calls/hr= 200 dials3hrs in the mornings(8-11am) @ 60 dials(less people answering)=180So 380 a day should get your 40 if you call at these times..Also your list should be broken down by age.... not just assets/income.. call 60+ in morning and 45+ at night.. There is no use calling someone who is 45 at 1pm on a thursday afternoon(the only way that person is home is if 1. Unemployed  2. Sick and possibly 3. works from home(although probably won't answer if he does this)..****Disclaimer***** This is only for residential calling... If you are doing business I have no frame of reference but have been told early am (6-8am) and later evenings(after employees leave) and weekends are best..

BigFirepower's picture
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Joined: 2010-07-09

Mailers, and mail something.... Forget it... Mail something? Sure, I'll get it right out to you....click, next dial....I'll admit, one time in my 19 yr career, I mailed something. The guy came in, and invested about 20 grand. I was shocked, shocked I tell you....

squash2's picture
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Joined: 2010-03-09

Instead of mail stop by..."Can you just mail me blah blah blah?""Sure I will have it out to you by the end of the week"Then stop by on a friday afternoon/morning(depending on when contacted him)  or at the very least saturday morning(everyone is home)..Then make an excuse.."Was in the area to see a client in 30 minutes thought I would stop by and give this to you personally" 

Westwood's picture
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Joined: 2010-10-05

WednesdayDials                      218Contacts                20Prospects             2

BondGuy's picture
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Joined: 2006-09-21

I think were talking mailing more as an alternative channel to cold callingTwo ways to work it:mail 25/50 per day of either a product IE UIT/Mutual fund or mail an invite to recieve info or be put on a special list. For example i would mail invites to be put on my Monday Morning Bond List. I included a copy of the latest list. using this method paves the way for a call roughly one week later. The call is a follow up to ask if they want on the list and then to qualify. it flips the call/mail/call process to mail/call/call or mail/call/mail. I no longer do this but it was effective for as long as i did do it. Doing it forces activity. once you mail the mailer you have to make the calls.This method can also be mailing invites to a once a month workshop, dinner or lunch seminar.  The second way to do mail is ala Bill Good mass mailing that include return mailers. Same mailers, invites, product info, introductions, whatever, mailed to 5000 people a month. Usually included is a if you aren't interested in what i've mailed check off what you are interested in option. The return mailer includes a check off list of every investment under the sun. The beauty of this type of mailer is once it's set up you are free to keep running the program every month with little or no time input. An assistant or temp can get the mailing out with just a couple hours work every month. Again, this isn't a channel i'm using right now, as in today, but as recently as two or three years ago, My response rates were roughly one percent. BGM reports response rates between one and two percent.Once set up you have leverage, no time for 50 leads showing up in the mail month after month. Mail and fail? maybe. But you don't know until you try. And, it could take several months of tweaking to get the right messege on the right prospect group. The only way to find out is to do it.  

BigFirepower's picture
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Joined: 2010-07-09

5000 pieces of mail, is equal to $5,000 or so. Few firms are going to let you do that, without accountability. No harm in asking, but man, you'd better keep it totally on the low down, or other reps will stab you in the back worse than JC. The rate of return you'd get on something generic, is less than 1%. Done RIGHT, my guess, you'd get maybe 8-12 really good prospects out of that.

rogerballs's picture
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Joined: 2010-01-04

BondGuy wrote:I think were talking mailing more as an alternative channel to cold callingTwo ways to work it:mail 25/50 per day of either a product IE UIT/Mutual fund or mail an invite to recieve info or be put on a special list. For example i would mail invites to be put on my Monday Morning Bond List. I included a copy of the latest list. using this method paves the way for a call roughly one week later. The call is a follow up to ask if they want on the list and then to qualify. it flips the call/mail/call process to mail/call/call or mail/call/mail. I no longer do this but it was effective for as long as i did do it. Doing it forces activity. once you mail the mailer you have to make the calls.This method can also be mailing invites to a once a month workshop, dinner or lunch seminar.  The second way to do mail is ala Bill Good mass mailing that include return mailers. Same mailers, invites, product info, introductions, whatever, mailed to 5000 people a month. Usually included is a if you aren't interested in what i've mailed check off what you are interested in option. The return mailer includes a check off list of every investment under the sun. The beauty of this type of mailer is once it's set up you are free to keep running the program every month with little or no time input. An assistant or temp can get the mailing out with just a couple hours work every month. Again, this isn't a channel i'm using right now, as in today, but as recently as two or three years ago, My response rates were roughly one percent. BGM reports response rates between one and two percent.Once set up you have leverage, no time for 50 leads showing up in the mail month after month. Mail and fail? maybe. But you don't know until you try. And, it could take several months of tweaking to get the right messege on the right prospect group. The only way to find out is to do it. Two things #1any examples of your mailers BondGuy :How about a postcard NJ Residents earn 7.55% Tax-Free call 212-555-1212 or email bondguy@gmail.com for more information#2 you could add this to your cold calling. PS Put a diclaimer on the back for compliance. 

BigFirepower's picture
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Joined: 2010-07-09

A few years back, sensing a need for serious account reviews, we sent a letter out to clients. Our response rate was 90%, TOTALLY unheard of.We did one thing, and that basically tripled our expected response rate.Anyone curious what this stupid little difference maker was? Take a guess if you'd like.I'm thinking one might triple the expected response rate on a generic mailer using the same tactic. Go from 1% to 3%. 

The Rook's picture
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Joined: 2010-06-23

With most of you all working on people around your office and trying to set appointments, can anyone give some help on talking to people out of state?

squash2's picture
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Joined: 2010-03-09

BigFirepower wrote:A few years back, sensing a need for serious account reviews, we sent a letter out to clients. Our response rate was 90%, TOTALLY unheard of.We did one thing, and that basically tripled our expected response rate.Anyone curious what this stupid little difference maker was? Take a guess if you'd like.I'm thinking one might triple the expected response rate on a generic mailer using the same tactic. Go from 1% to 3%. Calling to follow up...

Westwood's picture
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Joined: 2010-10-05

BigFirepower wrote:A few years back, sensing a need for serious account reviews, we sent a letter out to clients. Our response rate was 90%, TOTALLY unheard of.We did one thing, and that basically tripled our expected response rate.Anyone curious what this stupid little difference maker was? Take a guess if you'd like.I'm thinking one might triple the expected response rate on a generic mailer using the same tactic. Go from 1% to 3%. Offering something for FREE.

Westwood's picture
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Joined: 2010-10-05

ThursdayDials                      349Contacts                24Prospects             4Good night...

Westwood's picture
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Joined: 2010-10-05

FridayDials                      231Contacts                17Prospects             0Scored a big zero on prospects today..oh well. I did get an open account today though, very small 401k rollover.  Every little bit counts, right!?  Till tomorrow guys. Good night!

BigFirepower's picture
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The difference maker, was a hand written"Please Respond", and highlighted in yellow. People get so much junk mail, that many of our own clients didn't know the difference between something important from us, or not. Any mass mailing, you must hand write envelopes, or use those nice window envelopes. A real stamp is also a good idea. Letters should be 12 point font, if not 14. I got lots of little things I do beyond that even. But that highlighted "please respond" was like a "moment" that struck me.  Oh, and never title a letter "Dear Deceased...." 

ricky32478's picture
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Joined: 2010-09-30

Westwood you haven't post since 15th?  I am interested in your numbers.  If you need some motivation PM and we can help each other out.  Look forward to you response!!!!!!!

Westwood's picture
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ricky32478 wrote:Westwood you haven't post since 15th?  I am interested in your numbers.  If you need some motivation PM and we can help each other out.  Look forward to you response!!!!!!!Sorry, haven't had a chance to post in a couple of days.  I had a couple of things going on this weekend.  Thanks for the encouragement though.  I will post my numbers for the last couple of days. 

Westwood's picture
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Joined: 2010-10-05

 SaturdayDials                      0Contacts                0Prospects             0Only came in for a couple of hours on Saturday, just to get organzied and ready for a couple of appointments this week. 

Westwood's picture
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Joined: 2010-10-05

 MondayDials                      240Contacts                32Prospects             3Nothing too exciting for a Monday.  I do have an appointment tomorrow, so wish me luck!

ricky32478's picture
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Joined: 2010-09-30

You don't need luck.  You are the future swinging dick of your firm.  Go get em tiger!!

ricky32478's picture
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Joined: 2010-09-30

how are you getting these appointments .  I have been cold calling for a solid two weeks and have 55 people interested in hearing back from me.  How do I close some of these prospects on appointments?  Any suggestions?

Hacksaw's picture
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Joined: 2010-03-27

" How do I close some of these prospects on appointments?  Any suggestions?"

Yes, ask for the appointment. Not meaning to sound like a d!(*. But you can't get something unless you ask. If they say no, ask them why. Just make sure you are not considering people as prospects who really are not.

"Add me to your mailer/email" does not mean prospect. A prospect meets 3 things (at least to me):
need
desire
money

missing one? I'll add you to my list and call a couple months later to see if you have all 3. If I call you over 12 months, and nothing has changed, and I don't see it changing shortly (retiring and 401k rollover, wealthy parent dying, current advisor is old and soon to retire) then I drop you off my list.

Life in this business can end quickly if you are chasing people who won't do business with you soon.

ricky32478's picture
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Joined: 2010-09-30

very true but I qualify everyone before I put them on my email list.  They have to have at least 250+ in investable assets. 

newregrep's picture
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Joined: 2010-03-22

Westwood and Ricky, my hats off to you guys.  You guys are a great inspiraton, and I respect your consistant efforts to survive and succeed.I will be starting in this industry as well as soon as I choose a firm, and I plan to keep a journal just like you folks.Keep us updated, we are all rooting for you both to succeed!  

on my own's picture
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Joined: 2009-11-03

What is a prospect...According to Dave Mullen...He wrote the book The Million Dollar Financial Services Practice...He also trained many million dollar producers at Merrill Lynch meets the following 3 criteria:1. Has has an appointment with you2. Meets account minimum (He says $100K)3. Will return you phone callI agree with him.He also says that you should not have more that 100 prospects in your pipeline and it takes 12 mos to create.Not trying to be an a**..asking if they can go on your mailing list or can I call you in the future is not a prospect. You might want to change  your definition of what a prospect is. I would use what I listed above. Your results will not look as good for the first 3 mos however you will be happier and wealthier in the long run.Again I think you guys are doing a great job and you have motivated me to start calling again. 

ricky32478's picture
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Joined: 2010-09-30

what happens if I have 2 & 3 down.  I haven''t been doing this long enough to have many appointments.

squash2's picture
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ricky32478 wrote:very true but I qualify everyone before I put them on my email list.  They have to have at least 250+ in investable assets.  How do yo do this? Don't tell me by buying a list that has people with investable assets of over $250k, because those lists are crap(generally some mathmatic equation factoring in, zipcode average salary, home value, etc)

on my own's picture
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ricky32478 wrote:what happens if I have 2 & 3 down.  I haven''t been doing this long enough to have many appointments.I forgot to add on step 3...Sitdown for another appointment and return phone calls.According to Mullen...the Merrill Lynch trainer...it all starts with step #1...setting the appointment....he says anything that delays this is a waste of time. You have to have all 3 criteria met or it is not a prospect.How to get an appointment...call for an appointment.Develop a script to set an appointment and scripts for Not interested, I already have an advisor, I don't have any money, I don't have time. These handle 99% of the objections you will receive. Once you get this down so it does not sound like you are reading and you have it down cold... 1 out of 10 contacts will set an appointment if you can get thru the entire call script and the entire objection script.Another hint...you are probably in your 20's...deepen your voice a little when you call...makes you sound older and more confident. I'm in my 40's and I still deepen my voice. It's like I have a split personality. I have my cold call phone voice and my appointment voice( which is the way I normally talk). Customers will not remember what you sounded like on the phone when you meet them.Also pitch the wife for an appointment...Wives are decision makers as well and they will tell more about their money then the spouse will. Example...husband is successful and works all the time. Wife stays at home and handles the finances. If the wife likes you then it is a slam dunk. Alot of times the wife will be offended if you don't think if she can make the decision.These are just my opinions. Everyone on this board will have a different opinion. Be careful who you take advice from. You have to find what makes you comfortable and don't change it. Just sharing my 18 years of experience.

ricky32478's picture
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after the person tells me they are interested in the newsletter.  I say greatWe have three different types of newsletters, one for people with less than 100,000, one for people with 100-250, and one for 250+.  The reason mr or mrs prospects we separate them like that is because the newsletter with 250000 really drives home on how to generate tax free income.  Now mr or mrs prospects what one would you like me to send you.  Works like a charm every time.  I don't count any prospects under 250

ricky32478's picture
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Joined: 2010-09-30

Good advice ON MY OWN

squash2's picture
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ricky32478 wrote:after the person tells me they are interested in the newsletter.  I say greatWe have three different types of newsletters, one for people with less than 100,000, one for people with 100-250, and one for 250+.  The reason mr or mrs prospects we separate them like that is because the newsletter with 250000 really drives home on how to generate tax free income.  Now mr or mrs prospects what one would you like me to send you.Works like a charm every time.  I don't count any prospects under 250That is terrible... good idea... But you are accenting the the $250k newsletter..The reason mr or mrs prospects we separate them like that is because the newsletter with 250000 really drives home on how to generate tax free income. Also psychology says "we want what we can't have" so if I have a portfolio of $75K, I will tell you $250k so i can get the juicy details of the $250k portfolio..Maybe you should say something like.. for clients under $250k the info is geared towards mutual funds, bond funds etc, where as with portfolio larger than $250k we can invest in individual issues of bonds, and stocks, however for diversification and risk purposes you must have over $250k to do this.Or  simply if you are pitching muni bonds... For clients under $250k we use bond funds to insure adequate diversificaiton and risk tolerance.. For Clients over $250k blah blah blah..

squash2's picture
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on my own wrote:ricky32478 wrote:what happens if I have 2 & 3 down.  I haven''t been doing this long enough to have many appointments.I forgot to add on step 3...Sitdown for another appointment and return phone calls.According to Mullen...the Merrill Lynch trainer...it all starts with step #1...setting the appointment....he says anything that delays this is a waste of time. You have to have all 3 criteria met or it is not a prospect.How to get an appointment...call for an appointment.Develop a script to set an appointment and scripts for Not interested, I already have an advisor, I don't have any money, I don't have time. These handle 99% of the objections you will receive. Once you get this down so it does not sound like you are reading and you have it down cold... 1 out of 10 contacts will set an appointment if you can get thru the entire call script and the entire objection script.These are just my opinions. Everyone on this board will have a different opinion. Be careful who you take advice from. You have to find what makes you comfortable and don't change it. Just sharing my 18 years of experience.yeah man, we all read the book... why don't you just post each chapter in a separate topic instead of listing what he says here.

on my own's picture
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Joined: 2009-11-03

Squash-I don't think he read the book.Ricky was asking "how do I set and appointment" and is counting anyone who he can put on his mailing /can I call you again list a prospect.Hacksaw and I were just trying to tell him what a prospect truely is.

ricky32478's picture
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Joined: 2010-09-30

I actually did ready the book.  I am calling it a prospect for argument sake.  To much time wasted arguing what a prospect was.  Who cares.  Im going to keep dialings and forget about it.  I know the prospects are "hot" right now.  But I know they all have money and after dripping on them for 6 months somethings got to give. 

Westwood's picture
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Joined: 2010-10-05

TuesdayDials                      336Contacts                28Prospects             2Appts                      1Well I had one appointment today, this was from a person that I cold called about a month ago and followed up with them a couple of weeks ago and asked for the appointment in the second call.  I didn't seem too confident in them showing up, as I have had a couple of flakes before, but they did.  Long story, it looks like it might be a 200-250k account!  In my case, it really helps to get the appointment.  I think I do a better job of closing them in person, even though I can't stop talking sometimes...  I do get the feeling that the people I'm calling on don't like to do business over the phone and I just have to get the balls to straight up ask every prospect for a meeting every chance I get. Just thoughts...still learning, everyday.   

Hacksaw's picture
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Joined: 2010-03-27

Did a presentation/seminar for a firm today. I know the head person and know everyone in attendance makes 6 figures. I had everyone sign in and put their email address and whether they want to receive my monthly newsletter. I also told them I'd stick around an hour after my thing to talk one-on-one. All 15 people said yes to the newsletter and one talked to me about setting an appointment for next week (28 years old and ~$100k).
So do I have 15 prospects? No, I have one. Now maybe the other 14 will do business with me in the future but for right now they are just people on my newletter list. It's taken me a couple months of production to realize this (I'm < 1 year production) but I'm looking to build a list of the 100 prospects.
If you are just using the term prospect loosely on here fine. Just make sure you aren't doing it in real life. It will spell the end of your career.

BigFirepower's picture
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Joined: 2010-07-09

Westwood and Ricky are doing well. So far, so good, very impressive. They just need to keep it up, not get frustrated or burned out before they hit the other side. To a degree, if you throw enough $hit against the wall, some of it is going to stick. And boy are they both throwing it! Anyways, that is my 19 yrs worth of two cents talking...

Hacksaw's picture
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Joined: 2010-03-27

I agree Big. They are killing it on the calls. But if they are not asking and getting appointments but are happy with their "prospect" number they could become delusional. I know because I was there a couple months ago.
For 9 straight weeks I called 200+ a day and made 25+ contacts a day. I worked 7am til 8pm and everyother Saturday. I considered anyone who didn't say no a prospect. That led to 2 accounts worth a total of $125k. I was chasing ghosts (too busy right now, want to feel more confident in the market, worried about my job). If it wasn't for me landing a $1million+ account from connections I would have already failed out of the business.
Now my cold-calling is paying off. I have about $10.5 million in my pipeline and I hope to close 1/3-1/2 within the next 6 months.
So does cold-calling work? Heck yeah. It just takes patience and time for these to become clients. But to keep your job you need accounts now. So what really matters are your true prospects. For me that is people I could do business with in the next 90 days so I can keep my job.
I'm just a few months ahead of these guys and have gone through what they are going through. The key is business now to keep your job, but also keep prospecting for tomorrow. Cold calling works and these guys are busting it on the phones. Just make sure you are always asking for an appointment and at the appointment asking for the business.
That's just my 6 months of production talking.

squash2's picture
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Joined: 2010-03-09

Good Post....

Westwood's picture
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Joined: 2010-10-05

WednesdayDials                      200Contacts                23Prospects             1

BigFirepower's picture
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Joined: 2010-07-09

Hacksaw, great post. I'm operating under the assumption that Ricky and Westwood are calling on decent numbers, wtih a decent presentation. So, Ricky, Westwood, are you?By the sheer volume of calls, I'd also assume like anything with mass repetition, the learning curve kicks in fast. Hacksaw and all, a special weapon you should all employ, is the "hand written note". 5 per day. Do that for 90 days, and you tell me how much biz you did. It will be the little thing, that makes a big difference.

ricky32478's picture
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Joined: 2010-09-30

hahahhah so funny you should mention that.  Everytime I get a "prospect" I write them a hand written note.  I hope it works

Westwood's picture
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Joined: 2010-10-05

Hacksaw wrote:I agree Big. They are killing it on the calls. But if they are not asking and getting appointments but are happy with their "prospect" number they could become delusional. I know because I was there a couple months ago. For 9 straight weeks I called 200+ a day and made 25+ contacts a day. I worked 7am til 8pm and everyother Saturday. I considered anyone who didn't say no a prospect. That led to 2 accounts worth a total of $125k. I was chasing ghosts (too busy right now, want to feel more confident in the market, worried about my job). If it wasn't for me landing a $1million+ account from connections I would have already failed out of the business. Now my cold-calling is paying off. I have about $10.5 million in my pipeline and I hope to close 1/3-1/2 within the next 6 months. So does cold-calling work? Heck yeah. It just takes patience and time for these to become clients. But to keep your job you need accounts now. So what really matters are your true prospects. For me that is people I could do business with in the next 90 days so I can keep my job. I'm just a few months ahead of these guys and have gone through what they are going through. The key is business now to keep your job, but also keep prospecting for tomorrow. Cold calling works and these guys are busting it on the phones. Just make sure you are always asking for an appointment and at the appointment asking for the business. That's just my 6 months of production talking.Great Post! 

Westwood's picture
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Joined: 2010-10-05

 ThursdayDials                      136Contacts                8Prospects             0

BigFirepower's picture
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For a serious prospect, I don't think I've ever not closed a deal when I employed my hand written notes strategy.Harvey MacKay is big on that. How To Swim With The Sharks Without Being Eaten Alive is a must read...

Westwood's picture
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Joined: 2010-10-05

FridayDials                      316Contacts                22Prospects             2Another week down the tubes...

ricky32478's picture
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Joined: 2010-09-30

westwood your work ethic amazes me.  You are going to do great!

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