Any tips on cold calling
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just started cold calling for qualifying leads... any tips on how to get better
Set specific goals everyday. Number of dials is critical. If you make the dials and you are calling new prospects will be successful in any sales role.
go read everything Bondguy, Bigfirepower, Gaddock, "500 day war", Ricky, and Westwood post has posted on this forum. It's the BEST training you will get in the industry.
Call qualified people, with something they're inclined to buy. Make lots of calls, keep your message short and strategic.
There, sounds simple enough right?
You violate one of those "rules", and you're toast.
New, that was kind. Thanks.
[quote=newregrep]
go read everything Bondguy, Bigfirepower, Gaddock, "500 day war", Ricky, and Westwood post has posted on this forum. It's the BEST training you will get in the industry.
[/quote]
I agree. There is a WEALTH of knowledge in those posts if you make use of it. I haven't started my prospecting yet, but I feel like I am much better prepared due to the information and wisdom I've gotten from these posters.
Attitudes and emotions. If you don't have control of that, it is very hard to succeed at doing the impossible.
Attitudes and emotions are about eating and sleeping right. Positive behaviors, avoiding bad habits and bad people. You have to accept that you are in a long term battle, and you must be mentally focused at all times. You simply cannot allow the whipsaw of euphoria and dispair overcome you.
A weak mind, and the game is lost before you even started.
In prospecting, one of the greatest dangers, by FAR, notice I'm emphasizing this... Is to do TOO MUCH prospecting. See, that leads to an unmanageable mess of a pipeline, which takes you from 200 dials per day, to ZERO. I don't know how many times I've told people this, and they NEVER seem to get it, until it smacks them right upside the head. And by then, the career might be over. Balance...
David Mullen came to our office not too long ago. He said 100 people in the pipeline is a perfect number to manage, and if 2 becomes a client you must fill that pipe line with 2 more!
I want to hear from the vets on that methodology.
New,
His 100 prospects are for established practices or those on the move to be million dollar producers. The idea is to be working those 100 daily and when one becomes your client or tells you to pound sand you replace them. Those 100 are qualifed investors, those with money, with $250k of investable assets if you are established or $100k if you are new.
I suspect it takes a long time to build a real pipeline like that. I've been doing my best but just am not a good enough prospector to really fill in the gaps. Maybe a good goal for 2011.
Up, Up, and Away
In my opinion. A newbie, with zero book, should be having conversations with 25 people per day. Then, dial back to 20 after about 2 yrs. After 3-4 yrs, dial back to 15. An established rep, will do fine and dandy talking to 10 clients or prospects per day. I like to have 2, but not more than 3 appts per day. So, 2 meetings, 10 conversations per day.
[quote=BigFirepower]
In my opinion. A newbie, with zero book, should be having conversations with 25 people per day. Then, dial back to 20 after about 2 yrs. After 3-4 yrs, dial back to 15. An established rep, will do fine and dandy talking to 10 clients or prospects per day. I like to have 2, but not more than 3 appts per day. So, 2 meetings, 10 conversations per day.
[/quote]
Big-
I wanted to say that I think you give excellent advice and have been a fan of your posts for a while.
If you were an:
1. experienced producer
2. know how to have conversations with individuals vs. just reading your script
3. and only wanted to bring on board 1-2 new households mo (doing this via appointment vs. selling product over the phone)
how many cold call contacts/ would your recommend a day. Also in your opinion how many dials would that equate to.
I'm trying to give myself a 2011 daily cold call goal.
Thanks for your help.
Well after cold calling for 2 weeks straight and mandatory 12 hours on the phone by our firm it seems this firm is not for me
I've managed to dial more than 500 #'s within this time period, on a good day made about 50 contacts got thru my full presentaion about 15 times and qualified none.
i agree with you bigfirepower it comes to the point of desperation and on top of that add the worries if you are going to be in the office next week. We already had the conferencce room talk with the senior.
Practice? who wants to practice after 12 hours. its maddening. How does one keep sane with no life?
Regretfully i submitted my resignation. but I know its not over. perhaps its not the firm that fit with me. their cold calling tactic was pure aggression only. but then again im new to the business and I know to survive in this business you have remain aggressive with the pitch.
oh and what do you mean by bad people? people who don't believe in you?
know any firms that are hiring rookies with no sales experience here in NYC. series 7 and 63?
If you only have the 7 and 63 I doubt the credibility of your firm... Most firms required 7 and 66 as a minimum (add in 31 and others later)...
What are you pitching? qualifying for?
I would think with 500 dials you could find someone with $100k to invest..
Should take the 65 on my own and then look for job? or just shoot for the 66?
I was qualifying the guy for more than 250k in market which somtimes i did find sometimes up a million but who knows if it was bs. and asking other questions,
that was basically the ptich....wasn't selling anything. the hardest part was getting the guy to answer my questions of course
[quote=SuperMan]
New,
His 100 prospects are for established practices or those on the move to be million dollar producers. The idea is to be working those 100 daily and when one becomes your client or tells you to pound sand you replace them. Those 100 are qualifed investors, those with money, with $250k of investable assets if you are established or $100k if you are new.
I suspect it takes a long time to build a real pipeline like that. I've been doing my best but just am not a good enough prospector to really fill in the gaps. Maybe a good goal for 2011.
Up, Up, and Away
[/quote]
Actually, Mullen states the FIRST goal of new advisors starting out is to build a pipeline of one hundred qualified prospects quickly. He defines a prospect as someone who 1. Has met you, 2. Meets your minimum level of investable assets ($100K), and 3. Agrees to a second appointment and/or will return your phone call. He estimates this should be done in six to twelve months. Advisors over 6 years of service should have 50 prospects in their pipeline.
[quote=StoneColdMutha]
[quote=SuperMan]
New,
His 100 prospects are for established practices or those on the move to be million dollar producers. The idea is to be working those 100 daily and when one becomes your client or tells you to pound sand you replace them. Those 100 are qualifed investors, those with money, with $250k of investable assets if you are established or $100k if you are new.
I suspect it takes a long time to build a real pipeline like that. I've been doing my best but just am not a good enough prospector to really fill in the gaps. Maybe a good goal for 2011.
Up, Up, and Away
[/quote]
Actually, Mullen states the FIRST goal of new advisors starting out is to build a pipeline of one hundred qualified prospects quickly. He defines a prospect as someone who 1. Has met you, 2. Meets your minimum level of investable assets ($100K), and 3. Agrees to a second appointment and/or will return your phone call. He estimates this should be done in six to twelve months. Advisors over 6 years of service should have 50 prospects in their pipeline.
[/quote]
I built my practice by making sure I had 200 contacts a week. Day one, no pipeline, obviously all cold calls. As the pipeline grows, continue to contact 200 people a week. Over time this will naturally shift your time and focus from cold calling to working your pipeline. You have to be vigilant in eliminating chaff in the pipeling for this to work. The rule I used is a prospect could only be used three times as a contact. Your intitial call and two more and that's it. The wonderful thing about this strategy is calling prospects is easier, and take far less time. Instead of calling 8 hours a day, you will get to a point of calling and hour or two each day and having far more success with less frustration. My .02.
[quote=Prime Time]
[quote=StoneColdMutha]
[quote=SuperMan]
New,
His 100 prospects are for established practices or those on the move to be million dollar producers. The idea is to be working those 100 daily and when one becomes your client or tells you to pound sand you replace them. Those 100 are qualifed investors, those with money, with $250k of investable assets if you are established or $100k if you are new.
I suspect it takes a long time to build a real pipeline like that. I've been doing my best but just am not a good enough prospector to really fill in the gaps. Maybe a good goal for 2011.
Up, Up, and Away
[/quote]
Actually, Mullen states the FIRST goal of new advisors starting out is to build a pipeline of one hundred qualified prospects quickly. He defines a prospect as someone who 1. Has met you, 2. Meets your minimum level of investable assets ($100K), and 3. Agrees to a second appointment and/or will return your phone call. He estimates this should be done in six to twelve months. Advisors over 6 years of service should have 50 prospects in their pipeline.
[/quote]
I built my practice by making sure I had 200 contacts a week. Day one, no pipeline, obviously all cold calls. As the pipeline grows, continue to contact 200 people a week. Over time this will naturally shift your time and focus from cold calling to working your pipeline. You have to be vigilant in eliminating chaff in the pipeling for this to work. The rule I used is a prospect could only be used three times as a contact. Your intitial call and two more and that's it. The wonderful thing about this strategy is calling prospects is easier, and take far less time. Instead of calling 8 hours a day, you will get to a point of calling and hour or two each day and having far more success with less frustration. My .02.
[/quote]
Prime Time, that is awesome advice. Were you calling for an appt or calling with a product? It would be great if you could share your initial pitch and your followup pitch(s) as well. Also, was there any particular focus in terms of your target markets? Business? Residential? Corporate? Thanks!
On my own, can you share a bit more about your current situation, experience, "goals"?
Frankly, for an "established producer", I think creating alliances, client/prospect events, networking, and hard core referral campaigns are much more effective.
Roadster, make sure you take the 65, not the 66, since you already got the 63. Also, most places really want you to have insurance licenses. Might be a good next step for you to become a licensed admn assistant, get some experience that way. The pay should be about 36-60k, and if done right, can open all the right doors.