Coffee Club- Any successes?
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Has anyone had success with this, and if so, what days of the weeks/time of day do you use?
Is this something you are more likely to get retirees to attend or pre-retirees? I love the idea of having a flier invite for this to carry around when F2Fing. Thanks!MB,
It doesn't work in my area, but I have a friend I went through training with, out in the midwest, that has had great success with it. But she is in the small town, one bank, she's the only broker for 40 miles, she does a lot of CD's and bonds, you get the picture. She sits around with all the old men once a week at the "local coffee shop". She said she gets a LOT of business from it and TONS of referrals. However, the BIG caveat is that it works in her type of town. I live in a wealthy, suburban, shoreline community, with all the wirehouses, several banks, several indies, etc. So it just seems out of place here, and most of the old guys at the coffee shop are loaded, have 60 year-old wirehouse brokers that jsut buy muni's for them, and are just passing time before they head over to sit on their boats at the marina.In my opinion why not set up a seminar with a whole saler and doorknock with invites to that plus dinner (paid for by wholesaler). I have seen some really nice success with that. And its also something you can do to lure in business owners. They LOVE lunch and learns.
I ran coffee shop for a short time, and it worked to some small degree. Small town, small coffee shop well outside a major metro area and about 90% of the coffee went directly into a car on the way to the city.
Still, I opened up three accounts: a $100K rollover, a 60K bond sale, and a DCA. I maybe spent $25 a morning for 8 mornings, so I more than broke even. Later I did it at another shop and failed completely, then stopped altogether.
The way I see it is you are up and working before most others have even stirred, so you’re making F2F contacts while the other guy shaves.
What’s coffee club all about? Do you plan to meet or do you just sit there and strike up conversations?
I’m going for it. I actually talked to one of my clients and asked their advice on when to hold it. He apparently makes a hobby out of visiting coffee shops and checking out the volume of traffic, so he thought for retirees, all the seniors get to the shop around 8:30-9 and stay until 10. Late enough to miss the morning rush. I’m going to hold it at 9. We will see how it goes. I figure retirees are the easiest group to corrall to one place at one time, and I have a lot of luck with that demographic.
Lock, it sounds like you actually did it a bit differently, actually targeting the people in the coffee shop, versus using the coffee shop as a meeting place and getting people to come there. How did you go about getting patrons of the coffee shop to participate? Do you have to get the coffee shop in agreeance to allow you to solicit the clients? I would love to do this one morning with the working crowd. I'm clueless about this kind of thing. As far as that goes, how could I go about getting the old men that come in every morning to participate?I do the coffee shop once a month. 10 regulars and always 1-2 new faces. all from doorknocking or a friend of a doorknock. 7 of the regulars are now clients (20k - 440k). Just do the IP update. My coffee shop has an big plasma that I hook my laptop up to. Those waiting in line always stop by and listen too. Some see me selling to a bunch of old folks and give me dirty looks, but f!@# 'em!
I love it! Thanks! So, do you use the Skrainka update videos then?I do the coffee shop once a month. 10 regulars and always 1-2 new faces. all from doorknocking or a friend of a doorknock. 7 of the regulars are now clients (20k - 440k). Just do the IP update. My coffee shop has an big plasma that I hook my laptop up to. Those waiting in line always stop by and listen too. Some see me selling to a bunch of old folks and give me dirty looks, but f!@# 'em!
Start cold calling as well, I didn’t start cold calling till 3 months after e/g. big mistake
Can you tell me more about how you are doing this? Who do you call @ what times of the day? What type of script do you use? Do you pitch a product, or go with the "I would like to drop off a business card" approach? I know this has been covered time and time again (i.e. 500 day war), but I haven't heard much about it from other Jonesies. Thanks!Start cold calling as well, I didn’t start cold calling till 3 months after e/g. big mistake
In the morning, call small business owners and ask if you can stop by to introduce yourself/have a few min of their time this afternoon, its just a warm F2F. Then do so during the afternoons (only F2F residences from 4-7 or so). Earn their business. Introduce yourself, ask about the business, lead back into investments… Now you’ve talked to them twice, have their contact info, know about their business. Then will stop in for a real quick visit in a few days, mail/call a week later with product, then call about a week later for an appointment. Works for me.
Take anything you can get, little 15k accounts will get teach you a lot and keep your job but build a solid pipeline of 250k plus relationships. When they finally hand over the check its better than sex, well at least in your first 12 months. I've haven't had much luck calling a stanger and getting them to write me a check on the spot. Don't think I'd want a client that irresponsible anyway.Quick Update- Coffee Club went very well. Decent turnout. 8 people. 3 were existing clients. 1 will previously "orange" prospect will become a client very soon, I do believe. It was great because I got to meet the wife, the wife liked me a lot, and my client sitting across them was telling them why they should move their accounts to me. You can't pay for that kind of advertising. They ended up staying half an hour after everyone else to talk with me.