DTA's Accountability Journal

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DTA's picture
DTA
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Joined: 2010-10-12

I decided not to call it a cold calling journal because I am obviously going to cold call. It is definitely an accountability tool. I have been reading the 500 day war and and have crunched the numbers. 35000 calls over 10 months only working 5 days a week equates to 175 call a day. Am I wrong? I feel like I should bump up this number to 200. I have some admin things to take care of and will be starting fresh on Monday, May 23rd. Any info, wisdom or ideas would be greatly appreciated. 

TheRook's picture
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Joined: 2011-05-16

DTA,Give some background....how old, area of country, yrs in the biz, main pitch. i like how you are calling it an accountability journal. spot on. it is tough to hold yourself accountable.

DTA's picture
DTA
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31 years old tomorrow! I am in the Pacific Northwest, but licensed and connected in California as well. I am brand new, but have cold calling experience. I am still trying to figure out my pitch and whether to lead with a product or service/ portfolio review. 

TheRook's picture
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Joined: 2011-05-16

great! im 26.  New England area. been in the biz since 06, production since jan 2010. i have ftried everything for attracting assets and all have been some what successful, but i think the only way to build a book is by cold calling. it sucks completely but it is effective. i would def. lead with product. im saying that from experience. and it has to be eye opening. today i pitched a tax free investment grade bond getting 7.5%. that opens a few doors. i like that you are trying to be accountable. that is the most important thing. if you say you are going to do it, do it. i look forward to seeing your progress and sharing ideas and call logs.

bullmarket2711's picture
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Joined: 2010-12-01

Rook-i've seen on a couple posts you have been writing about how you lead with product and sometimes ask for appointment.  As some relatively new, could you enlighten me on how you do that?  I have been going back and forth with the product/appt pitch and I think as a young guy (23) product is the way to go.  How to you segway to appt?  Do you try to close if they seem somewhat interested?   Any thoughts you could share would be greatly appreciated.

TheRook's picture
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my advice (and i may not be the best to give advice) is to do both. do a 100 dials of each. it doesnt matter. anyway to open the door and talk. Personally, i lead with product because there is a talking item. Mr smith, i have a high quality tax free bond paying 7.5%/year. do you invest in bonds or have money tied up in CDsthat makes more sense thanmr. smith, would you like to sit down for a portfolio review so i can show you how you and your "advisor" screwed everything up?i have done the appt approach and just didnt like it.

Who do you know's picture
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Joined: 2010-12-08

I like your approach.  I am two years in and one piece of advice I wish I would of been giving, is to not over think things.  Stick to what works FOR YOU, and keep doing it.  You can spend a lot of time tweaking things and pondering "what ifs", but when you boil it all down it is as simple as, it's nothing more than a numbers game.  And I think you have that figured out.Take advice with a grain of salt.You're very much on the right track.  Looking forward to seeing ur success.

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DTA
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Joined: 2010-10-12

After a fun day of fixing a flat tire and having to deal with meetings most of the day, I finally was able to start cold calling. I know the numbers are extremely weak, but I am happy I was able to get on the phone. I consider tomorrow my first day.Calls: 27Contacts: 11Prospects: 1 

TheRook's picture
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DTA,it is tough to get started huh? never feels you are prepared enough which i hate. dials - 122contacts- 11prospects- 1what are you calling on? product or appt? residents or business owners? just curious what is working?

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I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.

squash2's picture
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Joined: 2010-03-09

DTA wrote:I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.Are your contact number for calling people a second time?Otherwise how would you know they have expressed interest in working with a different investment firm? 

squash2's picture
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Joined: 2010-03-09

Also how does 1 person make 27 dials and get 11 contacts and another makes 122 dials and gets the same number?What are each of you defining as a contact?Just curious..

DTA's picture
DTA
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Joined: 2010-10-12

Squash,The list I am using is one that my manager provided for me. He subscribes to a service and thats about as much as I know about that. I consider a contact as a person who let me get through my pitch and possibly asked a question. A prospect is someone who was interested in receiving some info from me.If I should be going at it differently?Please, any input is greatly appreciated. Also, my calls were made between 4:30 and 6:00 in the afternoon when people were more likely to be home.  

whitemike's picture
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Joined: 2011-05-23

Guys & GalsI'm new this forum and have been reading a lot of posts lately.  It's time for me to start cold calling as well and I see a few of you have started posting results here.  I'd like to join a "Group" or the forum to hold myself accountable as well. I had a coworker and I hold each other accoutable for a few weeks until he left, and that was the end of it.IMO,  I consider contacts as (An adult who answers the phone)Prospect - (One that has sizeable assets, Somewhat interested and I want to call back)  

Stockguy2011's picture
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Joined: 2011-03-28

squash2 wrote:DTA wrote:I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall. Are your contact number for calling people a second time?Otherwise how would you know they have expressed interest in working with a different investment firm? Squash, you can buy lists from companies with that criteria.  The person interested in "working with a different investment firm" sent back a mailed questionaire piece that was located in a credit card statement, cable bill, etc.DTA let me know if those work for you?.

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Stockguy2011 wrote:squash2 wrote:DTA wrote:I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall. Are your contact number for calling people a second time?Otherwise how would you know they have expressed interest in working with a different investment firm? Squash, you can buy lists from companies with that criteria.  The person interested in "working with a different investment firm" sent back a mailed questionaire piece that was located in a credit card statement, cable bill, etc.DTA let me know if those work for you?. Find those "lists" are mostly crap...

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squash2 wrote:Stockguy2011 wrote:squash2 wrote:DTA wrote:I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall. Are your contact number for calling people a second time?Otherwise how would you know they have expressed interest in working with a different investment firm? Squash, you can buy lists from companies with that criteria.  The person interested in "working with a different investment firm" sent back a mailed questionaire piece that was located in a credit card statement, cable bill, etc.DTA let me know if those work for you?. Find those "lists" are mostly crap...Wouldn't disagree... Can be expensive too - $2-4 a name.

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DTA
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Joined: 2010-10-12

My "crap list" was free so if it only produced one client, my ROI would be acceptable...

whitemike's picture
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Joined: 2011-05-23

All I can say is, don't do any business with "Prestige Management"  Awfull Lead Service company and terrible customer service.

DTA's picture
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Joined: 2010-10-12

Any services that are worth it?

Stockguy2011's picture
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DTA wrote:Any services that are worth it?ReferenceUSA is a free subscription through your library - gives the name of businesses and their owners (can't be on DNC list).  Found this to be much better than residential lists.

DTA's picture
DTA
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I have been using ReferenceUSA. I have almost a list of 10,000 business owners to call.Have you had much luck? 

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DTA wrote:I have been using ReferenceUSA. I have almost a list of 10,000 business owners to call.Have you had much luck? Yeah, it works, doesn't solve the gatekeeper problem.  I mentioned on a prior thread that I was using a mail/call/mail, and getting quite a few "incomplete address" returns and mispelled names etc.  Nothing worse than misspelling the name of a local CEO in a mailer :( Decided against, the mail first campaign.  More of a call/mail/call type program now. Also, owners/senior execs do change, so don't let that list sit stale toooo long.

DTA's picture
DTA
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Joined: 2010-10-12

Off to lunch.Dials: 67Contacts: 17Prospects: 2

DTA's picture
DTA
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I am wondering if I should focus on dials or contacts. Like 250-300 dials a day or 30+ contacts a day as a goal?

Hacksaw's picture
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Joined: 2010-03-27

I posted this a long time ago. Check out jigsaw.com. There you can "trade" one contact for another and/or just use it for a list of names at a company and call their main line for a dial-by-name directory.

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Joined: 2010-03-27

I posted this a long time ago. Check out jigsaw.com. There you can "trade" one contact for another and/or just use it for a list of names at a company and call their main line for a dial-by-name directory.

DTA's picture
DTA
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Joined: 2010-10-12

Forgot to post my numbers before I left the office.Dials: 155Contacts: 32Prospects: 5Would have gotten in more dials, but bossman took me out for a beer.

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Joined: 2011-05-16

DTA,How did you finish out the day? i would focus on dials and be careful about the contacts. a lot of people will show interest just because they are too polite to say no. they are a waste of time and will drive you nuts. one thing i had success on in the past:schedule a seminar and cold call real hard on that seminar. have a topic that is powerful. get their interest level on the first call and mail a invite. then follow-up hard core and MAKE them want to come. this will create a good rapport and they are more open to further conversations. just my experience. now i have read all these posts about cold calling on product, such as a muni bond, and it sounds great. doesnt seem to fit for me or the area i work. seminars work and there are ways to mix cold calling with seminars. not the instant gratification but a way to build long term relationships. the goal is always to do enough to stay alive. if you can get a bond sale on the first call, great. If you have to do a song and dance before the prospect opens up, great. whatever works and you can build a book on.

njh_at_lfg's picture
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Joined: 2011-02-17

Hacksaw, do you work for jigsaw.com?Name kinda looks like it......

DTA's picture
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TheRook wrote:DTA,How did you finish out the day? i would focus on dials and be careful about the contacts. a lot of people will show interest just because they are too polite to say no. they are a waste of time and will drive you nuts. one thing i had success on in the past:schedule a seminar and cold call real hard on that seminar. have a topic that is powerful. get their interest level on the first call and mail a invite. then follow-up hard core and MAKE them want to come. this will create a good rapport and they are more open to further conversations. just my experience. now i have read all these posts about cold calling on product, such as a muni bond, and it sounds great. doesnt seem to fit for me or the area i work. seminars work and there are ways to mix cold calling with seminars. not the instant gratification but a way to build long term relationships. the goal is always to do enough to stay alive. if you can get a bond sale on the first call, great. If you have to do a song and dance before the prospect opens up, great. whatever works and you can build a book on. I finished out with:Dials: 155Contacts: 32Prospects: 5The contacts are people who let me pitch them. The prospects are the people who wanted more information after I pitched them and I set up a time the following week to call back and discuss the info I sent them.

Hacksaw's picture
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Joined: 2010-03-27

Nope just use it. Jigsaw is a division of sales force if I am correct. You can exchange contacts if you want direct phone and email (though it is not a 1-1). Give them info and they give you credits to use to redeem for other contacts. You might be able to buy credits but I'm not sure. , I just typically get names for a business and call the main line and dial-by-name directory. Pretty good and up to date information (can see when the last time the contact was verified).
Oh and Hacksaw is in reference to my favorite wrestler from the 80s - Hacksaw Jim Duggan.

DTA's picture
DTA
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Joined: 2010-10-12

Not stellar, but I got caught up with a wholesaler.Dials: 197Contacts: 28Prospects: 4

squash2's picture
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Joined: 2010-03-09

What happened to your contact ratio? It is back to a normal range?

DTA's picture
DTA
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Joined: 2010-10-12

I believe that it is back to a normal range. When I called on Monday, it was late afternoon so a lot more people were home. Lately, I have been calling in the morning and early afternoon so Its harder to get people to pick up the phone since most people are at work. 

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Joined: 2009-07-13

Reading the 500 day war it says something about a total of 200k dials over the two year span. How many actual names and numbers does it take to call on? This is the only thing I was unsure about starting a good cold calling campaign. I am guessing you keep going through the same list until you land a client, get told to F off or just give up on calling it. Do you build a list of say 6000 and add to it as names are taken off? At 300 dials a day times 20 or so working days a month is 6000 names to call on.Sorry DTA if you take this as a hijack. It wasn't meant to be.

Hacksaw's picture
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Joined: 2010-03-27

I have a bunch of different lists. All with different parameters because I am in a smaller town. I go through the lists and mark off bad information, not interested, and mark prospects. Then when I get done, I go back through. I would say with caller ID you don't want to be calling more than once a month (or two). Also remember you can never have too many good leads.

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N.D. wrote:Reading the 500 day war it says something about a total of 200k dials over the two year span. How many actual names and numbers does it take to call on? This is the only thing I was unsure about starting a good cold calling campaign. I am guessing you keep going through the same list until you land a client, get told to F off or just give up on calling it. Do you build a list of say 6000 and add to it as names are taken off? At 300 dials a day times 20 or so working days a month is 6000 names to call on.Sorry DTA if you take this as a hijack. It wasn't meant to be.N.D., I definitely do not take this as a hijack since I have been wondering the exact same thing. I am thinking that I will focus on actual prospects that want me to send information and want me to call after they receive my info. I figure 5 a day which which is 110 a month since I am going to work every other saturday. This equates to 1320 actual prospects a year. The 500 day war says that all those dials should ultimately net 2500 prospects. I figure a little over 2 years (since I know I will probably take a day off here and there. Hey, I live in a resort town.) will leave me with around 2600 prospects. Maybe I'm wrong...

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I seriously need to get the number of dials up, but I keep getting pulled out of my office. I was going to stay later, but my boss told me to go and enjoy the weekend. I told him I would be in tomorrow. He laughed and said he somehow already knew that.  At least my number of prospects are average.Dials: 77Contacts: 18Prospects: 5For the week:Dials: 494Contacts: 91Prospects: 19 (6 less than my goal, but I will come in tomorrow to make up for last Monday.)

DTA's picture
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Joined: 2010-10-12

Should have never took yesterday off. I need a kick in the pants!

Tony C's picture
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Joined: 2011-03-29

Thanx bro.....i gotz some dearborn workbooks someone gave me. but like you said, i may just be memorizing. but i was sure to nail muni's & options. almost there......... i found a firm who was willing to sponser me.

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Thats great. Once you get those exams out of the way, hit it hard and don't look back. It is true about keeping up your motivation. I'm having a bad day today, but I will be damned if I let it turn into 2 consecutive bad days.

DTA's picture
DTA
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Dials: 194Contacts: 30Prospects: 4Appointments set: 1

PushForward's picture
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Joined: 2011-04-07

Nice job man! 1 appointment out of 194 dials -- what, 2 hours? maybe 3?Not bad, keep it up!What are you leading in with? Ie the other people says "Hello" - what are you saying?

DTA's picture
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Push ForwardPM'd you.

DTA's picture
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Weird day, but managed to get some calls in.Dials: 59Contacts: 14Prospects: 3Appointments set: 1

stokwizz's picture
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Joined: 2010-10-13

I buy houses. Email with info of what you have available at ibuyhouses@hotmail.com    

TheRook's picture
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Joined: 2011-05-16

DTA,where are the updates. looking to you for some competitive enthusiasm!dials 201contacts 16prospects 6quality prospects 4total time ~2:30going for 300 tomorrow. not working friday so i need make up the dials. for all those that think cold calling doesnt work: spoke with a broker that still cold calls 20+years in. 100% transactional business and the only people he calls are lawyers! does 1mm+/yr Calls lawyers all over the country! tough niche market but it works. so if anyone has trouble calling joe smo business owners or residents, think about cold calling attornies!

squash2's picture
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Joined: 2010-03-09

Are you saying you made all those call in 2.5 hrs??

TheRook's picture
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Joined: 2011-05-16

Squash, yes roughly 2 1/2 hours. i have 5 x7 index cards with the prospects name. take a stack of 100 and just start dialing. i put a trash can next to me so all the fax/no longer valid numbers get tossed. i dont leave voicemails. my office door is closed and i stand during all dials. the only "real" time spent is with people who listen and i would say those conversations last 5-10 minutes, roughly. some longer some shorter. the quality prospects are typically longer as i am asking more questions. i believe it is important to time the calls. everything else is measured, why not how long it takes you. so at the end of the day i can look back and say "4 quality prospects in 2.5hrs of work without one dime spent on advertising". i love doing seminars and they work, but they are incredibly expensive to do with such uncertain results. i came back to cold calling because my last seminar generated 4 people total and 2 of them i had already seen at a previous seminar! not a very effective 3k spent! so again, 2.5 hours yielded 4 prospects that cost 0$! multiple that by 5 days/week and i will have 20 new quality prospects. just waging my 500 day war!!!

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Joined: 2010-03-09

Why not double it do 5 hrs(1 session in morning and one in afternoon) and get 40 quality prospects? 

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