gethardgetraw's 2009-2010 Cold Calling Journal

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gethardgetraw's picture
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Joined: 2009-10-22

Yeah haven't gotten to that yet. And I'm halfway in.... :(
 
Think I'll re-read Liar's Poker after this. Exponentially better finance-related book.
 
Cramer's Confessions of a Street Addict is really good too.I have all those Ben Grahm books and books like A Random Walk Down Wallstreet but jesus they're so dull. I guess I'm more drawn to books written first-hand by those who have worked in a bank or a fund rather than books on fundamental value investing.
 
Getting "Inside the Black Box" for xmas. It's a book on statistical arbitrage and other quant based automatic trading methods. Can't wait

chief123's picture
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gethardgetraw wrote:
I got you chief after lunch. Let's see who can get the most calls from 1pm CST to 6pm CST.
 
Scheduled an appt for 2:00pm, so won't start calling again til after 4:30pm(appts don't last that long, but I find better contacts after 4pm)

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B24
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Ron 14 wrote:Windy and Volt formed Ben Dover Securities. Maybe that is where he is.
 
That's Ben D. Dover to you.

Stonewall's picture
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I would agree. I found the chapters where he specifically discussed the brokerage business and his efforts to be very helpful. The other information I just couldn't read.

gethardgetraw's picture
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Joined: 2009-10-22

48 calls
10 contacts6 prospects created0 sales

chief123's picture
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Joined: 2008-10-28

175 dials
34 contacts
2 appts
1 new account(follow up with previous cold call)
18 prospects back in the hopper to be called again in 10-30 days

gethardgetraw's picture
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Joined: 2009-10-22

Good work chief, going to push to post some similar numbers today

henrybar's picture
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Joined: 2009-09-22

I am on my way to getting my first $5K month... have 1800 so far done. with 20 days left.
 
So i am going to get on this cold call posting too..
 
so far today 63 dials, 18 contacts, 9 prospects and 1 appt for saturday.

Squash1's picture
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Joined: 2008-11-19

Only 3200 left?  Easy... that is 50-60K in VA,EIA,Private REIT...

henrybar's picture
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Joined: 2009-09-22

Yeah that is what I am calling for...
 
I think I should be able to find 50-75K by end of month..

WarRoom's picture
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Joined: 2009-10-25

You boys need to bump your calls up.  No reason you can bust 40 calls an hour and still have time to screw around.  Do two sessions in the morning and one before you head home.

gethardgetraw's picture
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Joined: 2009-10-22

74 calls
14 contacts4 prospects created0 sales

gethardgetraw's picture
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Joined: 2009-10-22

I will call 200 people tomorrow.

Primo's picture
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gethardgetraw wrote:74 calls
14 contacts4 prospects created0 sales

 
 
That is an hour and a half of work.  Double that should be a slow day prospecting.  You should talk to 200 contacts a week minimum.  A contact is when the person you ask for gets on the phone, you give your pitch, and get a response.

Ron 14's picture
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Joined: 2008-07-10

Dont rip his activities unless you are going to post yours day in and day out.

Primo's picture
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Ron 14 wrote:
Dont rip his activities unless you are going to post yours day in and day out.

 
 
I didn't rip anything.  I used my personal experience to determine how much time what he posted took.  60 non contacts @ 45secs each.  10 non-prospect contacts @ 2 minutes ea.  4 prospect contacts @ 6 minutes each.  This is based on my cold calling statistics.  As far as what I did today, 5 appts, approx (I didn't count) 30 client phone contacts.  Notice, I made 35 contacts today, a little short of what is needed.
 
BTW, the reason I pointed out how much time he spent prospecting is because I would bet you money he feels he spent a lot more time prospecting.  74d, 14c, 4p days will not lead to success unless he gets lucky.  I did post what I feel needs to be done to be successful.

chief123's picture
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Joined: 2008-10-28

161 dials
42 contacts
2 appts
29 prospects back in the hopper to be called again in 10-30
 
I try for 2 appts set each day..

chief123's picture
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Joined: 2008-10-28

WarRoom wrote:You boys need to bump your calls up.  No reason you can bust 40 calls an hour and still have time to screw around.  Do two sessions in the morning and one before you head home.
 
Who are you talking too??
over 150+ calls last 2 days with 4 appts...
 
By the way 2 sessions in the morning and 1 at night is only 120 calls..superman..
 
What did you do today at your "REGIONAL FIRM" with 4 branch offices??

Ron 14's picture
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So you are telling me you talk to 30 clients a day, 20 working days a month that is 600 client contacts a month. How many clients do you have ? And if you aren't keeping track you are doing half of what you think. That is based on my cold calling statistics.

Ron 14's picture
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Chief I am pretty sure he is talking to gethardgetrawgetahooker

chief123's picture
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Primo wrote:Ron 14 wrote:
Dont rip his activities unless you are going to post yours day in and day out.

 
 
I didn't rip anything.  I used my personal experience to determine how much time what he posted took.  60 non contacts @ 45secs each.  10 non-prospect contacts @ 2 minutes ea.  4 prospect contacts @ 6 minutes each.  This is based on my cold calling statistics.  As far as what I did today, 5 appts, approx (I didn't count) 30 client phone contacts.  Notice, I made 35 contacts today, a little short of what is needed.
 
BTW, the reason I pointed out how much time he spent prospecting is because I would bet you money he feels he spent a lot more time prospecting.  74d, 14c, 4p days will not lead to success unless he gets lucky.  I did post what I feel needs to be done to be successful.
 
So you generate no new prospects? What is the point of 35 contacts/day of exisiting clients unless you manage $100MM??
 
How did you get 5 appts? Do you work at a bank(there is no shame, but don't compare that to those that don't)

Primo's picture
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Ron 14 wrote:So you are telling me you talk to 30 clients a day, 20 working days a month that is 600 client contacts a month. How many clients do you have ? And if you aren't keeping track you are doing half of what you think. That is based on my cold calling statistics.

 
 
Your making assumptions.  I have a number of stock traders, who I called today with an idea.  About 25 clients(could be 22, could be 27, don't know the exact # therefore the estimate).  Called a few clients for random reasons, mostly administrative BS, of course had an "idea" for each.  3 end of the year reviews, 2 referrals.  No cold calls today, but I'm not a newb.

Primo's picture
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chief123 wrote:Primo wrote:Ron 14 wrote:
Dont rip his activities unless you are going to post yours day in and day out.

 
 
I didn't rip anything.  I used my personal experience to determine how much time what he posted took.  60 non contacts @ 45secs each.  10 non-prospect contacts @ 2 minutes ea.  4 prospect contacts @ 6 minutes each.  This is based on my cold calling statistics.  As far as what I did today, 5 appts, approx (I didn't count) 30 client phone contacts.  Notice, I made 35 contacts today, a little short of what is needed.
 
BTW, the reason I pointed out how much time he spent prospecting is because I would bet you money he feels he spent a lot more time prospecting.  74d, 14c, 4p days will not lead to success unless he gets lucky.  I did post what I feel needs to be done to be successful.
 
So you generate no new prospects? I didn't cold call today, that does not mean that I don't prospect.  2 of the appts were referrals which is the bulk of my growth at this point. What is the point of 35 contacts/day of exisiting clients unless you manage $100MM??
 
How did you get 5 appts? 3 end of the year reviews, 2 referrals.  5 appts is more than ussual, 1-2 is normal. Do you work at a bank(there is no shame, but don't compare that to those that don't)No, wirehouse.

Squash1's picture
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Joined: 2008-11-19

I think this is just a miscommunication... PRIMO is well into his career and doesn't need calling anymore.
 
The dude with the really long name just started...
 
So how about a compromise...
 
Primo: When you first started what was a typical call volume for you
 
Long guy name: Be more consistent, build a base then increase after you can achieve that base... Nick Murray explains it pretty well.

Primo's picture
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Squash1 wrote:I think this is just a miscommunication... PRIMO is well into his career and doesn't need calling anymore.
 
The dude with the really long name just started...
 
So how about a compromise...
 
Primo: When you first started what was a typical call volume for you 200 contacts per week.  The rest, i.e. accounts, AUM, production, takes care of itself and while can be influenced, is out of my control.  # of contacts can be controlled.
 
Long guy name: Be more consistent, build a base then increase after you can achieve that base... Nick Murray explains it pretty well.

Squash1's picture
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Joined: 2008-11-19

No offense but I disagree contacts can be controlled, I think dials can be controlled. But I have no control over if someone answers the phone or if I can get through a secretary..
 
But let's take you scenario.. 200 contacts/week assuming 5 day schedule is 40/day, so if we work back from that..
 
40 contacts at 20% rate is 200 calls/day. That is the case only if the 20% you contact on 200 calls are qualified. But we all know everyone isn't qualified.
 
Lets assume new parameters... 500 calls at 20% contact rate=100 at 40% qualified=40 contacts..
 
Would you agree? 

Primo's picture
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Squash1 wrote:No offense but I disagree contacts can be controlled, I think dials can be controlled. But I have no control over if someone answers the phone or if I can get through a secretary..
 
But let's take you scenario.. 200 contacts/week assuming 5 day schedule is 40/day, so if we work back from that..
 
40 contacts at 20% rate is 200 calls/day. That is the case only if the 20% you contact on 200 calls are qualified. But we all know everyone isn't qualified.
 
Lets assume new parameters... 500 calls at 20% contact rate=100 at 40% qualified=40 contacts..
 
Would you agree? 

 
 
Contacts can be controlled by calling until you get your number.  Day to day numbers can fluctuate which is why I say 200 contacts a week.  That is enough time to even out the ebbs and flows.  I was never a believer in the idea that if you dial 200 times you are good to go.  I am not saying I am right or you are wrong, that is just my opinion.  If you dialed 80 numbers and got 40 contacts on one day, then dialed 300 numbers and got 30 contacts the next, which is the better day?  Yes it is a ridiculous hypothetical, but you get the point.  And no I am not saying that you should stop at 80 dials, nor am I saying that I would make 600 dials to get to 40 contacts.  I am saying on the 80 dial day, if you called another 60 numbers and got 10 more contacts, that would even out the 300 dial day.

Squash1's picture
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Mind telling us what your LOS is and how long you called for?

Primo's picture
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Squash1 wrote:Mind telling us what your LOS is and how long you called for?

 
 
I certainly don't remember 16% CDs or 12% treasuries, but I have been around long enough to see many new brokers cold call.  As far as your second question, I still call today.  I assume you are asking how long was cold calling the #1 priority of my day.  I can't answer that.    My goal was 200 contacts a week.  I had nothing else to do when I started, so I dialed.  I would piss around and waste time after I made my contacts.  Over time, I got busier which cut down mostly on my wasted time.  At some point,  I was wasting very little time, and busy enough that it cut into my calling time.  Year 3 or 4, somewhere in there.

Takingnames's picture
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aeromaks wrote:I am just wondering, why are you focusing on cold calling your entire day?  I am sure you will snap soon.  Why not work the people you already know?  or try to get additional business from your existing clients, provide value, get recommendations and introductions.
 
Making enormous volumes of calls gives you a rhino like skin, the ability to over come objections like a boxer and to leap tall buildings in a single bound.
 
Get out of denial and get on the phone.
 

Golf's picture
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Joined: 2009-05-28

What are you calling with, product or service? Going for appointment or mail out? Who are you calling? How are you qualifying?
 
I certainly understand the importance of calling activity but it seems the above questions would ultimately determine your effectiveness.

WarRoom's picture
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chief123 wrote:WarRoom wrote:You boys need to bump your calls up.  No reason you can bust 40 calls an hour and still have time to screw around.  Do two sessions in the morning and one before you head home.
 
Who are you talking too??
over 150+ calls last 2 days with 4 appts...
 
By the way 2 sessions in the morning and 1 at night is only 120 calls..superman..
 
What did you do today at your "REGIONAL FIRM" with 4 branch offices??
 
Such a sensative girl,  I was not talking about you. 

nonews's picture
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Joined: 2009-12-09

You should be embarrassed to post such ridiculously low numbers. You keep saying, "I'm gonna do this tomorrow, I'm gonna do that TOMORROW". Do it TODAY. 48 calls one day, 78 calls the next? Are you kidding? We can always come up with excuses as to why we don't make the calls necessary (myself included), but for the love of god, what in the world are you doing all day??!!!!! Not a rip on you, but just a smack in the nose for a reality check. You'll never make it with those numbers. Pump up the volume!

gethardgetraw's picture
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Booyah
213 calls48 contacts12 prospects created
0 sales =\
 
Ok 7:30pm on Friday and I'm still in my office, I'm going out for beer.

gethardgetraw's picture
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Joined: 2009-10-22

Btw I (sincerely) appreciate being called out when I don't work as hard as I should. Don't worry about being polite.

ccmachine's picture
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When i first got into the business, my manager who was awesome at training people always said you should strive for 40-60 contacts per day.  Btw, i could never average those numbers.  My ratio of contacts to calls has always averaged 10%.  200 dials will yield 20 contacts and on average I would get 1-2 prospects for 20 contacts.  To me a contact is getting the entire script out and waiting for a response.  My script is the traditional muni bond script.  Obviously the length of the script will also dictate how many contacts you will get.  Once the person engages me in conversation and I can qualify for money and or need I will call that a lead/prospect.

I track these numbers daily as well as track the amount of follow up conversations i have with existing prospects.  Following up is just as important.  I have also been tracking how many prospects I have in my database.

 
Food for thought.

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gethardgetraw wrote:Booyah
213 calls48 contacts12 prospects created
0 sales =\
 
Ok 7:30pm on Friday and I'm still in my office, I'm going out for beer.

 
 

gethardgetraw's picture
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heh heh heh working on a Saturday don't tell mom

gethardgetraw's picture
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0 calls
0 contacts
0 prospects
0 salesSpent the entire day creating a list of ~10,000 prospects including name, address, and phone number

Primo's picture
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gethardgetraw wrote:0 calls
0 contacts
0 prospects
0 salesSpent the entire day creating a list of ~10,000 prospects including name, address, and phone number

 
 
That's ok.  Don't let one day turn into two.  Make sure you get your 200 contacts by the time you leave the office on Saturday.

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Primo wrote:gethardgetraw wrote:0 calls
0 contacts
0 prospects
0 salesSpent the entire day creating a list of ~10,000 prospects including name, address, and phone number

 
 
That's ok.  Don't let one day turn into two.  Make sure you get your 200 contacts by the time you leave the office on Saturday. 
 
Or make the list saturday and calls today

WarRoom's picture
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gethardgetraw wrote: 0 calls
0 contacts
0 prospects
0 salesSpent the entire day creating a list of ~10,000 prospects including name, address, and phone number

That's what weekends and nights are for son. How the hell can you start off your week building a list. I want to see better results out of you tomorrow.

..and total BS about creating a list of 10,000 in one day. No way possible you did that yourself. At most you can build 40-70 names per hour. I pay a guy 300 bucks and have 5000 it within 3 hours. Boooom! Better ROI

anonymous's picture
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gethardgetraw wrote:0 calls
0 contacts
0 prospects
0 salesSpent the entire day creating a list of ~10,000 prospects including name, address, and phone number

This is avoidance activity that's taking you one step closer to failure.
 
It's the equivalent to the 7/11 owner closing his store one day to take inventory.

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WarRoom wrote: gethardgetraw wrote: 0 calls
0 contacts
0 prospects
0 salesSpent the entire day creating a list of ~10,000 prospects including name, address, and phone number That's what weekends and nights are for son. How the hell can you start off your week building a list. I want to see better results out of you tomorrow. ..and total BS about creating a list of 10,000 in one day. No way possible you did that yourself. At most you can build 40-70 names per hour. I pay a guy 300 bucks and have 5000 it within 3 hours. Boooom! Better ROI
 
Sure it is, reference usa, sort and then download all..

WarRoom's picture
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That does not take all day senior squash - a few hours at the most.

Squash1's picture
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You said you couldn't do it in a day, that is all I was responding to.

WarRoom's picture
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Squash1 wrote: You said you couldn't do it in a day, that is all I was responding to.

Mr. Literal huh? One can of course build a list online in a very short period of time. Homeboy said it took him all day and that's the reason he couldn't find the time to call. Using referenceUSA is not building a list yourself. Going to the library and using a Polk directory is. One can not build a 10,000 name list in a day doing so. Done.

Squash1's picture
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How is polk any different than Reference USA?

Squash1's picture
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They are all owned by the same company and offered under referenceusa, sales genie, Polk Directory etc...

WarRoom's picture
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I can't help you, I'm sorry.

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