Networking tips for newbies?

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Wookie's picture
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Joined: 2010-09-10

Hey all, I've been a rep for a couple weeks now and I'm trying desperately to get into a BNI and striking out every time (the financial slots seem to fill up instantly).  Does anyone have any good networking tips for a newbie?  I desperately need some referrals, because cold calling isn't getting me anywhere!

BigFirepower's picture
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Joined: 2010-07-09

Networking takes about 3 yrs to pay off. You don't have 3 yrs...Sorry to tell you this, other than your entire office defecting, and leaving you a monster book, your only way to make it in the business is through that big and heavy telephone. You're in early stages of call reluctance....I suggest you get over it, or you're finished. Have a good spiel for the phone, make 35-50 contacts per day, and only call people with money. There, that is all you got to do...After you've survived the first 2 yrs, THEN get into networking. Right now, you don't got the time for it. And, like most free advice, chances are you will not take it. Hopefully some reader of this does get it. This biz isn't complicated, but it's tough as hell.   

RickRoss's picture
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Joined: 2008-10-14

BigFirepower wrote:Networking takes about 3 yrs to pay off. You don't have 3 yrs...Sorry to tell you this, other than your entire office defecting, and leaving you a monster book, your only way to make it in the business is through that big and heavy telephone. You're in early stages of call reluctance....I suggest you get over it, or you're finished. Have a good spiel for the phone, make 35-50 contacts per day, and only call people with money. There, that is all you got to do...After you've survived the first 2 yrs, THEN get into networking. Right now, you don't got the time for it. And, like most free advice, chances are you will not take it. Hopefully some reader of this does get it. This biz isn't complicated, but it's tough as hell.   Take this advice to heart.  I did what you're thinking of doing (networking) for almost 1.5 years.  I started calling (hardcore calling) when it was too late.  I failed at the wire.  Now, at a new company, 2 years later, I have people I met a long time ago coming to me for advice.  Call or fail, it's that simple.     

Wookie's picture
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Joined: 2010-09-10

I've been cold calling about 100 dials per day, but haven't gotten any appointments out of it yet.  My current phone spiel is that I sent out some info on financial matters (which I didn't) and that I want to answer questions about it.

RickRoss's picture
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Joined: 2008-10-14

Wookie wrote:I've been cold calling about 100 dials per day, but haven't gotten any appointments out of it yet.  My current phone spiel is that I sent out some info on financial matters (which I didn't) and that I want to answer questions about it. So you're straight out of the box and you're already lying?  Come on, man.  Really?All you have to do is tell them that a lot of investors are concerned about their portfolios right now and you'd like to offer them a complimentary second opinion.  Bam!  Right there, they're either going to lie to you and tell you that they have no money (and you politely tell them to fuck off and make the next dial, b/c even if they have money, they're going to be a pain in the ass to deal with anyway), or you set the appointment.  If you REALLY want to get ballzy, and ensure they're not going to show up with their $1,000 Roth IRA statement, you can qualify them by saying something to the effect of, "Just so we're on the same page, typically the clients I am able to help most are those with portfolios of $100+.  Are we in the same ballpark?"  Regardless of what they say, based on HOW they say it, you know where you stand.  Try that.  Also, try doubling your number of dials.  If you can make 200 dials a day and use the above, I'd be shocked if you couldn't set appointments in this environment.  Goodluck.

Sportsfreakbob's picture
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Joined: 2008-08-24

Make more dials.I'll agree for the most part what BFP said, with one addition. Dial dial dial, he is 100% correct. Just make sure you start networking as well. I did no networking when i started out 11 years ago. I guess i made it, because i am still in the business. But i didnt start networking until i had a big enough base to assure my survival. When i did, i realized that it takes a long time, as BFP and Rick confirmed. But it does work. So dial your asss off, but make sure you find time to start networking now to plant seeds for the future. Because when you have success cold calling, you want to be doing different things

BigFirepower's picture
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Joined: 2010-07-09

Wookie. Dig hard in the archives of the forum, there are a ton of threads about how to make a good phone presentation.  

newregrep's picture
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Joined: 2010-03-22

I wouldn't depend on dials, but more as to contact.  For me a contact is "hello Mr.___ this is newrr with newrr.  If I can show you how to protect your principle and still rise with the market, can we sit down for 20 minutes?" or whatever your pitch may be.  Say this to 40 people daily.  Do not go home until you said it 40 times mon-fri. Gather all of your firms research and read it on saturday, and spend sundays building out list. 

SuperMan's picture
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Joined: 2010-09-18

5 hrs a day of prospecting 5 days a week = $$$Seems watered down but it's that simple.  No need to work 7 days a week.  5x5 baby!

SalesLover's picture
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Joined: 2011-03-12

BigFirepower wrote:Networking takes about 3 yrs to pay off. You don't have 3 yrs...Sorry to tell you this, other than your entire office defecting, and leaving you a monster book, your only way to make it in the business is through that big and heavy telephone. You're in early stages of call reluctance....I suggest you get over it, or you're finished. Have a good spiel for the phone, make 35-50 contacts per day, and only call people with money. There, that is all you got to do...After you've survived the first 2 yrs, THEN get into networking. Right now, you don't got the time for it. And, like most free advice, chances are you will not take it. Hopefully some reader of this does get it. This biz isn't complicated, but it's tough as hell.  Any tips on a steady source of 9,000+ numbers to call a month?

BigFirepower's picture
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Joined: 2010-07-09

If you need to call 9000 numbers to call per month in order to make the math work, I'd suggest you probably need to improve what you say on the phone call.    

SalesLover's picture
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Joined: 2011-03-12

Just doing the math on dialing 300 per day...

SalesLover's picture
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Joined: 2011-03-12

BigFirepower wrote:If you need to call 9000 numbers to call per month in order to make the math work, I'd suggest you probably need to improve what you say on the phone call.BFP, do you have any suggestions on the best way for someone to make many calls per day?  With the DNC registry, what's the best idea or place to obtain good lists?  Go knock and ask permission first?  (I saw this suggested on another post)

SalesLover's picture
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Joined: 2011-03-12

SuperMan wrote:5 hrs a day of prospecting 5 days a week = $$$Seems watered down but it's that simple.  No need to work 7 days a week.  5x5 baby!Any tips an efficient list(s) for cold calling?

BigFirepower's picture
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Joined: 2010-07-09

SalesLover, and everyone else.When you prospect, think about if you were the one being prospected. Think about email and spam today?Is MORE, really the answer? There's nothing I can add to posts I've already written, or seen by some other bright guys here, especially Bond Guy. Go dig through ALL of that stuff, and if you need clarification etc, then PM me. But, do your homework first, then I'll help with some more details. Also, I think some of your best "advisors" about cold calling, are going to be proven winners over the last 5 yrs, NOT some guy like me. The playing field changes, and my advice is outdated in many areas.

B24's picture
B24
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Joined: 2008-07-08

I like what BFP said in his first post.  The only thing I will disagree with, is that I think you need to FIND the time to start networking NOW.  The reason is (that he accurately pointed out) is that it takes several years to actually bear fruit.  So if you start today, and if you are lucky enough to be in business in 3 years, it will start to bear fruit.And the other nice thing about it, is that you WILL catch some low-hanging fruit along the way.  Nothing consistent, but you will get the occassional real estate agent or something-or-other that you hit it off with, and ends up becoming a client.  But I would not hang my hat on that.Also, you never know - you may just land that one important relationship while networking, and it turns out to be a career-changer.I just think there are enough positives to starting your networking NOW, versus waiting to see if you make it.  However, if you become good enough at cold-calling or other methods, and it is driving good business to you, don't network at the EXPENSE of that efficient time.

BigFirepower's picture
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Joined: 2010-07-09

b24 is right, you may as well start now. But, if you can't walk and chew gum at the same time, like me... be better to stay totally focused on just the calling. 

newregrep's picture
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Joined: 2010-03-22

I've never had much luck with networking...I'm not sure which networking event to start attending.  I do not have much free time so I dedicate alot of time into cold calling..

B24's picture
B24
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Joined: 2008-07-08

newregrep wrote:I've never had much luck with networking...I'm not sure which networking event to start attending.  I do not have much free time so I dedicate alot of time into cold calling..Could be that you are confusing networking with prospecting.  Prospecting is looking for clients.  Calling, walking, seminars, etc.  Networking is about relationship building.  At least for me, networking is about getting to know people of influence that will SEND me business, not necessarily meet people that will become clients (although that will happen, and that is a positive outcome as well).  And it's also about nurturing those relationships.  For example, I am in our local Rotary.  There are 4 accountants (2 CPA's, 2 EA's) in the group.  I see them every week (well, not right now - tax season!).  I will see them every week of my professional life until they or I drop out of Rotary.  That is priceless.  We have become friends.  I don't feel like I have to give them my "elevator pitch" like I just met them at the local Chamber Mixer.  So those relationships are bearing fruit for me.Hopefully that helps the OP.

N.D.'s picture
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Joined: 2009-07-14

I agree with the general sentiment that networking takes a long time to build up. But for the mean time if one wants to follow the "500 Day War", how in the hell do you find 200,000 qualified names/numbers to call?

alexus's picture
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Joined: 2011-03-24

My current phone spiel is that I sent out some info on financial matters (which I didn't) and that I want to answer questions about it.

StoneColdMutha's picture
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Joined: 2010-09-04

N.D. wrote:I agree with the general sentiment that networking takes a long time to build up. But for the mean time if one wants to follow the "500 Day War", how in the hell do you find 200,000 qualified names/numbers to call? 200,000?   50 contacts per day times 500 days equals 25,000 numbers.  Between businesses, corporate employees, and/or dnc residential names you should EASILY have over 25,000 names for whatever area you are targeting.  If they aren't in your immediate area, then pick another area that you can target as well.

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