Staying Cool at the Door
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5 reasons why knocking on doors is unprofessional:
1 - it's obvious that you're only interested in selling something 2 - you're categorized with high school magizine sales people, girl scouts, and mormans 3 - if a homeowner doesn't open their door - they will fear being 'tricked' for no treat 4 - other neighbors watch you through their curtains and pray that they're not next 5 - 'real' financial professionals are serious about their work However, keep knocking on them doors - it can only make me look better.Icecold (also a good name for brewery research) - I don’t disagree that it takes a lot of dedication and hard work to knock on doors. However, that hard work and dedication can (should) be focused on activities to target very specific niches. Also - I throw acedemics out the door - PhD’s tell me nothing except that they’re professional students with no ability to interact with society. They live in a world of theory and not application.
Door knocking on businesses? YES! Residential? - absolutely a waste of time.[quote=apprentice]5 reasons why knocking on doors is unprofessional:
1 - it's obvious that you're only interested in selling something - Says who? When I go doorknocking I carry nothing but my water bottle and a black binder to keep my stuff in. I wear a suit or a nice polo shirt with nice dress pants. Oh yeah, guess what. I AM only interested in selling them something. That's how I make my living. But maybe you make your money differently than I do mine. 2 - you're categorized with high school magizine sales people, girl scouts, and mormans - I've knocked on literally thousands of doors. I've had 1 guy say he thought I was a preacher. I didn't take offense and he was a little relieved that I wasn't trying to save his soul. We had a great conversation about how he had just left his job and we ended up rolling over his 401K. 3 - if a homeowner doesn't open their door - they will fear being 'tricked' for no treat - people who wear suits don't play the trick or treat game. If they don't open their door, I don't talk with them. 4 - other neighbors watch you through their curtains and pray that they're not next - it's like caller ID. You can either pick it up or let it ring. The guy on the other end doesn't know or care if you are home or not. 5 - 'real' financial professionals are serious about their work - I am too. Would I be a more serious professional if I called them on the phone for the first contact? Maybe I'd be a more serious professional if I mailed them a postcard inviting them to a free dinner. Or maybe I'd be a more serious professional if I sat on my happy butt and just waited for people to walk in my office because it says "Spaceman Spiff's Financial Planning" on my door. However, keep knocking on them doors - it can only make me look better. [/quote] First, if you've never done it yourself, shut up, because you don't really know what you are talking about. Doorknocking is about creating a pipeline. It's free and relatively easy. It costs me nothing but time and water. It doesn't mean that I'm not going to ask for referrals or do seminars or any of the other marketing activities that you as a more professional advisor would do. Here's the way I look at it. In my target market there are 18,000 households with TLIA of almost $8 billion. That's just short of $450K per household on average. So, every doorbell I ring has the possibility of being a new $450K account. On this forum I've heard people say cold calling is going away. I've heard that seminars are expensive and don't usually amount to much. I've heard that postcards get about a 1% response rate. None of those things sound very successful to me. Doorknocking works.Spaceman - you said that door knocking costs you nothing but time and water. Isn’t time our most valuable asset?
Thank you for proving my point!!How much do you think them inviting you in was as a result of you being of the female persuasion? As a guy, I wouldn't think I would have the same success of being invited in...not even close.[/quote] Probably so. Being a woman is much less threatening and many of the homes I was door knocking on were retired folks. In the summer I did door knock as well. I dealt with the heat pretty much the same way as the guys......except in heels, nylons and casual business suits. Many people thought I was the Avon lady so I got a pretty nice reception for that as well. During the heat of the day, I would visit businesses. To the doubters. Door knocking works and it isn't demeaning and isn't unprofessional unless you make it so. For the non-Jones people, you need to know that most of the door knocking is done in the pre-process of establishing your office and that most of the time the Jones rep isn't even able to offer products yet (no can sell date) and is just gathering names and information for a future prospecting list. I never ever tried to sell a product on the doorstep and mainly used the process as a way to introduce my business and often would drop off a schedule of upcoming FREE seminars. Retired people have lots of time and like FREE stuff. Jones may get lots of deserved criticism, but there were many things that they did that had value. Teaching how to prospect is one of them[quote=babbling looney]Ha! I had just the opposite door knocking experience in my beginning days. January. In the snow. Temperature about 32 to 36. I did get lots of people inviting me inside for hot coffee and cocoa though I’m sure they thought I was insane.
[quote=apprentice]Spaceman - you said that door knocking costs you nothing but time and water. Isn’t time our most valuable asset?
Thank you for proving my point!! [/quote] Getting out from behind your desk and putting your face in front of people is not a waste of time. You get a much better reception being face to face with prospects than being an anonymous voice on the phone.Babbs - I never said anything about being an anonymous voice on the phone (that’s almost more unproductive that knocking on doors). You’re correct that face to face is good (in fact - it closes 80% of prospects).
Thanks for proving my point - AND - be careful to not put words in the mouths of your clients. Having good listening skills are important to being successful in this business.[quote=apprentice]Babbs - I never said anything about being an anonymous voice on the phone (that’s almost more unproductive that knocking on doors). You’re correct that face to face is good (in fact - it closes 80% of prospects).
Thanks for proving my point - AND - be careful to not put words in the mouths of your clients. Having good listening skills are important to being successful in this business. [/quote] So is having a pleasant personality and not being a supercilious prick. You might try it.I spent my morning doorknocking. It’s 75 and sunny in the midwest today and much more pleasant for me to be outdoors than in.
I had actual conversations with 18 people in about 2 hours. 5 of them want me to call them back. Some of them I know have other advisors they work with, but I know they are the type of people I'm looking for. One guy invited me in, offered me breakfast, and told me all about his portfolio at AT&T ($300K) and how he's unhappy with his options. All told it was a good morning. I did have one lady who said she wouldn't open the door to strangers, but talked to me through the glass. Come to find out she is already with Jones, so I didn't lose out on anything. So, apprentice, tell me what I did this morning that was unprofessional? How would you have gone about getting those 18 people to talk with you in 2 hours to tell you no thanks, or yes please contact me again? If you're going to bash the doorknocking, give me something that works better. I'm always open to new ideas.Read this on WSJ online edition…thought it fit…
Golf Is So Last Year: New Ways to Schmooze Clients Posted by Simona CovelMany entrepreneurs consider themselves visionaries or inventors — not salespeople. But without sales, you don’t make money.
No question that the whole concept of “closing sales” is much more nuanced than it used to be. It’s no longer about a guy in a blue suit toting a briefcase door-to-door. Today’s environment is much more complex — with technology tools, social networking and old-fashioned schmoozing all playing a part. And, wariness of salespeople seems higher than ever.
[quote=apprentice]
Door knocking on businesses? YES! Residential? - absolutely a waste of time.[/quote]
How about posting to an anonymous website to a bunch of other brokers? Is that a more productive use of time?
I think it depends on what you’re looking for, what market you’re in, etc.
Also, Spiff, those market share reports are worthless. The methods the home office uses are suspect. Investable assets include 401k assets. In my area, there is 5.5bil in investable assets. I know four firms that will comprise 20% of that. And they aren’t laying people off.
Doorknocking works, don’t knock it. But what does it work for? I gotta say, people in this area, will NOT do business with door-to-door brokers. It’s primarily an engineering and scientist market and the “aww shucks, buy this mutual fund” approach won’t work. You need statistics. You need to show stock intersection, you need a value-added proposition. This area has more Ph. D’s per capita than any place in the United States. Smith Barney is one street over from my office, Merrill Lynch is three. I have seven Edward Jones offices on my street, three are within less than a mile. Plus, there’s some place called “the Mutual Fund Store” which I actually thought was an Edward Jones office.
It works. I won’t knock it, but I found another way. And I work a LOT less than others. And I didn’t have to “build it wide”.
Oh, and as for being unprofessional - what other profession goes door to door for business? Just curious, but I’ve never had a lawyer, doctor, accountant, chiropractor (yes, i separated them for doctors) knock on my door. I have, however, had several Jones guys come to my door. One of them is still here.
Maybe somebody can take my office when I leave.
I know a lot of people who built it door-knocking - but I know more who built it saying that they door-knocked, but didn’t.
LMAO at some of you who think you’re sooo much better for cold-calling people during their day off/lunch/dinner to bug them vs knocking on their door? You are dense in the head if you think cold calling is ANY more professional than knocking on a door to introduce yourself and then warm call.
If Jones people are vac salesman and mormons then the rest of you who started out cold calling are the equivalent to the "You've won a free prize" or "call to claim your free vacation" like the dorks at Silver Leaf vacation store. Or Shanequa that calls from random telemarketing service survey companies So seriously..step back and look at the crap that spews from some of your keyboards and realize EVERYONE started somewhere and calling/knocking/random mailing...its all no different and none of it is "unprofessional" so get the heck off your high horse just because you've made it somewhere and feel like talking down to a newb will make you seem more successful Reminds me of some roided out prick at a gym laughing at some new guy just starting to work out failing to realize he started the same way at one time... /rantO…and DO NOT compare being a FA to a Dr/Lawyer…not even in the same league…we maybe all wish but not so. Being a FA is a salesman…Dr/Lawyer/Accountants are professionals…just my oppinion. Haven’t heard of too many people going to school 8 years to be a FA at MS/SB/ML/EDJ…im sure there are some but they wasted their time and it was un-needed
OBGYN stopped by the other night soliciting...but didn't let him in....we were eating dinner.
I figure I went to school for 8 extra years to be an FA. I did the 2nd grade twice and the 6th grade three times. I also had two senior proms in high school...I was a senior at both. Let's not forget that college was the best 6 years of my life.O…and DO NOT compare being a FA to a Dr/Lawyer…not even in the same league…we maybe all wish but not so. Being a FA is a salesman…Dr/Lawyer/Accountants are professionals…just my oppinion. Haven’t heard of too many people going to school 8 years to be a FA at MS/SB/ML/EDJ…im sure there are some but they wasted their time and it was un-needed
Wow. Why the hate?
I hope you aren’t talking about me. I’ve been pretty fair I think. And I work at Jones.
I just don’t think it’s the only way. Other than door-knocking, I’ve never cold called. But door-knocking never worked for me.
You make a good point about the telemarketing companies though. I wonder how the cold calling people will react…
You’re right about Doctors/Law/Acct not being FA’s, but they still have to get business. Where do they get it? Not door-knocking.
What about EA’s (Enrolled Agents)? They know more about taxes than most CPA’s, but they went to school for a year maybe? And accountants, oh yeah that Bachelor’s in accounting was real hard.
And before any of you CPA’s get upset, I did say MOST. I’m sure everybody on THIS board knows everything.
If I go to school for eight years, does that mean I don’t have to prospect?
Fine, I’ll do another year.
The difference between cpa/doctors/dentist and lawyers vs fa’s is that many times there is a deadline or a pressing need for people to act. File your taxes by April 15, someone is suing you so you need a lawyer. Your tooth hurts so you go to the dentist or you were raised properly and the 6 month checkup is what you do besause thats what you do.
Lawyers, doctors and CPAs usually intern or clerk with a firm and many times will be hired at a SALARY to do grunt work when they start then either move up or move on. Many people think they needs us but they're busy today so they will get to it next week and then oops a year went by. We must create action to drive business there isn't an April 15 deadline to make sure you can retire and your ankle doesn't hurt when you fall behind your goal. If you don't like being a salesperson then sale a lot and get successful so you don't have to sell anymore. I hear people just start handing you their money after a while.BTW I have been a salesman all my working life and I love it. Everytime a help someone I make money and the better I am the more I make.