Why does the cold-call rejection hurt so much?

100 replies [Last post]
go_huskies's picture
Offline
Joined: 2008-12-10

i went back to the cold calling today for the first time in ages. shit, this is the best prospecting opportunity...EVER!  it started off like it did when i was a rookie...eating glass. couldn't get my words out, then someone told me to f*ck off.  hit me like a bolt of lightning...I remembered...as a rook I'd mark every fu. after 10 fu's, laws of average suggests the next contact would be a prospect. works like a charm.
every fu is one step closer to gold... get 50 fu's a day and you should do quite well in this biz

Herman Munster's picture
Offline
Joined: 2008-10-25

Quick Question - Who are you calling? Residential prospects or businesses.
Recently I have called a list of names that I have been mailing to over the last few months and the contacts have been very good. However I'm not screening for the DNC. I'm just calling.  I quit calling because I'm afraid that someone on the DNC will raise a stink and it will turn into a pain in the rear.
 
Should I take the chance and keep calling or screen for DNC and watch the contacts drop?
 
 

troll's picture
Offline
Joined: 2004-11-29

Screen the phone number before you dial.
 
The good contacts... ask for introductions.

Squash1's picture
Offline
Joined: 2008-11-19

burtonfinancial1 wrote:Cold calling?  Jeez this post took me back 20 years.  I felt the same crushing pain back in 88' when I first hit the phones as a total "Jr. puke" in my office. This AFTER spending 2 months on the freaking Series 7 test?!? I was a gosh darn broker.. I have to call people????!?!But.. I learned very quickly how to literally "get off" on rejection. It became the best game I've ever played.  A guy in my office saw me looking dejected and said to me... "eat it like candy".  It took me a while to figure out what he meant, but only weeks and then a few months later. I was amongst the few who could sling the phone all day long and land a few good appointments in my 'class' of 5 that had already whittled down to 3. Only 2 years later I was the only guy hired in that office in that year who "made it".  I have not had to 'cold call' for quite a few years, but, I still do it all the time. I do it to show and teach my jrs how to cut their teeth and chew their food! I do it to stay in touch with reality! I do it to 'get off' in a sick, yet twisted and profitable way of proving that those who will stick their neck out there can steal clients from those who will NOT pick up the phone. I recommend you sack up and get on finding the people who NEED you, but don't know it yet.
 
Any more info you would be willing to share??
 
Your posts on this subject are great... What are you telling the new trainees? tips? scheduling? number of calls? any other scripts?
 
I just hired a new guy on today, and told him he can build his book anyway he wants to as long as it is ethical and profitable...He had some questions about cold calling(haven't done in quite some time and no longer have a need to actively prospect(referalls, centers of influence etc.).
 
Any tips or ideas I can give him?

Ready2Jump's picture
Offline
Joined: 2006-05-30

It helps to remember that this career pays through the "NO's"...

Ready2Jump's picture
Offline
Joined: 2006-05-30

But, on a more helpful note... STOP COLDCALLING!
 
Start networking.  I have been very successful networking with CPA's, through church, Realtors, mortgage brokers, chamber, etc.  I joined a BNI group and it provided 60% of my revenue two years ago.  Don't have a group?  Find a Realtor, CPA, and Mortgage broker and start a new one! 
Stop waisting time on strangers and invest time in warm contacts...
The donut shop or Chinese restaurant next to your local Edward Jones office is always a good place to find their clients... you're not with them, are you?
 
 

Incredible Hulk's picture
Offline
Joined: 2006-03-24

Ready2Jump wrote: But, on a more helpful note... STOP COLDCALLING!
 
Start networking.  I have been very successful networking with CPA's, through church, Realtors, mortgage brokers, chamber, etc.  I joined a BNI group and it provided 60% of my revenue two years ago.  Don't have a group?  Find a Realtor, CPA, and Mortgage broker and start a new one! 
Stop waisting time on strangers and invest time in warm contacts...
The donut shop or Chinese restaurant next to your local Edward Jones office is always a good place to find their clients... you're not with them, are you?
 
 

Church, really? So much for worship... Sad.

jkl1v1n6's picture
Offline
Joined: 2008-10-06

That's the part of this job I do not like.  You ALWAYS have to be on!

Ready2Jump's picture
Offline
Joined: 2006-05-30

Incredible Hulk wrote: Ready2Jump wrote: But, on a more helpful note... STOP COLDCALLING!
 
Start networking.  I have been very successful networking with CPA's, through church, Realtors, mortgage brokers, chamber, etc.  I joined a BNI group and it provided 60% of my revenue two years ago.  Don't have a group?  Find a Realtor, CPA, and Mortgage broker and start a new one! 
Stop waisting time on strangers and invest time in warm contacts...
The donut shop or Chinese restaurant next to your local Edward Jones office is always a good place to find their clients... you're not with them, are you?
 
  Church, really? So much for worship... Sad.
 
 
Hulk,
Apparently you feel guilty about what you do for a living?  My job is helping people, or ministering (def: "to help") to people... If they don't come to me they go to go the "LIRP solves all financial problems" or Mr. Commission down the street.  Plus, there's this thing called "Kingdom Building"... have you heard of it?  Funny thing, I only tell people what I do if they ask, then they have to ask for help, which they do all the time.  Maybe you were picturing me with the church directory cold-calling?  Sorry if you are offended by my beliefs...
 
 
 

go_huskies's picture
Offline
Joined: 2008-12-10

iceco1d wrote:jkl1v1n6 wrote:That's the part of this job I do not like.  You ALWAYS have to be on!
 
You know, I thought originally that would bother me.  But now that I've "lived it" for a year or so, it's actually pretty refreshing to know that every conversion, every person you meet, could end up making me money. 
 
Plus, I love what I do, so I don't mind talking about it...even if I'm "off the clock."
 
your friends and family and even yourself will hate you if you're "always on."  some guys chose that road, but it's no life. we work so that we can live...once you live to work, you're toast!
 
you can have fun an make a good living is this biz. just stay away from the primerica loons

jkl1v1n6's picture
Offline
Joined: 2008-10-06

Ice and Huskies;
 
I've been living it for about 8 years now.  I applaud you for your way of thinking! 
 
It's not that I don't like what I do.  It's more the fact that I am always looking for the "money". 
 
For example:  I have friends that have lost their jobs.  I try to be sympathetic and I am, but I'm sitting there thinking, sucks for you but its' a rollover for me.  So I gather the assets, I tell them that we should sit down and talk about what to do with their 401(k).  I know I'm helping them, they know I'm helping them with their situation.  Oh and by the way who else do you know that has been let go.   
 
I'm pretty laid back so I am not always on but if I'm golfing with buddies and they mention people got let go or divorced or someone parents died my mind immediately goes to I need to find out who they are.  I may not ask them right then and there but that's where the mind goes, then I end up hitting a slice into the next state.  It's really hurting my golf game!  Just a little brevity back into the post.  Getting to heavy there on a Friday.  BTW I need to go see if that interior designer is done with my office.  I'm gonna owe him like $800,000 for his work. 
 
Later!

Squash1's picture
Offline
Joined: 2008-11-19

I agree with ICE..
 
I enjoy what I do..
 
And in the indy world I can choose who I work with, so I have a smaller number of clients, but more assets, and my clients are closer to being friends then they are clients... I get invited to weddings, birthday parties, etc...
 
I don't mind talking to my clients.. as for friends and family... they need help just like everyone else...why worry about making a decision about your advisor and worry if he is looking out for you, then someone you have known a while..
 
I landed a 401k plan ($12mil assets) because I helped a friend rebalance his 401K,(it sucked, all putnam).. He had better allocation and eventually better choices, I improved the companies plan and choices and got them compliant.. everyone wins...
 

Boone's picture
Offline
Joined: 2008-04-11

I've been using the Gaddock 7 Cold-calling rules, as well as the mindset recommended by some of the posts, with better results.  I'm forgetting 1 or 2 when on some of the calls, but overall my mindset is better and the people are responding better.

CDO Squared's picture
Offline
Joined: 2009-01-20

why the f do u think a bunch of losers like us can make mid six figs?

cold calling does suck

its the worst thing ever

calling MF strangers that hate ur guts
this biz is hard.     u got to want it bad.
ive made a ton of money over the years

would i do it over again?

no it sucks. my advice to u rooks?    quit.
money doesnt make u happy [

snaggletooth's picture
Offline
Joined: 2007-07-13

CDO Squared wrote:why the f do u think a bunch of losers like us can make mid six figs? cold calling does suck its the worst thing ever calling MF strangers that hate ur guts this biz is hard.     u got to want it bad. ive made a ton of money over the years would i do it over again? no it sucks. my advice to u rooks?    quit. money doesnt make u happy [
 
You obviously haven't spent it on the right things then...

boyznthiertoyz's picture
Offline
Joined: 2009-01-15

i make about 500 calls a day. and when i first started it was hard, but after the first 200 F-U's you stop caring. it starts to become funny.

Boone's picture
Offline
Joined: 2008-04-11

500?  Woah!  Everyday?
 
What kinda contacts/appointment numbers do you get out of 500 calls? 

BondGuy's picture
Offline
Joined: 2006-09-21

Interesting thread.
 
While i was in training, about a month before I was to be registered, my BOM sent the three trainees in his office to a seminar put on by a guy who had a can't fail system of cold calling. The guy was new to this industry and told us his system was developed working with Dean Witter brokers in Walnut Creek California. He told us that those brokers were knocking the ball out of the park. His name; Bill Good. He later wrote a book about his system. I used Bill's system to open a lot of accounts.
 
As posted, the key to cold calling is Qualifying. We are looking for candidates to join our practice. This is a very select group. Not only must they be interested in what we have to offer, they must be financially qualified. And for us old guys, one more rule now that we can afford it, no jerks. If you're an asshole as far as I'M concerned you can keep your account at Merril Lynch. Life is just too short. What i'm offering those whom i call Is an opportunity to receive the very best advice and service available.
 
I am the rejector, not the rejectee. If one is foolish enough not to be interested in what I offer, I blow them off the phone quickly and politely with "Thank you very much!" And then i dispatch them into the electronic haze as i click over to dial the next number.
 
Some rules:
 
Always qualify for money
 
Never burn the list-always be polite
 
Don't waste time trying to create interest
 
Set time to call aside and make sure nothing interupts you.
 
make as many dials as possible per hour
 
Minimum contacts per day-50
a contact is reaching the intended target
 
learn these words- Thank you very much! Utter them at the first sign of disinterest or disrespect. And you are being sincere in this in that you are thanking that person for being up front with you and not wasting your time. This is a key to not burning the list. If you are polite you can call back. Ok, the guy wasn't interested on the first call, but now, six weeks later on you second go thru with the list,  he has a CD coming due next week and he's interested in your CD offer.
 
Call the list every six to eight weeks.
 
 
 
 
 
 
 
 

CFP2BE's picture
Offline
Joined: 2004-12-20

BondGuy wrote:Interesting thread.
 
While i was in training, about a month before I was to be registered, my BOM sent the three trainees in his office to a seminar put on by a guy who had a can't fail system of cold calling. The guy was new to this industry and told us his system was developed working with Dean Witter brokers in Walnut Creek California. He told us that those brokers were knocking the ball out of the park. His name; Bill Good. He later wrote a book about his system. I used Bill's system to open a lot of accounts.
 
As posted, the key to cold calling is Qualifying. We are looking for candidates to join our practice. This is a very select group. Not only must they be interested in what we have to offer, they must be financially qualified. And for us old guys, one more rule now that we can afford it, no jerks. If you're an asshole as far as I'M concerned you can keep your account at Merril Lynch. Life is just too short. What i'm offering those whom i call Is an opportunity to receive the very best advice and service available.
 
I am the rejector, not the rejectee. If one is foolish enough not to be interested in what I offer, I blow them off the phone quickly and politely with "Thank you very much!" And then i dispatch them into the electronic haze as i click over to dial the next number.
 
Some rules:
 
Always qualify for money
 
Never burn the list-always be polite
 
Don't waste time trying to create interest
 
Set time to call aside and make sure nothing interupts you.
 
make as many dials as possible per hour
 
Minimum contacts per day-50
a contact is reaching the intended target
 
learn these words- Thank you very much! Utter them at the first sign of disinterest or disrespect. And you are being sincere in this in that you are thanking that person for being up front with you and not wasting your time. This is a key to not burning the list. If you are polite you can call back. Ok, the guy wasn't interested on the first call, but now, six weeks later on you second go thru with the list,  he has a CD coming due next week and he's interested in your CD offer.
 
Call the list every six to eight weeks.
 
 
 
 
 
 
 
 
 
Awesome post, BondGuy!  Thanks!

Boone's picture
Offline
Joined: 2008-04-11

Yep.  This is definitely getting printed-out and going up on the wall. 
Thanks BondGuy!

Fud Box's picture
Offline
Joined: 2009-01-08

Hey BondGuy and whomever else wants to chime in,
 
Doesn't Bill Good say that one should only move forward with those prospects that are already eagerly awaiting your offering and, in a sense, just waiting for someone to call or talk to them about it? He calls these red cherries if I'm not mistaken. For anyone with hesitation, no matter how little, you say "Thank-you-very-much!" and move on, isn't that right? He apparently disapproves of trying to actually sell anything at all, right?
 
I read some of his Hot Prospects book because it seemed to be fairly well received in this industry. I'm just not sure I'm convinced that no selling is better than some selling. Don't get me wrong...I hate the aggressive, hard-nosed, back-handed selling techniques employed in most sales oriented industries with their strong closes, various ways to answer objections, psychological manipulation, etc. etc. etc.  I had sold cars once upon a time, so I've seen the kind of crap people try to pull. I never agreed with it which is why car sales never really agreed with me.
 
However, if it really is as simple as "Call as many people as you can...ditch the ones who aren't "pre-sold"...ring up the ones who are....rinse and repeat", then don't you think that EVERYONE would be successful? Now, I understand that this is somewhat oversimplified, but the point remains that if the job requires no sales skills to speak of, then why do the B/D's need us? They could simply hire $9/hour clerks to fill out paperwork and accept checks. OK, so maybe you couldn't convince someone to go through the trouble for licensing and such for $9/hour, but you know what I mean.
 
And by us, I really mean all of you because I'm not licensed yet. I'm beginning training this Monday which is why I'm so interested in discussions regarding successful sales and prospecting methods.
 
Do Bill Good's methods work for you? Am I misinterpreting something? Any other recommended reading?
 
Maybe I'm way off-base. Tell me what you think.

buyandhold's picture
Offline
Joined: 2008-09-23

Fud Box wrote:
 
However, if it really is as simple as "Call as many people as you can...ditch the ones who aren't "pre-sold"...ring up the ones who are....rinse and repeat", then don't you think that EVERYONE would be successful? .
 
 
Because it's very difficult work. Unless you have a network system to get referrals, you have to make hundreds of those calls or doorknocks every day. It sounds easy enough, but it's dull, boring, aggravating, deadening work. Very few people are hard wired to do it.
 
 
 
 
 

BondGuy's picture
Offline
Joined: 2006-09-21

Box, You're way off base. Honestly, reading your post and it's hard to believe we're talking about the same book.
Bill, doesn't support a one call close- that is calling someone pitching them and closing on the first call. His system is Call/mail/call. Call them, find interest, mail something to them ,and then call them back. On that second call anything goes as determined by the situation. You can ask questions, close for an appointment, or close on a product sale. It's your choice.

There are two types of leads. Those who have money now and those who have money coming due later. A large part of the system is cultivating those who don't have money today, putting yourself in the lead position for when the money is ready to move.
 
Bill, also advocates calling old leads, or for those who aren't opening many accounts, to find something-stock,bond, mutual fund, whatever, pick up a pile of these leads and start pitching them to buy the product. A presentation isn't considered complete unless a closing question has been asked. So this is a call'em and close'em exercise. Amazingly accounts will be opened by doing this.
 
They key to the cold calling is not to waste time trying to develope interest. By doing this, believing the person called when they say I'm not interested, allows you to maximize the number of calls made thus increasing the probability that interested prospects will be reached. That versus trying to convince an uninterested person that they should have an interest. The system is numbers based. The more people you contact the more prospects you will find.
 
Determining no interest comes with practice as much can be read into how a person says they're not interested. From the obvious to the subtle, all nuances Bill discusses.
 
That said, there is nothing wrong with calling people up and asking them to buy something from you or asking for an appointment on the first call. Just not Bill's system.

Fud Box's picture
Offline
Joined: 2009-01-08

That was a great response! Thank you for the clarification. It definitely appears that I didn't get the message that Bill was trying to convey. I guess I'll go ahead and finish the book now.
The book I was reading was Hot Prospects. Is that the book which you referenced in your original post?
 
Any other books you recommend?

BondGuy's picture
Offline
Joined: 2006-09-21

No, Bill's first book is Prospecting Your Way To Sales Success. it's all in there.

Ryan561's picture
Offline
Joined: 2009-01-29

I am taking my 66 on thursday and assuming I pass then I start work on monday... I cannot wait to get on the phone!!!

C_FA's picture
Offline
Joined: 2008-12-07

Right, Bill's book is great.  I bought "Hot Prospects" today at B&N on Rittenhouse Sq.  Wish I had this 18ms ago when I started in production--I can see how this book can work with David Mullen's book-use this (BG) for the prospecting part over the phone, and use Mullen's system for positioning oneself as a strong #2 behind the prospect's existing advisor.  (Meaning, leaning more towards the appointment once you have a red cherry).  

schlemoc's picture
Offline
Joined: 2008-07-11

Nick Murray's, "Excellent Investment Advisor" is a very easy read, and has some great information it.  May be something to look into.

Potential's picture
Offline
Joined: 2008-11-20

Fud Box wrote:Doesn't Bill Good say that one should only move forward with those prospects that are already eagerly awaiting your offering ...He apparently disapproves of trying to actually sell anything at all, right?
 
You are confusing prospecting and selling.  Two different things.
 
While you are prospecting, your 10 second pitch should dangle *something* the client might find attractive or interesting, so in that sense there's a smidgen of selling in there.
 
But in prospecting, you are merely looking to find people that have thought to themselves recently that they could use some financial advice or a new FA.  If the prospect has not been mulling it over before you call him, it is unlikely he will express interest, let alone turn into a customer.  There is no point in believing you can convert disinterest into interest.
 
On the other hand, people that have been thinking about it are information sponges; they will not hesitate to express their interest.  If you call up and offer to teach them what they desire to know, you will turn them into a customer.

troll's picture
Offline
Joined: 2004-11-29

Teaching people is NOT the same as motivating them to ACT.  Only teach AFTER you have established value and AFTER you have secured their upfront commitment to do business with you.Otherwise, why waste your time?

Fud Box's picture
Offline
Joined: 2009-01-08

Good stuff guys! Really giving me some perspective. I've sold for a long time, but mostly in the "Old Way". This industry seems to have a somewhat unique sales process, but obviously the key is effective prospecting.
 
Thanks for all the info guys....KEEP IT COMING!!! I love this stuff!

C_FA's picture
Offline
Joined: 2008-12-07

Potential wrote:Fud Box wrote: 
But in prospecting, you are merely looking to find people that have thought to themselves recently that they could use some financial advice or a new FA.  If the prospect has not been mulling it over before you call him, it is unlikely he will express interest, let alone turn into a customer.  There is no point in believing you can convert disinterest into interest.Right-however, there's a difference, between "No" and "No maybe".  I learned it here.  Time and experience.  For some, they just don't like to get a phone call.  That's cool.  There are plenty that do. 

Takingnames's picture
Offline
Joined: 2007-11-09

When you do call/mail/call....send your card, something to pique interest and be sure to ask for an e-mail address when you confirm address. You can say something like
"I'll send you my card and something you'll find interesting to your address at:.............  I can also e-mail you some information if you will please give me your e-mail address.
 
That provides you three ways to contact - phone, mail and e-mail.
 
 You can set up effective dripping that way and also line up your prospects for drip campaigns by the interest they express - ie you have an e-mail distribution list for bonds, seminars, annuities, portfolio review, whatever, and then do your drips to those lists.
 
Effective dripping can turn that "pound sand" person on the first call into your best new client.
 
TN
 

F.A.4's picture
Offline
Joined: 2008-09-04

is hot prospects a continuation of his first book? which ones better?

Boone's picture
Offline
Joined: 2008-04-11

C_FA wrote:Right, Bill's book is great.  I bought "Hot Prospects" today at B&N on Rittenhouse Sq.  Wish I had this 18ms ago when I started in production--I can see how this book can work with David Mullen's book-use this (BG) for the prospecting part over the phone, and use Mullen's system for positioning oneself as a strong #2 behind the prospect's existing advisor.  (Meaning, leaning more towards the appointment once you have a red cherry).  
 
Is the David Mullen book you referred to called The Million Dollar Financial Services Practice?  I saw it on Amazon, but didn't see any references to positioning yourself as a #2 advisor in the table of contents.  It's probably just under a different chapter name.
 
 

C_FA's picture
Offline
Joined: 2008-12-07

It's not a chapter per se, but it's discussed in the "Appointments" area-towards the front of the book. The idea is, to position yourself as someone who will call regularly and follow up with them and be a presence-so, when the primary advisor drops the ball or something happens, you are first in mind. 

Baba Booey's picture
Offline
Joined: 2009-01-05

Client engagement roadmap.  Map out the first two years of service to clients/prospects, and they will know that you will have relavent topics to dicuss on a quarterly basis.  I present the sample financial plan, tell them that is the front end and then present the roadmap, which I tell them is the back end...so they know we will be in contact regularly and have relavent topics to discuss...works every time.
 
I have a sample on excel...its awesome.

Boone's picture
Offline
Joined: 2008-04-11

Does the #2 positioning go against what BondGuy was talking about, in that he's talking about moving quick to find prospects that are hotter, when there's the least bit of disineterest indicated by the prospect on the phone?  Where the #2 positioning seems to be more of a cultivating thing.
 
Maybe I'm confusing prospecting with lead development here. 

Boone's picture
Offline
Joined: 2008-04-11

For what it's worth I used this script today to get 3 appointments.  It's my take on BondGuy's "Qualifying" script (I have to get through the Bill Good Book tonight) with the additional "#2 advisor thing" that was recommended by someone else. I used the "#2 advisor positioning" because I deal with a specific product and try to avoid the, "I'm already working with someone response", because I don't care if they have someone else.
 

Me: Hello it’s Daniel Boone, owner of Pioneer Investments.Prospect Response: Yes?Me: I’m following-up on a letter I sent out last week and qualifyinginvestors for my practice.Usual Prospect Response: 1) Qualifying for what? (or) 2) You’re qualifying me?(or) 3) Qualifying, huh, what??? (or) 4) Hang-up or (5) I’m not interestedIf I get response(s) 1-3:<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
Me: I run Pioneer Investments and we specialize in Product A, BUT we have twohurdles that investors have to get over before we can speak to them about it.
 
1)      They need to have $X to invest in Product A,
2)      We only work with people that either already have a financial advisor or a solid handle on their portfolio.
 
If response 4:  Dial again.
 
If response 5:  Thankyouverymuch!
 

(I only sell one product, so I’m not trying to get their entire portfolio).

The Qualifying part seems to be making a difference, and getting off the phone at the first sign of disinterest, psychologically makes me feel better and move quicker.
 
I'd appreciate any comments/suggestions on the script.

Hank Moody's picture
Offline
Joined: 2008-11-10

Boone wrote:For what it's worth I used this script today to get 3 appointments.  It's my take on BondGuy's "Qualifying" script (I have to get through the Bill Good Book tonight) with the additional "#2 advisor thing" that was recommended by someone else. I used the "#2 advisor positioning" because I deal with a specific product and try to avoid the, "I'm already working with someone response", because I don't care if they have someone else.
 

Me: Hello it’s Daniel Boone, owner of Pioneer Investments.Prospect Response: Yes?Me: I’m following-up on a letter I sent out last week and qualifyinginvestors for my practice.Usual Prospect Response: 1) Qualifying for what? (or) 2) You’re qualifying me?(or) 3) Qualifying, huh, what??? (or) 4) Hang-up or (5) I’m not interestedIf I get response(s) 1-3:
 
Me: I run Pioneer Investments and we specialize in Product A, BUT we have twohurdles that investors have to get over before we can speak to them about it.
 
1)      They need to have $X to invest in Product A,
2)      We only work with people that either already have a financial advisor or a solid handle on their portfolio.
 
If response 4:  Dial again.
 
If response 5:  Thankyouverymuch!
 

(I only sell one product, so I’m not trying to get their entire portfolio).

The Qualifying part seems to be making a difference, and getting off the phone at the first sign of disinterest, psychologically makes me feel better and move quicker.
 
I'd appreciate any comments/suggestions on the script.If it's working, whatever you do, don't change it. Nice job on the 3 appts.

chief123's picture
Offline
Joined: 2008-10-28

Who were you calling?... mind sharing the product?

Potential's picture
Offline
Joined: 2008-11-20

Ominous wrote:Teaching people is NOT the same as motivating them to ACT.  Only teach AFTER you have established value and AFTER you have secured their upfront commitment to do business with you.

 
I agree; perhaps teach was too strong a word.  People that are thinking of buying always have questions.  You can establish an air of authority by answering a simple question or two.  When you start filling in some blanks in their thought process, you get very close to their "this is my guy" moment.
 
When I was doing mortgages, I would immediately transition from that moment to "Do you have ten minutes to fill out the application?  These things are torture if you're not in the business, but I can make it easy.  You'll talk, I'll type and in 10 minutes we'll be done.  So your address is 42 Maple Street.  What's your social security number?

Boone's picture
Offline
Joined: 2008-04-11

I’m a fee only RIA that focuses on small cap stocks, so I’m selling a basket of stocks that we follow.  Pretty tough sell in this environment. 
 <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I first send a letter basically saying:  The experts say you need a stock picker in 2009….Are you as sick of the so-called experts as I am?  If you want to have a serious discussion about stocks, and the one question you need to ask about any individual stocks in your portfolio, call……
 It gets hardly any call-ins, but gives me something to talk about when I call, as some people are curious about the “one question to ask”.

Boone's picture
Offline
Joined: 2008-04-11

Just wanted to bring BondGuys post up again because I felt my rookie bs was pushing his amazing post back too far.
 
BongGuy wrote:
 
Interesting thread.
 
While i was in training, about a month before I was to be registered, my BOM sent the three trainees in his office to a seminar put on by a guy who had a can't fail system of cold calling. The guy was new to this industry and told us his system was developed working with Dean Witter brokers in Walnut Creek California. He told us that those brokers were knocking the ball out of the park. His name; Bill Good. He later wrote a book about his system. I used Bill's system to open a lot of accounts.
 
As posted, the key to cold calling is Qualifying. We are looking for candidates to join our practice. This is a very select group. Not only must they be interested in what we have to offer, they must be financially qualified. And for us old guys, one more rule now that we can afford it, no jerks. If you're an asshole as far as I'M concerned you can keep your account at Merril Lynch. Life is just too short. What i'm offering those whom i call Is an opportunity to receive the very best advice and service available.
 
I am the rejector, not the rejectee. If one is foolish enough not to be interested in what I offer, I blow them off the phone quickly and politely with "Thank you very much!" And then i dispatch them into the electronic haze as i click over to dial the next number.
 
Some rules:
 
Always qualify for money
 
Never burn the list-always be polite
 
Don't waste time trying to create interest
 
Set time to call aside and make sure nothing interupts you.
 
make as many dials as possible per hour
 
Minimum contacts per day-50
a contact is reaching the intended target
 
learn these words- Thank you very much! Utter them at the first sign of disinterest or disrespect. And you are being sincere in this in that you are thanking that person for being up front with you and not wasting your time. This is a key to not burning the list. If you are polite you can call back. Ok, the guy wasn't interested on the first call, but now, six weeks later on you second go thru with the list,  he has a CD coming due next week and he's interested in your CD offer.
 
Call the list every six to eight weeks.
 

Richard1's picture
Offline
Joined: 2011-10-19

  Normally the conversion rate by cold calling is 1/100. So whenever
I make a call I used to be prepared to listen NO! Because cold calling is used to sell the things which prospectus does'nt need actually!

Whenever I listen NO from
prospectus I disconnect the phone to automatic call to next number, I want to
reach as many people as I can, I use my sales dialer. This automatic call
dialer allows me to call 40 contacts / hour from my mobile. After listening
NO I add this number to reminder to call again after 30 days, and I call
them again to listen NO, because I know they don’t know who is calling! And you
know, the conversion rate from this list is again 1/100 J  

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×