Cold Call Idea
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[quote=chief123]Chris Gardner’s goal was 200 calls/day… He turned out ok. Anyone actually doing more than this?[/quote]
When I was a rookie, it was more like 400+/day. I had a few days north of 700.
Agree
Here's my $.02: Analyzed my business for 2008 today as part of planning 09. One thing is crystal clear. Cold calling still works. It worked last year and it worked this year. You can say it ain't so, and I'm fine with that. More for me. -Average account this year was 120k -70% of business this year came from referrals. About half of that is referrals that came from people who opened first accounts on cold calls a year ago or so. -25% of new business came from cold calling (including a monster referral from someone I cold called who is not yet a client) -3% came from structured networking (Membership based, not open networking) -2% came from seminars -Expos yielded nothing. -8 Seminars took about 200 hours to pull off. It cost a lot and it's time consuming in terms of resources, prep and activity levels needed. When weighing the cost benefit, it's clear that the accounts coming in from it aren't worth the effort when picking up the phone and just asking people if they have interest can generate that much business. 200 hours of dials would have yielded more 10,000 more calls would have been 702 more appointments and a closing ratio of .22 would have been 15 mil or 3x the assets I brought in. I'm confident of that. Yes, I find it takes 98 calls to an appointment. -Cold calling takes only 2-3 hours a day making 100 - 150 calls. You can stand, sit, slouch or pace around. You can wear a suit and dress shoes or dress down and take off your shoes. No one knows but the broker in the next room and they are busy trying to figure out why you are successful. (tell them it's your bare feet, not the cold calling you do!) - Use a good script (have ways to handle common objections handy) control your time when making calls and follow up, follow up, follow up. Record yourself if you can. You will improve tenfold. If you say you are going to mail something - mail it. Make sure you double back at least 1/10 of the amount of calls you make forward. Ie -Making first calls is good - but you need to go back and make second and third contacts. Make notes on how many contacts you have made with people. It takes 2-3 times as many as you think. I find 6 is a good number though for a good prospect, there is no cap. Expos leave you being chased by all the people who want to try and do business with you. IE - you become someone else's lead and your voice mail and e-mail will be bogged down with sales pitches from others. My b-plan for 2009 then is done. 10 million in new assets 40,000 cold calls 48 networking events 6 seminars - with existing groups, referral sources and ask wholesalers for support No Expos As Babe Ruth said "You just can't beat the person who never gives up"How are you able to call more than 200 per day without running out of people or recalling people who didn’t answer? Or is that what you do?
[quote=Hank Moody]
[quote=chief123]Chris Gardner’s goal was 200 calls/day… He turned out ok. Anyone actually doing more than this?[/quote]
When I was a rookie, it was more like 400+/day. I had a few days north of 700.
[/quote]
Did you also walk 5 miles to school through 3 feet of snow?
voltmoie:
Those types of numbers are legit. I used to pound out over 300 a day. I worked with a guy that did over 400 day. It's not easy. From the stories I've heard, it would be more fun if those old bullpen days of the 80's and 90's was how it was today...[quote=Hank Moody] [quote=chief123]Chris Gardner’s goal was 200 calls/day… He turned out ok. Anyone actually doing more than this?[/quote]
When I was a rookie, it was more like 400+/day. I had a few days north of 700.
[/quote]
Did you also walk 5 miles to school through 3 feet of snow?
[quote=voltmoie]
[quote=Hank Moody]
[quote=chief123]Chris Gardner’s goal was 200 calls/day… He turned out ok. Anyone actually doing more than this?[/quote]
When I was a rookie, it was more like 400+/day. I had a few days north of 700.
[/quote]
Did you also walk 5 miles to school through 3 feet of snow?
[/quote]
Most pikers can’t relate to numbers like this.
When cold calling how far out(in terms of miles) are you typically going from your office?
chief123:
It seems that this is the most logical way to go. I have around 125 clients and don't really need any more other than to cover dips in markets and clients dying..[/quote] I don't get it. You're asking some very basic questions about cold calling for someone running $25 million in assets.
[quote=chief123]How are you able to call more than 200 per day without running out of people or recalling people who didn't answer? Or is that what you do?[/quote] [quote=chief123]I agree also, I run $25 million with average account size of $180K.. mostly in fee based and alternative investments. Essentially I am getting about 1.15% on all assets so gross $287K with an above average payout.When cold calling how far out(in terms of miles) are you typically going from your office?
It seems that this is the most logical way to go. I have around 125 clients and don't really need any more other than to cover dips in markets and clients dying..[/quote] I don't get it. You're asking some very basic questions about cold calling for someone running $25 million in assets.
That because I don’t do it that often, I buy a list here and there, but never committed the time to actually do it religiously. So I am asking what people have done who have used this method and who are successful doing so.
My business has plateaued a little recently and I am not going back to my original way of prospecting(doorknocking and seminars) so I was looking to add an additional avenue, on a full time basis.
Well if you have a list of however many names and numbers, you might call dial the same number 4 or 5 times before you get ahold of them. Or they might never pick up. Sometimes you might get lucky and have the wife or kids give you their work or cell number.
If you have multiple lists, you can cycle through them and they should last you awhile. As far as your cold calling radius question, I would say you should extend your range as far as you need to. I could spend my entire life cold calling just within a 5 or 10 mile radius and never need to go further. Sometimes I would call those obscure places because the only people they would ever hear from are bank people or Jones people. Even then, most likely they aren't hearing from them either.Thanks. Sorry for all the beginner questions, but my old methods are no longer producing the results I expect( I no longer have time to doorknock all day long or at night) and (my seminars aren’t producing the number of prospects and clients I have come to expect and now the seminar is not generating enough for the money I am putting into it).
I have cold called a little bit, but not really a campaign where I do it for 3 months to check the results.
Here is what seems to work for me recently.
THROW OUT THE SCRIPT and be super casual like you are talking to a buddy "Hey Robert, this is X with Y. How's it goin!" Warmly like you are talking to a friend. Usually the person seems to get a bit put off guard and usually respond with either "good, how are you?" or "what can I do for you" or "yes". I usually say something like, "I am a financial advisor and I know a lot of investors' portfolios have gotten crushed over the last year and I wanted to give you a call to see how you were doing." From there they will either say they are doing fine or that they are doing about as well as everyone else. Continue to ask them questions until they warm up to you. Let them talk. "Great, what is your plan for 2009?" "When do you plan on getting back into the market?" "How do you evaluate which investments to buy?" "Do you have a financial plan?" Listen to what they say and reflect back to them. "So you are not comfortable with investing right now because of the uncertainty, that is certainly understandable." Keep it natural, not like an interrogation but like a conversation where you are genuinely interested in talking to them. Eventually, they will turn the conversation and ask you a question. They will ask you something like, "What do you think the market will do in 2009." Answer their question considering what you have learned about them. Once they start asking your opinion, that is great. This is a good time to politely excuse yourself from the conversation and leave them wanting more. "Hey, it sounds like I may be able to make some suggestions to improve (whatever financial problem they talked to you about). I don't want to take up any more of your time today since I was just calling to introduce myself and I am sure you are busy. Let's schedule some time next week at X time at your office. How does your schedule look?" I recently learned this skill through trial and error. This has worked a lot better for me than trying to do the quick scripted pitch where you do all the talking. Too bad nobody in my office could have taught this approach to me when I first started! Not sure why they have to have trainees reinvent the wheel through trial and error. Nobody in my office does any cold calling so I had to figure this out myself. Makes you wonder how the experienced people became successful even though they don't know how to cold call.[quote=Akkula]
Here is what seems to work for me recently.
THROW OUT THE SCRIPT and be super casual like you are talking to a buddy "Hey Robert, this is X with Y. How's it goin!" Warmly like you are talking to a friend. Usually the person seems to get a bit put off guard and usually respond with either "good, how are you?" or "what can I do for you" or "yes". I usually say something like, "I am a financial advisor and I know a lot of investors' portfolios have gotten crushed over the last year and I wanted to give you a call to see how you were doing." From there they will either say they are doing fine or that they are doing about as well as everyone else. Continue to ask them questions until they warm up to you. Let them talk. "Great, what is your plan for 2009?" "When do you plan on getting back into the market?" "How do you evaluate which investments to buy?" "Do you have a financial plan?" Listen to what they say and reflect back to them. "So you are not comfortable with investing right now because of the uncertainty, that is certainly understandable." Keep it natural, not like an interrogation but like a conversation where you are genuinely interested in talking to them. Eventually, they will turn the conversation and ask you a question. They will ask you something like, "What do you think the market will do in 2009." Answer their question considering what you have learned about them. Once they start asking your opinion, that is great. This is a good time to politely excuse yourself from the conversation and leave them wanting more. "Hey, it sounds like I may be able to make some suggestions to improve (whatever financial problem they talked to you about). I don't want to take up any more of your time today since I was just calling to introduce myself and I am sure you are busy. Let's schedule some time next week at X time at your office. How does your schedule look?" I recently learned this skill through trial and error. This has worked a lot better for me than trying to do the quick scripted pitch where you do all the talking. Too bad nobody in my office could have taught this approach to me when I first started! Not sure why they have to have trainees reinvent the wheel through trial and error. Nobody in my office does any cold calling so I had to figure this out myself. Makes you wonder how the experienced people became successful even though they don't know how to cold call. [/quote]Wow! You came up with this all by yourself?
[/quote]
Wow! You came up with this all by yourself?
[/quote] Hey troll, what substance have you actually added to this discussion? You are pretty good with the one liners as you have shown on this thread, maybe you can try to string a few helpful sentences together if you are capable. This will be my last comment to you so I we don't get too far off course on this thread. Don't feed the troll.
Wow! You came up with this all by yourself?
[/quote] Hey troll, what substance have you actually added to this discussion? You are pretty good with the one liners as you have shown on this thread, maybe you can try to string a few helpful sentences together if you are capable. This will be my last comment to you so I we don't get too far off course on this thread. Don't feed the troll.
[quote=Akkula]
[/quote]Wow! You came up with this all by yourself?
[/quote] Hey troll, what substance have you actually added to this discussion? You are pretty good with the one liners as you have shown on this thread, maybe you can try to string a few helpful sentences together if you are capable. This will be my last comment to you so I we don't get too far off course on this thread. Don't feed the troll. [/quote]
Don't take yourself so seriously. Nobody else does.
[quote=Akkula]
Here is what seems to work for me recently.
THROW OUT THE SCRIPT and be super casual like you are talking to a buddy "Hey Robert, this is X with Y. How's it goin!" Warmly like you are talking to a friend. Usually the person seems to get a bit put off guard and usually respond with either "good, how are you?" or "what can I do for you" or "yes". I usually say something like, "I am a financial advisor and I know a lot of investors' portfolios have gotten crushed over the last year and I wanted to give you a call to see how you were doing." From there they will either say they are doing fine or that they are doing about as well as everyone else. Continue to ask them questions until they warm up to you. Let them talk. "Great, what is your plan for 2009?" "When do you plan on getting back into the market?" "How do you evaluate which investments to buy?" "Do you have a financial plan?" Listen to what they say and reflect back to them. "So you are not comfortable with investing right now because of the uncertainty, that is certainly understandable." Keep it natural, not like an interrogation but like a conversation where you are genuinely interested in talking to them. Eventually, they will turn the conversation and ask you a question. They will ask you something like, "What do you think the market will do in 2009." Answer their question considering what you have learned about them. Once they start asking your opinion, that is great. This is a good time to politely excuse yourself from the conversation and leave them wanting more. "Hey, it sounds like I may be able to make some suggestions to improve (whatever financial problem they talked to you about). I don't want to take up any more of your time today since I was just calling to introduce myself and I am sure you are busy. Let's schedule some time next week at X time at your office. How does your schedule look?" I recently learned this skill through trial and error. This has worked a lot better for me than trying to do the quick scripted pitch where you do all the talking. Too bad nobody in my office could have taught this approach to me when I first started! Not sure why they have to have trainees reinvent the wheel through trial and error. Nobody in my office does any cold calling so I had to figure this out myself. Makes you wonder how the experienced people became successful even though they don't know how to cold call. [/quote] hey, i think this is fantastic. you've tailored this strategy to play to your own strengths. when i started back in 2000, i did something similar to this, but focused it around tax free bonds. i kept it really conversational. i asked, they spoke. they asked, i closed . i did this for 3-4 years, and gathered over 25MM in assets. I was #1 out of 79 trainees, and I did this using the same relaxed, engaging approach you are talking about. way to go. note: Hank Moody is most likely a very low producing FA, who is probably failing out of the business. he's a negative loser. go read his posts. he's a joke.Thanks AKKLUA
I am starting calling program after the first of the year. The reason there is such an need out there. With the wires blowing up!People will be searching.AKKLUA, I like the approach and have a similar relaxed approach to calling. Do you guys really use the DNC list? Everyone is on it…how do you make contacts? I make 100 cold calls per day and get between 20-25 contacts per day. I think it’s all about contacts, not number of dials. Actually speak to 25 people per day, and the rest will cure it’s self. My daily schedule is below, please give feedback.
I live in the Seattle area, all times are PST. 7-9am Admin work, emails, catch up on market, product to discuss 9-11am Cold calls, takes 2 hours to get 100 dials and 25 contacts 11am-1pm Follow up calls, try to set appointments for next day 1-5pm Client meetings, prospect meetings, follow up calls to set appointments (my goal is to have 2 afternoon appointments everyday, doesn't always happen though) I always meet at their house first. My line for getting appointments is "I am usually out meeting with clients in the afternoon, would it be alright if I stopped by to shake your hand and drop off a few ideas that have worked for some of my clients, next time I'm in your neighborhood? They ususally say that would be fine, I call a few days later to let them know I'll be in their neighborhood...I don't really have anything scheduled, but most people/retirees can spare 10 or 15 minutes so they say sure come on by... I've been averaging 5 prospect meetings per week, brought in about $6mm in the past 10 months and opened up 85 accounts, all on cold calls....every client has come via cold call. Can't wait for a referral, I consider that "free" business. Thoughts?We don’t get paid for degree of difficulty.
In the past 10 months, you have had 200 appointments and have gotten no referrals. The problem is that you say that you can't wait for a referral, but that is exactly what you are doing. You can get lots of them, but you aren't asking. It's a heck of a lot easier working with referrals. Since you are calling for introductory meetings, you should be able to keep 5 appointments a day and not 5 a week! Part of your problem is that you have someone on the phone who tells you that it would be ok if you stop by when you are in the area, but instead of scheduling an appointment, you call back in the future. Your time is too valuable for this. When they say that they'll meet when you are in the area, respond, "Great. I'll be there on Tuesday and Wednesday afternoon. Which works better for you?"[quote=anonymous]We don’t get paid for degree of difficulty.
In the past 10 months, you have had 200 appointments and have gotten no referrals. The problem is that you say that you can't wait for a referral, but that is exactly what you are doing. You can get lots of them, but you aren't asking. It's a heck of a lot easier working with referrals. Since you are calling for introductory meetings, you should be able to keep 5 appointments a day and not 5 a week! Part of your problem is that you have someone on the phone who tells you that it would be ok if you stop by when you are in the area, but instead of scheduling an appointment, you call back in the future. Your time is too valuable for this. When they say that they'll meet when you are in the area, respond, "Great. I'll be there on Tuesday and Wednesday afternoon. Which works better for you?" [/quote]How is it that YOU, a guy who spends all day scripting lengthy posts on the internet, feel like YOU can criticize a guy with a system that brings in $600m/month?