Cold Calling werks
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Last week i went to a networking event and met 20+ business owners. Of the 20, I’d say 2 were people I could see myself doing business with. One of them said to me “i’m in a networking group and we need a financial guy- I’ll call you tomorrow”. Do you think he called me? NO!!
I’ve been networking for the better of 3 years now and have tried very hard at trying to make friends, i’ve tried to help those people i’ve met by putting them in front of other people who might be able to help them. It has NEVER been repaid to me.
I’ve built the bulk of my business by cold calling. So, last week after that networking event, i did some cold calling and uncovered a propsect who had 40K coming due within the month. Not a huge situation on its surface, but i spoke with him for 20 minutes and think he has a good shot at giving me a bond trade at first. Right there this was a better result than the networking event.
Bottom line is cold calling works for sure, there is no debate. Anyone who doubts it either has never had success at it, or doesn’t envision himself or herself actually doing the painstaking task of calling strangers. Or they think they’re above it. This business is about asking strangers for money, plain and simple. How you do it is up to you. You can have fancy seminars (they work), you can network (probably works), you can get referrals (works), or you can cold call (works). Just analyze your business and see where the bulk of your clients have come from and keep doing what it was that got you to where you are now.
I've been a discount stockbroker for years , between my trading and my customer base I found myself in a very bad situation. Trading killed me and I lost my customer base , they gave me bunch of inactive accounts and I started calling , it's easy for me because of my experience in stocks and options , bottom line is you sell them greed and they'll buy it , I landed 100K+ trading account today , ....that's how it goes you call and sell future profits.
P.S. TO NEWBIES>>>NEVER < EVER PUT YOUR OWN MONEY IN THE MARKET.[quote=ccmachine]Last week i went to a networking event and met 20+ business owners. Of the 20, I’d say 2 were people I could see myself doing business with. One of them said to me “i’m in a networking group and we need a financial guy- I’ll call you tomorrow”. Do you think he called me? NO!!
So why don't you say, "Ya know, I'll be in and out of meetings all day tomorrow. I'll give you a call the first chance I get...what's your number?"I've been networking for the better of 3 years now and have tried very hard at trying to make friends, It's not easy for everyone to make friends. Maybe it's your personality or looks or something... [/quote]
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I've been a discount stockbroker for years , between my trading and my customer base I found myself in a very bad situation. Trading killed me and I lost my customer base , they gave me bunch of inactive accounts and I started calling , it's easy for me because of my experience in stocks and options , bottom line is you sell them greed and they'll buy it , I landed 100K+ trading account today , ....that's how it goes you call and sell future profits.
P.S. TO NEWBIES>>>NEVER < EVER PUT YOUR OWN MONEY IN THE MARKET.[/quote] That's real good advice. Why the hell would a newbie put their own money in the market when they can give it to a discount stockbroker like yourself. What kind of advice is that? Just because you can't control your sh*t doesn't mean someone of normal aptitude can't. Discount hookers are really nice too by the way...Personally, I have found networking to be an excellent way to get business. The key, in my opinion, is to find different networking avenues...i.e. networking groups, service orgs (rotary etc) and then find a hobby that you really love and get involved in some sort of group that does it such as golf, tennis, tiddly winks, quilting...etc...whatever you love to do...then while you are there be sure that after a few meetings, everyone there knows what you do....they will start asking questions because with this economy, everyone wants to know our opinion...then you say "this really isn't the place to go into specifics, i'm really not one of those hard salespeople, but why don't you come to my office on Friday, we will have a cup of coffee and I will give you some good ideas!"
It has done wonders for my business and half the time I don't feel like I am working. Oh...and by the way, don't just attend the networking functions, clubs, groups....be involved...run for President, get on committees, get known! If you are a wallflower it will all be a waste of time! Good Luck!Networking is ok for a side gig, but it takes too long to produce results… Call in addition to the networking…
Calling on a fixed rate, a lot of people saying, “no money” I am thinking it is a blow off, but can’t figure out a way to work around it…
I agree. Networking is the "buy and hold" of prospect development. Cold calling, doorknocking, and seminars are the "market timing" version. Networking works once you have been around a while, and people know you. Networking is NOT "Hi, I'm B24, what do you do? I am a financial advisor - we HAVE to sit down and talk - I have 2:00 tomorrow or 3:30 on Thursday".Networking is ok for a side gig, but it takes too long to produce results… Call in addition to the networking…
You identified your problem in your post.
You are making friends. (Oh great, you made another "friend") This is business. Get over being popular and get involved in being perceived as an expert at what you do. You're being used.Lots of great advice in this thread! It’s 230am and I can’t wait to get to work tomorrow (Saturday) and hit the phones HARD!
Pretty well. I had some good response Saturday but didn’t reach that many people. I’m back at it this morning, and I am trying some new things and getting into a rhythm. This should be a productive day.
So has the question as to how you get the paperwork done been answered yet? Is there a lot of people who agree over the phone and then 3 days later throw the New Account Forms in the trash?
I’m stuck babysitting for a friend. When the wife gets back from the gym I may go in. How’s it coming for you so far?
Slower, there is a community festival today, so i have branched out a little farther…