Alternatives to Cold Calling
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A cold call to me is “meeting anyone that you do not know and would like to know more about with the primary mission of doing business with them”. Based on this you can “cold call” anywhere there are people you do not know.
One of the most successful FA I have ever met was someone that could walk into a super market and meet 4 to 5 people before she left. She never called people until she had a reason to call. This woman made over 950K last year and she is 62 years old. She did not even become an FA till she was 53. Now when I go to any event (parties, sporting events or fund raisers) I always try and at least meet 5 new people. It is still cold calling and in addition you still have to make phone calls and even knock on doors but "event cold calling" is a great way to add people to your prospecting list."One
– I consider “Cold Calling” as a premeditated contact with a complete
stranger with no referral and asking for his/her business. There are
many ways one can “cold call” beyond dialing and smiling."
This definition changes the discussion completely. Now I personally have yet to broker any form of cold calling according to your definition, however as you explained in your response, for those who possess a considerable network this is something that can be delayed and possibly avoided.
I am working together with the office manager in setting up Business and Professional based seminars, just because this kind of contact floats my boat so to speak. So according to your definition this would be a form of cold calling. So in January I will be engaged in cold calling. I guess given my own experience and personal nature this kind of activity doesn’t produce feelings of “aversion” in me.
Now picking up the phone and drumming through a list of names of people I do not know, does produce such feelings in me. Of course calling a business to invite them to a seminar doesn’t feel the same either since B2B contact is not as invasive. Feigning that personal connection through the strategic use of language on a B2C level does in fact make me feel uncomfortable. When someone I do not know attempts to be my friend over the phone, I hang up.
I make a living having developed relationships of trust, and that has fortunately for me built an extensive network over the years. It has however also built a necessity for me to develop relationships sans the sales pitch prior to broaching the subject of (in this case) financial services. I would have made a terrible rookie if I had to pimp the phones all day. Now I like working with businesses, and I would not have been able to connect with them the way I do now if I came in straight out of college.
So understanding how you see cold calling, than sure you would be hard pressed to avoid all activities that require a solicited contact of someone sans a referral. Now if we are talking about cold calling in the traditional definition of picking up the phone and dialing strangers for solicitation, than yes, those in my office that I referred to all have avoided that particular activity.
Regarding your “Fear Buzz”, I can attest that there are several new guys starting in January, and I am most certain that for at least a couple this will end their careers rather quickly.
”I am working together with the office manager in setting up Business and Professional based seminars, just because this kind of contact floats my boat so to speak. So according to your definition this would be a form of cold calling. So in January I will be engaged in cold calling. I guess given my own experience and personal nature this kind of activity doesn't produce feelings of "aversion" in me.”
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There you go make it happen.
”Now picking up the phone and drumming through a list of names of people I do not know, does produce such feelings in me. Of course calling a business to invite them to a seminar doesn't feel the same either since B2B contact is not as invasive. Feigning that personal connection through the strategic use of language on a B2C level does in fact make me feel uncomfortable. When someone I do not know attempts to be my friend over the phone, I hang up.”
The word “Feigning” is telling and is defined as “To give a false appearance of” Perhaps therein lays the problem and reason you’re not comfortable. When I call there is nothing false about it, it is direct and 100% on the up and up. I can only imagine if I felt I was doing something less than honest I would be uncomfortable as well. When I feel somebody is being less than honest I would also hang up.
“I would have made a terrible rookie if I had to pimp the phones all day”
Also telling is your negativity on the subject. Dude, I don’t “pimp” anything too or for anybody.
“So understanding how you see cold calling”
I think your concept on the subject dramatically varies from mine.
”Regarding your "Fear Buzz", I can attest that there are several new guys starting in January, and I am most certain that for at least a couple this will end their careers rather quickly.”
That’s unfortunate and I hope they overcome as I hope you do as well. If you can somehow change your perception on the subject you may just find it quite liberating and perhaps productive, IMHO.
Cheers
James,
The problem is that starting out. Networking, refs and partnerships do not work until you have many clients and business. Cold Calling is the best way to start out. Amazingly very few are very good at it. Then make one relationship five through asking for the referal and deepening those relationships. The hardest call is the first of the day and the hardest account you will open is your first one. The good news is that it gets easier and easier.Networking will not work until you make 200-400K plus a year, have 50-100 mil in assets. At that point you have gotten over the hump. The only exception is if you are from money or are a charlatan (act as if). Once you have gotten over the hump, you will have jr brokers cold calling with you, lawyers and accountants asking you to do partnerships and people approaching you at your country club for advice. There are no short cuts. I also agree mailing is failing and that you should only be involved in activies you have passion for.
[quote=DJRoss] "One – I consider “Cold Calling” as a premeditated contact with a complete stranger with no referral and asking for his/her business. There are many ways one can “cold call” beyond dialing and smiling."
I am working together with the office manager in setting up Business and Professional based seminars, just because this kind of contact floats my boat so to speak. So according to your definition this would be a form of cold calling. So in January I will be engaged in cold calling. I guess given my own experience and personal nature this kind of activity doesn’t produce feelings of “aversion” in me.
[/quote]
[quote=Gaddock]
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The word “Feigning” is telling and is defined as “To give a false appearance of” Perhaps therein lays the problem and reason you’re not comfortable. When I call there is nothing false about it, it is direct and 100% on the up and up. I can only imagine if I felt I was doing something less than honest I would be uncomfortable as well. When I feel somebody is being less than honest I would also hang up.
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I think we are talking about two different things. I am not concerned nor adverse to sharing information with others about a product or service that I can stand behind. No problems there. The issue for me regarding phone cold calls are the following:
"Best Buddy" routine. Someone I don't know calls me by my first name and begins talking to me like he knows me.
Ego Trippers. Guys that call and begin using flattering manipulative language to try and appeal to my ego (Mr Ross, I know you are a successful man...blah blah blah)
"card readers" Where they are obviously reading and leave me with the impression that they lack the depth to handle my business responsibly.
"Speed Mantras", guys who have been using the same script for so long that it has become a mantra. They work to speed through the sales pitch and lack a genuine feeling. Like the card readers, speed mantra types are attempting to keep the callee on the line hoping if they hear their entire cookie cutter spiel they will be able to work them towards a close.
None of these people have to be less than honest. The key is that they are feigning behaviors in order to close the sale. The product may be the greatest thing since peanut butter, but the lack of the "care" factor means that the sale and not the client is the most important thing.
[quote=Gaddock]Also telling is your negativity on the subject. Dude, I don’t “pimp” anything too or for anybody.[/quote]
I never said you did. I don't throw the baby out with the bathwater here. Cold Calling on phones is obviously a successful strategy otherwise so many would not engage in it. There are forms of calling that I am perfectly comfortable.
Looking to seal the deal over the phone without having prepared the client with information prior to the closing call such as through invites to an educational event, mailing information or setting up an appointment is IMO disingenuous.
[quote=Gaddock]That’s unfortunate and I hope they overcome as I hope you do as well. If you can somehow change your perception on the subject you may just find it quite liberating and perhaps productive, IMHO.[/quote]
It will be interesting to see how these recruits pan out. I doubt I will ever change my feelings on this subject. But to clarify:
I like to prepare people first. Educate them, allow time to develop a relationship of trust. I immediately began working with referrals almost from day one. Again I am not averse to calling potential clients, I will not however,
be looking to close the deal so to speak without going through that
process first.
[quote=12345]I am curious about what you do all day everyday if you are not cold calling or cold walking. Are you holding seminars everyday? I am not trying to insult you just curious.
[/quote]
Good question. This is how I work:
I will make about 10 calls a day (I may get around to doing this 3 days a week since I am busy meeting people) to prospects in my network (I started out with a list of over 600 which I divided up into A,B,C,D categories based on how well I know them, my relationship with them, likelihood they would be in the market for my services,etc.)
I spend some of my day calling on referrals. Our firm uses an established referral system that helps begin building that relationship of trust so that when we do make that call 7 out of 10 will be willing to set up a meeting with us. So I tend to have regular meetings throughout the week.
I spend about 50-60 hours a month working with businesses that have signed contracts with me to be their strategist (this is outside the FA area) where I help out with branding and marketing activities, logistics, human resources, concept development, etc. This almost always produces new prospects/referrals through contact with my clients network (vendors, customers, individuals who work there, etc)
I spend some time in educational seminars. This is geared towards businesses who are looking for investment capital and strategic management education/service. These are potential prospects who have a bona fide needs for comprehensive benefits packages to remain competitive in recruiting as well as insurance based agreements (buy sell, etc). NOTE: We never cater, use restaurants, perks, etc. We are only interested in prospects that actually want to be there for the information we provide.
Than of course there are follow ups, paper work (we have a great office manager who helps expedite things), study time (working on my CFP)
Yeah it is different, but it works for me and the firm.
[quote=DJRoss] [quote=12345]
I am curious about what you do all day everyday if you are not cold calling or cold walking. Are you holding seminars everyday? I am not trying to insult you just curious.[/quote] I spend about 50-60 hours a month working with businesses that have signed contracts with me to be their strategist (this is outside the FA area) where I help out with branding and marketing activities, logistics, human resources, concept development, etc. This almost always produces new prospects/referrals through contact with my clients network (vendors, customers, individuals who work there, etc)
I spend some time in educational seminars. This is geared towards businesses who are looking for investment capital and strategic management education/service. These are potential prospects who have a bona fide needs for comprehensive benefits packages to remain competitive in recruiting as well as insurance based agreements (buy sell, etc). NOTE: We never cater, use restaurants, perks, etc. We are only interested in prospects that actually want to be there for the information we provide.
[/quote] Hello DJRoss, Good stuff, sounds like you have it going on.
I have my NASD Series 7, 66, 65, 63 + My State LA&Health & Med Supp insurance licensing.
Just out of curiosity, are you actually registered?[quote=Gaddock][quote=DJRoss] [quote=12345]
I am curious about what you do all day everyday if you are not cold calling or cold walking. Are you holding seminars everyday? I am not trying to insult you just curious.[/quote] I spend about 50-60 hours a month working with businesses that have signed contracts with me to be their strategist (this is outside the FA area) where I help out with branding and marketing activities, logistics, human resources, concept development, etc. This almost always produces new prospects/referrals through contact with my clients network (vendors, customers, individuals who work there, etc)
I spend some time in educational seminars. This is geared towards businesses who are looking for investment capital and strategic management education/service. These are potential prospects who have a bona fide needs for comprehensive benefits packages to remain competitive in recruiting as well as insurance based agreements (buy sell, etc). NOTE: We never cater, use restaurants, perks, etc. We are only interested in prospects that actually want to be there for the information we provide.
[/quote] Hello DJRoss, Good stuff, sounds like you have it going on.
I have my NASD Series 7, 66, 65, 63 + My State LA&Health & Med Supp insurance licensing.
Just out of curiosity, are you actually registered? [/quote]THanks for the Kudos, I have my LA&Health and I have been piggy backing (bringing in my manager who has CFA, CIC, ChFC designations and will have his CFP this year), I will be taking my 7 and 66 this month. My goal is to go through the same CFA, CIC, ChFC and CFP process. I plan on fast tracking as much as possible since I have quite a lot of experience in finance and economics (Yeah I was one of those crazies that studied options theory for fun as an elective in college). If I gauge it right with no hiccups I am confident I can reach CFP by my 3 year mark.
I was contracted immediately at the firm so I didn't have to go through the trial period. LOL, you will think this is funny given our views of phone calls. The agency director was standing in the hall outside my office and heard me talking to potential clients on the phone (my network). I knew he was there, but was focused on what I was doing. He went across to my managers office and told him loud enough so I could hear that I was to be contracted immediately. Told the boss that I was nails on the phone. HAHAHAHAHA. I think bringing in almost 4 million in insurance of which half was WL as well as about 150K in AUM my first week on the job kind of helped.