Give your best cold calling lines/example
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I started in the biz on the other side of the spectrum cold calling, pitching one product, working with a completely wrong market, etc...
"then focus on the ones where they seem to have natural talent or some unique advantage."
I think my unique advantage is that in my target market, my face exudes trustworthiness and that I'm incredibly good looking.
In another market, I look shady and not so attractive. Maybe it's because of my squinty eyes. hehe
Jimmy, that’s a great point about introducing the people you know to people you just meet. I’m currently working on becoming the ‘point guy’ right now and its true that people will then naturally come to you. Good stuff!
[quote=hubbabubba]Jimmy, that's a great point about introducing the people you know to people you just meet. I'm currently working on becoming the 'point guy' right now and its true that people will then naturally come to you. Good stuff![/quote]
My leads are red hot when all 3 things happen within a few weeks.
1) when one of my doctor friends introduce me another doctor or a lawyer as great guy who knows alot. I will less likely ask my janitor friend for an introduction to a lawyer. I learned that quickly.
2) When I welcome my new prospect to my network of friends (I am seen as popular and trustworthy since I know all of these people)
3) when prospect sees my electronic newsletter (This is a triple wammy on credibility)
By the time I call for an appointment, it doesn't get any hotter of a lead than this. Keep in mind, I ask people for appointments even when the stars don't line up, but if my goal is to ask 30 of my current relationships for appointments, the hotter the relationships, the better. So I strive to make them red hot.
Wow. All good stuff everyone. Well today I changed my routine slightly and simply picked up the yellow pages and started dialing. Surprisingly, many of the business numbers I called were on the DNC list... so getting through isn't as easy as some people put it.
Furthermore, it was like taking a shot in the dark more so than calling households b/c I didn't really have an idea about the target market. Honestly, I didn't put much thought on it as I should have. All I pretty much did was put my head down low and kept calling # after #. From what I have read here and as well as others I have talked to who have been in the business for years told me that if they were to do it all over again they would diversify their bets and call businesses. Why does everyone gravitate toward this? Can many of you say that this has been more effective than calling grandma and grandpa in the living room?
Also, when you pick up the yellow pages (not coporate directories), what types of businesses do you call? Mom and pop stores? Independent contractors or consultants? Or rather keep it simple and call the sleezy cash rich liquor store owners? I had no direction. When you do call, how does the script change if it does at all? I just found myself call and say, "well this is Jim at ABC firm, are you the owner?" And I usually found all of them say yes. So after I got that confirmation, I would pitch the product. Then after the pitch, all of them would reveal that they weren't the owner, but just manager and I should contact them later. So then I adapted and now ask, "Hello. Are you the manager or owner?"
I've called law firms and doctors, but have horrible luck. I don't know if you all seperate these guys and put them in a different category. But they are technically a business and really hate to be bothered.
Since the usual "safe" product to pitch is bonds (and more caitered toward the senior/retired market), am I just doomed by pitching that to business owners who may not be in this group?
I think it's important to tailor the pitch a little in order to get their attention.
For example, if you had called liquor store owners on Monday you could have said:
"Hello, Mr. or Ms. ________, this is Joe or Jill 6-pack at ________ Brokerage. Having trouble moving Coors beer right now? They're publicly traded. Have you considered buying October puts or even short selling TAP?"
"Hello, Dr. __________. Do you have interest in the biotech sector? If so, I have a red hot or ice cold stock tip for you."
KNOW THY CLIENT and pitch him or her on something he/she knows about already and how he/she can make money trading that sector with your help.
This pitch could have worked with anyone this past Monday:
"Mr. or Ms. So and So, my name's ________. I realize I am calling pretty early and you may not have even had your first cup of SBUX yet. Speaking of SBUX, I hear September S/S/S are going to be good. The kids are back in school and the adults are back at work which means stopping by SBUX for a double espresso every morning. Have you considered buying October call options or perhaps a little of the common?"
http://finance.yahoo.com/q/bc?s=SBUX&t=5d
Best cure for a Molson-Coors (TAP:NYSE) hangover I know of!
http://www.finance.yahoo.com/q/bc?s=TAP&t=5d
FD: long SBUX common when it bottomed out in August at $29.70 (nicest double bottom I have seen in a long time)
Can't comment on TAP---there's still an "informal" SEC investigation into execs unloading at market top prior to a very nasty earnings report "surprise" in May of 2005.
http://finance.yahoo.com/q/bc?2=TAP&t=5d
TAP still is crap. Sorry for the typo (still on my 1st cup of SBUX).
http://finance.yahoo.com/q/bc?s=TAP&t=5d
They say three's a charm. Hope this works this time (am not spamming here).
Who among us isn't long SBUX, especially after a 7% run in a single day.
I used to have a friend that would show up at the local watering hole after the market closed and talk about how he had been long the biggest winner of the day and was often short the biggest loser of the day at the same time.
Those conversations were always followed by, "Can you spot me a couple of hundred till payday?"
[quote=Soon 2 B Gone]
Who among us isn't long SBUX, especially after a 7% run in a single day.
I used to have a friend that would show up at the local watering hole after the market closed and talk about how he had been long the biggest winner of the day and was often short the biggest loser of the day at the same time.
Those conversations were always followed by, "Can you spot me a couple of hundred till payday?"
[/quote]
Now you've gone too far.
Isnt' the Internet a wonderful place--anybody can be anything they want to be.
It is my experience that people who drop out of high school do not go on to become CPAs with MBA degrees.
Just doesn't happen.
No problem at all.
I am not Hispanic for your information. I have Dartmouth MBA's whose people came over on the Mayflower bringing me my morning SBUX. Those Dartmouth types love serving Marshall business school grads breakfast. Maybe next year I'll hire a Smith College girl
On tailoring a cold call pitch it, you should try it sometime. It works.
[quote=Soon 2 B Gone]
Isnt' the Internet a wonderful place--anybody can be anything they want to be.
It is my experience that people who drop out of high school do not go on to become CPAs with MBA degrees.
Just doesn't happen.
[/quote]
You should probably alert the Big 6 firm that hired me, after my internship, a year and a half before I graduated.
If you're in the market for a CFO's job, Pete Coors and Leo Kiely at Molson-Coors (TAP:NYSE) need one that can add and subtract. Tim Wolf, the incumbent, can't!
[quote=ymh_ymh_ymh]
If you're in the market for a CFO's job, Pete Coors and Leo Kiely at Molson-Coors (TAP:NYSE) need one that can add and subtract. Tim Wolf, the incumbent, can't!
[/quote]
I hate accounting.
I did, too.
Only pulled B's in that. I hear Tim Wolf got C's. Andy Fastow got A's!
[quote=tsaem]
Wow. All good stuff everyone. Well today I changed my routine slightly and simply picked up the yellow pages and started dialing. Surprisingly, many of the business numbers I called were on the DNC list... so getting through isn't as easy as some people put it.
Furthermore, it was like taking a shot in the dark more so than calling households b/c I didn't really have an idea about the target market. Honestly, I didn't put much thought on it as I should have. All I pretty much did was put my head down low and kept calling # after #. From what I have read here and as well as others I have talked to who have been in the business for years told me that if they were to do it all over again they would diversify their bets and call businesses. Why does everyone gravitate toward this? Can many of you say that this has been more effective than calling grandma and grandpa in the living room?
Also, when you pick up the yellow pages (not coporate directories), what types of businesses do you call? Mom and pop stores? Independent contractors or consultants? Or rather keep it simple and call the sleezy cash rich liquor store owners? I had no direction. When you do call, how does the script change if it does at all? I just found myself call and say, "well this is Jim at ABC firm, are you the owner?" And I usually found all of them say yes. So after I got that confirmation, I would pitch the product. Then after the pitch, all of them would reveal that they weren't the owner, but just manager and I should contact them later. So then I adapted and now ask, "Hello. Are you the manager or owner?"
I've called law firms and doctors, but have horrible luck. I don't know if you all seperate these guys and put them in a different category. But they are technically a business and really hate to be bothered.
Since the usual "safe" product to pitch is bonds (and more caitered toward the senior/retired market), am I just doomed by pitching that to business owners who may not be in this group?
[/quote]
And people wonder why cold calling doesn't work. There is so much wrong with this it's hard to find a place to start.
Let's start with the one thing you did right, you picked up the phone. Everything you did after that was wrong.
Rule one- Have the name of the person you are calling
Rule two- Have the address of the person you are calling.
Rule three- the quality of the list you are calling will make or break you.
Rule four- Write a short script and practice it until you know it cold.
Rule five- When the prospect answers the phone read the script.
Rule six- when reading the script try your hardest to sound like you are not reading a script. You want to sound conversational, not scripted. You know the mortgage people who call you all the time? Try not to sound like them.
Enough, people get confused with too many rules.
If you are finding businesses on the DNC, your number scrubbing service is at fault.
If you are going to do this, do it right because the used car lot awaits. Get serious!
And yes, I'm being a jerk on purpose.
Apologies to those who sell insurance products and/or annuities, I prefer
good stock jocks/jockettes, that’s all.
On the SBUX/TAP pitches, they were just an example of how a good stock
jock/jockette tailors his or her cold calls. By good ones, I don’t mean the
ones at Gunn-Allen.
We happen to know both firms very well and trade them quite
successfully:
MRC on cutting edge with recycled cups (The Natchez Democrat)
Coors, Molson confirm merger talks (Milwaukee Journal Sentinel Online)
In 2 years or less I can see BUD, SAB.L, or perhaps a European brewer
taking Molson-Coors out of its misery. Pete Coors’ heart isn’t in this
business. He prefers losing elections and politics.