Cold call rebuttals

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Feb 9, 2006 4:15 am

From your old cold calling days or if your currently cold calling. What were your best rebuttals to some of these common rejections.

I'm busy.
I currently have someone handling that.
I'm not interested.
Is this a sales call? from gate keeper or prospect.

If you have any other common rebuttals please post them please. Also the most outrageous things someone has said to get you off the phone.

Feb 9, 2006 8:26 am

Try to get your hands on a copy of the 1991 Lehman Brothers cold calling

script, its the best material on the subject.

Feb 9, 2006 12:23 pm

Skeedaddy:


Where could one find the Lehman Brothers script?

Feb 9, 2006 2:11 pm
skeedaddy:

Try to get your hands on a copy of the 1991 Lehman Brothers cold calling
script, its the best material on the subject.


Absolutely the best cold calling primer out there.


My favorites Lehman rebuttals. Not exact, from memory:


prospect: I have to check with my wife.


Broker: frankly Mr. Jones, if she's anything like my wife, if she cant' eat it, wear it, or drive it, she doesn't want to know anything about it. (laugh). Seriously, the reason I called you is that you are a businessman. As the owner of your business you are called upon to make dozens of business decisions each day. Lets be honest, you don't call your wife for these decisions, right? Mr. Jones I'm asking you to make a business decision. Let's start small with only 1000 shares of xyz. That's only X on a cash basis or X on a margin basis. Which way would works better for you?



And this:


Prospect who has balked on a close for a well known stock or to the brokers call.


Prospect: I don't know you. I'm not comfortable.


Broker: Mr. Jones I understand. Let me ask you this: Have you ever taken a vacation with your family?


Prospect: of course


broker: And have you ever flown with your family during a vacation?


prospect: yes, what's the point?


broker: When you got on that plane, and buckled your kids in, did you know the pilot personally?


Prospect: That's ridiculous!


Broker: Really? Actually it's not. You entrusted your life to a person you didn't know. You trusted that person because you trusted the name of their airline. I'm not asking you to entrust your life to me, I'm only asking for your money. Mr. Jones, I'm calling you from Lehman Brothers, the most highly respected research firm on wall street. I'm asking you to buy shares of IBM, the bluest of the blue chips. You know their name.  Let's start with 1000 shares. Doing this, not only will you know who I am, you'll look forward to my next call. Would you like to register the account in your name only or would you like to include your wife? ( this can be shortened up considerably)


This stuff is a little strong these days, but, it did work then. If nothing else, it taught us to be fearless, and how to close. The Bros were good at teaching you how to out think the prospect. In the end, if they weren't going to buy, they didn't buy. Lehman's techniques were universally adapted at many name firms. Unfortunately, many boiler rooms twisted their scripts and poisoned a large part of the market. The big difference between them was that the Bros and big name firms were coming to prospects and clients with good ideas employing NYSE stocks, vs the bucket shops using penny stocks and shell companies. Lehman was looking for investors with a 1/2 million to put in on the first trade. The penny stock guys were after anyone with a thousand bucks.


Feb 9, 2006 2:17 pm

what sort of presence does lehman still have on the brokerage side?

Feb 9, 2006 2:19 pm

Usually concentrated in NYC (where I started), but the scripts made thier way thru the entire system.  I meant to be sarcastic.  Its the crudest thing I ever saw, but it worked well.  Tactics were too aggressive for today's political correctness. But if you read it, you would certainly piss in your pants.


The irony of the whole thing was that Lehman was a white-shoe firm that maintained two kinds of brokers.  The first was the Ivy-league MBA institutional salesman that catered to CEOs from investment banking referrals and the second was a highly aggressive, don't take no for an answer, wise guy from Brooklynn.  Imagine getting a call from Joe Pecci with a stock idea.


Feb 9, 2006 2:52 pm

Imagine getting a call from Joe Pecci with a stock idea.


Anyone remember the Sopranos episodes where they were running a scam of "Eubistics" stock.  It was a fake company and they had a bunch of brokers calling from a mouse house.  One of the brokers was caught talking about a mutual fund to a little old lady and they beat the crap out of him in front of the rest of the brokers.  Now, there's sales incentive for you!!


As for the come back on "I'm not interested",  if they didn't already hang up on me, I would ask what exactly was not interesting. Try to pin them down and then have something real to overcome.  Of course it is a lot easier in a face to face presentation.  


One time, I was "door knocking" to make initial introductions, and I was hot, tired, my feet hurt and I think I was having a bad hair day to top it all off.  I knocked on a door and before I had a chance to say anything the lady said "I'm not interested" in a real rude way.  I'd had it!! and said "Not interested in what?!?  You have no idea why I'm here.  Maybe you won the Publishers Clearing house."  In my best snotty bitch voice.   Oh well, you can't win them all and I didn't want her anyway as a client.   

Feb 9, 2006 3:12 pm
babbling looney:

Imagine getting a call from Joe Pecci with a stock idea.


Anyone remember the Sopranos episodes where they were running a scam of "Eubistics" stock.  It was a fake company and they had a bunch of brokers calling from a mouse house.  One of the brokers was caught talking about a mutual fund to a little old lady and they beat the crap out of him in front of the rest of the brokers.  Now, there's sales incentive for you!!


As for the come back on "I'm not interested",  if they didn't already hang up on me, I would ask what exactly was not interesting. Try to pin them down and then have something real to overcome.  Of course it is a lot easier in a face to face presentation.  


One time, I was "door knocking" to make initial introductions, and I was hot, tired, my feet hurt and I think I was having a bad hair day to top it all off.  I knocked on a door and before I had a chance to say anything the lady said "I'm not interested" in a real rude way.  I'd had it!! and said "Not interested in what?!?  You have no idea why I'm here.  Maybe you won the Publishers Clearing house."  In my best snotty bitch voice.   Oh well, you can't win them all and I didn't want her anyway as a client.   



That is great advice.  Do you guys have any other rebuttals to some common rejections. I'm mainly calling doctors, but it seems once I get them talking if there not too busy they answer my questions.


Any other rebuttals?

Feb 9, 2006 3:30 pm
skeedaddy2:

The irony of the whole thing was that Lehman was a white-shoe firm that maintained two kinds of brokers.  The first was the Ivy-league MBA institutional salesman that catered to CEOs from investment banking referrals and the second was a highly aggressive, don't take no for an answer, wise guy from Brooklynn.  Imagine getting a call from Joe Pecci with a stock idea.




Marty Shafiroff's a Brooklyn guy?


Right on description for a lot of these guys. Not smart, but very aggressive.


Regardless of where they came from, these guys made some serious coin and were livin large. One of my mentors came to work in a chauffer driven Rolls Royce, one in his fleet of high priced iron. The chauffer worked as a gofer during the day. As the weekends approached most of the single guys were busy making plans on were they were going to spend the weekend. Bermuda, Nassau, Miami, and LA were popular winter destinations. This went on every week.


Best move to keep a cold caller(dialer) from quiting: manager leased him a BMW convertible and told him he was in the training program. This kid, with an MBA, did over $700K his second year, in spite of his education.


Best move buying a house: Broker walks into an open house, home priced at $700K in 1988 money, 5 minutes after walking in tells the agent to lock the door, that he'll buy the house for $700K cash. One condition, no else allowed to look at the house that day. And he bought that house.


Then there were the races between my mentor, with his 930 turbo slantnose and one of the other idiots with his 328. Constant arguements and rematches. Mentor blew the engine in the Porsche. That quieted it down for awhile.


It was a crazy time. Many of these guys are still in the biz. They've adapted to the new paradigm. And they're still making big bucks.

Feb 9, 2006 4:35 pm

tjc:



As I read over your dialogue above, I remembered a script that I used with

good results. Its called the Missed Opportunity, and it goes like this:



"Mr. Jones, we spoke a few months back about Telefonos de Mexico, and

you told me you weren't liquid. Well, TMX is up over 40% since then.

Now remember I told you that our group only makes 3 or 4 significant

recommendations a year....and I have another one today."



"Are you liquid now?"

[shut-up]



"So...if you like this idea are you willing to take a $100,000 position?"

[shut-up]



Feb 9, 2006 6:17 pm

Just for fund I'd love to get my hands on one of those manuscripts.  Not that I would use the tactics though.

Feb 9, 2006 6:40 pm

Now I know why I have all of my clients money & not 100 shares of some crappy stock and a $400 commission.  Does anybody really do this?

Feb 9, 2006 7:06 pm

You know, I just threw that out there earlier and was surprised to hear that

others had similar experiences.



No, I think only bucket shops are engaged in those telemarketing tactics,

but believe me, that style was broadly applied at all the major wirehouses.

Hence the term ABC (always be closing).



This was before CNBC, voicemail and research reports on the internet.

Feb 9, 2006 9:39 pm

How about the "Killer Sales Rebuttals"( http://www.bornfreemarketing.com/?hop=firestone)? Has anyone ever tried that?

Feb 9, 2006 10:28 pm

So does anyone have a reply to the original rebuttals.

Also, what are the most OUTRAGEOUS things you have heard people say to get you off the phone.

And what are rebuttals that can be used today?

Feb 10, 2006 12:40 am

Here's a few I use.


 "I'm too busy":  That's ok, write the check and I'll take care of it for you.


 "I'm working with someone":  I don't expect to earn ALL your business today, but the average serious investor has 3 advisors, and no one broker has the corner on good ideas.


"All my money is tied up": When's the next time you have something coming due?  If I run an appropriate investment by you when the money does comes due, will you run that business by me?


"I'm not interested": What is it about a pay raise that you don't like?


"The bank handles all my money": Banks can't even manage your checking account correctly, why would you put your serious money there?



Let me know if you want more

Feb 10, 2006 1:46 am

How about to the "Is this a sales call" what do you guys say to that. 

Feb 10, 2006 9:08 am
younggunz:

How about to the "Is this a sales call" what do you guys say to that. 


No sir it is not.  Merely a brief introductory call to see if you might like to hear about attractive opportunities a few times a year.

Feb 10, 2006 10:10 am

Ever see "Boiler Room" - try some of that BS. I'm sure it will get you far.

Why not talk to someone in your office who built there practice cold calling. Chances are they saved their old scripts/flow charts.  

Feb 10, 2006 10:14 am
skeedaddy:

tjc:

As I read over your dialogue above, I remembered a script that I used with
good results. Its called the Missed Opportunity, and it goes like this:

"Mr. Jones, we spoke a few months back about Telefonos de Mexico, and
you told me you weren't liquid. Well, TMX is up over 40% since then.
Now remember I told you that our group only makes 3 or 4 significant
recommendations a year....and I have another one today."

"Are you liquid now?"
[shut-up]

"So...if you like this idea are you willing to take a $100,000 position?"
[shut-up]


Skee, you're giving me chills. Absolutely remember not only that approach, but making a lot money for my clients and myself in TFONY.


The Lehman system, as became known, was a proven path to success. Look no further than it's inventor, Shafiroff, who is listed at or near the top of Barron's top broker listing. Hundreds of others who, while not in Marty's league, still enjoy huge incomes from successful practices.