Anyone making cold calls?

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Sep 30, 2008 12:15 pm

Is anyone making dead cold calls right now?  Not warm calls, but to entirely new people.


If so, how is the reception right now?


Sep 30, 2008 12:40 pm

Friday, I sent out a second opinion letter to prospects in a town north of me.  I plan on making calls Thursday evening to them.  We also had some short term Muni bonds paying 5%, in which I've called on.  Problem is, they like the rate...and then they talk about the market. Everyone is concerned right now...and so I offer a review.

Sep 30, 2008 8:23 pm

calling has been super tough lately. not good reception at all. But people are talking, which is good, but they just want to talk about how they're worried. Most won't make changes "in this market" right now they say.

Sep 30, 2008 8:28 pm

I'm making cold calls.  My success rate seems to be the same as always.  It takes about 40 dials to reach 4-5 people to set 2 appointments.  With referrals, it's closer to 5 dials to reach 3 to set 2.

Oct 1, 2008 4:48 pm
snaggletooth:

Is anyone making dead cold calls right now?  Not warm calls, but to entirely new people.


If so, how is the reception right now?




 
When you say 'dead cold calls' or 'cold calls' are you calling off of targeted lists or simply off of a reverse directory or out of a phone book? The term 'cold calls' implies the latter. I no longer 'cold call.' Everything about my lead generation is a synergistic system comprised of multi-media: radio ads/topic releases, local channel tv ads, newspaper ads and press releases, newsletters, seminars, self created publications, local 'Little Black Book' (all local businesses are in it, and every client gets one, a great synergistic marketing tool for referrals from, you guessed it, local businesses and the recipient) and CD's-(some are for more 'advanced' clients and are only available for purchase,) Internet/with e-mail/e-newsletter, . All of these are in addition to my regular clientele and referrals.
 
A now retired mentor was the one who taught me early on that 'You are first and foremost a marketer of your services'  and stressed targeting strategy in terms of marketing which eliminates the need to 'cold call' in the true definition of the phrase. It's interesting that I saw the following quote while browsing on Amazon: "Sales quotas are designed to be met in an eight hour five day work week. If you are working more than eight hours a week to meet your quota, something is wrong with your system." by Frank J. Rumbauskas Jr.  www.NeverColdCall.com I would agree and add, or your product mix.
 
For anyone considering a career in Financial services I let them know that as a business owner their success or failure will be largely contingent on their marketing budget, ability to make contacts, long term relationships and correspondingly, their marketing media with an emphasis on the targeted volume of the marketing methods. To give them a taste, I show them the required volume/cost of each of the media used and the statistics I have gathered for each in terms of business generation over the years (good times and not so good times) so they have a clue as to what is required to generate a 6 figure income.
 
I know that there's a company that puts it's rookies out on the street 'door knocking' and we all know what company it is, but 'there's a method to the madness' that I can see with their marketing  that 'works' with their 'long term' model but very likely encourages a high turnover of rookies (especially 'just out of college rookies) to the business with all of the 'right' or 'applicable' candidate qualities who lack personal economic reserves.  Their model 'works for them' and very likely does not 'work for many rookies' creating a high turnover/washout rate because A) That company appears to not place a representative and office in an area that does not meet their target marketing guidelines in terms of 'affluence of market' or 'growth.' B)They run an 'ad machine' and when they do, it's 24/7 for new representatives. C)Those representatives who outside of persistence and tenacity lack for a personal marketing budget and economic reserves for multiple media marketing expose themselves to the sine waves of the good and not so good times in the business and risk being highly expendable because the prescribed marketing goals and implementation are strictly adhered to and 'rookies' who fall behind are easily replaced through this company's recruiting efforts because they are abundant, easy to find and with their pocketbook, represent an expendable resource because they are 'a dime a dozen' and 'almost free' for the taking ie: if you had their pocketbook, recruiting and training would not represent a very high percentage of your costs.
 
The 'bottom line' is ideally you must 'have the money' to 'make the money' and if you lack for it, the odds are increasingly stacked against you if you are a financially 'poor' rookie and fall on 'slow or 'not so good' times in terms of business generation.
 
 
 
 
Oct 1, 2008 8:14 pm

DB,

I can't tell if you are insightful, or just trying to sell some system. Are you an FA or a marketing person (please don't say "both" - you know what I mean)??

I am guessing you are a marketer of advisor-related marketing tools?

Oct 1, 2008 8:44 pm
B24:

DB,
I can't tell if you are insightful, or just trying to sell some system. Are you an FA or a marketing person (please don't say "both" - you know what I mean)??
I am guessing you are a marketer of advisor-related marketing tools?

 
I'm just being insightful---just sharing the 'real world of marketing/self promotion' with anyone looking at financial services as a career option who might not have a clue this way they can enter in with their eyes and minds wide open, but not so open their brains fall out!
Oct 1, 2008 8:44 pm

DB ... Exactly mt thoughts.

 
Now is the best time to cold call since 01. Anybody tells you it doesn't work ISN'T DOING IT!
 
Cold Calling works. If you dont think so give me your client list and see what happens.
Oct 2, 2008 3:24 pm

Well said Gad I agree!

Oct 2, 2008 3:41 pm
dbsdesk:
snaggletooth:

Is anyone making dead cold calls right now?  Not warm calls, but to entirely new people.


If so, how is the reception right now?




 
When you say 'dead cold calls' or 'cold calls' are you calling off of targeted lists or simply off of a reverse directory or out of a phone book? The term 'cold calls' implies the latter. I no longer 'cold call.' Everything about my lead generation is a synergistic system comprised of multi-media: radio ads/topic releases, local channel tv ads, newspaper ads and press releases, newsletters, seminars, self created publications, local 'Little Black Book' (all local businesses are in it, and every client gets one, a great synergistic marketing tool for referrals from, you guessed it, local businesses and the recipient) and CD's-(some are for more 'advanced' clients and are only available for purchase,) Internet/with e-mail/e-newsletter, . All of these are in addition to my regular clientele and referrals.
 
A now retired mentor was the one who taught me early on that 'You are first and foremost a marketer of your services'  and stressed targeting strategy in terms of marketing which eliminates the need to 'cold call' in the true definition of the phrase. It's interesting that I saw the following quote while browsing on Amazon: "Sales quotas are designed to be met in an eight hour five day work week. If you are working more than eight hours a week to meet your quota, something is wrong with your system." by Frank J. Rumbauskas Jr.  www.NeverColdCall.com I would agree and add, or your product mix.
 
For anyone considering a career in Financial services I let them know that as a business owner their success or failure will be largely contingent on their marketing budget, ability to make contacts, long term relationships and correspondingly, their marketing media with an emphasis on the targeted volume of the marketing methods. To give them a taste, I show them the required volume/cost of each of the media used and the statistics I have gathered for each in terms of business generation over the years (good times and not so good times) so they have a clue as to what is required to generate a 6 figure income.
 
I know that there's a company that puts it's rookies out on the street 'door knocking' and we all know what company it is, but 'there's a method to the madness' that I can see with their marketing  that 'works' with their 'long term' model but very likely encourages a high turnover of rookies (especially 'just out of college rookies) to the business with all of the 'right' or 'applicable' candidate qualities who lack personal economic reserves.  Their model 'works for them' and very likely does not 'work for many rookies' creating a high turnover/washout rate because A) That company appears to not place a representative and office in an area that does not meet their target marketing guidelines in terms of 'affluence of market' or 'growth.' B)They run an 'ad machine' and when they do, it's 24/7 for new representatives. C)Those representatives who outside of persistence and tenacity lack for a personal marketing budget and economic reserves for multiple media marketing expose themselves to the sine waves of the good and not so good times in the business and risk being highly expendable because the prescribed marketing goals and implementation are strictly adhered to and 'rookies' who fall behind are easily replaced through this company's recruiting efforts because they are abundant, easy to find and with their pocketbook, represent an expendable resource because they are 'a dime a dozen' and 'almost free' for the taking ie: if you had their pocketbook, recruiting and training would not represent a very high percentage of your costs.
 
The 'bottom line' is ideally you must 'have the money' to 'make the money' and if you lack for it, the odds are increasingly stacked against you if you are a financially 'poor' rookie and fall on 'slow or 'not so good' times in terms of business generation.
 
 
 
 
Oct 2, 2008 3:44 pm

All right, I am going to call BS on this. I started my biz by cold calling, it sucks, but you have to get a start (without $).

Oct 3, 2008 8:05 pm

I had no network no rich friends and refused to sign up family for fear the vultures would end up with my family as their accounts. I'm kicking arse and did it ALL from cold calls.

 
Again, those that poo poo it are weak and don't have the nutts to do it. Those who do it make it. There's simplicity for you.