Back on the Phone

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Jul 23, 2007 4:33 pm

Is it just me or does it seem like everyone is satisfied with their investments and investment professionals?


I call on corporate directories and no one wants to take the time to think about their investments.


I call off the business owner list and they don't take the calls.


What the hell happened to the good ol' days of phone solicitations?


Everyone seems to think us financial professionals all do the same thing with their money. 


I'm not taking it personal, but do people realize how f'd they are when they decide to retire?  They're not saving, they're not getting the growth they need, and then they take out too much money in retirement.  Anyone want to go into the business of building nursing homes ONE step up from the county run facilities (the poor house) with me?  I know there will be a huge demand for that.


Ahhhh, the pain of cold calling again

Jul 23, 2007 4:51 pm

The most important thing is activity. Even though you may not be closing on getting a meeting, what you are doing is developing that relationship. I have had a dozen conversations with C-level Exec's and never had one meeting. Of late, I have been recommending that we get together and review their strategies ("markets at all time highs, risk management, etc, etc) and 97% of the time- "not interested, my advisor is doing well", blah blah...


Not predicting doom and gloom, but if the markets were to correct at some point, you have positioned yourself as someone they can reach out to. At that point, the heavy lifting has been done on your part. You have shown you are persistent, have good follow-up, are coming to them with ideas, and are willing to help them via a second opinion, etc.


You will get these meetings and if you convey value and perhaps another strategy- you will get the ACAT's...

Jul 23, 2007 4:58 pm

Thank goodness that there are still good people here like Blarmstorm.  Listen, you got to say something motivating.  I hate to say it, but sell to fears.  Get them out of their chair.


They NEED YOU.  Talk that way and you will get them.


But, I agree, cold calling stinks.  Anybody who says different is LYING. 

Jul 23, 2007 5:14 pm

Thank you both Blarm and V to the brain.  I just needed to vent.  I am glad to hear you are getting the same response Blarm, so I know it's not just me.


I guess prospecting can be like trying to pick up a girl.  They always go for the a**hole.  I will stop being such a nice guy and just be a d*ck!

Jul 23, 2007 5:43 pm

Dont change who you are or how you prospect. Its simply a numbers game, followed by persistence and being there when the time comes...




Jul 23, 2007 5:53 pm

Blarm, what do you figure to be your ratios as of late?


On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.


Of course they all get put into the system and are dripped on anywhere from 30-90 days.

Jul 23, 2007 6:38 pm

Excellent posts blarm.

Jul 23, 2007 6:57 pm

Its all a crapshoot, but my numbers are within those ranges...


Of course they all get put into the system and are dripped on anywhere from 30-90 days.


I would suggest that for qualified prospects you NEVER stop drip'ping on them. It may be overkill, but I truly believe in the power of persistence and 'wearing down' a prospect...

Jul 23, 2007 7:07 pm

As Blarm says, definitely drip on them longer than 90 days.  I usually will keep following up until they become clients or I determine that they're never going to become a client.  After a while you realize that some people will never sign up no matter how much you persist.  But until you reach that point, keep following up.  Recently I decided to give a follow up call to someone I made initial contact with last October.  It turns out he just sold a small business and now wants to talk; right place, right time.  That's all it is.

Jul 23, 2007 7:13 pm
snaggletooth:

Blarm, what do you figure to be your ratios as of late?


On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.


Of course they all get put into the system and are dripped on anywhere from 30-90 days.



Dude...what are you doing? 25 contacts and NO appointments? ARe you taking "no" for an answer? f**k those five who want information. If the really WANT it, they'll schedule an appt with you.


Noone's got any balls anymore.

Jul 23, 2007 7:31 pm
Bobby Hull:
snaggletooth:

Blarm, what do you figure to be your ratios as of late?


On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.


Of course they all get put into the system and are dripped on anywhere from 30-90 days.



Dude...what are you doing? 25 contacts and NO appointments? ARe you taking "no" for an answer? f**k those five who want information. If the really WANT it, they'll schedule an appt with you.


Noone's got any balls anymore.



I don't know.  Obviously not enough.  What might you say to get them to WANT it?

Jul 23, 2007 8:17 pm
snaggletooth:
Bobby Hull:
snaggletooth:

Blarm, what do you figure to be your ratios as of late?


On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.


Of course they all get put into the system and are dripped on anywhere from 30-90 days.



Dude...what are you doing? 25 contacts and NO appointments? ARe you taking "no" for an answer? f**k those five who want information. If the really WANT it, they'll schedule an appt with you.


Noone's got any balls anymore.



I don't know.  Obviously not enough.  What might you say to get them to WANT it?



Go for the throat and try for the appointment. If they ask you to send something tell them that you've NEVER done business with anyone that you've sent information to and ask them what you could possibly send them that will make them call you back and say "Snaggletooth, get your ass over here, right now! I need to buy that thing that you sent me the info about."

Jul 23, 2007 8:31 pm
Bobby Hull:

Go for the throat and try for the appointment. If they ask you to send something tell them that you've NEVER done business with anyone that you've sent information to and ask them what you could possibly send them that will make them call you back and say "Snaggletooth, get your ass over here, right now! I need to buy that thing that you sent me the info about."



 

Jul 23, 2007 10:42 pm

Just started dialing again after a very long time of not doing it.


In the past it worked well but for some reason (probably cause it sucks) I stopped.


Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.


Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.


Thanks




Jul 23, 2007 10:47 pm
age7877:

Just started dialing again after a very long time of not doing it.


In the past it worked well but for some reason (probably cause it sucks) I stopped.


Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.


Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.


Thanks






Just start calling away and forget about the DNC list. If anyone says anything just apologize, remind them of the fact that you can count on the government to make a lot mistakes with something like this, and promise you'll never call them again.

Jul 24, 2007 12:00 am
doberman:
Bobby Hull:

Go for the throat and try for the appointment. If they ask you to send something tell them that you've NEVER done business with anyone that you've sent information to and ask them what you could possibly send them that will make them call you back and say "Snaggletooth, get your ass over here, right now! I need to buy that thing that you sent me the info about."



 



True enough.... or to be nicer about it.  I explain that it is so very  difficult to talk about all this financial stuff over the phone  (doncha think?) and it would be so much nicer if we could meet and "visit" with each other face to face.   After all "I would feel so much more comfortable if I were to be able to look you in the eyes.... wouldn't you?  Plus all this stuff is pretty complicated so it would be sooooo much better to meet together so I can give you this information.  It is much to difficult to try to explain this over the phone.  When is a good time for you????"  press press press ... shuck and jive


Of course, I'm just a fluffy widdle lady bunny.... no threat here.   Velvet glove treatment.

Jul 24, 2007 12:02 am
Bobby Hull:
age7877:

Just started dialing again after a very long time of not doing it.


In the past it worked well but for some reason (probably cause it sucks) I stopped.


Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.


Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.


Thanks






Just start calling away and forget about the DNC list. If anyone says anything just apologize, remind them of the fact that you can count on the government to make a lot mistakes with something like this, and promise you'll never call them again.



LOL - That is golden. I will use that. When all else fails, blame The Man!!!11

Jul 24, 2007 6:44 am

If you are calling on an investment idea and they ask you to send the information just ask them: "Okay, so let's say I have sent you the info and you love the idea.  What happens next?"  You find out they will either meet with you at some point (push for the meeting now) or they will steal the idea and go to their current broker (tell them to pound salt).


I had a lady ask me the name of the product I was calling on yesterday after she asked all the specifics.  I laughed at her.  She admitted she just wanted the name so she could check it out herself and has no desire to work with a broker, at this point. 

Jul 24, 2007 8:47 am

Calling residences, that's about the number of dials I get answered also.  I still call mostly residences though; I've dialed a lot of business owners and it takes too much time to get put on hold by the gatekeeper, then when the owner picks up, they're busy and don't have time to listen.  I still call them early morning and late afternoon, they're a bit more available then. 


Cold calling is a frustrating/mind numbing thing no matter how you put it.  But the thing is, if you do it enough times, it does work.  Lately I had slacked off the calling a bit because I was out on meetings a lot, and doing a lot of networking in the evenings.  But a few weeks back, I started pounding the phones again in my slack time at the office, and sure enough, I got appointments and it looks like I'm about to close a $1mm prospect and a couple of smaller accounts.  Stuff like that is what keeps me calling.





age7877:

Just started dialing again after a very long time of not doing it.


In the past it worked well but for some reason (probably cause it sucks) I stopped.


Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.


Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.


Thanks




Jul 24, 2007 10:09 am

Prospecting really does seem like meeting women, and Bobby Hull's approach reminds me of advice my brother gave me when I had about a 0.00 batting average with them (okay, it was exactly a 0.00 average, there was no about involved).


He said not to be an a**hole when talking to women, but contrary to popular belief, it's about overconfidence, not just confidence. 


When I took his advice my average went way up.


I still remember when he gained about 40 lbs one year, and wasn't looking his best, and still met this beautiful girl when we went out.  I also remember one of the ridiculous things he said to her, but he did it with overconfidence and she laughed.  He told her, "I'm the coolest fat guy you'll ever meet".  He kept going with goofy things like, "I maybe fat, but the rest of the guys in this place are ugly.  I can diet."


I didn't know it at the time, but maybe I was getting a lesson in prospecting.