Bill Good: Hot Prospects

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Jan 30, 2009 11:49 am
I saw a 6 month old thread about the book and wasn't sure if I should raise a dead thread or start a new one, so I chose the latter.
 
I am presently reading Hot Prospects and so far I like it.
 
Although I must say his metaphor mixing is off-putting.  He rates prospects with like, 3 different systems simultaneously:  a thermometer reading (0, 60, 90, 120, 150 degrees); his "cherry" rating (which mixes metaphors itself: hot prospect, red cherry, green cherry, pits) and an alphabetical rating (A, B, C, D, E).
 
Then he throws in a baseball analogy which immediately contradicts itself:  "He's a pitch-and-miss.  You swung and missed."  Which is it, did I pitch or did I swing?  Did an editor read this thing?  Did I mention the imagery he started the chapter with was that of a 1849 California Gold Rush prospector?  Seriously, the analogies and symbolism are all over the map, there's no cohesive vision for what he's trying to say.
 
And the whole bit where he hides portions of the book on his website is a little weird.  At first I thought he was just trying to drive traffic to his web ads, then it just seemed like a little paranoia; like he was afraid someone would summarize the ideas in the book and pass them around the internet.  Or something.
 
All of that aside, I like his ideas about prospecting because they closely match mine.  One, I hate being sold.  If I say I'm not interested it's because I'm not.  But two, although I hate being sold, when I stumble across someone selling something I was recently interested in, I will not hesitate to convey that.  Sure, my salesguy BS detector is immediately dialed up to 11, but I will listen to what he has to say and even ask questions.
 
And I think most people are this way.  No means no.  In my case, I dont even say no, I just hang up the phone because I know if I don't, I'm about to get dragged into an Old Way sales pitch where the guy tries to convince me that I dont even know what I want, and that the thing I really want is whatever he is peddling.
 
So, in all, I agree with Good 100%:  When you are prospecting, you're not looking for people you can sell; you are looking for people that are ready to buy.
 
Has anyone read his original book and this one as well?  Is there anything in the first that he doesn't cover in Hot Prospects?
Jan 31, 2009 1:10 am

I'll tell you this, in training for SB, we were given a Bond book (written by Michael Brandes), "The Warren Buffett Way" and "Never Eat Alone".  They should have given us this book instead of the Buffett book (we're asset gatherers, not portfolio managers), or made us buy it (or the previous one, which I ordered from BN).  I think back to how much time I wasted on "pits" when I could have been spending time better suited looking for "cherries". 

In fact, a lot of the new FA training should focus on prospecting skills and techniques rather than overcoming objections.  Like the ideas espoused in the 500 Day War. 

Jan 31, 2009 2:27 pm

Bills first book, Prospecting your way to sales success (2nd ed) is a must read for the aspiring financial adviser. I use his cherry principal in my Act ! program ( prospects broken down into info lead, pitch & miss, green cherries, cherries, hot prospects and under review).

The point is to have a system and this has worked well for me. Prospects are your "inventory" after all, and it helps to cut ties with those that are just wasting your time by labeling them as jerks and pits. I wasn't crazy about his most recent book, Hot Prospects, as it is just a rehash of PYWTSS.
 
Stok
Jan 31, 2009 6:02 pm
C_FA:

I'll tell you this, in training for SB, we were given a Bond book (written by Michael Brandes), "The Warren Buffett Way" and "Never Eat Alone".

 
I saw Never Eat Alone and almost picked it up when I got Hot Prospects.  So, you liked it?  I was talking with a Jones guy not too long ago and he told me he takes someone to lunch every day.  I rather like the idea.
 
In fact, a lot of the new FA training should focus on prospecting skills and techniques rather than overcoming objections.  Like the ideas espoused in the 500 Day War.
 
I think that if you properly craft a pitch, then it's not so much about overcoming objections as it is simply answering questions.  The proposal will speak for itself; if the prospect is really not interested or inventing reasons why it can't be done or shouldn't be done, you're wasting your time.  If you create the desire, a client that genuinely wants to do it will overcome his own objections.

Jan 31, 2009 8:36 pm

[quote=Potential][quote=C_FA]I'll tell you this, in training for SB, we were given a Bond book (written by Michael Brandes), "The Warren Buffett Way" and "Never Eat Alone".

 
I saw Never Eat Alone and almost picked it up when I got Hot Prospects.  So, you liked it?  I was talking with a Jones guy not too long ago and he told me he takes someone to lunch every day.  I rather like the idea.

 
In fact, a lot of the new FA training should focus on prospecting skills and techniques rather than overcoming objections.  Like the ideas espoused in the 500 Day War.
 
I think that if you properly craft a pitch, then it's not so much about overcoming objections as it is simply answering questions.  The proposal will speak for itself; if the prospect is really not interested or inventing reasons why it can't be done or shouldn't be done, you're wasting your time.  If you create the desire, a client that genuinely wants to do it will overcome his own objections.

The book (Never eat alone)  has good ideas,
especially related to networking, giving something of value first, and
being a conduit; meaning, being connected with a lot of people
strategically.  it was given to us as part of a training package with
Series 7 study materials.  In hindsight, I just thought something like
Bill Good's book is much more applicable, because it's really about
prospecting-closing-asking for referrals. 

 And doing a good job for clients in the process.  The Jones guy has it
right in his approach-better there, in front of new people, than in the
wholesaler lunch.  I don't dispute that.  Get out of the office. 
Having said that, you can be a conduit all you want, giving, giving,
giving, and unless people come to you and open accounts, and bring in
real assets, it's not a good use of time.   Judge has it right, keep up
contact w/friends at night (after 7-8 pm) and on weekends.  When I
first started, I was in the office 5 days a week, 8-5, with my nose in
a study manual.  I should have been out reconnecting with people from the past,
playing golf with new people, getting in front of and meeting as many
people as possible, and then studying at night.  But, they don't tell
you that at first.  Yes, you have to pass the 7 and 66.  Yes, you need
a certain working knowledge of the capital markets.  They give you all
these exercises and assignments to do, academic work in nature, and it
won't do a lot for building a list of qualified prospects. 
Agreed--I have had discussions at length with my sales manager about this, about prospecting and thinking about speed--rather than working people over, over, and over again.  I did that early on as well-and probably should have just cast some of them aside.  Getting as many prospects into that pipeline as quickly as possible--and then adding more--this should also be covered--the numbers to really make it work (# of dials, # of prospects, # of meetings).  David Mullen's book does this very well. 
Jan 31, 2009 8:38 pm
stokwiz:

Bills first book, Prospecting your way to sales success (2nd ed) is a must read for the aspiring financial adviser. I use his cherry principal in my Act ! program ( prospects broken down into info lead, pitch & miss, green cherries, cherries, hot prospects and under review).

The point is to have a system and this has worked well for me. Prospects are your "inventory" after all, and it helps to cut ties with those that are just wasting your time by labeling them as jerks and pits. I wasn't crazy about his most recent book, Hot Prospects, as it is just a rehash of PYWTSS.
 
Stok



Stok,

Is Hot Prospects that close to "Prospecting..."?  Reason I ask is, I ordered "Prospecting" as well.

Feb 1, 2009 12:51 am

I'm starting with EJ on Monday. I know they focus on doorknocking as their primary mode of prospecting, but recently I've felt "the recipe" might need some extra ingredients. A few of the newer FA's I've met recently have been struggling since Oct 08. It seems that cold calling may be the most viable alternative to supplement my doorknocking. The problem is that I've never cold called before, so I'm almost completely clueless. I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists?  Any other resources I should look into regarding cold calling? Books? Techniques? etc.

 
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject?
 
Thank you all for your help!
Feb 1, 2009 5:58 pm
C_FA:

[The book (Never eat alone)  has good ideas ... giving something of value first

 
My father-in-law was a liquor salesman for decades and he always used to tell me "Ya gotta make 'em embarassed not to give ya the business."  Which is why the liquor industry has tons of free giveaways, everything from bar napkins to liquor themed tee-shirts and mirrors/wall hangings.
 
And every industry does it in some form or other, from the fuller brush salesman that hands you a free sponge when you answer the knock at the door to pharmacy reps showering doctors offices with bagels and sandwich platters.
 
I guess it kind of puts the client in an "obligatory" position, of sorts.
Feb 1, 2009 7:26 pm
Fud Box:

I'm starting with EJ on Monday. I know they focus on doorknocking as their primary mode of prospecting, but recently I've felt "the recipe" might need some extra ingredients. A few of the newer FA's I've met recently have been struggling since Oct 08. It seems that cold calling may be the most viable alternative to supplement my doorknocking. The problem is that I've never cold called before, so I'm almost completely clueless. I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists?  Any other resources I should look into regarding cold calling? Books? Techniques? etc.

 
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject?
 
Thank you all for your help!



What do you mean 'start with Jones on Monday'? Where are you in the process? Surely before they turn you loose they will provide you with a field trainer who will teach you how to make cold calls.
Jones will teach you a recipe and you would be wise to follow it; but at the same time you have the right idea here of trying to find other ways to prospect and sell.
Get to know the FAs in your region and find some who will help you.

Feb 2, 2009 10:14 am
buyandhold:
Fud Box:

I'm starting with EJ on Monday. I know they focus on doorknocking as their primary mode of prospecting, but recently I've felt "the recipe" might need some extra ingredients. A few of the newer FA's I've met recently have been struggling since Oct 08. It seems that cold calling may be the most viable alternative to supplement my doorknocking. The problem is that I've never cold called before, so I'm almost completely clueless. I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists?  Any other resources I should look into regarding cold calling? Books? Techniques? etc.

 
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject?
 
Thank you all for your help!



What do you mean 'start with Jones on Monday'? Where are you in the process? Surely before they turn you loose they will provide you with a field trainer who will teach you how to make cold calls.
Jones will teach you a recipe and you would be wise to follow it; but at the same time you have the right idea here of trying to find other ways to prospect and sell.
Get to know the FAs in your region and find some who will help you.

 
As of today, I'm officially in training! I've already met my field trainer, super nice guy and a Seg 4. I'm sure I'll learn a lot from him. I believe "the recipe" is to my benefit, and I intend to follow it. At the same time, for reasons I stated above, I feel that the recipe may need some tweeking for the current environment. I'm not saying the recipe is bad, or that I want to go my own way. I'm not trying to reinvent the wheel. What I AM trying to do is ensure that if doorknocking isn't effective enough, that I'm prepared with some alternatives. I'm completely new to this, and I don't want to be caught with my pants down with nowhere to run.
 
In lieu of that...any suggestions for my previous questions (pasted below), or insight as to what quetions I should be asking?
 
I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists?  Any other resources I should look into regarding cold calling? Books? Techniques? etc.
 
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject?
 
Thanks again for any help!
Feb 2, 2009 10:18 am

Bud, I would suggest NOT WAITING to find out if doorknocking is not effective enough.  At that point, it will be too late.  I would suggest starting to network (it won't pay off for some time) at Chambers, BNI, whatever works in your area.  Do some very light seminars (maybe see if you can sit in on some with a veteran in your region first to get an idea of how to present), start thinking about where the money is (big employers, retirement communities, etc.), and come up with a strategy.  But don't wait until you find out doorknocking won't work.  It will be too late by then.

Feb 2, 2009 10:56 am
B24:

Bud, I would suggest NOT WAITING to find out if doorknocking is not effective enough.  At that point, it will be too late.  I would suggest starting to network (it won't pay off for some time) at Chambers, BNI, whatever works in your area.  Do some very light seminars (maybe see if you can sit in on some with a veteran in your region first to get an idea of how to present), start thinking about where the money is (big employers, retirement communities, etc.), and come up with a strategy.  But don't wait until you find out doorknocking won't work.  It will be too late by then.

Thanks for the information. As it pertains to waiting, I couldn't agree more. Which is why, although I just started studying for the licensing today, I feel it necessary to start coming up with multiple marketing strategies. After all, I only have about 4 months before I start my business from absolute zero.
 
I like the idea of the "canned" seminars. That'll at least get my feet wet. I assume any seminars I create will have to be Compliance approved, so these will save a ton of time I'm sure. What's the best way to promote attendance? The local Chambers, Rotary, and BNI groups seem to already have a Jones (as well as other FA) presence. Would that limit the potential gain from joining these groups? At the end of the day, they're really not that cheap. My area does have several large employers, particularly in high tech fields (computers, pharma, etc.). My guess would be the best resource would be a company directory, but how do you get those?
 
Sorry about all the follow up questions, but I'm really trying to get as many specific ideas as possible, so that I can figure out what "fits me" when the time comes to start building my business.
 
Do you have any suggestions for general resources for marketing strategies that I can look into? Like books, websites, etc. The cheaper or "free-er"  the better!
Feb 2, 2009 12:22 pm

[/quote]

  
I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists?  Any other resources I should look into regarding cold calling? Books? Techniques? etc.
 
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject?
 
Thanks again for any help! [/quote]
 
Jones has many seminars to pick from, at least one every month, that are very easy to do. Also, you will meet mutual fund wholesalers who would probably do a lunch seminar with you. You can invite your prospects.
You don't need lists. If you put 15 new prospects in your system every day you will have hundreds of people to call a month from now. You can easily do that by DK'ing three hours a day.
I still think you can build a business with effective DKs, but most Jones brokers do other things.
 
 
 
 
 
 
Feb 2, 2009 1:39 pm
buyandhold:
  
I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists?  Any other resources I should look into regarding cold calling? Books? Techniques? etc.
 
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject?
 
Thanks again for any help! [/quote]
 
Jones has many seminars to pick from, at least one every month, that are very easy to do. Also, you will meet mutual fund wholesalers who would probably do a lunch seminar with you. You can invite your prospects.
You don't need lists. If you put 15 new prospects in your system every day you will have hundreds of people to call a month from now. You can easily do that by DK'ing three hours a day.
I still think you can build a business with effective DKs, but most Jones brokers do other things.
 
 
 
 
 
 [/quote]
The recipe says "25 quality contacts per day". If I can pull 15-25 prospects per day doorknocking, then I won't be as concerned about using other methods (provided those prospects bear fruit). I'm just trying to find alternative measures in the event doorknocking isn't that effective. A couple of the newer FA's in my area seem to be struggling with generating leads lately.  As far as seminars are concerned...I know they are a great tool for developing the leads you have, but I was trying to get some tips as to how you would use them as a lead generating tool. Particulary when you don't have an existing client base or prospect list to invite.
 
Any thoughts?
Feb 2, 2009 1:52 pm

Bud, I really wouldn't start semianrs from day 1.  I would wait until you are licensed (well, you have to), and even then, wait until you have some clients first.  Also, as someone noted earlier, you can use seminars as a way to entice prospects you doorknocked to come see you.  In other words, when you doorknock, "Hi, I'm Fud Box....one fo the things we do is hold seminars........blah, blah."  At least they may allow you to call them or send invites.  That's much less invasive than asking for an appointment or talking about product on a doorstep.  It's chicken-and-egg thing.

Feb 2, 2009 1:59 pm
Fud Box:
buyandhold:
    
The recipe says "25 quality contacts per day". If I can pull 15-25 prospects per day doorknocking, then I won't be as concerned about using other methods (provided those prospects bear fruit). I'm just trying to find alternative measures in the event doorknocking isn't that effective. A couple of the newer FA's in my area seem to be struggling with generating leads lately.  As far as seminars are concerned...I know they are a great tool for developing the leads you have, but I was trying to get some tips as to how you would use them as a lead generating tool. Particulary when you don't have an existing client base or prospect list to invite.
 
Any thoughts?[/quote]
 
10 to 15 DKs at the door, PLUS 10-15 phone conversations with the people you DK'd two weeks ago equals 25. Do that and then supplement it by an hour of cold calling, volunteer work with rich people and hanging out with CPAs.
Your job right now is to prospect and pluck the low hanging fruit. There is no list of those people; you have to go find them yourself.
 
 
 
 
 
Feb 4, 2009 7:58 pm

This is strange, the email I sent Bill Good is being bounced back to me as undeliverable.

 
The worksheets he has on his website have these EULA type agreements so that you can't circulate his proprietary materials -- problem is, I can't make them disappear as they're supposed to, which makes the worksheet useless.  I emailed him via his website and it got bounced back to me.  A little frustrating.
Feb 10, 2009 11:07 am

Someone mentioned that Bill Good's new book addressed the issue of the DNC list.  Does anyone that has read it know what he suggest for working within the DNC guidelines?  The % of people in my area on the DNC list is over 90%.  It doesn't leave a hell of a lot of people to call (I did a list within my parameters that returned about 11,000 names.  10,000 of them were on the DNC list ).

 
His previous book (which I have) obviously didn't address the DNC list.
Feb 10, 2009 11:42 am

Yes.  I can buy the book, but I have heard it's more or less the same, except that he addresses the issue of the DNC list.

Feb 10, 2009 11:51 am

How do you really address something like that?? You can't call those people... So my guess is he spends a chapter explaining how to call the other ones