Cold Call Voice

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Jun 7, 2006 6:02 pm

Does anyone have any ideas on how to keep your voice strong, even after several hours of calling?   If I start calling in the morning my voice begins to get tired and hoarse in the afternoon.  Is their a secret to keeping it strong or bringing it back?  Thanks, bgsport1.

Jun 7, 2006 8:53 pm

Avoid caffeine. It dehydrates you.


Consume lots of water during the day.


Also, you can apologize to the prospect for your raspy voice. (Use your raspy voice as a sales technique.) To prospect: "It's just that I've been busy telling everyone about this great deal: muni, stock, etc. and I wanted to tell you about this limited time opportunity!"

Jun 8, 2006 12:51 pm

How about trying something productive to grow your business, like reducing the amount of time you practice your 'pitch' (AKA, cold calling).  Don't get me wrong - cold calling is a productive way to learn how to handle objections - but after your first month in the business you should refine your efforts into constructing a business that will provide you sustainable income.


Insanity: Doing the same thing over and over, but expecting different results.

Jun 8, 2006 12:54 pm

So how should he prospect instead, join a chamber?

Jun 8, 2006 1:50 pm

The only people who join a chamber are other professionals who are looking for business.  However, it is a good organization for helping grow the 'community'.  <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


As unbelievable as it may seem - the more you focus your prospecting, the better the result.  Shotgun style phone assaults don’t work – but 20 year dinosaurs will tell you that’s how they built their business and that’s the only way you can build your business.  If you’re serious about long term survival – you’ll do the following:


Find three affinities (or niche markets) that have a need for your business.  CPA’s and Attorney’s don’t count – too broad.  If my hobby is, lets say Travel – what types of people like to travel for leisure?  How may I immerse myself into that group?  What types of publications to they read?  What types of clubs to they join?  What other social groups are they part of?  Are they retired?  Are they active in their community?  Do they like to organize other leisure activities?  Do some ground research and answer these questions – you’ll be well on your way with this group.  The best way to research a niche is to actually talk with people affiliated with that niche.  Become the ‘go to’ person within that circle – you’re off to the races.


Let’s say that a friend of my father owns a manufacturing business.  My interest is to make a connection with that business owner – not necessarily to do business with that person – but to get advice from them on if small manufacturing business owners have a need for what I do, and are there ways that I can help that group.  My questions to the small manufacturing business owners are – what’s your biggest issue with running a small business?  What kind of turnover to you experience – and what do you see as your biggest staffing issue?  In your industry – what publications to you read?  In your industry – what types of conferences to you attend (ultimately – you would want to be invited to speak at one of those conferences)?  What do you like most/least about your financial provider?  What advice do you have for me as I build my business?  Etc.  They will give you more than enough information to go on and will always have you in the back of their mind as someone who’s in the business (future referral potential). 


Always ask for a tour and always ask if there’s someone else you can speak too as you conduct your research.  Networking is 1,000 times more effective when a mutual friend or business associate introduces you.  Do this and you’re off to the races!

Jun 8, 2006 3:02 pm

Bgsport1, as you can see there is more than one way to build a business. And, everyone has an opinion as to just what is the most effective way to get that done. Over the past few years I've witnessed trainees who have cold called and one who did once monthly seminars. The monthly seminar trainee got off to the quickest start, doing about 300K his first year. The cold callers plodded along and two years in are booking about $200-250K. One of our 5th year trainees (ex-trainee?) booked over 500k, all from cold calling. A sixth year guy is doing about the same.


Cold calling is hard but it works. There are those who will tell you that it's the equivalent of hitting yourself in the knee with a hammer. For them, that's true. If it's working for you keep doing it.


 As for our seminar trainee here's the rest of the story. This 40 something trainee came to us after selling a large business. He's the first trainee I've ever seen who drives a new 745il and lives in a million dollar house. He did his monthly seminar at high end local restaurants at a cost of about $30 plate. The dinners usually cost him $1100 to $1500 each. To get attendees he bought leads, approximately $500 worth per month. And in the end he had to cold call for attendees. So he spent hours each day cold calling, just like you. A few months in he decided to delegate the cold calling to temps. He hired 3 temps to work 3 hours a nite @ $11/hour each to work 3 nites a week. Do the math and that's about $300 a week in labor cost. His total monthly cost was in the neighborhood of $3000. The office was picking up part of the tab and about 8 months in he got fund wholesalers to start helping with the dinner cost. As smart as this prospecting method is, it's not a way your average poor and scraping trainee can afford to go. And again, in the end his system relies on cold calling


Keep calling. Don't be afraid to try alternative marketing channels.


Rest your voice by taking 5 minute breaks every hour. A beer or two with dinner never hurts either.

Jun 8, 2006 3:52 pm

Seminar tip for financially strapped rookies



Don’t just plan one – plan three (or more).  Do a series around a philosophy.  Example, plan three seminars on the topic: “Why we like to worry about money”.  This way, each seminar will use this as the basic premise.  For the work involved in planning a seminar – you may as well do multiple.  This way – when someone tells you they can’t make it, you can tell them that you do these every month (or every other month) and if you can call them for the next one.  If someone doesn’t show up – you can remind them that the next one is in a few weeks.  Plus – when following up, you can invite them to the next ‘workshop’.
Keep your topics general in nature.  Don’t do a seminar on, “Annuities that provide you the most protection”.  Do a session on, “Strategies to temper a volatile portfolio”.
Do a breakfast seminar.  They’re the least expensive (strong coffee and rolls are highly coveted at 7:30am).  You get people at their best (first part of the day – you wake them up with strong coffee).  Minimize conflict (if you do lunch or evening seminars – in a busy day people may skip the lunch or feel too tired in the evening).  If you do evening seminars with steak and wine – most of your attendees will enjoy the steak and wine, but forget your name.
Conduct them at a neutral site.  Don’t do seminars in your office or at a hotel – this signals the attendee that you plan to sell them something.  Find a country club in the neighborhood – at 7:30am, most golf course clubs don’t have any clubhouse business.  They’re more than happy to supply your coffee and rolls and a nice room for minimal dollars.  Prospects love to have a reason to hang out at a nice club.  You may even negotiate with the club a lower price since you’re bringing people to inspect their establishment.
Do most of the presenting.  If you have a wholesaler present most of the seminar – prospects tend to want their business card instead of yours.
Keep it to 59 minutes.  Promise your attendees that you’ll have them out within an hour.  Interested people will hang around and ask questions – non-interested people will appreciate the coffee and the fact you kept to your hour.
Jun 8, 2006 3:59 pm
tjc45:

Bgsport1, as you can see there is more than one way to build a business. And, everyone has an opinion as to just what is the most effective way to get that done. Over the past few years I've witnessed trainees who have cold called and one who did once monthly seminars. The monthly seminar trainee got off to the quickest start, doing about 300K his first year. The cold callers plodded along and two years in are booking about $200-250K. One of our 5th year trainees (ex-trainee?) booked over 500k, all from cold calling. A sixth year guy is doing about the same.


Cold calling is hard but it works. There are those who will tell you that it's the equivalent of hitting yourself in the knee with a hammer. For them, that's true. If it's working for you keep doing it.


 As for our seminar trainee here's the rest of the story. This 40 something trainee came to us after selling a large business. He's the first trainee I've ever seen who drives a new 745il and lives in a million dollar house. He did his monthly seminar at high end local restaurants at a cost of about $30 plate. The dinners usually cost him $1100 to $1500 each. To get attendees he bought leads, approximately $500 worth per month. And in the end he had to cold call for attendees. So he spent hours each day cold calling, just like you. A few months in he decided to delegate the cold calling to temps. He hired 3 temps to work 3 hours a nite @ $11/hour each to work 3 nites a week. Do the math and that's about $300 a week in labor cost. His total monthly cost was in the neighborhood of $3000. The office was picking up part of the tab and about 8 months in he got fund wholesalers to start helping with the dinner cost. As smart as this prospecting method is, it's not a way your average poor and scraping trainee can afford to go. And again, in the end his system relies on cold calling


Keep calling. Don't be afraid to try alternative marketing channels.


Rest your voice by taking 5 minute breaks every hour. A beer or two with dinner never hurts either.




As usual, a quality, informative post.



BTW, when I saw the thread topic, cold calling voice, all I could think of was how much fun it would be, during  a dull, painful cold calling session, to try out a FM radio morning show voice. Something along the lines of "Q 105, the Morning Zoo show with Boomer, The Nudge and Helen"...

Jun 8, 2006 5:13 pm

Apprentice... A few posts in, and you are already one of my favorite members. Good stuff on seminar prospecting... A little background??? No specifics of course....

Jun 9, 2006 1:32 am
apprentice:

Seminar tip for financially strapped rookies



Don’t just plan one – plan three (or more).  Do a series around a philosophy.  Example, plan three seminars on the topic: “Why we like to worry about money”.  This way, each seminar will use this as the basic premise.  For the work involved in planning a seminar – you may as well do multiple.  This way – when someone tells you they can’t make it, you can tell them that you do these every month (or every other month) and if you can call them for the next one.  If someone doesn’t show up – you can remind them that the next one is in a few weeks.  Plus – when following up, you can invite them to the next ‘workshop’.
Keep your topics general in nature.  Don’t do a seminar on, “Annuities that provide you the most protection”.  Do a session on, “Strategies to temper a volatile portfolio”.
Do a breakfast seminar.  They’re the least expensive (strong coffee and rolls are highly coveted at 7:30am).  You get people at their best (first part of the day – you wake them up with strong coffee).  Minimize conflict (if you do lunch or evening seminars – in a busy day people may skip the lunch or feel too tired in the evening).  If you do evening seminars with steak and wine – most of your attendees will enjoy the steak and wine, but forget your name.
Conduct them at a neutral site.  Don’t do seminars in your office or at a hotel – this signals the attendee that you plan to sell them something.  Find a country club in the neighborhood – at 7:30am, most golf course clubs don’t have any clubhouse business.  They’re more than happy to supply your coffee and rolls and a nice room for minimal dollars.  Prospects love to have a reason to hang out at a nice club.  You may even negotiate with the club a lower price since you’re bringing people to inspect their establishment.
Do most of the presenting.  If you have a wholesaler present most of the seminar – prospects tend to want their business card instead of yours.
Keep it to 59 minutes.  Promise your attendees that you’ll have them out within an hour.  Interested people will hang around and ask questions – non-interested people will appreciate the coffee and the fact you kept to your hour.

I would generally agree. However, I have also generally found that if the topic seems too broad, its hard to develop interest....


Has anybody ever done seminars on more focussed topics like "Investing in Emerging Markets" or "Investing in Biotechnology"?

Jun 9, 2006 10:59 am
san fran broker:
apprentice:

I would generally agree. However, I have also generally found that if the topic seems too broad, its hard to develop interest....


Has anybody ever done seminars on more focussed topics like "Investing in Emerging Markets" or "Investing in Biotechnology"?



I'm dusting off The Bill Tennison Tax Free Muni Seminar and expect to roll it out over the summer. I'll let you know how it goes.

Jun 12, 2006 9:11 am

Blarmston - Lets just say that I've 'been around'.  Part of my therapy for all the mistakes I've made is to help people avoid some of the 'embarrising' situations - like having a semiar set up for 100 people and only 11 show up (including me).  And I have to disagree with tjc45 - broad doesn't have to mean boring.  Think of the people you want to attend - most high net worth prospects are skeptical in nature.  If you get too exotic - it's a turn off.  Have a mindset of truly wanting to educate someone on our industry and they'll show up.  Headlining topics like emerging markets and biotechnology are going to scare off the big 'conservative' money and attrack the young, poor, gen-y crowd. 


Use current topics to formulate your subject (you may have to read a newspaper or two).  What about a series on, 'how this years midterm elections will impact your portfolio', or 'how you can take advantave of high energy prices'.

Jun 12, 2006 9:55 am
apprentice:

 And I have to disagree with tjc45 - broad doesn't have to mean boring. 



I said that?

Jun 12, 2006 10:07 am

Sorry tjc45 - coffee didn't kick in until after that post.  'San Fran Broker' made the comment around not doing broad seminar topics.


Also, I actually believe that given the right audience - your muni bond semiar material may serve you well.

Jul 6, 2006 12:58 pm

I have to say, this is the most positive thread I've ever seen on this site.  I stopped coming here because there were too many axxholes that thought their opinion was the only one worth while and thought anyone else was just a moron.


Well done on this thread.  Maybe I'll read more. 

Jul 10, 2006 4:03 pm

My IR ran the Phone Workshops for the New IRs at Jones. We had $mil dollar producer who was invited to Jones' managing partner conference every year - gave the guys a tip on calling once... he said:


"In my early years when I was at the end of the day and had been doorknocking all day long, was tired and knew I needed to get back on the phone, I sat in my chair at the very edge, with my foot poised on the leg of the chair & leaned over on my desk like the sports casters do on tv. Somehow doing this energized me, and people can hear it in your voice."



Another thing that helps sometimes when you just aren't feeling it....(when you are alone of course) We had a guy that always sounded like Eeyore on the phone...."thanks for noticin me...." We handed him a mirror and told him to look at himself when he called someone, his facial expression changed, well when that happens your voice changes too. Keeps your energy up - prospects will notice that as well.


Good luck! 

Jul 10, 2006 4:53 pm

As an afterthought...not to supercede any of the other suggestions. Just for the times when you have to be on the phone.

Jul 13, 2006 1:13 pm

Humor and enthusiam.  Not being afraid to talk as a regular person.


I had a prospect who could not come to the phone because he was installing a big screen TV.  I said I was envious, and could I pop over to check out the clarity cause I was looking for one too.  YES of course, he would love some outside opinion.


Just go with the flow---but make sure they see value in talking to you.