Cold Calling Techniques

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Oct 12, 2010 7:35 pm

When I cold call, I initally lead with a muni bond or even a service ptich like "are you an investor...".  I always try to play the call by hear on how to continue the conversation.  I usually try and ask for a meeting, by offering a portfolio review, or depending on the conversation agree to send some sort of specfic information that we spoke about or might interest them.  More often than not the call usually ends with me asking them if I can send out some genral information along with my card.

My question is, what conversation do you have with that prospect on the 2nd, 3rd, 4th, etc....call, if after numerous attempts they don't want to meet or just seem on the fence about not giving up too much information to you?

Oct 13, 2010 3:35 pm

Ask them why they don't want to meet? Is it me, the economy, you? Don't be afraid to be direct.

Or

Call'em and pitch them a product. I know, every managed money kool-aid drinker just fell off their chair. 'What, be salesmen? How low!"

Yeah, be a salesman! You could be the best preacher in the world but if you don't fill the pews nobody's gonna hear the messege!

Find a simple product, a preferred stock or a step up note, pitch it ,and most importantly, close. Keep closing.

Mr. Smith, BONDGUY here, we've been talking about meeting for a few weeks now, but that's not the reason for my call today. You mentioned that you were interested in high quality high income investments and we have a real opportunity for you today. It's a _______________________. It will pay you  X which is way above what's available at the bank. how many CDs do you have yielding X ? Exactly! I have XX of these bonds available today. I know we discussed meeting first but these bonds will be gone if we wait. Let's get started today with 100k and we can meet sometime over the nxt two weeks as your schedule allows. Is 100k a good amount or would you like to invest more?

If they say no say and ask  "I'm coming to you with my best idea, something all my clients are eatting up. you can see it's a high quality opportunity and has really high income.  What's it going to take to do business together?"

When they buy start the wonder of you campaign to penetrate the acct, get all the dough, implement the entire wealth managment process if that's your thing. You now have the faithfull in the pew listening to your every word. Make it work !

You get the idea, all day long with the fence sitters. Doesn''t matter if they buy a million or ten thousand, get'em off the fence or forget'em.

Oct 13, 2010 2:38 pm

Bond Guy is spot on.

You have something they want, they have money, you make a deal. End o story...

Relationship selling happens later.

Oct 13, 2010 3:04 pm

Lame

Oct 13, 2010 6:47 pm

What do you guys think of this idea?  I am calling people who just moved to a town nearby my office who makes more than 250,000 per year and welcoming them to the town and let them know that my office is down the street.  I then ask if they are an investor and if they are open to new ideas from time to time? 

Good or Bad?

I am running out of resumes to call and I can't afford the 5000 dollar subscription to careerbuilder right now

Oct 13, 2010 10:59 pm

BondGuy what is your take on the Nick Murray paradigm on bonds vs. equities? Thanks.

Oct 14, 2010 12:50 pm

[quote=ricky32478]

What do you guys think of this idea?  I am calling people who just moved to a town nearby my office who makes more than 250,000 per year and welcoming them to the town and let them know that my office is down the street.  I then ask if they are an investor and if they are open to new ideas from time to time? 

Good or Bad?

I am running out of resumes to call and I can't afford the 5000 dollar subscription to careerbuilder right now

[/quote]

Better than good, excellent. Step it up a notch. become a resourse first. Put together a welcome wagon like packet of info to send to the new resident. Everything form a list of local radio stations to a list of churches, schools, shopping centers, restaurants, parks etc. include localisms, things the locals take for granted that make the place unique. anything else you can think of.

Offer to be a resourse and after they've had time to settle in, if they'd like, you'de be happy to talk to them to give them a local financial advisor, or  discuss TFR options on the 401k if the move included a change of employers.

Resource first, advisor second.

Oct 14, 2010 2:21 pm

Thank you very much!!!  You are awesome bondy guy!!!!  How long you been in the business?

Oct 14, 2010 2:25 pm

You could also see if you could partner up with a local realtor. She would be able to help you with relocating executives, etc. In return you could build a mutual referral business and/or give seminars to her prized clients.

Oct 14, 2010 2:41 pm

[quote=BondGuy]

Ask them why they don't want to meet? Is it me, the economy, you? Don't be afraid to be direct.

Or

Call'em and pitch them a product. I know, every managed money kool-aid drinker just fell off their chair. 'What, be salesmen? How low!"

Yeah, be a salesman! You could be the best preacher in the world but if you don't fill the pews nobody's gonna hear the messege!

Find a simple product, a preferred stock or a step up note, pitch it ,and most importantly, close. Keep closing.

Mr. Smith, BONDGUY here, we've been talking about meeting for a few weeks now, but that's not the reason for my call today. You mentioned that you were interested in high quality high income investments and we have a real opportunity for you today. It's a _______________________. It will pay you  X which is way above what's available at the bank. how many CDs do you have yielding X ? Exactly! I have XX of these bonds available today. I know we discussed meeting first but these bonds will be gone if we wait. Let's get started today with 100k and we can meet sometime over the nxt two weeks as your schedule allows. Is 100k a good amount or would you like to invest more?

If they say no say and ask  "I'm coming to you with my best idea, something all my clients are eatting up. you can see it's a high quality opportunity and has really high income.  What's it going to take to do business together?"

When they buy start the wonder of you campaign to penetrate the acct, get all the dough, implement the entire wealth managment process if that's your thing. You now have the faithfull in the pew listening to your every word. Make it work !

You get the idea, all day long with the fence sitters. Doesn''t matter if they buy a million or ten thousand, get'em off the fence or forget'em.

[/quote]

bond and I are like brothers.  we think a like on many things

he is spot on. 

cold calling sucks.

the things you want from people, they dont want to give you.

do u have money?  (peanuts waste your time.  you wont make it with small people) 

peanuts in general talk more.  easier to call.   thats a trap  FIRE SMALL PEOPLE

think big.       

you invest in CD's?  ok   do you buy in $100,000 lots?

if its a big guy, he will be impressed.    if he is a peanut   he will laugh  "oh no  they are 10 grand  MOVE ON

will you do business with me?

where is your money?

How can i get you as a client?

getting this from people sucks.   it is very hard.

its why 8 out of 10 fail

the quicker you get the nads to ask these questions ALL THE TIME, the quicker you will suceed.

if you dont, you will not make it.

keep a note card with these simple things on it

always work to condition yourself to ask these questions  (aint easy).

IF you get someone that is willing to answer questions

DO NOT STOP UNTIL YOU ASK THEM ALL

how much do you have?

where is it  (specifics)

keep asking

WILL YOU DO BUSINESS WITH ME?   ASK THE GD QUESTION

YOU WILL SAVE YOURSELF SO MUCH TIME CHASING PEOPLE NOT ITERESTED

you goal is getting this information..................THERE GOAL IS TO GET YOU OFF THE PHONE.

sending stuff in the mail  is a total waste of time.  it is simple to ask and gives someone a reason to get you off the MF phone

sure id love to get something in th email   (translation: your gonna hang up)

ask for the order

close

ask for the order 

ask fo rthe order

so hard

you MUST

you must learn or you wont make it

get them on the books.

THEN YOU DEVELOP A RELATIONSHIP.

or   IF YOU GET AN APPOINTMENT

go for the whole deal.

it sucks 

Oct 14, 2010 5:58 pm

Westwood, if you are calling residents, I would doorknock them to get them off the fence.   Sort of the reverse of what Jones would want you to do.  Cold call on telephone, and if they show an interest, doorknock them.  When you doorknock them, tell them you were in the area for another appointment, and I always bring a muni bond sheet or info on a mutual fund I liked.  I have opened many accounts like this, it works.   Keep up the good work, I have been enjoying your posts and it has motivated me to stay on the phones as well.

Oct 14, 2010 6:21 pm

[quote=dfi]

Westwood, if you are calling residents, I would doorknock them to get them off the fence.   Sort of the reverse of what Jones would want you to do.  Cold call on telephone, and if they show an interest, doorknock them.  When you doorknock them, tell them you were in the area for another appointment, and I always bring a muni bond sheet or info on a mutual fund I liked.  I have opened many accounts like this, it works.   Keep up the good work, I have been enjoying your posts and it has motivated me to stay on the phones as well.

[/quote]

Thanks for the words of advice!  I will have to try that. Everybody in my office has said that doorknocking is a waste of time, along with a bunch of other techniques.  All I hear is hit the phones!   So, I haven't  ventured to incorporate that into my marketing process.  I work in a large office that truly is a dog eat dog environment, like what office isn't right.  So I have turned to you guys as a source of knowledge and to keep my self accountable.  Glad you enjoy my posts! 

Oct 14, 2010 6:38 pm

Working in an office like that can be tough, I have been there, especially if you prospect in what 'they' consider to be unconventional ways.  Doorknocking does work to get that person you have talked to multiple times to get off the fence, either to get the account or to get them out of your pipeline.  You just may have to think of ways to get that done outside of business hours since they probably want you chained to your desk.  Give it a shot on a Saturday morning, trust me it works. 

Oct 14, 2010 11:31 pm

DFI is right and cold call followed by a doorknock works. Here's my story (still a newbie).
If people show interest I say I will call them back in the future. Then I find a reason to "be in the area".
Did this with one lady. After having "been in the area" 5-6 times over the past 5 months, she finally showed me her current statement to look over. I've known she's had about 200k but until I saw the statement, I didn't know it was 85% in fixed income (bonds, UIT, etc). So I dive in deeper about why she has this, without talking about what her investments are. She said that was what her advisor recommended. I asked her what her goal for the money was. Her response - "I want it to grow. It's less than 1/4 of what I have total, it's just that is all I have with an advisor (the rest is in CDs)."
So after meeting 6 times I find out she has 1mil + and is willing to listen to an advisor's recommendations and follow them (blindly it seems). Had I not "stopped by" after the cold call I would have gotten nowhere. I built a " relationship with her, where now she trusts me and wants to see what I have to say.

Oct 15, 2010 5:58 pm

I am a newbie in the business who is building my business through cold calling like many here have done.

I have read many of the posts about calling using the individual muni-bond script and I know that is the kind of call that will produce results.

I was wondering if anyone has used a muni bond fund as part of the pitch instead of  the individual bond. I understand that the number of calls is going to dictate success but was curious if everyone is using just the individual bonds or a fund?

Thanks for your help.