Day one of selling

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Nov 25, 2008 8:01 pm

So I've read the 500 days war which was fantastic and had lots of useful information in it.  However I wanted to directly ask some of you vet's this question. 

I'm sure lots of what you did was trial and error over the years and learning from other people in your area.  If you could go back in time to that first day of selling...heck even first couple months what are some things you would do differently...or do that you neglected to do?

Would you door knock more, cold call more businesses, do direct mailing followed up by phone calls, join a chamber or BNI group, what advice would you give yourself?  I mean besides work harder or more hours etc...

Thanks ahead of time I'm looking forward to some insight...my can sell date is December 1st btw.  I know better than to try and reinvent the wheel...

Nov 25, 2008 8:22 pm

just make contacts, face to face, phone, whatever works for you. Get in front of people, there will be money in motion once we push back from the panic. 

have confidence and be pleasantly persistant.
Nov 25, 2008 9:10 pm

Journal or somehow document what worked and did not work for that day.  Otherwise it all starts running together.

Nov 25, 2008 9:18 pm

I work for Jones and they say follow the recipe and you'll be successful...I agree it has worked for lots of others so I'm not gonna deviate too far from it just yet.  However they don't do any kind of cold calling by phone like the other companies.  So I'm thinking of doing door knocking in the peak hours and doing some cold calling early in the morning and in the evenings after it gets dark.  I have a chamber of commerce directory with over 2,000 names and numbers...where else would you recommend getting your lists?  Is it worth it to buy from places like Salesgenie?

Nov 25, 2008 10:51 pm

All the product search and details are useless if you have no one to explain/sell them too.. Hate to be repetitive but all you need to do from 7-6 is fight to see people(appts, coldcalling, coldwalking)...

 
I spent my early days running hypos and memorizing mutual funds info... Turns out doesn't matter how perfect the porfolio you build if no one has $$ then it is useless.
 
Wish I would have prospected more(for average accts of $100K). However you can always change... I still built a business and life after sucking right out of the gate..
Nov 26, 2008 10:17 am

Make sure you find the money in motion.  If someone tells you they just bought a CD find out when that money comes due.

 
you - That's great.  What kind of rate did you get?
 
them - x.x%
 
you - That's a really good rate, especially considering the interest rate environment right now.  Did you have to lock it up for a long time to get that kind of rate?
 
them - No, only xx months.
 
you - Wow, then you must have had to put quite a bit of money in to get that kind of rate?
 
them - No, only $xxx
 
This simple conversation tells you when the money comes due and how much it is, and throughout the conversation in their mind you have complimented them so they will remember you.  Now the rest is up to you.  Put a "money-due" on your contact management system and continue to contact them. 
 
And remember, sometimes you have to sell people what they want before you can sell them what they need.
 
Nov 26, 2008 10:36 am

Prospect CPAs and other referral centers. ...  Qualify prospects early and keep the good ones in your system. .... Look for people close to retirement or retired .... Do not even think about major cold calling campaigns. Anybody worth calling is on the DNC list.



Nov 26, 2008 10:38 am

Be focused on a niche.  Early on, it doesn't have to be real finite (i.e. cardiologists at XYZ hospital).  But try to avoid the urge to look for anyone with a heartbeat and a few bucks in their bank account.  Most people mistakenly believe that if you focus on a niche, that you will lose out on other opportunities.  This is wrong.  I focus on employees form two major companies.  My COI's know that I am an expert on their 401K plans and their pension plans, so when they meet people from those employers, I am the first person they think of.  But I also get a lot that falls in my lap outside of those employers.

Nov 26, 2008 2:03 pm
buyandhold:

Prospect CPAs and other referral centers. ...  Qualify prospects early and keep the good ones in your system. .... Look for people close to retirement or retired .... Do not even think about major cold calling campaigns. Anybody worth calling is on the DNC list.





OK so that makes sense...but here's a question for you.  How would you approach a CPA, what is your conversation like at the initial meeting?  Also you said forget the cold calling approach...I know Jones door knocks, how do all of the other companies find clients if cold calling is a bad idea?

Nov 26, 2008 2:12 pm

This is one of the big myths of the industry today.  Most new people entering wirehouses that ultimately succeed do not cold call anymore.  They join teams that give them some assets, they work those books, they inherit or buy books, or they focus on a niche that their branch has (i.e. 403B's, a local employer, etc.).  Some martyrs on here will tell you cold-calling still works - and it can if done enough and for long enough.  But it is the lowest form of prospecting left, and the least effective due to the DNC list and the skepticism of consumers in general.

Nov 26, 2008 5:37 pm

I would say find out wgat works for you...quick...and do a [email protected] load of it. I've been with Jones for 4 years. For the first year I did the f2f thing and didn't have much success, I am better over the phone. So I use lists, networking and, believe it or not the yellow pages, and since then my book has grown from 4.5MM to 22MM

Nov 26, 2008 6:57 pm
RiverPlate:

I would say find out wgat works for you...quick...and do a [email protected] load of it. I've been with Jones for 4 years. For the first year I did the f2f thing and didn't have much success, I am better over the phone. So I use lists, networking and, believe it or not the yellow pages, and since then my book has grown from 4.5MM to 22MM



River

Well thus far from my 8 weeks of door knocking...I'm not the worst ever at it...but I feel like I'm pretty darn terrible.  Thats why I was considering doing half door knocking half phone.  What kind of script did you use River and where did you get your lists?

Nov 26, 2008 7:19 pm

If you work at Jones, there is a list of list brokers on Jonesnet(or whatever it is called now).. I used affinity marketing, decent results....

 
 
Nov 26, 2008 7:43 pm

I have used InfoUSA. They are a source for many of the other list companies. They are very good, you can run lists with all types of screens (location, income, wealth, addresses, buying habits, real estate holdings, etc.). Not that these are all 100% accurate, but based on the people I know that I see on my lists, and the relative wealth in certain neighborhoods, it is pretty close.

Nov 26, 2008 8:00 pm

re: CPA. simply walk into their office and ask their assistant if they have time for you to introduce yourself. spend no more than 3-4 minutes there and tell him/her what you do. if possible, target a few CPA's you KNOW your clients use, and say something like



"i keep hearing your name from many of my clients, they have good things to say about you, and since we have clients in common, i wanted to introduce myself. i understand the importance of your advice as it relates to financial planning, and i wanted to open the lines of communication between us. if nothing else, you at least know who i am now, blah blah blah."



compliment them a little, do not walk in and kiss ass, that will be a red flag. and DO IT NOW, otherwise forget about it until after May of 2009.

Nov 26, 2008 8:28 pm

1) Look at your watch.

2) Is it between 8:00 and 5:00 (or some other predetermined hours)?
3) Are you with a prospect? Are you fighting to see a prospect?  If the answer is "no", you are a step closer to failure.  Coldwalk, cold call, referrals, seminars, etc.  They all work.... if you are doing the work!
 
Nov 26, 2008 9:23 pm
theironhorse:

re: CPA. simply walk into their office and ask their assistant if they have time for you to introduce yourself. spend no more than 3-4 minutes there and tell him/her what you do. if possible, target a few CPA's you KNOW your clients use, and say something like



"i keep hearing your name from many of my clients, they have good things to say about you, and since we have clients in common, i wanted to introduce myself. i understand the importance of your advice as it relates to financial planning, and i wanted to open the lines of communication between us. if nothing else, you at least know who i am now, blah blah blah."



compliment them a little, do not walk in and kiss ass, that will be a red flag. and DO IT NOW, otherwise forget about it until after May of 2009.



Very weak. Tell the truth. "I'm here to ask if your receptive to giving my card to some of your friends/clients who may need a safer place to put their money." He already knows why you're there. Why start off with a lie?

Nov 26, 2008 9:56 pm
Hank Moody:
theironhorse:

re: CPA. simply walk into their office and ask their assistant if they have time for you to introduce yourself. spend no more than 3-4 minutes there and tell him/her what you do. if possible, target a few CPA's you KNOW your clients use, and say something like



"i keep hearing your name from many of my clients, they have good things to say about you, and since we have clients in common, i wanted to introduce myself. i understand the importance of your advice as it relates to financial planning, and i wanted to open the lines of communication between us. if nothing else, you at least know who i am now, blah blah blah."



compliment them a little, do not walk in and kiss ass, that will be a red flag. and DO IT NOW, otherwise forget about it until after May of 2009.

Very weak. Tell the truth. "I'm here to ask if your receptive to giving my card to some of your friends/clients who may need a safer place to put their money." He already knows why you're there. Why start off with a lie?





Safer than what? Who's to say you have a safer place to put their money. I think you are the one who is lying Bobby.

Nov 26, 2008 11:52 pm

Hank:  I'm here to ask if your receptive to giving my card to some of your friends/clients who may need a safer place to put their money.

 
CPA:  I sure am, what kind of mattresses do you sell? 
Nov 27, 2008 9:12 am
B24:
Hank Moody:
theironhorse:

re: CPA. simply walk into their office and ask their assistant if they have time for you to introduce yourself. spend no more than 3-4 minutes there and tell him/her what you do. if possible, target a few CPA's you KNOW your clients use, and say something like



"i keep hearing your name from many of my clients, they have good things to say about you, and since we have clients in common, i wanted to introduce myself. i understand the importance of your advice as it relates to financial planning, and i wanted to open the lines of communication between us. if nothing else, you at least know who i am now, blah blah blah."



compliment them a little, do not walk in and kiss ass, that will be a red flag. and DO IT NOW, otherwise forget about it until after May of 2009.

Very weak. Tell the truth. "I'm here to ask if your receptive to giving my card to some of your friends/clients who may need a safer place to put their money." He already knows why you're there. Why start off with a lie?





Safer than what? Who's to say you have a safer place to put their money. I think you are the one who is lying Bobby.



Here's how it works:

Hank: Mr. Client of B24, I'm sorry your broker has lost you 45% of your money. Would you like to put it in a safer place?

Client of B24: Yes, I would.

Hank: Sign here. When B24 calls to talk you out of leaving, just remember that he believes in putting your money in harm's way, obviously,  and I don't believe in doing that.