Essential Cold Calling Techniques

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Feb 2, 2009 8:08 pm

Hey guys! <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


I wanted to post a series of topics pertaining to cold calling. Coming from a guy who has made close to a half million cold calls, and trained dozens of financial professionals, which the vast majority have went on to have considerable success in the business. I would humbly consider myself qualified.<?: prefix = v ns = "urn:schemas-microsoft-com:vml" /><V:SHAPE id=x0000m1026 stroked="f" filled="f" path="[email protected]@[email protected]@[email protected]@[email protected]@5xe" adj="0,,0" u1:spt="75" u1:preferrelative="t" o:spt="100" coordsize="21600,21600"> <V:SHAPE id=x0000s1027 style="MARGIN-TOP: 0px; LEFT: 0px; MARGIN-LEFT: 0px; WIDTH: 12.75pt; HEIGHT: 12.75pt; TEXT-ALIGN: left; mso--horizontal-relative: text; mso--vertical-relative: text; 2: " ="#x0000m1026" stroked="f" filled="f" path="[email protected]@[email protected]@[email protected]@[email protected]@5xe" adj="0,,0" o:spt="100" alt="Smile">



Cold calling is the lifeline of the sales business. The formula is very simple: dials=leads=account=assets raised=$$$. I've found the majority of people dislike cold calling for 3 simple reasons, they have a fear of rejection, they don't know how to effectively call, or most importantly they were never trained properly from their superior. Cold Calling is a science, that is not very difficult to master, it just takes time, repetition and a lot of dialing. Thats what I'm gonna help you with today, for anyone willing to listen.<V:SHAPE id=x0000t75 stroked="f" filled="f" path="[email protected]@[email protected]@[email protected]@[email protected]@5xe" o:spt="75" coordsize="21600,21600" o:preferrelative="t"> @0 1 0">@1">@2 1 2">@3 21600 pixelWidth">@3 21600 pixelHeight">@0 0 1">@6 1 2">@7 21600 pixelWidth">@8 21600 0">@7 21600 pixelHeight">@10 21600 0"><V:SHAPE id=x0000i1025 style="WIDTH: 13.5pt; HEIGHT: 12.75pt" ="#x0000t75" alt="Clap"> 


 


Today I'm going to discuss 2 vital things:  (Sales Intro, and Quality Leads)


 


A cold call is determined within the first 5-8 seconds of the initial contact, so it's imperative that it's very strong. The way I used to explain it to my trainees, is if you were meeting a prospect in person for the first time. What would do when you first meet him? You would shake his hand firmly and give strong eye contact, to convey confidence and cabability right? Well, you have to do the same thing when you cold call, but in a different way. When your weak on the phone you convey a weak handshake and limited eye contact.  It's very simple! Follow me.


 


Example #1:  (Wrong Way)


-Hi Mr.Gekko this is Bud Fox over at xyz capital. How are you doing today? (he replies good) you reply: How's the weather? How's your day going? Whats your kids names? Soon after you hear that familiar dial tone. It's ok to be friendly and build rapport, once you get all the info you need for the lead, but until then, it's a complete waste of yours and his time. Lets break this down:

 


-Never call someone Mr or Mrs on a cold call (unless they request you to) this automatically gives them the upper hand to control the conversation. Knowbody is above you. Always use their first name


 


-A cold call is supposed to be quick and to the point. Time is $$$, for both you and him. Business people are very busy, and don't have time for small talk, when your calling interfering w/ the middle of their day. You always want to convey to the prospect that your extremely busy. Furthermore small talk like that tells the prospect, that your not busy, and are probably a rookie, not worthy of his time.


 
*Small Talk is vital to build rapport w/ your prospect once he's your CLIENT, until then keep it brief and direct.

 


-Always ask direct questions. Can you tell...  prospect replies No I can't.  Would you... Prospect replies No I would not. Direct questions get direct answers.  Name me one.. How much do you.. Tell me one..  ASK DIRECT QUESTIONS....


 


Example 2: (Right Way)


 


Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?


 


-Always use speaking when cold calling (e.g. This is Bud Fox SPEAKING from xyz capital) . This demands attention and respect.


 


-Always be firm and loud during the introduction. This part of the call is the equivolent of you shaking hands and making strong eye contact, if he were sitting before you.<V:SHAPE id=x0000i1026 style="WIDTH: 12.75pt; HEIGHT: 12.75pt" ="#x0000t75" alt="Approve">


 


- Here's a tip: On the way to work in the morning I used to scream as loud as I could in the car, this way by the time I got into the office my voice was loud, confident and powerful. Try it!! Works Great!


 


The Last Thing I wanted to touch on is QUALITY LEADS:


To me there is absolutely no substitute for a good quality lead source. I've heard people say things like: don't ever pay over 10c for a name, or don't buy from vendors. From my own experience this couldn't be farther from the truth. From my own experience there is nothing worse than cold calling people day in and day out who are not interested in your products. You can have the best product in the world but without a qualified investor/buyer you're not gonna make it very far.


 


 I and others use liquid leads. Their a reputable lead company. I would buy quality leads, cold call for a fraction of the time, get 5-10 times more leads, and open a slew of new accounts, compared to someone who was calling cheap stuff. It's a complete waste of time. I've been down that road many times, and it always came back to bite me in the. Besides the extra money you pay in leads comes back to you 10,000 fold, with the business you generate from quality leads.  Good Luck!!!


 www.liquidleads.net


 
 
 









 
 
Feb 2, 2009 9:58 pm

No offense but this was a great post, until the infomercial at the end...

Feb 2, 2009 10:36 pm

Thanks Chief, you are more of a diplomat that I.

 
Feb 2, 2009 10:41 pm

That's funny...

Feb 2, 2009 11:10 pm

needs to be banned.

Feb 2, 2009 11:29 pm

 

 
 
HaHa...    I guess it does sound like an infomercial..  I was only mentioning a company that I and others have had success with.  Only trying to help!   Sorry..
Feb 3, 2009 8:12 am
hedge212:



 


Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?


 



Do you really recommend asking "how are you"?










Feb 3, 2009 9:41 am
Hank Moody:
hedge212:



 


Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?


 





Do you really recommend asking "how are you"?










 
No.  He states in the beginning that's the wrong way to open a call.  I thought the same thing at first, but I guess he's not a complete idiot.
 
The shilling of that website at the end was priceless, though...
Feb 3, 2009 9:48 am

I hate strangers who call me by my first name, shout at me and try to wrestle me to the ground with a 'firm handshake.'


 
Feb 3, 2009 10:04 am

Judging by the fact that he is a newbie, maybe I can give him the benefit of the doubt that he was just trying to be helpful at the end...(Because there are 1,000 different topics on where to buy lists(maybe he should have just posted that part there))... Anyways

 
I find it odd that he says "don't ask them how there day is going" but in the second "correct" one he says "how are you"... is that really that different..
 
I think the "speaking" thing is interesting... Either it will throw people off, Piss people off(thinking he is a professional caller), or like he says demand respect.
 
Of course then he doesn't say anything after??? I think transitioning from opening "Hi my name is" to what you are calling about is the toughest part..product? review? appt? etc....
Feb 3, 2009 10:33 am

I took it as he didn't want to post his entire script with this post. He mentioned he was going to do a series.  So, kids, stay tuned for our next episode.  Same bat time, same bat channel. 

Feb 3, 2009 2:20 pm

Thank You Spaceman Spiff!! 

 
I'm even going to post an entire cold calling presentation.     With addressing, and overcoming objections correctly.
 
For All:
Tip: If an objection pops up during your presentation, (which in most cases will occur), and you address it with a rebuttal, usually if  that same objection comes up again, it means 1 of 2 things: Either you haven't overcome that objection properly, or he's more than likely telling you the truth.....
 
Stay tuned for my next episode.  Same bat time, same bat channel. Smile and dial baby!   That' s great spaceman spiff! 
 
 
Feb 4, 2009 11:43 pm

I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

Feb 5, 2009 12:58 am

The best cold calling advice ever: It's a gigantic wast of time!  Don't do it!  Kiss a baby and kick a dog!

 
Parkinson's Law:  Work expands so as to fill the time available for its completion
Pareto Principle: Known as the 80-20 rule, the law of the vital few and the principle of factor sparsity
 
Cold calling works, just not well.  People use it to fill time because they have time to fill.  They are confused by the notion that "working long hours" or "working hard" will create good results.  This is mathmatically incorrect thinking that will doom an advisor to extreme inefficiency.  Limited time used efficiently will produce far greater results out of the combination of Pareto's Principal and Parkinson's Law.
 
In plain english:  Only do the 20% of activities that produce 80% of the results and do it with a very specific and limited amount of time.  Cold calling when compared to other client aquisition techniques is not in the top 20%.  By limiting your time spent on cold calling you can spend more time at the bar picking up chicks anyway (Parkinson's Law - substitute whatever free-time enjoyable hobby cold callers have these days).  Life is way too short and the world is way too great to waste some of the best years of your life "dialing and smiling".
Feb 5, 2009 10:21 am
schlemoc:

I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
Feb 5, 2009 1:54 pm

Ok so we got your opening line... where do you go next?

Feb 5, 2009 3:55 pm
chief123:

Ok so we got your opening line... where do you go next?



"I was just calling to see if you'd like to sell all of your shit and buy some new shit from me."

Feb 5, 2009 4:57 pm
Hank Moody:


"I was just calling to see if you'd like to sell all of your shit and buy some new shit from me."

 
Straight and to the point.  I like it.
Feb 5, 2009 5:25 pm
hedge212:
schlemoc:

I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....
Feb 6, 2009 9:20 am
B24:
hedge212:
schlemoc:

I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....
 
haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..