First Day Doorknocking at Jones

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Sep 22, 2008 9:19 am

These are my numbers:

 
117 - Total Doors (including 5 businesses)
82 - Not home
19 - (Not interested/already working with someone/go f* yourself)
16 - Contacts (With phone number and permission to call back)(Including 4 businesses)
 
Overall, I say doorknocking works really well.  However, it remains to be seen how many of my 16 contacts have money.  One key thing that I discovered.....after getting rejected/not home about 25 times straight, that one person who gives you the time of day and contact info also gives you the faith and energy to keep going.
Sep 22, 2008 10:50 am

Lambda, good job.  That's how it will probably go.  Keep in mind, if you can get 15-20 "real" contacts per day (that's 300-400 per month), you only need to average 5-8 new accounts (households) per month to be in the game.  So just focus on quality.  Make sure you are doing whatever you can in those conversations to move the needle.  Yes, you have to make Jones happy with your contact numbers, but after a few months, you really have to be opening accounts and generating $$, so don't get caught up in the "I have 2,000 prospects in my system" but aren't opening any accounts dilemma.

 
Quality, quality, quality.  Take good notes on each contact.  Plan your follow-ups.  "I'm already happy with my advisor" is not a disqualifier, it's a QUALIFIER.  They have money and use an advisor.  They are either telling the truth, or they actually have no freakin' idea what their advisor does, as they never talk to them.  Only time and more covnersations will weed that out.  Listen for clues...."all my money is in my 401K" (means they may have money), "I have been with XYZ co. for 32 years" (BIG 401k!), etc.
 
Although the nice looking 32 year old mom that is real friendly, is nice to talk to, her and her husband don't have money.  They might have a few old $7200 401K's, but it ain't gonna make you much money.  You can stay in touch, but don't get trapped chasing down these people.  You will work yourself out of the busienss.  Think business owners and 50+ (now, there are exceptions, but as a rule, this is pretty much how it goes).  These are, for the most part, the only people with money to invest.
Sep 22, 2008 5:39 pm

go to every business.  the residential are fine, you need them for the numbers, but do not overlook the businesses because you feel insecure talking to them.  the sooner you get into their circles the better.

Sep 24, 2008 4:00 pm

B24....for those reps with 2,000 prospects in their system, but no opened accounts...what are some of the things the rep could be doing wrong?

Sep 24, 2008 4:39 pm
B24:
Quality, quality, quality.  Take good notes on each contact.  Plan your follow-ups.  "I'm already happy with my advisor" is not a disqualifier, it's a QUALIFIER.  They have money and use an advisor.  They are either telling the truth, or they actually have no freakin' idea what their advisor does, as they never talk to them.  Only time and more covnersations will weed that out.  Listen for clues...."all my money is in my 401K" (means they may have money), "I have been with XYZ co. for 32 years" (BIG 401k!), etc.
 
 
B24, When someone says something like, "I'm happy with my advisor", how do you get the info after that statement?  I get a lot of that on doorsteps, but not sure how to get info after the fact.  Usually when they say that they're about to close the door. 
 
If you can't get the info, do you just knock again or drip on them with mail, etc? 
 
Any input would be appreciated!
Sep 24, 2008 5:22 pm
Boone:
B24, When someone says something like, "I'm happy with my advisor", how do you get the info after that statement?  I get a lot of that on doorsteps, but not sure how to get info after the fact.  Usually when they say that they're about to close the door. 
 
If you can't get the info, do you just knock again or drip on them with mail, etc? 
 
Any input would be appreciated!
 
That is one of the best answers you can get, because you have a good idea that they are a qualified prospect at that point. 
 
Ask them what he is saying about this market.  You might find out that he hasn't said anything, because he's hiding under his desk.
 
Or something along the lines of,....  "Great, who are you working with?"  If you're new and  you have never heard of their broker, make sure you say something like,... "I don't know him personally, but I know the name."  I instantly gives the prospect the idea that you run in the same circles.  
 
I was just with a doctor yesterday, that told me the same thing.  When I asked who he was working with, it was a ML broker and his true concerns about the BAC deal came out.  Whatever you do, don't allow them to use "I have a broker" as a way to rule them out as a good prospect.
 
Hope this helps.
 
Sep 24, 2008 5:26 pm
exEJIR:
Boone:
B24, When someone says something like, "I'm happy with my advisor", how do you get the info after that statement?  I get a lot of that on doorsteps, but not sure how to get info after the fact.  Usually when they say that they're about to close the door. 
 
If you can't get the info, do you just knock again or drip on them with mail, etc? 
 
Any input would be appreciated!
 
That is one of the best answers you can get, because you have a good idea that they are a qualified prospect at that point. 
 
Ask them what he is saying about this market.  You might find out that he hasn't said anything, because he's hiding under his desk.
 
Or something along the lines of,....  "Great, who are you working with?"  If you're new and  you have never heard of their broker, make sure you say something like,... "I don't know him personally, but I know the name."  I instantly gives the prospect the idea that you run in the same circles.  
 
I was just with a doctor yesterday, that told me the same thing.  When I asked who he was working with, it was a ML broker and his true concerns about the BAC deal came out.  Whatever you do, don't allow them to use "I have a broker" as a way to rule them out as a good prospect.
 
Hope this helps.
 
 
Woah!  Great stuff.  I REALLY appreciate it.
Sep 24, 2008 7:04 pm

it is just one more in a long line of things they will say to get you off their doorstep.  asking them who their broker is is funny.  over half of them, right after telling you they are happy with their broker, will not be able to remember his/her name.  the look on their face is classic.

i would say something like, "great to hear....i am not here to get between you and your advisor, i am simply trying to introduce myself and gather some info on the town/area/whatever."  and then proceed with your questions.
 
the fact that he/she has an advisor instantly makes them a prospect.  you don't have to sell them on your industry, or the need for investing, they are already buying, just not from you.
Sep 24, 2008 7:35 pm
Boone:
B24:
Quality, quality, quality. Take good notes on each contact. Plan your follow-ups. "I'm already happy with my advisor" is not a disqualifier, it's a QUALIFIER. They have money and use an advisor. They are either telling the truth, or they actually have no freakin' idea what their advisor does, as they never talk to them. Only time and more covnersations will weed that out. Listen for clues...."all my money is in my 401K" (means they may have money), "I have been with XYZ co. for 32 years" (BIG 401k!), etc.



B24, When someone says something like, "I'm happy with my advisor", how do you get the info after that statement? I get a lot of that on doorsteps, but not sure how to get info after the fact. Usually when they say that they're about to close the door.



If you can't get the info, do you just knock again or drip on them with mail, etc?



Any input would be appreciated!





"Oh good, someone local?" - they will sometimes allude to who it is when you ask this way.

Usually I get "uuhhh, noooo, they are up in, well, somewhere over in XYZ town i think". It is very easy to take money from an advisor that's not truly an "advisor", but in reality just a "custodian" of someone's accounts. This often happens with insurance, bank, and Indy brokers (in MY experience in MY area). Every area is unique. Wirehouses have a very strong presence in my area, so if you are with a wirehouse broker, chances are you have a relationship with the person (many have long tenures and stable books).



I also will get, "oh it's at XYZ Credit Union, or BOA Bank, etc." If it's at one of the banks or credit unions (in my area), the accounts gonna be mine one day.



Based on what we have seen recently, keep TRACK of who your prospects brokers are. At Jones, we have all kinds of special fields and tracking mechanisms we can use to enter and track this. I have created lists for each of firms my prospects use. Recently I started calling my Merrill prospects, and I have gotten appointments with several of them. Last year, I called on my AGE prospects when WACH bought them. I got a few clients out of that.

Sep 25, 2008 1:53 pm

lambda - I was just curious about how this week had gone for you with doorknocking?  What were you're #'s this week? 

Sep 25, 2008 3:15 pm

A-Ron....I'm still early in the game.  As soon as the RR passes their 7, Jones gives you one day to make 25 contacts and that was the day for me.  You don't actually start knocking everyday until you come back from KYC.

Sep 27, 2008 4:36 am
lambda:

These are my numbers:

 
117 - Total Doors (including 5 businesses)
82 - Not home
19 - (Not interested/already working with someone/go f* yourself)
16 - Contacts (With phone number and permission to call back)(Including 4 businesses)
 
Overall, I say doorknocking works really well.  However, it remains to be seen how many of my 16 contacts have money.  One key thing that I discovered.....after getting rejected/not home about 25 times straight, that one person who gives you the time of day and contact info also gives you the faith and energy to keep going.
It's IMPORTANT to know that in marketing a 2 to 3% response rate is GREAT! Your response and ability to get their trust (through a very good APPROACH, which is your key along with your USP-Unique Selling Proposition) enough for a phone number with permission to call back at a 13.6% rate ie: 16 contacts out of 117 doors is exceptional. Now, what you need to know are your averages: out of how many of those Contacts with the same number of doors knocked/phoned/presented to per day, per month, quarter and year down the road generate a new account along with percentages of the target accounts you would like to see for the bulk of your business for ongoing profitability. Because this business as well as any 'Big Ticket Business' is relationship intensive you need to also make note of other business building that occurs or can occur out of both those contacts which become a new client following presentation and those which opt not to but would still be open to your personal arsenal of MARKETING TOOLS which can lead to referrals ie: newsletter, e-newsletter, periodic invitations to office seminars/dinners etc. Your consistency over the 'long haul' for the first 3 to 5 years will be the foundation of your business.
 
Great start and remember to always be seeing people 'Belly to Belly' as many sales trainers such as Tom Hopkins stress, keep putting a portion of your earnings towards your marketing efforts and you should do fine.
 
As you grow, you will be able to expand on your marketing efforts and include more refined tools such as 'trigger leads' which include information about recent financial activity involving mortgages, purchase of a car or even farm equipment and even people's partial social security numbers. Other tools can include 'professional media' such as YOU speaking about family finances as a 'spot' on a local radio or tv show, a website where listeners/viewers can subscribe to your e-newsletter and postal mail offerings which being synergistically designed will always include form for the reader to pass along to a friend, receive more information about a specific financial topic or a complimentary consultation.
 
Consistency and Synergy of your marketing will permit expansion so keep this in mind for the long term. For now, do exactly what is required and if you always force yourself to do that extra 10 to 20% more than the 100% assigned and you will continue from your great start!
 
PS:Your personal/professional MARKETING department can also permit you to earn a nice tidy additional income through your creativity in generating EXCLUSIVE materials that your clients/readers/listeners/viewers PURCHASE. Items such as audio or video disks you create along with 'White Papers.' You can set-up a separate company of your own for the purpose of these marketing materials and because it is you can also secure small bank loans to fund it.
Sep 27, 2008 8:20 am

dbsdesk - I just have to say that was a great post.