Prospecting in this market

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Nov 13, 2009 9:09 pm

im a newbie getting ready to open accounts. been cold calling for about 4 months and have just over 200 leads saved up. ive noticed many prospective clients are still very afraid of the market and scarred from the downturn. people in the UK think any cold call is someone from a chop shop and guys here in the U.S. dont want to hear anything you have to say. I make anywhere from 600-1000 calls a day, get in contact with about 25-40 guys a day, but have only been getting about 2 leads a day out of those contacts. my goal is to get anywhere from 5-10 leads a day, but then again its not 2007 and DOW 14,000.  how have you guys been making out cold calling in the current economic climate and what have you been having luck with (or not having luck with). Thoughts, suggestions, input much appreciated.

Nov 13, 2009 9:57 pm

How do you make 1000 calls in a day?  I don't make 1000 in a month.  I've never made more than 100 in a day.  Do you keep calling the same disconnected number over and over?  Seriously. 


To get in contact with 25 people, I would have to make 160 dials.  Why does it take you 500 dials of additional time?  1000 dials would take me 20 hours.
 
Could the issue be that you are with a chop shop?
Nov 13, 2009 10:05 pm

1000 calls a day is not hard to do when you start dialing at 4am and leave the office at 8 pm. Especially when each call lasts maybe 10 seconds because the secretary is a pit bull and wont let you through. D&B cards arent exactly the easiest lead source to use, but when you do get one, theyre real guys with real money.

And chop shop? I work for J.P. Turner on Wall St. One of the largest Independent B/D's in the country with over 120 offices nationwide. Furthest thing from a chop shop. I don't know how you solicit business with such a low amount of calls, but I don't know one broker on the street who isnt dialing atleast 10 hours days and isnt making atleast 500 calls.

Nov 13, 2009 10:31 pm

It's a very different business model that I have.  40 dials will result in 2 new face to face appointments.  It will also result in talking to 6 people.  If I made 600-1000 calls, I would talk to between 90 and 150 people.  I don't understand how you only contact 25-40.

 
I'm not trying to be critical or anything.  I really don't understand.  Are you guessing on your dials or do you keep track?  It just doesn't sound realistic.
 
What you are doing sounds like such a miserable existence.  Is it anything more than telemarketing but calling people with money instead of for newspaper subscriptions?
Nov 13, 2009 10:42 pm

Yes very different from your model. I cold call to qualify someone, we look for ( one stock they may own, current broker, and amount of equity in the market). if they dont give even one of those criteria, we do not qualify them. we also do not qualify anyone with less than 250k in the market. we deal with clients all over the world ( all 50 states, U.K., Australia, and Belgium.) Not exactly easy to make face to face appointments with this type of approach and qualification criteria. If someone meets our criteria and is receptive, we give them a call back in about a month and pitch an idea to them. also, as much as you were surprised as to my business model, i was just as surprised to come on here and see yours as well as many others. I don't know many firms on the street who do it any other way than I do. Even the brokers at Goldman pound that little black box and dial their balls off!

Nov 13, 2009 10:59 pm

I do a lot of insurance work so there simply isn't the need to qualify for lots in assets.  Of course, I'll never make an 8 figure income.

Nov 14, 2009 1:20 am
mwgto12:

1000 calls a day is not hard to do when you start dialing at 4am and leave the office at 8 pm. Especially when each call lasts maybe 10 seconds because the secretary is a pit bull and wont let you through. D&B cards arent exactly the easiest lead source to use, but when you do get one, theyre real guys with real money.

And chop shop? I work for J.P. Turner on Wall St. One of the largest Independent B/D's in the country with over 120 offices nationwide. Furthest thing from a chop shop. I don't know how you solicit business with such a low amount of calls, but I don't know one broker on the street who isnt dialing atleast 10 hours days and isnt making atleast 500 calls.



4am to 8pm? Call me lazy but I'd get a cushy union job with a pension
Nov 14, 2009 1:32 am

In all honesty, it is your cold call pitch. There is no way in hell you should be calling that long and getting the results you are. Honestly, you should go up to your senior broker, get a tape recorder or reword your pitch if you want to keep going. If you have been calling four months and only have been able to get 200 leads, things are not looking in your favor right now. Not being an as*, just being honest.

Why have you been cold calling that long without pitching anyway? Do you have your 7 yet?  

Nov 14, 2009 8:11 am

You call to qualify them?  Dude, ask for an order .. if it's not the right time put them in a data base to call back.  Make sure you ask for the cell number.  There are some good cold calling threads on here worthy of a look.

Also, how long do you think you can keep that pace up?

Nov 14, 2009 8:56 am
BioFreeze:
anonymous:

I do a lot of insurance work so there simply isn't the need to qualify for lots in assets.  Of course, I'll never make an 8 figure income.



You spelled "6" wrong.




Nov 14, 2009 9:26 am
BioFreeze:
anonymous:

I do a lot of insurance work so there simply isn't the need to qualify for lots in assets.  Of course, I'll never make an 8 figure income.



You spelled "6" wrong.



LOL!

C'mon, you're an insurance guy too.

Nov 14, 2009 9:45 am
voltmoie:
BioFreeze:
anonymous:

I do a lot of insurance work so there simply isn't the need to qualify for lots in assets.  Of course, I'll never make an 8 figure income.



You spelled "6" wrong.




 
LOL!
Nov 14, 2009 3:22 pm

Good one, Biofreeze.  My old neighbor growing up is one of those Goldman 8 figure producers.  I can't even fathom it.    My goal has always been to hit 7 figures on a 40 hour work week.  


I've got a long way to go for both the 7 figures and the 40 hour work week.   The thought of constantly putting in very long days and not spending time with the family is not something that I would want to do.
 
I think that I'd rather go to a funeral followed by a dentist appointment, followed by a funeral, followed by a trip to a craft store, followed by a funeral than dial the phone from 4:00 A.M to 8:00 P.M.
Nov 15, 2009 8:43 pm

how long can you dial that amount of hours and not get burned out? BUMMER

Nov 15, 2009 10:26 pm

Did he say JP Turner or JT Marlin?

Nov 16, 2009 8:23 am
mwgto12:

1000 calls a day is not hard to do when you start dialing at 4am and leave the office at 8 pm. Especially when each call lasts maybe 10 seconds because the secretary is a pit bull and wont let you through. D&B cards arent exactly the easiest lead source to use, but when you do get one, theyre real guys with real money.

And chop shop? I work for J.P. Turner on Wall St. One of the largest Independent B/D's in the country with over 120 offices nationwide. Furthest thing from a chop shop. I don't know how you solicit business with such a low amount of calls, but I don't know one broker on the street who isnt dialing atleast 10 hours days and isnt making atleast 500 calls.



 
I don't want to call B.S. on your posts but it's sure hard not to do so.
 
Reasons:
1)You haven't quit.   Most people couldn't last a day making 600-1,000 phone calls.
2) I think that it's an impossibility to make 1000 phone calls unless it's done to office buildings on a Sunday and you hang up after 1 ring.
3) It's not possible to reach as few people as you have reached regardless of how bad you are on the phone.
4)Please explain how a broker can spend 10 hours a day on the phone every day making 500 dials unless they are never having a meeting with a client.
5) 120 offices with 1 broker in each office does not make for a large broker/dealer.  Why aren't they in any of the lists for largest broker-dealers.
 
I'll gladly apologize if I'm wrong, but I smell some huge exaggerations here.  If I'm wrong, please accept my apologies, but you need some help because you are doing something wrong.  You are quickly going to leave this career burnt out and broke.
Nov 16, 2009 10:05 am

for those that do cold call, after you get a not interested after the initial pitch, how much further do you go on the call?  i know it increases the probability of hangups, but does everyone else have 3-4 follow up questions, or simply end the call after they say not interested?

Nov 16, 2009 11:02 am

Quick question before I let you go. Who do you know (insert your product here, such as "that could use tax free income" or "that has lost money in the market that might like to hear about it?")

 
Or " By the way, how do you feel about the new Roth IRA conversion laws going into effect next year?"
 
Or Thankyouverymuch! click dialtone (Thank you Bill Good)
 
Stok
Nov 16, 2009 12:13 pm
gb0413:

for those that do cold call, after you get a not interested after the initial pitch, how much further do you go on the call?  i know it increases the probability of hangups, but does everyone else have 3-4 follow up questions, or simply end the call after they say not interested?

 
Okay, I'll just remove you off my list of sucessful people.
Nov 16, 2009 12:16 pm
voltmoie:
gb0413:

for those that do cold call, after you get a not interested after the initial pitch, how much further do you go on the call?  i know it increases the probability of hangups, but does everyone else have 3-4 follow up questions, or simply end the call after they say not interested?

 
Okay, I'll just remove you off my list of sucessful people.
 
haha, thanks i'm going to add this to my list of one-liners