Scorecard for rookies

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Sep 4, 2006 6:07 am

I am in the process of developing a daily scorecard, and would appreciate any feedback on what some of the vets' are doing in this regard.


I posted this before, but I thought I'd pass along the following for the rookies out there.  For my first few years, I was religious about keeping track of my daily activity.  In fact, if I had to credit one single factor that allowed my to survive and eventually "succeed" it would be the daily activity that went into the scorecard.  We're talking about fundamentals here.  I strongly recommend that anyone out there that isn't inheriting a book, isn't extremely well-connected, and is truly committed to making it apply the following to their practice.  BTW that applies to probably 90% of the reps out there.  At least the parts about not inheriting a book and not being connected.


These are the components of the scorecard: new contacts, callbacks, client calls, hours worked, appointments, new accounts, money found. The point system is as follows: 1 point for each new contact & hour worked; 2 points for each callback and client call; 5 points for each new account; 10 points for each hour spent in an appointment. Your daily goal is 100 points and 500 for the week.  In addition, you are looking to find 500k/day of new assets. Work Saturday if you need to get to 500 points for the week.


In fact, I would recommend that interview candidates present this along with their business plan.  If I was a manager, I'd be incredibly impressed that this person realized that fundamentals are the key to survival and eventual success.


Sep 4, 2006 9:15 am

25 contacts per day is the only thing they can control. If they do that, they'll get rich.

Sep 5, 2006 11:36 am

Contacts are what count. Don't forget to keep track of that MOST IMPORTANT lost art of all lost arts, closes. You know, the part of the presentation where you ask the prospect/client to do something. It usually comes at the end, you ask, and then shut up.

Sep 5, 2006 12:13 pm

I'd throw referrals in there.  I think everyone would agree that they need to be in a "must do this to survive" scorecard.

Sep 6, 2006 2:35 am
knucklehead:

25 contacts per day is the only thing they can control. If they do that, they'll get rich.



I've been reading and having been thinking seriously about a career change in this field. I understand there is a lot of work ahead of me if I choose to do so and have also read the key (within recruiting documents) to success is these 25 contacts per day. They however,  call them "quality" contacts. Could someone explain this to me? Also, is it as simple as that to succeed? I understand it's not easy to constantly motivate yourself to make 25 contacts per day, but it sounds like any other sales job....a numbers game.

Sep 6, 2006 5:42 am

As a rookie, you are going to need a heck of a lot more contacts than 25/day; more like 75-100.  For a rookie, a quality contact is actually talking to the person you are calling.  For a veteran tracking quality contacts, that would likely mean reaching clients and being able to fully discuss what you intended.

Sep 6, 2006 11:17 am

At the most basic level it is a numbers game.  The 25 contacts Knucklehead referred to is an EDJ number.  For us it means not just talking to someone, but actually asking them to do something ie, buy something or set an appt.  You may actually talk to 75 people a day, but 50 of them may shut you down before you get out anything other than your name and the company you work for.

Sep 6, 2006 1:13 pm
Stockjoc:
knucklehead:

25 contacts per day is the only thing they can control. If they do that, they'll get rich.



I've been reading and having been thinking seriously about a career change in this field. I understand there is a lot of work ahead of me if I choose to do so and have also read the key (within recruiting documents) to success is these 25 contacts per day. They however,  call them "quality" contacts. Could someone explain this to me? Also, is it as simple as that to succeed? I understand it's not easy to constantly motivate yourself to make 25 contacts per day, but it sounds like any other sales job....a numbers game.


It sounds like a sales job because it is a sales job.


Making contacts is the name of the game. I'd say that 25 contacts a day isn't going to get it done. Yet, even to make 25 contacts could mean making 100 phone calls. Up that number to 50 contacts a day and you can begin to understand how hard the job is.

Sep 6, 2006 9:22 pm

Ok, thanks to all that replied.

Wow, in the area I live in, I imagine it would be pretty tough. I am going to speak to the local IR's at AGE, EDJ, and American Express this week for the "local" take on things.

Sep 7, 2006 12:08 am
Spaceman Spiff:

At the most basic level it is a numbers game.  The 25 contacts Knucklehead referred to is an EDJ number.  For us it means not just talking to someone, but actually asking them to do something ie, buy something or set an appt.  You may actually talk to 75 people a day, but 50 of them may shut you down before you get out anything other than your name and the company you work for.



I think the number 25 has been around since before EDJ was founded.

Sep 7, 2006 4:20 pm

I like the weekly scorecard better.  10 - 15 face to face meetings per week and you're off to the races!!  All activity should drive you to those 10 - 15 face to face meetings per week.  25 contacts per day is good - but you won't find depth in long lasting relationships if you don't share skin and eye contact.

Sep 7, 2006 8:54 pm

It's all about time- that precious commodity.  More than anything.  Meet with clients/prospects that you believe have excellent potential.  Experience will provide that aptitude. Granted, things will fall through the cracks.  Still, I met today with a 500k client for the first time after cold caliing him and investing his $$$ 3 years ago.  The time was right, and his returns caused him to pay for lunch.  A very grateful client.  In fact, he was "honored" to meet with me (yeah, what a laugh) and gave me seven referrals to contact.  The market worked well, as far as timing goes.  Better lucky than good. Still, I'll kindly contact those referral's.

Dec 17, 2006 4:19 am
apprentice:

I like the weekly scorecard better.  10 - 15
face to face meetings per week and you're off to the races!! 
All activity should drive you to those 10 - 15 face to face meetings
per week.  25 contacts per day is good - but you won't find depth
in long lasting relationships if you don't share skin and eye
contact.





I think its the same as job searching, your goal is to score interviews
and then close on them. I basicly think that each client contact should
end in an advance in the relationship from one stage to the next.



Inital Contact --> Meeting --> Account opening --> Sales



If you can achieve 10-15 advances per week you will be in very good
shape over the long run. So basicly aim to advance three relationships
per day.




Dec 18, 2006 10:33 am

Great advice!! Really plan on incorporating the scorecard in my routine when I start at UBS in January. Thanks!!

Dec 18, 2006 4:03 pm
BrendanOC:

Great advice!! Really plan on incorporating the
scorecard in my routine when I start at UBS in January. Thanks!!





I think you'll find that its mostly the discipline that makes it work. I have an almost completely referral based business.



So I make it point to workover existing clients as well, include that
in your scorecard as well. Writing thank you notes, making up a
quarterly newsletter, sending birthday cards and updating your contact
management system are all important activities too.