Westwood's Cold Call Journal

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Oct 6, 2010 12:41 pm

I have been cold calling for about a month now.  I have been able to get a couple of appointments and open a couple of accounts, but it just seems like it is not happening fast enough for me.  So I have decided like many others here to try and keep an update to journal of my activities.  I have lurked for a while and “roogled” my good topics on this forum and have tried to incorporate many of the best practices mentioned here.  I would truly appreciate all your feedback.

 

 

I am currently using this script:

 

Hi Mr. _____________, this is _______________ from _____________.  The reason for my call is that we currently have limited supply of Insured, “Tax-Free” bonds that paying ______ %.  I would like to see if you are an investor and if you so, would you me interested in hearing more about these bonds?

 

I find that this script is opening up some conversations, but more than not it seems that some simply say “not interested” and hang up on me.

 

 

My number for this week so far are as follows:

 

Monday

Dials                      240

Contacts                22

Prospects             4

Appts                      1

 

 

Tuesday

Dials                      315

Contacts                34

Prospects             9

Appts                      0

 

Any thoughts?

Oct 6, 2010 1:00 pm

[quote=Westwood]

 

 

I am currently using this script:

 

Hi Mr. _____________, this is _______________ from _____________.  The reason for my call is that we currently have limited supply of Insured, “Tax-Free” bonds that paying ______ %.  I would like to see if you are an investor and if you so, would you me interested in hearing more about these bonds?

 

I find that this script is opening up some conversations, but more than not it seems that some simply say “not interested” and hang up on me.

 

 

Should shorten.. asking to much...

[/quote]

Hi Mr. _____________, this is _______________ from _____________.  The reason for my call is that I currently have supply of high quality Insured bonds that paying ______ % tax free. How does that compare to the rates you are seeing at your bank?

 

 

Hi Mr. _____________, this is _______________ from _____________.  I will be brief. Are you an investor and if so would you be interested in new ideas from time to time? (if no, I understand, let me ask you a question, do you have a backup plan when another year like 2008 happens?)

 

Hi Mr. _____________, this is _______________ from _____________.  I know you are probably busy so I will be brief. The reason for my call is  that i have been finding  4% yields that are completely tax free, in high quality municipal bonds.  THat is the same as a CD yielding 6%, are you currently earning at least 6% on all your money?

 

Try different ones... do 100 dials, until you find something that works..(take into account, list, time of day, etc)

Oct 6, 2010 2:56 pm

Squash, thanks for the feedback.  I will try and incoporate some of these into my daily calls.

Let you know how it goes.

Oct 6, 2010 3:18 pm

Don't thank me.. Bond Guy, Primo, Gaddock etc... have posted these or a variation of these in the past... I just copy them down..

Oct 6, 2010 3:27 pm

i assume you would primarily be calling residences with this pitch....what time of the day is working best? i have noticed during hte day its mostly housewives who get on the phone and they are usually clueless.

also have u used this while calling businesses? and what has been your experience?

Oct 6, 2010 4:26 pm

I have only been calling on residentials.  I have not found a good source to call businesses yet, and not sure sure what pitch I would call them with.

I have found that the best times for me to reach people is during the week, 9.30am-11.30am and 3.30pm-6.30pm.  I have also found that on Saturdays from 9.30am to 11.00am works well too.

You are right though, I find that I do reach a lot of housewives, that have no clue on what I am calling on.  They either say not intersted and hang up or sometimes defer to calling their husbands at a later time.

Oct 6, 2010 7:18 pm

what is your source for residentials?

Oct 6, 2010 7:30 pm

Just using a list of residential numbers that the firm purchased from a lead company for now...

Oct 6, 2010 10:11 pm

Ya I got a list too but no answers during the day.  Are you calling these people during the day or at night?

Oct 6, 2010 10:18 pm

Wednesday

Dials                      369

Contacts                25

Prospects             4

Appts                      0

What a terrible day!  I couldn't get anyone on the phone.  I am really trying to make a strong consertive effort to pound the phones more, but days like these make it really tough to stay motivated...good night all...

Oct 7, 2010 11:46 am

[quote=ricky32478]

Ya I got a list too but no answers during the day.  Are you calling these people during the day or at night?

[/quote]

I am calling all day long from 9am-8pm depending on if I have meetings or appointments.

Oct 7, 2010 12:42 pm

Here we go...another day of dialing for dollars. Wish me luck!

Oct 7, 2010 1:07 pm

[quote=Westwood]

I have only been calling on residentials.  I have not found a good source to call businesses yet, and not sure sure what pitch I would call them with.

I have found that the best times for me to reach people is during the week, 9.30am-11.30am and 3.30pm-6.30pm.  I have also found that on Saturdays from 9.30am to 11.00am works well too.

You are right though, I find that I do reach a lot of housewives, that have no clue on what I am calling on.  They either say not intersted and hang up or sometimes defer to calling their husbands at a later time.

[/quote]

Residential is good in the am(8:30-10:30) for people over 55

Also good from 4:00-8pm for anyone else on your list (I wouldn't call anyone younger than 45 though).

So from 10:30-4pm... Business or corporate directories.... If not you are just burning numbers.

Break down your call sessions for a week.. You will find that a large percentage of your contacts came at the above mention times and calling residential from10:30-4pm just increases your dials and not your contacts.

Oct 7, 2010 1:34 pm

[quote=squash2]

[quote=Westwood]

I have only been calling on residentials.  I have not found a good source to call businesses yet, and not sure sure what pitch I would call them with.

I have found that the best times for me to reach people is during the week, 9.30am-11.30am and 3.30pm-6.30pm.  I have also found that on Saturdays from 9.30am to 11.00am works well too.

You are right though, I find that I do reach a lot of housewives, that have no clue on what I am calling on.  They either say not intersted and hang up or sometimes defer to calling their husbands at a later time.

[/quote]

Residential is good in the am(8:30-10:30) for people over 55

Also good from 4:00-8pm for anyone else on your list (I wouldn't call anyone younger than 45 though).

So from 10:30-4pm... Business or corporate directories.... If not you are just burning numbers.

Break down your call sessions for a week.. You will find that a large percentage of your contacts came at the above mention times and calling residential from10:30-4pm just increases your dials and not your contacts.

[/quote]

I do find that I am just dialing through numbers during that mid-day gap from about 11am-3pm.  I get nothing but answer machines and faxes.

What source do you reccomend for directories and business numbers?

Oct 7, 2010 2:22 pm

those are good inputs....i have been calling businesses and the contacts are higher. the only issue in most cases is getting past the gatekeeper or having to leave voicemails (which makes no sense).

westwood - u can try polk directories for business contacts.

Oct 7, 2010 2:37 pm

[quote=vintalk]

those are good inputs....i have been calling businesses and the contacts are higher. the only issue in most cases is getting past the gatekeeper or having to leave voicemails (which makes no sense).

westwood - u can try polk directories for business contacts.

[/quote]

I don't leave voicemails anymore, I tried that when I first started cold calling and dialed maybe a 1000 times and got 2 callbacks.  So I didn't see any value in that.

I have heard about the polk directory mentioned many times on here, so I plan to visit my library this weekend and see what I can use. 

What is your ptich or opening when calling businesses?

Oct 7, 2010 3:21 pm

what is at the library?

Oct 7, 2010 3:51 pm

You have 17 prospects in three days of calling!

Don't change anything!!!!!

Your contact rate will vary day to day list to list.

Go back and review Tuesday's calls. Your prospect rate was up. Was there anything different about Tuesday's calls?

Most likely not, but that's what you need to pay attention to to refine your process.

With your current rate you will end the week with 25 prospects. over the coming weeks that will equal at least two new accounts and two or three money in the future leads.

Again, don't change anything!!!!

Oct 7, 2010 3:59 pm

[quote=palmpre]

what is at the library?

[/quote]

From what I hear, the libraries give you access to directories that the large lead companies pull from.

Oct 7, 2010 4:04 pm

[quote=BondGuy]

You have 17 prospects in three days of calling!

Don't change anything!!!!!

Your contact rate will vary day to day list to list.

Go back and review Tuesday's calls. Your prospect rate was up. Was there anything different about Tuesday's calls?

Most likely not, but that's what you need to pay attention to to refine your process.

With your current rate you will end the week with 25 prospects. over the coming weeks that will equal at least two new accounts and two or three money in the future leads.

Again, don't change anything!!!!

[/quote]

Thanks for the advise Bondguy!  I have been using the same bond script to lead with.  From what I can tell, I haven't really done anything different from Tuesday, other then really trying to ask open-ended questions and keeping my mouth shut.  I'm am really trying to get the prospect talking and it seems to be working somewhat.  It's just all the hang ups that get you thinking that you are saying something wrong, but I guess it's a numbers game.