Westwood's Cold Call Journal

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Oct 7, 2010 4:34 pm

i have been using the appointment / service pitch rather than product. not much luck though....even if u do get to the prospect, u mostly get not interested!!

i plan to try residential next week....just that scrubbing the data is too time taking and i thought businesses might be better. but not so far

reference usa in libraries seems like a good source for residential..

Oct 7, 2010 10:19 pm

Thursday

Dials                      279

Contacts                30

Prospects             4

Appts                      0

Another exhausting day...good night.

Oct 8, 2010 8:54 am

People are hanging up on you? Gee, you must be doing something RIGHT!!!!!!!!

West, why do you think so many people fall out of this business?

I worked 70 hour weeks with my ear glued to the phone for the first seven years out of the gate. I can't count my 500 plus dials days. More than not. Back then opening 25 to 40 new accounts a month was doable because of higher contact rates. Today, that's been halfed. So, less accounts means go for bigger accounts. So what!  Penetrate the accts more quickly to add assets. Don't be a one trick pony and add other marketing channels once the cold call pipeline is a finely honed machine delivering the goods month after month. If i Knew then what I know now i probably could have climbed off the 70 hour a week horse two or three years sooner.

As for the drudgery of the task at hand. Many on these boards read my posts and other who have cold called their way to success and figure to do the same. Only, once in it, and seeing how really hard it is do they realize how much easier said than done completing the task is. Yeah, tell me about it!

Good luck!!!

Oct 8, 2010 10:08 am

Bondguy This is soooo true.  I thought cold calling would be way easier.  its not but I m not going to give up.  I make sure I get on the phone everyday no matter what my schedule looks like.  I have only been cold calling for 4 days and I have got 19 prospects.  going on my first meeting today.  Its hard but I know it will work

Oct 8, 2010 7:37 pm

Been following ricky and west's journals.  Keep it up guys.  Stay with it.  You'll get there.  I bet everyone on this forum is rooting for you.

Oct 8, 2010 7:40 pm

Thanks very much  Still calling 8 at night on friday

Oct 8, 2010 7:56 pm

Thanks IndyBDguy!  Need all the motivation we can get!

Ricky32478, you must be on the east coast?  Keep on dialing!!!

Oct 8, 2010 9:02 pm

Friday

Dials                      244

Contacts                16

Prospects             2

Appts                      0

I think I'm going to have to get another list or something, my contact ratio really sucks.  I try to call during th prime morning and afternoon times, but it seems like these last couple of days nobody is answering. 

Have a great weekend guys, I'm out of here.

Oct 9, 2010 1:15 am

im a newbie so I don't really have any say but I get the same results you get when calling from a list I brought.  Nobody picks up the phone and I spend all day dialing.  I found out when I get creative and make my own list I dial less and get more contacts.  Now granted It takes time throughout the day to find the numbers but it really works so far.  If you look at my journal you see the numbers I got in my first week cold calling.  I'm sure i suck on the phones too, because it is only my first week.  i'll give you an example of what I do to get leads. I find companies that are downsizing and ask to talk to the HR department (never works but I try everyday).  What works is to find SMALL COMPANIES that are down sizing and talk to the owner and tell him you want to drop by.  Buy two Pizzas and BS with him for a little and ask for contact info of people that might be interested in rollovers and say you only want individuals with 250,000 assets or more.  It works best with Blue collar works not executives.  I did that today and it worked great.  Westwood, PM me privately and we can share what works and what doesn't work.  I have some more ideas but I rather keep them private.

Oct 9, 2010 2:12 am

[quote=ricky32478]

im a newbie so I don't really have any say but I get the same results you get when calling from a list I brought.  Nobody picks up the phone and I spend all day dialing.  I found out when I get creative and make my own list I dial less and get more contacts.  Now granted It takes time throughout the day to find the numbers but it really works so far.  If you look at my journal you see the numbers I got in my first week cold calling.  I'm sure i suck on the phones too, because it is only my first week.  i'll give you an example of what I do to get leads. I find companies that are downsizing and ask to talk to the HR department (never works but I try everyday).  What works is to find SMALL COMPANIES that are down sizing and talk to the owner and tell him you want to drop by.  Buy two Pizzas and BS with him for a little and ask for contact info of people that might be interested in rollovers and say you only want individuals with 250,000 assets or more.  It works best with Blue collar works not executives.  I did that today and it worked great.  Westwood, PM me privately and we can share what works and what doesn't work.  I have some more ideas but I rather keep them private.

[/quote]

You have some good ideas there.  I sure you will continue to see some good results from that.  I've thought of some ideas similar to those...I just haven't been able to put them on paper as an organized plan of attack, but you got me thinking now.  The way I look at is, one of the most common problems right now is unemployment.  So if you can find a way to capitalize on that then you're on to something. It kind of reminds me of training where they keep harping on how X amount of BabyBoomers are retiring in the next few you years, this is one of the best times to be in the business, there's going to X amount of trillions of dollars to manage, blah blah blah...

Oct 9, 2010 12:45 pm

I would forget about the actual dials and just concentrate on the number of prospects and appts. Making 200 dials a day, you will burnout just by looking at the number. I just look at how many hours I put in and go from there. 

Oct 9, 2010 1:40 pm

[quote=Otane]

I would forget about the actual dials and just concentrate on the number of prospects and appts. Making 200 dials a day, you will burnout just by looking at the number. I just look at how many hours I put in and go from there. 

[/quote]

Good point.  I try not to aim for a certain number of dials, but I always try to maxmize the time I do call.  So it may be 7 hours or it may be 3 hours.  I just try to maximize my time with dialing, because when you don't have many clients, then what else are you going to do...that's the way I look at it.

Oct 9, 2010 1:44 pm

you calling today westwood?

Oct 9, 2010 1:51 pm

[quote=ricky32478]

you calling today westwood?

[/quote]

Yup, probably gonna do a call block or too. I tend to get a much better contact ratio on Saturdays.  Also gonna get a little organized and research a few things.

How about you?

Oct 9, 2010 4:18 pm

Cold calling is hard. I know a cold calling coach who tells me it is still hard for him. If he takes off a week, then it is that much harder, 

Just do it everyday, and you will get to where you want to go. Just look around the office and 99% of the people are doing everything else but prospecting. 

I love it when FA's tell me they are a good closer. What a joke...they hardly get a prospect to practice their close on a consistent basis. I think every FA's who doesn't call says the same dumb statement. 

Oct 9, 2010 4:23 pm

soo true!!!!!!

Oct 9, 2010 4:24 pm

ya westwood I am on call 79 for today.  I got to do way more I am stay off this site till tonight so i can concentrate

Oct 9, 2010 4:27 pm

Once you start calling....scumbag senior FA's will come to you to "partner" up with them. Pick and choose carefully, since a majority of them are a waste of time. 

The typical scam is we will split the account 50/50. Of course, they wil establish the relationship and they count on newbies dropping  off. If I had a bullet for every statement an FA said this I would have a pile of lead higher than Mt. Everest.

Oct 9, 2010 4:28 pm

Saturday

Dials                      117

Contacts                5

Prospects             0

Appts                      0

Alright guys, not a great Saturday for cold calling for me.  I arrived at the office 2 hours later than I usually do.  Lesson learned, calling from 8.30am to 10.30am is a lot better than calling from 10.30am to 12.30pm.  Also on another note, I need to get better at not letting dead leads take up my time on worthless conversation. I had one call today that took about 20 minutes of my time, just complaining about his mortgage and how he can't get the bank to do a loan mod for him.  I guess I'm too new to realize that sometimes these kind of conversations go nowwhere...ugh! 

Well I'm out of there, gonna go to the library and see what I can dig up on some new lead sources.

Oct 9, 2010 4:32 pm

[quote=Otane]

Once you start calling....scumbag senior FA's will come to you to "partner" up with them. Pick and choose carefully, since a majority of them are a waste of time. 

The typical scam is we will split the account 50/50. Of course, they wil establish the relationship and they count on newbies dropping  off. If I had a bullet for every statement an FA said this I would have a pile of lead higher than Mt. Everest.

[/quote]

Thanks for the heads up.  I will have to keep this mind, just in case it happens.  Being a newb, sometimes you don't know no better.