Westwood's Cold Call Journal

or Register to post new content in the forum

216 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Oct 14, 2010 1:31 pm

5000 pieces of mail, is equal to $5,000 or so. Few firms are going to let you do that, without accountability. No harm in asking, but man, you'd better keep it totally on the low down, or other reps will stab you in the back worse than JC. The rate of return you'd get on something generic, is less than 1%. Done RIGHT, my guess, you'd get maybe 8-12 really good prospects out of that.

Oct 14, 2010 2:01 pm

[quote=BondGuy]

I think were talking mailing more as an alternative channel to cold calling

Two ways to work it:

mail 25/50 per day of either a product IE UIT/Mutual fund or mail an invite to recieve info or be put on a special list. For example i would mail invites to be put on my Monday Morning Bond List. I included a copy of the latest list.

using this method paves the way for a call roughly one week later. The call is a follow up to ask if they want on the list and then to qualify. it flips the call/mail/call process to mail/call/call or mail/call/mail. I no longer do this but it was effective for as long as i did do it. Doing it forces activity. once you mail the mailer you have to make the calls.

This method can also be mailing invites to a once a month workshop, dinner or lunch seminar.

The second way to do mail is ala Bill Good mass mailing that include return mailers. Same mailers, invites, product info, introductions, whatever, mailed to 5000 people a month. Usually included is a if you aren't interested in what i've mailed check off what you are interested in option. The return mailer includes a check off list of every investment under the sun.

The beauty of this type of mailer is once it's set up you are free to keep running the program every month with little or no time input. An assistant or temp can get the mailing out with just a couple hours work every month.

Again, this isn't a channel i'm using right now, as in today, but as recently as two or three years ago, My response rates were roughly one percent. BGM reports response rates between one and two percent.

Once set up you have leverage, no time for 50 leads showing up in the mail month after month.

Mail and fail? maybe. But you don't know until you try. And, it could take several months of tweaking to get the right messege on the right prospect group. The only way to find out is to do it.

 [/quote]

Two things

#1any examples of your mailers BondGuy :

How about a postcard 

NJ Residents earn 7.55% Tax-Free call 212-555-1212 or email [email protected] for more information

#2 you could add this to your cold calling.

PS Put a diclaimer on the back for compliance.

Oct 14, 2010 2:21 pm

A few years back, sensing a need for serious account reviews, we sent a letter out to clients. Our response rate was 90%, TOTALLY unheard of.

We did one thing, and that basically tripled our expected response rate.

Anyone curious what this stupid little difference maker was? Take a guess if you'd like.

I'm thinking one might triple the expected response rate on a generic mailer using the same tactic. Go from 1% to 3%.

Oct 14, 2010 2:55 pm

With most of you all working on people around your office and trying to set appointments, can anyone give some help on talking to people out of state?

Oct 14, 2010 3:29 pm

[quote=BigFirepower]

A few years back, sensing a need for serious account reviews, we sent a letter out to clients. Our response rate was 90%, TOTALLY unheard of.

We did one thing, and that basically tripled our expected response rate.

Anyone curious what this stupid little difference maker was? Take a guess if you'd like.

I'm thinking one might triple the expected response rate on a generic mailer using the same tactic. Go from 1% to 3%.

[/quote]

Calling to follow up...

Oct 14, 2010 3:35 pm

[quote=BigFirepower]

A few years back, sensing a need for serious account reviews, we sent a letter out to clients. Our response rate was 90%, TOTALLY unheard of.

We did one thing, and that basically tripled our expected response rate.

Anyone curious what this stupid little difference maker was? Take a guess if you'd like.

I'm thinking one might triple the expected response rate on a generic mailer using the same tactic. Go from 1% to 3%.

[/quote]

Offering something for FREE.

Oct 14, 2010 10:21 pm

Thursday

Dials                      349

Contacts                24

Prospects             4

Good night...

Oct 15, 2010 9:28 pm

Friday

Dials                      231

Contacts                17

Prospects             0

Scored a big zero on prospects today..oh well.

I did get an open account today though, very small 401k rollover.  Every little bit counts, right!?  Till tomorrow guys. Good night!

Oct 15, 2010 10:39 pm

The difference maker, was a hand written"Please Respond", and highlighted in yellow.

People get so much junk mail, that many of our own clients didn't know the difference between something important from us, or not.

Any mass mailing, you must hand write envelopes, or use those nice window envelopes. A real stamp is also a good idea. Letters should be 12 point font, if not 14. I got lots of little things I do beyond that even. But that highlighted "please respond" was like a "moment" that struck me.  

Oh, and never title a letter "Dear Deceased...."

Oct 18, 2010 8:34 pm

Westwood you haven't post since 15th?  I am interested in your numbers.  If you need some motivation PM and we can help each other out.  Look forward to you response!!!!!!!

Oct 18, 2010 9:06 pm

[quote=ricky32478]

Westwood you haven't post since 15th?  I am interested in your numbers.  If you need some motivation PM and we can help each other out.  Look forward to you response!!!!!!!

[/quote]

Sorry, haven't had a chance to post in a couple of days.  I had a couple of things going on this weekend. 

Thanks for the encouragement though.  I will post my numbers for the last couple of days. 

Oct 18, 2010 9:08 pm

Saturday

Dials                      0

Contacts                0

Prospects             0

Only came in for a couple of hours on Saturday, just to get organzied and ready for a couple of appointments this week.

Oct 18, 2010 9:09 pm

Monday

Dials                      240

Contacts                32

Prospects             3

Nothing too exciting for a Monday.  I do have an appointment tomorrow, so wish me luck!

Oct 18, 2010 10:00 pm

You don't need luck.  You are the future swinging dick of your firm.  Go get em tiger!!

Oct 18, 2010 10:02 pm

how are you getting these appointments .  I have been cold calling for a solid two weeks and have 55 people interested in hearing back from me.  How do I close some of these prospects on appointments?  Any suggestions?

Oct 18, 2010 10:32 pm

" How do I close some of these prospects on appointments? Any suggestions?"

Yes, ask for the appointment. Not meaning to sound like a d!(*. But you can't get something unless you ask. If they say no, ask them why. Just make sure you are not considering people as prospects who really are not.

"Add me to your mailer/email" does not mean prospect. A prospect meets 3 things (at least to me):
need
desire
money

missing one? I'll add you to my list and call a couple months later to see if you have all 3. If I call you over 12 months, and nothing has changed, and I don't see it changing shortly (retiring and 401k rollover, wealthy parent dying, current advisor is old and soon to retire) then I drop you off my list.

Life in this business can end quickly if you are chasing people who won't do business with you soon.

Oct 19, 2010 9:05 am

very true but I qualify everyone before I put them on my email list.  They have to have at least 250+ in investable assets. 

Oct 19, 2010 10:21 am

Westwood and Ricky, my hats off to you guys.  You guys are a great inspiraton, and I respect your consistant efforts to survive and succeed.

I will be starting in this industry as well as soon as I choose a firm, and I plan to keep a journal just like you folks.

Keep us updated, we are all rooting for you both to succeed!

Oct 19, 2010 10:41 am

What is a prospect...

According to Dave Mullen...He wrote the book The Million Dollar Financial Services Practice...He also trained many million dollar producers at Merrill Lynch meets the following 3 criteria:

1. Has has an appointment with you

2. Meets account minimum (He says $100K)

3. Will return you phone call

I agree with him.

He also says that you should not have more that 100 prospects in your pipeline and it takes 12 mos to create.

Not trying to be an a**..asking if they can go on your mailing list or can I call you in the future is not a prospect.

You might want to change  your definition of what a prospect is. I would use what I listed above. Your results will not look as good for the first 3 mos however you will be happier and wealthier in the long run.

Again I think you guys are doing a great job and you have motivated me to start calling again.

Oct 19, 2010 1:02 pm

what happens if I have 2 & 3 down.  I haven''t been doing this long enough to have many appointments.