Closing ratio

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Aug 16, 2008 1:38 pm

Hey guys, what do you think about my closing ratio so far?

I started last week and finished my 2nd week this Friday.  As of now, i have opened 3 accounts, the first account 4 days in.  This is my first sales job and honestly I love it.  I work for a private firm, and my boss/mentor has me on his small team.

So far i made about 4000 dials, out of those i probably got about 200 or so contacts, out of 200 contacts I made 24 pitches, and out of 24 pitches I have opened 3 accounts.

Is this good for a newbie?  What were your experiences when you guys first started?  Any tips to help me improve on closing?

Aug 16, 2008 1:47 pm

Nice job. You'll only get better from there. 

Aug 17, 2008 10:18 pm

Sounds like you're doing great to me for a newb. Just keep at it, don't let your numbers (contacts) get down even when you start opening more accounts...keep track of your progress like you're doing and report back every 2-4 weeks if you don't mind as its interesting (and encouraging) to see how people do when starting out.

 
 
Aug 17, 2008 11:24 pm
fifthstreetz:

Hey guys, what do you think about my closing ratio so far?

I started last week and finished my 2nd week this Friday.  As of now, i have opened 3 accounts, the first account 4 days in.  This is my first sales job and honestly I love it.  I work for a private firm, and my boss/mentor has me on his small team.

So far i made about 4000 dials, That is a lot of dials in two weeks, good job. out of those i probably got about 200 That is about where it should be, nice. or so contacts, out of 200 contacts I made 24 pitches, and out of 24 pitches I have opened 3 accounts.  Don't take this as a criticism.  3 out of 24 is low.  Now maybe they come in next week and the # goes up.  Not every account happens on the initial pitch, many do not.  Make notes with each pitch as to what the client responds favorably to and duplicate that in each meeting.  Overall you are doing great.  Keep up the effort and enthusiasm and you will be fine.

Is this good for a newbie?  What were your experiences when you guys first started?  Any tips to help me improve on closing?

Aug 18, 2008 11:03 am

where is the best place to get phone numbers to call? 

 
are most people using the phone book and cross referencing it with the Do not call list?
Aug 18, 2008 11:20 am

Nice work.

 
What are you calling with and what are you saying? What are your ticket sizes?
Aug 18, 2008 6:13 pm

How many accounts do you have to open for your broker before you are on your own?

Aug 18, 2008 7:05 pm

Aug 19, 2008 7:22 pm

Hey guys, much thanks for the encouraging words!  Been busy in the past few days. Mondays and Thursdays i work from 8-8pm.   On those days i usually get 500+ dials done, somewhere in the ballpark of 550, usually 30-40 contacts and 1 account or call back.  Tesuday, Wed, Friday days I do a minimum of 350 dials, today I only did 380...

I use D&B leads, also my boss' and VP's old accounts.  Hes got cabinets full of leads that seem endless. 

Also i dont have to open any accounts for my boss, hes my mentor and my boss so its a plus.  Every account i open is mine.  Right now my minimum ticket is 200 shares, my max has been 1000. 

I opened another account yesterday but it was a referral from my first client.

Aug 19, 2008 7:28 pm

Old accounts that have been blown up are the best. That is cool of your boss to give those to you. Best of luck with everything man. Do you do UK and US business or just US?

Aug 19, 2008 8:28 pm

I only do US as of right now, i have made a few calls to the UK just for the hell of it but im not hardcore like my boss who gets into the office by 5am everyday to call his UK clients.  He calls them from 5am-10am, then from 10am-5pm he does US.

Plus i find UK clients are harder to close due to the w-8 forms, and they have to photocopy their ID, you can close a guy but once you tell him he needs to fill out 2 different forms and also provide a copy of ID he gets a bit hesitant.   The upside is that they are willing to dig deeper into their pockets =D

Aug 26, 2008 9:10 pm

Got my 5th account today. 

I actually got it calling the prospect back at the end of the day after he hung up on me earlier.  My mentor got my voice recorder hooked up and we went over my pitches at the end of the day.  Well i missed the buying signals from one prospect...i steam rolled over him and didnt hear/get a chance to close him. 

So i called him back, apologized for being a little too aggressive, summarized my pitch and closed him.  The icing on the cake is that hes sending me 3 out of his 7 accounts thats under performing and that he never gets calls from!!

Aug 26, 2008 9:46 pm

Wow, good job!  I need a mentor like that.

Aug 27, 2008 8:21 pm

Thanks guys!

Bagged another today!  Used the same strategy as yesterday, guy hung up on me when he couldnt decide.  Called back and closed him.  However this guy is my oldest client, 82 y/o and hes has the smallest position too, ill have to work on him and help him grow.

I find this strategy is great when the prospect is on the fence and gets scared and backs off.  If a prospect straight up doesnt care/want to listen/or refuse to buy then its not effective.

6 down....14 more to go and its not even the end of the month yet!!

Aug 27, 2008 11:14 pm

So do you have a set time to open up your 20 accounts?

Aug 27, 2008 11:51 pm
fifthstreetz:

Thanks guys!

Bagged another today!  Used the same strategy as yesterday, guy hung up on me when he couldnt decide.  Called back and closed him.  However this guy is my oldest client, 82 y/o and hes has the smallest position too, ill have to work on him and help him grow.

I find this strategy is great when the prospect is on the fence and gets scared and backs off.  If a prospect straight up doesnt care/want to listen/or refuse to buy then its not effective.

6 down....14 more to go and its not even the end of the month yet!!

 
What exactly are you pitching?
Aug 28, 2008 12:59 am

I seem to recall that cold prospecing the UK was an activity that was, at best, on shaky legal ground......

Aug 28, 2008 4:00 pm
iceco1d:

When I was a trainee, I did it in 27 days...

 
You guys passed your 7 over a month ago and Seth's the only one who's opened his 40 accounts! 
Aug 29, 2008 1:11 am
newrepd:

So do you have a set time to open up your 20 accounts?



In 6 months, but the thing is, all these accounts are mine.  For once a firm is not trying to screw over the new guys but actually trying to help.  Because fucking over a newbie is not going to help the firm as a whole.  I just 2nd traded a client of mine and made 500 in commis.  How many of you can say that 1 month in?

And for those that are wondering, im pitching Navios Maritime.  Its a great company, just reported great 2nd quarter earnings, I got my first client in at 8.20, now this stock is at 10.38.  There are also a few other companies that are on our buy list but im not going to disclose that, but IMO Navios is a great buy.

And no, we are not a boiler room.....

Aug 29, 2008 9:23 am

Just curious as to what makes you say that IceCold?


Fifithstreetz is your firm on borad st, wall st or in midtown,o are you not in NYC?