First 2 years
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Good point Joe.
Anonymous. So you get 2 appts out of 40 cold calls, but not even 1 client out of 100 cold calls. That means your appt to client rate is less than 20%. True?
True. This is a tough business. It's not as if I call on someone and they say, "Thank you for calling. I really need to start working with a new financial advisor. Please come over and handle my $300,000 ACAT and while you're at it, please sell me a $2,000,000 life insurance policy."
The challenge is going from appointment to fact finder. If I take a fact finder, there is a very good chance that I'll have a client.
When you hear about someone who tells that everyone becomes a client or some high percentage, the first thought in mind is something along the lines, "Why isn't this person meeting with more prospects. They'd make a killing."
[quote=Closer]Those numbers are very high. I haven't began cold calling yet, but some of my-coworkers say it never works. One guy did a couple hundred with no success. I would project the numbers of cold call to client as less than 1%. But then again, I wouldn't know... [/quote]
The poeple who say cold calling never works, are the people who dont have the drive and discipline to do it.
Your Alter Ego, Bobby, is busy with his socks right now but wanted me to give you this quote. He realizes you wish the same for him and said thanks.
[quote=Bobby Hull
Please put your used sock in your mouth and then handcuff yourself to your inflatable doll, then shove her off a cliff.
[/quote]
A little reverse psychology therapy works wonders!
Doc Barron
Cold call prospecting just like every other aspect of prospecting and selling is a skill. I could see someone making 1,000’s of calls w/ very little/no success if they do not have the right approach/skill.
I am working on developing the right tone of voice. In my very limited experience I find that if your voice is to regimented, that is too recited, you sound like a telemarketer. Well, which you are I guess. But I think some spontaneity brings a personal aspect to the conversation.
[quote=pratoman]
[quote=Closer]Those numbers are very high. I haven't began cold calling yet, but some of my-coworkers say it never works. One guy did a couple hundred with no success. I would project the numbers of cold call to client as less than 1%. But then again, I wouldn't know... [/quote]
The poeple who say cold calling never works, are the people who dont have the drive and discipline to do it.
[/quote]
What kind of accounts have you brought in by cold calling?
$750K, $1.4MM, $600K, $2.8MM- YTD 2007
Go back to the full year 2006 and there is a $800K, $900K, and a couple $500K's in there...
Point is- it can work....
Blarm, are these individual investors, or 401k plans for small businesses or what?
"Blarm, are these individual investors, or 401k plans for small businesses or what?
All individual investors... The $2.8MM came from a cold call about 14 months to a professor at an area university. Turns out he had about 700K but his wife (corp exec) had over 2 large.
I began 2007 by modifying who I was targeting... Looking back at '06 and '05 I realized I wasted WAY too much time chasing Mom and Pop's who would stroke me along, never really had much money, and were never going to do anything... Instead, I have been targeting exec's and business owners, with a sprinkling of targeted residential calling.... And, I still DRIP on those old propsects who are qualified and will eventually 'see the light'...
For full discolsure, those assets were placed in a joint number with my partners, but they have added several 'dead' accounts that I have mined for production and other assets. Win win in my book.
No question, you have what it takes to succeed in this business. Keep up the good work…
"Usually university professors are "know it all" tough customers."
Give me a 'know it all" professor with 600K in their TIAA Cref 403B and I will have them signing ACAT's by the end of the second meeting...
Most educators I work with know that they may be specialists in their given field, but also are intelligent enough to outsource to professionals once they see the wekanesses in their strategy (example- going it alone through TIAA or having 7 TSA's all over the place that they have 'bought' over the years....).
[quote=Closer]I am working on developing the right tone of voice. In my very limited experience I find that if your voice is to regimented, that is too recited, you sound like a telemarketer. Well, which you are I guess. But I think some spontaneity brings a personal aspect to the conversation. [/quote]
Go to:
www.billgood.com
He has scripts online. Find one you like and practice it until you can repeat it word for word without looking at it. Then start making calls with the script in front of you. if the callee interupts you a quick peek at the script will put back on course. Don't make it harder than it has to be. Don't listen to the snoots who believe cold calling doesn't work or is beneath our professional image. The biggest producers in our industry built it by cold calling. Expect to make 300 to 400 dials per day. 200 dials would be a bare minimum.
I work in an office that embraces cold calling. We also embrace referrals, and networking. Still it was and is cold calling that brought us to the dance. I'm not saying cold calling is better than other marketing channels, only that it works.
To what degree do you document your calls? That is, if you call a number and a gatekeeper answers, then kick out with no message or voice mail left, do you make a note on your list? Also, what format are your lists (paper-based, or electronic)? thx
Every call gets a notation:
6/15- L/M w/ assistant.
6/15- S/W, N/I, has an FA. Send firm info and follow up in 10 days.
6/15- N/H at 10am. N/H at 430pm.
6/15- S/W, interested, has FA at XYZ Firm, big position in cash, 401K at old company. Send info and follow up in week to set meeting.
I try to be as detailed as possible because I want to know the content of my calls. Right now I have some leads I keep in a huge binder and then I also use my CRM software for newer leads I develop....