Market Research

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Nov 15, 2005 10:52 am

Can any current or ex-EDJ tell me what exactly is done during the 3
weeks of market research, they have been very vague as to this?

Nov 15, 2005 11:36 am

It's actually a great training schedule. There is a certain period of time, after you take the 7, where you are not allowed to market your practice legally. During this period, ("market research") Jones wants you to go out, and introduce yourself to the community, get used to conversing with strangers, and try and uncover some information. You are limited to what you can talk about - financially. Later on, when you get the green light to fully prospect, you have a list of names, and can hit the ground running. During that time, I door knocked business owners and residents... Have fun with it, be casual in conversing...SEND THE THANK YOU NOTES. Very infrequently will you find someone who is rude or hostile. There are a lot of disinterested people, but they will typically still be nice to you.

Nov 28, 2005 6:50 pm

LISTEN CAREFULLY: AFTER MARKET RESEARCH GET THE NAMES OF 25 PEOPLE PER DAY-EVERY DAY- FOR A MINIMUM OF 6 MONTHS. THis is your inventory that will get you to segment two and three.


During market research you will learn your style.  POLITE, TO-THE-POINT, and PROFESSIONAL always.


Good luck and don't drink the cool aid. Smile at the regional bullcrap meetings and look into going INDY when you hit about $30MIL in assetts.

Nov 28, 2005 10:21 pm

Good advice Jonessniper!

Nov 29, 2005 6:23 pm
moneyadvisor:

It's actually a great training schedule. There is a certain period of time, after you take the 7, where you are not allowed to market your practice legally. During this period, ("market research") Jones wants you to go out, and introduce yourself to the community, get used to conversing with strangers, and try and uncover some information. You are limited to what you can talk about - financially. Later on, when you get the green light to fully prospect, you have a list of names, and can hit the ground running. During that time, I door knocked business owners and residents... Have fun with it, be casual in conversing...SEND THE THANK YOU NOTES. Very infrequently will you find someone who is rude or hostile. There are a lot of disinterested people, but they will typically still be nice to you.


Sorry, if you come to my house and knock on my door, you will be turned away.  We do not take solicitors during family time at our home. 


Does Ed Jones encourage customers to call their brokers at home? 


My point exactly.

Nov 30, 2005 8:51 am

Maybeeeeeeee -


Hey...I don't like people knocking on my door either. But unfortunately, if you happen to run a national investment firm, where the sales force is expected to .....sell the service, you need a process. Door knocking and cold calling are intrusive to many. However, there just are not many ways to build relationships with a large number of complete strangers, other than these two methods.

Nov 30, 2005 9:23 am

Well, we have many successful brokers who have built their business without cold walking.  In fact, ALL of our brokers have done it that way.


You have to work your strengths.  Be able to prospect in the way that is most successful for you.


Be able to sell your client EVERY investment option, based on what is best for for them.


EDJ???? I guess if you need someone hounding you that would be the place to go.  How come soooooooooooooooo many EDJ brokers are so unhappy?


PS.  It is 20 degrees already here.  Make sure you wear your woolies knocking on doors.

Nov 30, 2005 10:07 am

Maybeeeeeeee -


I agree entirely....you have to do what works for you. But your missing the point. In order to train 300 new people at a time in the business, everyone kind of needs to start at the same place. Love or hate Jones,.....most would agree, that in training a sales force, you have to have a recipe. Jone's recipe happens to be door knocking, and following up. I've done it, and still do (business owners mostly) ....Actually,....as negative as I can be sometimes.....I have to admit that a first time, face to face door knock is a great "step one" in the 7-10 contacts you need to gain a client. Older retired people are ideal, because 1) that generation appreciates the effort you are making - and...they hate telephone sales. 2) retirees have the money. 


I'm not saying that door knocking is the only way, or the best. It's one method of getting yourself in front of people. Seminars, mailings, cold calling, networking, and advertising are also encouraged at Jones.  


Don't mistake "hounding" with ACCOUNTABILITY.


Lastly, Jones people are not unhappy because of the door knocking thing. There are other problems that have been dicussed at length here, that are the reason for so much frustration. Hey...I think Jones completely misses the mark on so many levels.....But there training of new brokers is phenomenal. They do a great job of NOT overloading the broker with product info, and really concentrate on prospecting, and develpoing routines.

Nov 30, 2005 10:48 am

Maybe-


You may not like door knocking but many people do not mind a well intentioned person cold calling them. Most new businesses do require cold calling to be sucessful in the beginning and I would agree with others that door knocking is a very sucessful way of cold calling. I would much rather do that that use the telephone. And Yes EDJ has its problems but so does every other firm. Overall it is a great place to start out. I think you are doing new people a disservice by being so negative.

Nov 30, 2005 11:13 am

"PS.  It is 20 degrees already here"


Maybeeeeee- You should move to SoCal... Its 71 and sunny here....

Nov 30, 2005 12:32 pm

glad it has worked for you.



Blarmstorm.  Send the ticket and I am on the next plane.  It is freezing here and we have 3 months left to go.

Nov 30, 2005 12:59 pm

Any ticket from Blarm would probably come with expectations...