Revised Cold Calling Techniques Pt 2!

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Mar 8, 2010 4:51 pm

Today I wanted to talk about 2 things. 

 

1- Cold Calling Presentation

2- Addressing Objections with Rebuttals

 

When I was a trainee, times were a lot different then, than they are
now. I was in a program with 16 trainees, and we all sat at a big
table, however there was only 8 chairs at that table, and if u didn't
get a chair that day you stood up for 13 hours and dialed. Furthermore
we HAD to make 500 calls daily, or else we didnt have a job the next
day. It was brutal, but I tell you what, IF you made it through the
training process you would get your S7 books and most likely your
future in the business looked good. I've seen some of the most
successful financial sales people come out of programs like that.

 

 

As I said in my first post, a prospecting call is determined within the
first 4-7 seconds of the call, so with that being said again it's
crucial that you have a strong open. Here's my cold calling pitch that
I used with great success.

EX:

Hi Gordon! This is Bud Fox SPEAKING (pause)  from xyz capital
how are you! (pause and let him respond). ("he replies Good" ) (You
Say)-    Great, I'll keep this brief.. I represent a wealth management
firm here in NY, and the reason for the call is to simply forward you
out a business card and brochure, but most importantly contact you back
at some point down the road when my company isolates something I
believe will merit your attention,  FAIR ENOUGH? 


 

This is direct, straightforward and to the point. This
pitch can be ammended to fit any investment product your selling.
Remember it's always the way you say it. You wanna have conviction
behind your voice and be very clear. These prospects knows right away
if you're a rookie by your presentation. Put it this way if you had
just raised 5 million from a client, and then got on the phone and
starting prospecting, how do you think you would sound?

Now take that same scenario of getting on the phone and prospecting when you haven't got a deal in 2 weeks. Catch my drift.  Sell the sizzle not the steak!!! 

 

OBJECTIONS:

You have to love objections, (well not really) there a huge part of any
sales business. However the majority of objections are BS, unless they
keep repeating them, or you haven't put them to sleep. If you have a
qualified lead you're pitching and the guy makes 750k a year and has a
NW of 5 mill, and is telling you he can't put together 5-10k to test
out your program, he's lying to you! (PERIOD). Let's look at the top
3 cold calling objections, and their rebuttals. I'm gonna use rebuttals
as if we were soliciting about stock to make it easy, but rebuttals are
universal. (I'm going to go through all of them in other posts).

 

1-NOT INTERESTED

2-NOT IN THE MARKET

3-NOT LIQUID/NO MONEY

 

NOT INTERESTED

This is the most famous objection in the industry, and also the biggest
BS one as well. Some guys say it as soon as you say your name on a cold
call. How can they possibly be not interested in something they know
nothing of. It's because your opening or presentation wasn't strong,
but sometimes it doesn't matter they still click you. Let's look at
the rebuttal.

 

REBUTTAL /NOT INTERESTED

"Can I say this" It sounds like you've gotten quite a few of these
phone calls? (he replies, yes and I hate them) "you reply"  Ok I'll
spare you the pitch. What I'll do is this, when I believe I have
something that will merit your attention I'll call you back one time,
and give you the position to watch, you track it, and if the position
works out i'll call you back at some point down the road, and we'll
build credibility.  FAIR ENOUGH? (He replies thats fair). Now a great
seque to get back into the pitch to qualify him is "Ok great just so I
can get back to you effectively in the future (you proceed to ask one
of your questions to start qualifying him).  Even if the position goes
up down sideways, 9 out of 10 guys will never watch it.

 

REBUTTAL /NOT INTERESTED

Interest comes with performance. I have to believe if I can out perform
your top performing investment you'd be interested correct?  (He says
Of course) You say.  Ok so let me get back to you with one idea and if
you like it great, if not we'll part as friends.  FAIR ENOUGH?

 

NOT IN THE MARKET

There's over a billion investors in this country in some way shape or
form. When they give you this objection it usually means they don't
want to get in the market with you, bc they don't know you from adam,
but almost everytime they're in the market, whether it be pension, IRA
401k, and a slew of other different retirement plans.

 

 

REBUTTAL/NOT IN THE MARKET

Well you pop up as an individual who's received dividends and income
from investments in the U.S. When was the last time you invested? (he
replies it's been awhile, I don't play the market that much) you say- 
Ok, I have nothing for you today, all I want to do is come back to you
one time with an idea, I believe has significant upside potential, if
you like it great, if not you walk away with a great recomendation.
That's Fair RIGHT?

 

REBUTTAL/NOT IN THE MARKET

Ok great I have nothing for you today, all I'm looking to do is simply
send you a business card and brochure, and contact you back with my
firms next top recommendation, if you like it great, if not we part as
friends. FAIR ENOUGH??

 

NO MONEY/NOT LIQUID

This typically means they don't have any money to give to you to invest, because again they don't know you from Adam.

 

REBUTTAL/NO MONEY/NOT LIQUID

I appreciate your liquidity isn't where you'd like it to be, but its
safe to say, at some point down the road you're going to be a little
more liquid RIGHT? And your gonna want to allocate the bulk of your
investment funds to a wealth manager who shows you the highest returns
RIGHT? (he replies of course). You say-    Ok today I'm not trying to
sell you anything I'm just looking to send you out a business card and
brochure, and contact you back with one idea ,to show you why I'm
confident I can outperform all your investment vehicles.    That's
gotta be fair right?

 

REBUTTAL/NO MONEY/NOT LIQUID

I understand sir, but I'm not trying to sell you anything, today I'm
looking simply to send you out a biz card and brochure and contact you
back at some point down the road

when we believe we have something that can merit your attention.  FAIR ENOUGH??

 

These are some rebuttals that have worked like a charm for me. However
in the cold calling business it doesn't matter how good you are, you'll
still get hung up on most of the time, but these rebuttals will work
wonders for you, if you say them correctly.

 

 

IMy purpose of these posts, is
to help people in the industry, not argue about who's way is right or
wrong. If it works for you "great", maybe I and other members can give
you a couple of good ideas; and in this economic enviroment I don't
care who you are, you need all the ideas you can get. I'm just sharing my
experience. Until next time...   Good Luck!

 

Mar 8, 2010 4:52 pm

ok