Str8 commission in 2.5 weeks, NEED HELP

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Dec 7, 2005 11:39 pm

I need all the help I can get right now. I'm a rookie commodities broker and I'll be on straight commission by Christmas. Here's the breakdown of the job:


I make about 400 to 500+ COLD calls a day (easily 400). Usually I'll manage to speak to 15 to 35+ of the people I am seeking to reach, and with most, I'll manage to get through 25% of my pitch (I'll post my pitch later). Usually, people hang up or continually insist that they aren't interested once I get through the first quarter (which ends with the money part). I am constrained to using the script format, so no major variations are permitted. I don't feel that the script is bad anyway (there are 6 figure earners in the office and they use the same script format). Once a person expresses the DESIRE to open an account, then a package of forms and info is sent to them. One experienced broker told me that he has NEVER been able to close more than 1 in 10 people who even got to that stage. Now I can't even manage to get more than 4 packages out in a week (my best so far). The people I have sent packages to have not replied or answered my phone calls. I've only been a broker for 8 days, but I am becomming better able to see when it is pointless to send out a package. I already knew not to send out info to people who say "oh, can you just send me some info". Obviously, I am now in a position where the most I can expect to achieve is ONE sale a month. That's not good at all (each sale is about $360 commission).


I need help on the phone. I dialed nearly 600 times today, and pitched to over 30 people, and I didn't manage to send out ONE package. It annoys me to hear people tell me that I sound good on the phone, but I'm not getting any packages out.


I've gotten advice and have eagerly listened to the senior brokers, but frankly, only one of them seems to have any ability to adequately teach people how to develop greater presence on the phone. I tape record myself regularly now, and I can't seem to pinpoint it, but I can hear that I don't sound very powerful on the phone. I sound too soft. I don't really know how to improve that. My boss loves to say "you need more energy". The other senior brokers might say "just go in for the kill...don't hold back. Test the limits of what you can get away with". My boss loves to point out to me how different I sound when I talk about musicians (I'm a musician, and I love music). He says that I don't sound boring then, but I'm dead on the phone. I stand up when I'm on the phone and move around. I use body movements to accentuate what I am saying. I talk LOUDLY (he insists that we do). And I usually do go in for the kill so to speak. I just can't seem to generate any moving presence on the phone. I do have a strong interest in the commodities, but I feel like I just can't seem to move people. They just keep hanging up and blowing me off.


I need some help NOW. I need to pick up some insight if I am going to have a chance of earning a living as a broker.


Any advice?

Dec 8, 2005 3:41 am

Huggy,


I read a book called "successful telephone selling in the 90's" by Martin Shafiroff and Robert L. Shook.  It has some great insights on selling over the phone.  It's out of print, but I found a copy at my local library.

Dec 8, 2005 8:31 am

Wow, man you get an A for effort on the phone. More then ever it seems damn near impossible to build this business only through the phone.


Just curious what firm and how old are you? Is your only previous experience in the music field? What is your history with out going into exact details.

Dec 8, 2005 10:36 am

Straight comm in one month?  Wow!  How in the world does your firm think you can afford to live, especially being a rookie in the biz?

Dec 8, 2005 10:47 am

"My boss loves to point out to me how different I sound when I talk about musicians (I'm a musician, and I love music). He says that I don't sound boring then, but I'm dead on the phone."


My guess it that you don't believe in what you are selling.  Am I right?


Dec 8, 2005 10:58 am

My advice:


Monster.com

Dec 8, 2005 4:34 pm
__huggy__:

I need all the help I can get right now. I'm a rookie commodities broker and I'll be on straight commission by Christmas. Here's the breakdown of the job:


I make about 400 to 500+ COLD calls a day (easily 400). Usually I'll manage to speak to 15 to 35+ of the people I am seeking to reach, and with most, I'll manage to get through 25% of my pitch (I'll post my pitch later). Usually, people hang up or continually insist that they aren't interested once I get through the first quarter (which ends with the money part). I am constrained to using the script format, so no major variations are permitted. I don't feel that the script is bad anyway (there are 6 figure earners in the office and they use the same script format). Once a person expresses the DESIRE to open an account, then a package of forms and info is sent to them. One experienced broker told me that he has NEVER been able to close more than 1 in 10 people who even got to that stage. Now I can't even manage to get more than 4 packages out in a week (my best so far). The people I have sent packages to have not replied or answered my phone calls. I've only been a broker for 8 days, but I am becomming better able to see when it is pointless to send out a package. I already knew not to send out info to people who say "oh, can you just send me some info". Obviously, I am now in a position where the most I can expect to achieve is ONE sale a month. That's not good at all (each sale is about $360 commission).


I need help on the phone. I dialed nearly 600 times today, and pitched to over 30 people, and I didn't manage to send out ONE package. It annoys me to hear people tell me that I sound good on the phone, but I'm not getting any packages out.


I've gotten advice and have eagerly listened to the senior brokers, but frankly, only one of them seems to have any ability to adequately teach people how to develop greater presence on the phone. I tape record myself regularly now, and I can't seem to pinpoint it, but I can hear that I don't sound very powerful on the phone. I sound too soft. I don't really know how to improve that. My boss loves to say "you need more energy". The other senior brokers might say "just go in for the kill...don't hold back. Test the limits of what you can get away with". My boss loves to point out to me how different I sound when I talk about musicians (I'm a musician, and I love music). He says that I don't sound boring then, but I'm dead on the phone. I stand up when I'm on the phone and move around. I use body movements to accentuate what I am saying. I talk LOUDLY (he insists that we do). And I usually do go in for the kill so to speak. I just can't seem to generate any moving presence on the phone. I do have a strong interest in the commodities, but I feel like I just can't seem to move people. They just keep hanging up and blowing me off.


I need some help NOW. I need to pick up some insight if I am going to have a chance of earning a living as a broker.


Any advice?



Find a real company.  Where are you at?  Sounds like Ameriprise.  Is this the only way they let you prospect?  You need to build relationships and get involved in the community.  Send a package of stuff?  That bores me.


Sounds like a company that will bring a bunch of youngsters in and stick them in a cube with a phone and VERY little training.  1 out of 100 survive.  The rest of them fail and all of those smarta** brokers will just steal the accounts they brought in.


I prospect any way I like and I can provide my clients with answers to all of their financial needs.  I OWN MY OWN BOOK.  Now and if I ever leave (which I won't).  Sounds like they are trying to starve you out.

Dec 8, 2005 5:52 pm

sounds like you need a new list.

Dec 8, 2005 8:02 pm

Hey huggy...the reason why you're having trouble is very simple. You do not believe in the product youre buying. Enthusiam doesn't come from being loud and sounding good on the phone. You must be fully committed on what you buy for your clients.
You are doing 400 dials a day. Don't worry..this is all a numbers game. If you do 30 pitches...theres NO WAY you wont open a few accounts. Good luck to you.

Dec 8, 2005 10:06 pm

The best advice you'll ever get:


Call Edward Jones, even knocking on doors sounds better than your gig!

Dec 9, 2005 11:49 am

I had the same problem but I at least got paid something.  You may wanna try a sales assistant gig. 

Dec 9, 2005 12:00 pm

I think this aggressive phone selling crap is more of a boiler room gig.

Dec 11, 2005 12:27 am

I learned a lot from talking with this guy. It improved my sales skills. He spoke at a former company I worked for... Eric Lofholm


http://www.ericlofholm.com/


Dec 12, 2005 6:37 pm

I have a book called Red Hot Cold Calling right now, and it doesn't seem to hit on the areas I am most concerned with. Right now, I'm skeptical about books. The guys who write them don't seem to be on top of the selling game except when it comes to marketing their books. I'll look that book up anyway. At least I know that someone has used it. Thnx.


Kool-Aid Lover:

Huggy,


I read a book called "successful telephone selling in the 90's" by Martin Shafiroff and Robert L. Shook.  It has some great insights on selling over the phone.  It's out of print, but I found a copy at my local library.

Dec 12, 2005 6:51 pm

It's a commodities brokerage. I won't disclose the company name, but it isn't a boiler room. BUT, it is definitely not a place for people who're afraid to close. Anyway, I'm 29, have no past experience in this kind of work, and I've never worked in the music industry either. I play guitar and have been in bands, but never for pay and never with a contract. I wouldn't agree with you about the difficulty of selling over the phone. I believe it's just a gap in knowledge and experience here. Remember that line on boiler room about $25K months? Well, two of the senior brokers put up $50K in Sept. 05 (they got 50%), and that isn't nearly as good as the numbers coming out of the LA (main) office for the top brokers. The point is, I know that the money is there. The issue is the learning curve. I can learn fast, I can learn faster under pressure. Most of my professional work experience has been in the social services, which means that I am very skillful at getting people to cooperate, even while they are drunk or high or ready to literally kill someone. I've delt with it, and just got tired of getting paid $10.67 an hour to put up with all of that and to deal with unappreciative supervisors.


executivejock:

Wow, man you get an A for effort on the phone. More then ever it seems damn near impossible to build this business only through the phone.


Just curious what firm and how old are you? Is your only previous experience in the music field? What is your history with out going into exact details.

Dec 12, 2005 7:09 pm

Just as an FYI, ALL of the other "lesser" brokers tell me that I sound REALLY good on the phone. Obviously, I'm not impressed with myself. My boss just happens to be unusually good at closing people and initiating business. Ironically, even though my boss continually picks at me, one of the senior brokers told me that when I first came in to interview, they were very impressed and actually argued about who's team I should be on. I didn't know all of this until this weekend. I know that my boss is trying to kick me into the next gear, and it's working. He actually insisted that I sit right in front of him, and he doesn't have a problem calling me out so to speak. I like his approach because I'm the same way. I just have to fight my "I don't give a f**k" attitude. Believing what I'm pitching is a given. Being concerned about arguing my point isn't always an issue, but it needs to be here.


Mike Damone:

"My boss loves to point out to me how different I sound when I talk about musicians (I'm a musician, and I love music). He says that I don't sound boring then, but I'm dead on the phone."


My guess it that you don't believe in what you are selling.  Am I right?


Dec 12, 2005 7:16 pm

Don't ask me. Apparently, they don't want "normal" performers. In fact, from what I gather, VERY few people who have sat in that office have lasted more than a year. They seem to be very favorable towards me, however. Hell, two of the senior brokers have taken me out and payed my tab (they spent over $100 out of their pockets, so that saids alot to me). One literally lectured me at his apartment that I am one of the best they've seen, and that they are certain that I will succeed IF I just put my best effort into it. I feel the same (not to be arrogant, but I want to and expect to be the best in the office and ultimately in the company). But who really knows? They certainly do. I can spot a bullsh*t operation very quickly, and they don't belong to one. It's just not easy.


exEJIR:

Straight comm in one month?  Wow!  How in the world does your firm think you can afford to live, especially being a rookie in the biz?

Dec 13, 2005 10:59 pm

Oh my god...


Do you work at JT Marlin?

Dec 14, 2005 12:34 am

This is one of the most interesting posts I've seen.  Bank Rep, I echo your comment.  I do a lot of cold calling but I could learn from this guy.....man.


Huggy, this post is almost hard to believe.  It sounds like it's straight out of Boiler Room.  I commend your discipline, if you get canned or burn out because of $$$, you should be able to get a job with a reputable wirehouse with that work ethic and drive.  You also will be marketing a broader menu of more palatable and understandable investments.  In addition you'll probably make more $$$.  We have a guy at the firm I work for making the # of dials you are and in his 2nd year did over $400k gross = about $200k income to him.  He's going to be a million dollar producer by his 5th year if not earlier.  You should also be able to pass the series 7 fairly easily if you have your series 3 commodites license.  Peace

Dec 14, 2005 12:37 am

Huggy,


Also you asked for some advice, I'm setting appointments cold calling and meeting people doing less that half the dials you are.  You might want to check out my approach under the cold calling thread.  I don't know how it would apply to your situation, since I don't sell commodities but maybe it'll help.