Cold calling hope for those who doubt
Good stuff!
Keep it coming!The thing I like to see and take away from posts like this are the dates first contact was made. Many of them are over a year ago and now coming to fruition. As much as we’d like to have immediate sales, activity now will breed results both now (hopefully) and down the road. Takingnames must do an excellent job of keeping on top of his prospects, yet another reason not to give up on a prospect if things don’t happen immediately.
I was wondering where you get your lists from, I use salesgenie a lot, but that has not been working as well recently.
There are certainly exceptions, but what often happens with cold calling is that nothing happens until the person forgets that they were reached via a cold call.
Cold calling tends to lead to a slower sales process. For instance, in my practice, with a referral, I'm calling them and trying to get them to have a first meeting in my office that will last 45 -60 minutes. With a cold call, I'm calling them and trying to get a 5 minute introduction in their office.OK - Average is 98 calls to an appointment, 431 calls to an account of at least 100k I don't view cold calling as a single campaign. Instead, I think of it as as a technique I employ with different campaigns. those campaigns are business and residential. I PM'd you with more. KickingI’d like to see the # of dials, contacts, etc. stats for this campaign too.
Sales Genie. I have no issues with them. They are reasonably clean, accurate and DNC is a moving target.I was wondering where you get your lists from, I use salesgenie a lot, but that has not been working as well recently.
[quote=anonymous]There are certainly exceptions, but what often happens with cold calling is that nothing happens until the person forgets that they were reached via a cold call.
Cold calling tends to lead to a slower sales process. For instance, in my practice, with a referral, I'm calling them and trying to get them to have a first meeting in my office that will last 45 -60 minutes. With a cold call, I'm calling them and trying to get a 5 minute introduction in their office.[/quote] Nah, plenty of them remember it was a cold call and some think that's funny. So, I can partially agree with you based on what I'm seeing and experiencing though a lot of people come to my office for the initial meeting, at least 50% of them....& I have no problem going to someone's office for a 5 million dollar 401k. I don't book time unless they are qualified before the appointment gets booked. Cold calling might be a slower process - but it is a process and one that is steady and repeatable. You know, there was another that broker start in the business when I first started. When I landed a million dollar account from a cold call, their observation wasn't "Hell - that's great" It was "Anyone can get lucky making cold calls." If they were still in the business, I'd ask them how it is I keep getting so lucky.Cold calling for retirement/fee biz will generally lead to a longer process pipeline. Of course Ira Walker got it down to a couple weeks. Product sales can shorten the pipeline to days or weeks. Generally there are two types of prospects, those with money now and those with money later. Bill Good calls these cherrys and green cherrys. The goal with a green cheery is to stay in touch on a regular basis, building a relationship, so when the dough is ready to roll you are the natural choice. This verus the norm where the advisor who contacted the prospect once six months ago calls a week before the money due date.
Quite a valuble pipeline can be built just "Finding the future money due." Commercial insurance agents work this way. They cold call businesses with two questions: When is your renewal date?" And "Can we compete for your business?"
The part I love about being an indy and cold calling are days like today. I have nothing on the calendar, so time to bang out 200-300 calls in jeans and a polo. And if i happen to set something for this afternoon, I am only 5 miles from my house for a quick change.
At my office, almost know one cold calls. I suspect it is the same for many offices (with the exception of commodities boiler rooms or aggressive FA’s).
I am still scratching my head over it.
What kind of office are you in? Established office working on referrals? Then they probably don’t need to cold call.
The part I love about being an indy and cold calling are days like
today. I have nothing on the calendar, so time to bang out 200-300
calls in jeans and a polo. And if i happen to set something for this
afternoon, I am only 5 miles from my house for a quick change.
The better part of being indy is having a second office set up at the house and cold calling in your pjs (which is what I did this morning)
I am currently planning the layout of the new house i am building and in this house I have included an office(don’t currently have one) so that will be 10x better.
Squash - I just did the same thing. My house has a stand alone office - I am very tempted to not renew my lease on my “real” office. However, I think my wife would kill me if I stayed at home all day.
Do you have clients come to your “office”? That is my concern, if I don’t have a real location
Mostly no. However,I do occasionally invite my A clients over. I tell them to come over on a Saturday, we will review the accounts and I will cook out on the grill. They seem to like that.
When I first went indy, I worked out of my house and used a virtual office (like Regus). I would rent the conf room for meetings. Nobody had any clue that I worked from home.
In my area, office space is $$$. It would save me about 5 grand a month to go back to that set up. However, I am not sure how to handle the two assistants I have working for me.
I am curious - don’t some clients/prospects get nervous about having an investment advisor that works out of a house, or even just a single-room office? My area is overrun with wirehouses, banks and a couple of mammoth indy firms (like 25+ employees). So people just equate nice offices and multiple employees with investment advisory practices. Maybe this varies from region to region and city to city? Some clients find it strange that I only have me, my assistant, and one other advisor in my office…and I have REALLY nice office space on the water.
Do you think the perception is different if you are an RIA versus a registered rep?I went indy a few years ago, then RIA. I didn’t notice the difference between RIA and indy-b/d. I don’t think clients understand it.
I was worried about going out on my own after working at a wire for so many years. But I figured I only need to move half of my clients to break even (since the payout was so much higher). Fortunelly all but one client moved with me.
But, I do sell assuming the prospect will have an issue with a small shop. I explain the relationship between me and the custodian. How the checks and balances work to keep me from stealing their money. I also tell them it is my dream to build a multi-generational business that I can hand over to my kids. At that point the prospect WANTS to “help me out” and gives me the business.
I do think you need to assume that being a small shop will be an issue with some,but not all. I once had someone who game me a million dollar account becasue she didn’t think she had enough money for Smith Barney.
Month 25 in retail.
$264k TTM already taking home a paycheck well into the six figures. ALL from cold calls.I think it's a need or want thing. I get lots of referrals, and accounts from it. More...I love the hunt. Really do. Love opening an account from a cold call. (...wipes blood drop from lip)What kind of office are you in? Established office working on referrals? Then they probably don’t need to cold call.
[quote=Gaddock] Month 25 in retail.
$264k TTM already taking home a paycheck well into the six figures.
ALL from cold calls.[/quote]
90% of the guys in my office stopped cold calling. The guys still in the training program don’t even call at all…they try to get referrals from friends and crap.
It is really really strange to me.
Which means MORE FOR YOU if you are doing it. I can't tell you how many conversations I have had (or more importantly, heard) from people who were or are going to do it " all on networking" or "Referrals only" as I'm making my cold calls. What I can tell you is that most of them are out of the business and aren't around to trouble me with their pet theories about all the networking business they are going to pick up from a trade show, symposium, or networking events where they serve pale flaccid shrimp.
Absurd. It takes a fraction of the time to cold call that it takes to network, and while referrals are nice, it also takes more time.[quote=Takingnames]
Which means MORE FOR YOU if you are doing it. I can't tell you how many conversations I have had (or more importantly, heard) from people who were or are going to do it " all on networking" or "Referrals only" as I'm making my cold calls. What I can tell you is that most of them are out of the business and aren't around to trouble me with their pet theories about all the networking business they are going to pick up from a trade show, symposium, or networking events where they serve pale flaccid shrimp.
Absurd. It takes a fraction of the time to cold call that it takes to network, and while referrals are nice, it also takes more time. [/quote] All the folks that selected th 'networking tract' in my training class. Of the ones that are still here, out of the upper 70's less than 20 are still alive, they became cold callers within weeks as they burned through their 750 people list very quick.[quote=Gaddock] [quote=Takingnames]
Which means MORE FOR YOU if you are doing it. I can’t tell you how many conversations I have had (or more importantly, heard) from people who were or are going to do it " all on networking" or “Referrals only” as I’m making my cold calls. What I can tell you is that most of them are out of the business and aren’t around to trouble me with their pet theories about all the networking business they are going to pick up from a trade show, symposium, or networking events where they serve pale flaccid shrimp.
Absurd. It takes a fraction of the time to cold call that it takes to network, and while referrals are nice, it also takes more time.
[/quote]
All the folks that selected th ‘networking tract’ in my training class. Of the ones that are still here, out of the upper 70’s less than 20 are still alive, they became cold callers within weeks as they burned through their 750 people list very quick.[/quote]
Yeah, that is something that I never understood. “Use your contacts” is what I was always told by upper management. How many contacts does one have? If I had a list from Perez Hilton then maybe I would get it.
At AGE you used to have 750 as a requirement to take the ‘networking’ tract.
I dont have 750 that don't like me let alone 750 that do.the idea behind cold calling or any part of dealing with potential customers is to build repeat business… if you get the one time sale… great… but theres no promise of long term business if you arent doing your job right. cold calling is a very good way to build on this. i do it on a regular basis. no not every person agrees to do business but whatever money i spent on a list is paid for when i pick up just one client. its one of those things where you actually have to put the work in.
anybody that says cold calling is a waste of time is practicing nonsense.
I had a rough day today. I am building my business through cold calling, six months in at a wire. Today was a rough day! I had absolutely no confidence. After 18 dials of no I had a big prospect call me back to say he is going another direction. It was out of the blue as we had an appointment for him to come in Thursday, do the paperwork, and write a 600k check. While I kept dialing I absolutely SUCKED on the phone!
It is almost laughable what a #$( I was. I am going to have a beer tonight and regroup for 250 good dials tomorrow. I have to say this career can be extremely humbling!
Take the dump from the 600k jackass as a learning opportunity. Find out WHAT the other direction is, and then - stay tight with him. Don’t let him go - drip, drip, drip. Find different ideas.
In the meantime, pick up the phone, dial and repeat. Toughen up and you'll be fine. AND HEY....why in hell are you picking up incoming calls when you are making cold calls outbound??????????? Don't let ANYTHING interfere for 1 hour when you pick up the phone, not a call in, not an e-mail, not your assistant, not your branch manager, not a fire drill, not the shadow of a big plane coming toward your building. When you are cold calling it is you and the phone, looking for opportunities - and NOTHING ELSE. Think of the phone as your trusty guide, your handsome hunting dog - guiding you to your next meal. DON'T waver.[quote=Takingnames]Take the dump from the 600k jackass as a learning opportunity. Find out WHAT the other direction is, and then - stay tight with him. Don’t let him go - drip, drip, drip. Find different ideas.
In the meantime, pick up the phone, dial and repeat. Toughen up and you'll be fine. AND HEY....why in hell are you picking up incoming calls when you are making cold calls outbound??????????? Don't let ANYTHING interfere for 1 hour when you pick up the phone, not a call in, not an e-mail, not your assistant, not your branch manager, not a fire drill, not the shadow of a big plane coming toward your building. When you are cold calling it is you and the phone, looking for opportunities - and NOTHING ELSE. Think of the phone as your trusty guide, your handsome hunting dog - guiding you to your next meal. DON'T waver. [/quote] Ur a dumbassHe was exaggerating big guy… Don’t ask for advice if you don’t want an answer.
Why are you picking up incoming calls when you are dialing? Let it go to voicemail or have an asst pick it up(depending on your setup) and call them back. It may sound weird but I don’t think prospects feel confident when you answer the phone on the first ring(like you have nothing else to do. For prospects I call them back, they get to leave a voicemail and then I return it, even if I am not that busy and ESPECIALLY not during prospecting time…
Taking is a good example of what to do.
[quote=Takingnames]Take the dump from the 600k jackass as a learning opportunity. Find out WHAT the other direction is, and then - stay tight with him. Don’t let him go - drip, drip, drip. Find different ideas.
In the meantime, pick up the phone, dial and repeat. Toughen up and you'll be fine. AND HEY....why in hell are you picking up incoming calls when you are making cold calls outbound??????????? Don't let ANYTHING interfere for 1 hour when you pick up the phone, not a call in, not an e-mail, not your assistant, not your branch manager, not a fire drill, not the shadow of a big plane coming toward your building. When you are cold calling it is you and the phone, looking for opportunities - and NOTHING ELSE. Think of the phone as your trusty guide, your handsome hunting dog - guiding you to your next meal. DON'T waver. [/quote] You're giving me chills! That's exactly the right attitude and the only way to make it work.What’s your spiel. I’m have more luck with product pitches but bounce back in forth between intro call and this is what I do and are you and investor to I’m recommending so and so.
Ok you sold me on cold calling!
Those of you that are doing it, I am impressed. Now I am going to start a calling campain.Meant that for Jonesy boy a few posts up.
If you do a few layers. Call to fill seminars, call to do 401k review, call to review annuity (one of my favorites last year at this time) call to do portfolio review - you will always have a pipeline full of prospects for this month, next month - and heck - 401ks for 3 months out.
Tailor your prospecting to allow for some product if you need to catch assets fast, and for process if you are hunting an elephant. Get a book of scripts together....make up your own...ask your company if they produce any (or - as this post has prompted a number of people to do - PM me and I'll send you some of mine). Cold calling is not rocket science and that's the biggest hurdle for a lot of people. They think it's demeaning or imbue it with all sorts of ideas that it's not. It's communication. That's it. Are you interested? Are you qualified? Yes, No, Yes, No. Suspect, Prospect, Client. Repeat.If you guys are actually interested in picking up some leads… I do have a company that I like to go through. They arent 100% but they definitely do better than the 2 other companies I tried. I am fairly certain that since I use such a small area that I can give their information out here. The company is Whitehall Marketing Group. The guy I deal with is named Eli. Seriously, call them up and order some leads if you are interested in cold calling. Also, my first list with them had about 50 fax machines and when I called to complain instead of taking forever they actually sent out the replacements that day for free.
Seriously, give them a call as far as leads companies go I have not dealt with a better one.
(618)288-9100 ask for Eli.
Thanks peddler.
FA_Yates - The _ is actually meant for a G.
[quote=FA_Yates]If you guys are actually interested in picking up some leads… I do have a company that I like to go through. They arent 100% but they definitely do better than the 2 other companies I tried. I am fairly certain that since I use such a small area that I can give their information out here. The company is Whitehall Marketing Group. The guy I deal with is named Eli. Seriously, call them up and order some leads if you are interested in cold calling. Also, my first list with them had about 50 fax machines and when I called to complain instead of taking forever they actually sent out the replacements that day for free.
Seriously, give them a call as far as leads companies go I have not dealt with a better one.
(618)288-9100 ask for Eli.[/quote] When did a name and number become a "lead" ?????? Its nothing more than a record. Just wondering when the definition of a "lead" changed.
[quote=Takingnames]Take the dump from the 600k jackass as a learning opportunity. Find out WHAT the other direction is, and then - stay tight with him. Don’t let him go - drip, drip, drip. Find different ideas.
In the meantime, pick up the phone, dial and repeat. Toughen up and you'll be fine. AND HEY....why in hell are you picking up incoming calls when you are making cold calls outbound??????????? Don't let ANYTHING interfere for 1 hour when you pick up the phone, not a call in, not an e-mail, not your assistant, not your branch manager, not a fire drill, not the shadow of a big plane coming toward your building. When you are cold calling it is you and the phone, looking for opportunities - and NOTHING ELSE. Think of the phone as your trusty guide, your handsome hunting dog - guiding you to your next meal. DON'T waver. [/quote]Thank you for your feedback. I learn more each day in this business than I learned in anything previous. I have nothing to complain about, however, we make our own damn destiny!
[quote=Gaddock] [quote=FA_Yates]If you guys are actually interested in picking up some leads… I do have a company that I like to go through. They arent 100% but they definitely do better than the 2 other companies I tried. I am fairly certain that since I use such a small area that I can give their information out here. The company is Whitehall Marketing Group. The guy I deal with is named Eli. Seriously, call them up and order some leads if you are interested in cold calling. Also, my first list with them had about 50 fax machines and when I called to complain instead of taking forever they actually sent out the replacements that day for free.
Seriously, give them a call as far as leads companies go I have not dealt with a better one. (618)288-9100 ask for Eli.[/quote]
When did a name and number become a “lead” ??? Its nothing more than a record.
Just wondering when the definition of a “lead” changed.[/quote]
HEY YOUR MAILBOX IS FULL
[quote=FA_Yates]If you guys are actually interested in picking up some leads… I do have a company that I like to go through. They arent 100% but they definitely do better than the 2 other companies I tried. I am fairly certain that since I use such a small area that I can give their information out here. The company is Whitehall Marketing Group. The guy I deal with is named Eli. Seriously, call them up and order some leads if you are interested in cold calling. Also, my first list with them had about 50 fax machines and when I called to complain instead of taking forever they actually sent out the replacements that day for free.
Seriously, give them a call as far as leads companies go I have not dealt with a better one.
(618)288-9100 ask for Eli.[/quote] Yeah, yeah. Call me. You can call me Eddie. Or AL. I'm really into learning more about how you called all them there fax machines. No I'm not. Now, I'll sell you some leads, and I've already qualified them too. Nah, call me Betty. No. Don't call.
If you are still manually dialing the phone you are mismanaging your time.
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