Why does the cold-call rejection hurt so much?
Why do the hang-ups, smart remarks, etc., hurt so bad when cold-calling?
I'm new to cold-calling and making 100 calls a day. Right now that's all I can stomach. If I make 20 contacts, about 8 are hang-ups or complete a-holes and say something smart. But why does it affect me so much? Before I started doing the calls I said to myself, "This is just like meeting women. At first it's painful to get rejected, but then you learn the game and can turn the rejections around. And the ones you can't turn around, you don't care about. So think about it like that and don't let it bother you." Worked well on paper, but when I started making the calls, I'm a 16 year-old kid again and the tough rejections have me shrinking inside. I am honestly ashamed of myself because some idiot can make me feel so crappy and I can't let it roll-off my back.If it makes it easier for you, create a list of a-holes that piss you off each day/night and take a flaming bag of dog pooh and throw it against his front door and run away.
Or, when you hang up with the a-hole, call right back and if he answers the phone, say, "Oh, this f-g again". The key is to say it like your talking to someone else in the room, not him. Or, send the a-hole a letter asking him to remove himself from your list by signing up for the DNC list.I love the call-back thing!
[quote=Boone]Why do the hang-ups, smart remarks, etc., hurt so bad when cold-calling?
I'm new to cold-calling and making 100 calls a day. Right now that's all I can stomach. If I make 20 contacts, about 8 are hang-ups or complete a-holes and say something smart. But why does it affect me so much? Before I started doing the calls I said to myself, "This is just like meeting women. At first it's painful to get rejected, but then you learn the game and can turn the rejections around. And the ones you can't turn around, you don't care about. So think about it like that and don't let it bother you." Worked well on paper, but when I started making the calls, I'm a 16 year-old kid again and the tough rejections have me shrinking inside. I am honestly ashamed of myself because some idiot can make me feel so crappy and I can't let it roll-off my back.[/quote]Do you even belong in this business? Be honest.
Do a month of at least 500 calls a day and see how you feel at the end of the month. If you feel like you do today get out of the business.
Change your focus. Right now you are looking for clients. That sucks. Concentrate on getting through the list ASAP. What shakes out is what shakes out. Don’t worry about that, it will work itself out. But if you try and get through each list quickly, before you know it you are calling 250 people a day and have a full pipeline.
It’s because you aren’t separating your self-worth as an individual with your role as a prospecting financial advisor.
Cold-Calling is an uncomfortable act for the vast majority of people. I know of a very rare few (two, to be exact) who actually enjoy it (they are both filthy-rich successful). For the rest of us, it is a matter of simply getting used to it through repetition. The more you do it, the more comfortable it will become. For some, it never gets comfortable enough. Then, it’s a matter of prospecting by other means or quitting the business.
1.) Remember this is business it's not personal!
2.) If #1 fails listen to Hank's advice! (Are you right for this business?)Ding ding ding ding! We have a winner! Couldn't have said it better myself. If you can't separate your self-worth from your job, then maybe you are in the wrong job. If you are in the wrong job, that's not to say you are in the wrong industry and must change careers entirely. I have a very good friend who knows more about financial planning than probably anyone and everyone on this board combined, but he is not a "rainmaker" and does not have a rainmaker's personality. He can't prospect to save his life. He doesn't belong in another industry, however. His niche is to be a salaried employee, manager maybe.It’s because you aren’t separating your self-worth as an individual with your role as a prospecting financial advisor.
If you let the person you are calling control the call you will get eaten alive. Remember that you run the show and not the other way around. Call them as if they are subordinate to you. I have made over 40K calls in the past year and a half and have only had one person actually yell at me. It’s not becasue I am lucky but because I call with confidence.
These are seven rules for cold calling posted by Gaddock over a year ago. I have them hanging in my office since my first day of production. They have served me well!!! 1.) I now call people with the purpose of disqualifying THEM. 2.) I speak to them with courtesy and respect but at the same time as if they are subordinate to me. 3.) I make my voice loud and clear trying to make it as forceful as I can. 4.) I stand up while calling and look in a mirror and force myself to smile even if a fake smile. 5.) I set my daily goal. Then one of two things will happen......I will call until 8Pm or meet my goal and go home. 6.) The most common knee jerk objections are simply ignored and I proceed with the call. 7.) I give my manager my efforts and results (cold calling daily sheets) each Friday and asked him to keep me accountable as to effort and results that are no less.[quote=12345]If you let the person you are calling control the call you will get eaten alive. Remember that you run the show and not the other way around. Call them as if they are subordinate to you. I have made over 40K calls in the past year and a half and have only had one person actually yell at me. It’s not becasue I am lucky but because I call with confidence.
These are seven rules for cold calling posted by Gaddock over a year ago. I have them hanging in my office since my first day of production. They have served me well!!! 1.) I now call people with the purpose of disqualifying THEM. 2.) I speak to them with courtesy and respect but at the same time as if they are subordinate to me. 3.) I make my voice loud and clear trying to make it as forceful as I can. 4.) I stand up while calling and look in a mirror and force myself to smile even if a fake smile. 5.) I set my daily goal. Then one of two things will happen......I will call until 8Pm or meet my goal and go home. 6.) The most common knee jerk objections are simply ignored and I proceed with the call. 7.) I give my manager my efforts and results (cold calling daily sheets) each Friday and asked him to keep me accountable as to effort and results that are no less.[/quote] Those are outstanding! Thanks for sharing, all very true. Also remember, when someone is a jackass on the phone to you now, they will be a jackass to you when they are unhappy with you, and you probably don't want that person on your books anyway. Remember, you are building your business. That always helped me when I remembered that on some level I get to choose who I work with.My role is a little different but entirely phone based. I get cussed at, called names, and thrown into really uncomfortable conversations every single day. Don’t let it get to you, sometimes is does but go workout or for a run to work off the stress. When you’re done, you’re done, leave, don’t bring the stress with you.
Great stuff guys. I REALLY appreciate it.
A lot of it makes total sense to me, especially the getting through the list quickly early on, separating my self worth from the calls, calling as if they are subordinates, the list of seven rules by Gaddock, etc. It's all amazing stuff. As far as being cut-out for this business, hell yeah I am. I went to college an average looking guy that couldn't say 2 words to girls, and walked-out with dual degrees, one in Finance, and the other in, how to land women that were out of my league. (I'm still trying to figure out what good the Finance degree was) It took MANY rejections, but persistence paid off. Plus, if I actually think I'm not cut-out for the business, I don't have a shot before I even start.lol, wtf? ^
yeah that was a lot of info that should never be shared again…
I thought that would get a funny reaction! It's all about getting emotions out of people right?
But I will keep it to myself going forward. LOLIf you want to evoke a reaction, tell them you’re from the IRS.
My opinion is coming from 20 years of Insurance and car sales, not financial advising. So, take it with a grain of salt, but in my experience I have found that a person is either good on the phone or they aren't. Fact is, since you have such vast experience in making the ladies, you really need to treat the phone like you're trying to f%@# it. There are three phases:
Phase 1: The "trying to get her to pay attention to me" phase. Yell and act like a jackass to get her attention. Phase 2: The "I am the best damned thing that ever happened to you" phase. In this phase, you should give the prospective piece of a** that you are really listening to her (him?!) and that you are sensitive to her(his?!) needs. Phase 3: The "take it to the bank phase". Throw the biggest line of b.s. at your prospect you can think of, then laugh say you are just kidding lower your voice and say "seriously though, I think you and I need to be alone." This process will result in more appointments which result in more closes which will result in more net commissions. One word of caution, always wear protection.[quote=Ferris Bueller] [quote=maddmatt]
My opinion is coming from 20 years of Insurance and car sales, not financial advising. So, take it with a grain of salt, but in my experience I have found that a person is either good on the phone or they aren't. Fact is, since you have such vast experience in making the ladies, you really need to treat the phone like you're trying to f%@# it. There are three phases:
Phase 1: The "trying to get her to pay attention to me" phase. Yell and act like a jackass to get her attention.
Phase 2: The "I am the best damned thing that ever happened to you" phase. In this phase, you should give the prospective piece of a** that you are really listening to her (him?!) and that you are sensitive to her(his?!) needs.
Phase 3: The "take it to the bank phase". Throw the biggest line of b.s. at your prospect you can think of, then laugh say you are just kidding lower your voice and say "seriously though, I think you and I need to be alone."
This process will result in more appointments which result in more closes which will result in more net commissions. One word of caution, always wear protection.
[/quote]
This is some of the worst cold calling advice I have ever heard. No wonder insurance salesmen get a bad rap.[/quote] I suppose I should have spelled out the fact that I was fu#&ing joking. Man, can't a guy get a break around here? No wonder Wall Street is so f'd up. Too many tight asses. Don't worry, I'll loosen ya'll up.
[quote=maddmatt]
I suppose I should have spelled out the fact that I was fu#&ing joking. Man, can't a guy get a break around here? No wonder Wall Street is so f'd up. Too many tight asses. Don't worry, I'll loosen ya'll up. [/quote] So you're going to loosen up Ferris' tight ass? Are you sure you're on the right forum?::sigh::
[quote=maddmatt][quote=Ferris Bueller] [quote=maddmatt]
My opinion is coming from 20 years of Insurance and car sales, not financial advising. So, take it with a grain of salt, but in my experience I have found that a person is either good on the phone or they aren't. Fact is, since you have such vast experience in making the ladies, you really need to treat the phone like you're trying to f%@# it. There are three phases:
Phase 1: The "trying to get her to pay attention to me" phase. Yell and act like a jackass to get her attention.
Phase 2: The "I am the best damned thing that ever happened to you" phase. In this phase, you should give the prospective piece of a** that you are really listening to her (him?!) and that you are sensitive to her(his?!) needs.
Phase 3: The "take it to the bank phase". Throw the biggest line of b.s. at your prospect you can think of, then laugh say you are just kidding lower your voice and say "seriously though, I think you and I need to be alone."
This process will result in more appointments which result in more closes which will result in more net commissions. One word of caution, always wear protection.
[/quote]
This is some of the worst cold calling advice I have ever heard. No wonder insurance salesmen get a bad rap.[/quote] I suppose I should have spelled out the fact that I was fu#&ing joking. Man, can't a guy get a break around here? No wonder Wall Street is so f'd up. Too many tight asses. Don't worry, I'll loosen ya'll up. [/quote]
Next time you're joking, please make it funny so that we'll know.
[quote=Hank Moody] [quote=maddmatt][quote=Ferris Bueller] [quote=maddmatt]
My opinion is coming from 20 years of Insurance and car sales, not financial advising. So, take it with a grain of salt, but in my experience I have found that a person is either good on the phone or they aren't. Fact is, since you have such vast experience in making the ladies, you really need to treat the phone like you're trying to f%@# it. There are three phases:
Phase 1: The "trying to get her to pay attention to me" phase. Yell and act like a jackass to get her attention.
Phase 2: The "I am the best damned thing that ever happened to you" phase. In this phase, you should give the prospective piece of a** that you are really listening to her (him?!) and that you are sensitive to her(his?!) needs.
Phase 3: The "take it to the bank phase". Throw the biggest line of b.s. at your prospect you can think of, then laugh say you are just kidding lower your voice and say "seriously though, I think you and I need to be alone."
This process will result in more appointments which result in more closes which will result in more net commissions. One word of caution, always wear protection.
[/quote]
This is some of the worst cold calling advice I have ever heard. No wonder insurance salesmen get a bad rap.[/quote] I suppose I should have spelled out the fact that I was fu#&ing joking. Man, can't a guy get a break around here? No wonder Wall Street is so f'd up. Too many tight asses. Don't worry, I'll loosen ya'll up. [/quote]
Next time you're joking, please make it funny so that we'll know.
[/quote] Oh, I forgot. You're the resident comedian. Next time I'll have you proof read my post before I hit reply.
You’ll learn to actually appreciate hangups. You can cross them off your list and move on.
More maddening are the people who tell you on the doorstep 'Sounds great, call me next week,' or 'I have an old 401k that needs reviewing' or 'I've been thinking about this' and then never, ever, ever answer their phones."You’ll learn to actually appreciate hangups. You can cross them off your list and move on.
More maddening are the people who tell you on the doorstep 'Sounds great, call me next week,' or 'I have an old 401k that needs reviewing' or 'I've been thinking about this' and then never, ever, ever answer their phones." Absolutely! "No" is a great answer. "Yes" is a great answer. It's the people who can't say "no" that are the worst. The ass who hangs up on you is 1000 x better than the person who says, "Call back next week", and then doesn't answer the phone. My basic phoning mentality is that the person who I'm calling is already not my client. Not calling gives me the same result as a "no". At least with a "no", I don't have to waste more time with him.[quote=anonymous]"You’ll learn to actually appreciate hangups. You can cross them off your list and move on.
More maddening are the people who tell you on the doorstep 'Sounds great, call me next week,' or 'I have an old 401k that needs reviewing' or 'I've been thinking about this' and then never, ever, ever answer their phones." Absolutely! "No" is a great answer. "Yes" is a great answer. It's the people who can't say "no" that are the worst. The ass who hangs up on you is 1000 x better than the person who says, "Call back next week", and then doesn't answer the phone. My basic phoning mentality is that the person who I'm calling is already not my client. Not calling gives me the same result as a "no". At least with a "no", I don't have to waste more time with him.[/quote]Fascinating.
I’ve been toying with a potential cold call script:
--------------- Hi this is Bobby Broker with Main Street Advsiors. I'm conducting a poll of people in the community to see how they feel about their present financial advisor. It's for a news article I'm putting together. Would you say that you are the most upset about: 1) The fact that your present advisor oversaw the destruction of 40% of your nest egg? 2) His company's financial shenanigan's have destroyed the economy and caused untold human misery? or 3) That his company was rewarded for this with $45 billion of your tax dollars? Which of those would you say makes you the angriest? #2 is it? Okaaay, lemme just mark that down here... By the way, Main Street Advisors didn't need a taxpayer bailout. Yeeeeah, we're a pretty conservative outfit. Everyone else wants to be the rabbit in the race, we're happy to be the rich tortoise that makes it to the finish line without asking the taxpayers for a handout. Slow and steady, that's my motto. I'm going to be visiting a few clients in your neighborhood on Wednesday, can I stop by to drop off a business card and introduce myself? You sound like you have the same investing philosphy I do. ----------------------- I kid you not. That will be my pitch and I guarantee that 90% of people that answer the phone stick around to tell me how pissed off they are. If you're going to provoke emotion and action, why fool around?[quote=Potential]I’ve been toying with a potential cold call script:
--------------- Hi this is Bobby Broker with Main Street Advsiors. I'm conducting a poll of people in the community to see how they feel about their present financial advisor. It's for a news article I'm putting together. Would you say that you are the most upset about: 1) The fact that your present advisor oversaw the destruction of 40% of your nest egg? 2) His company's financial shenanigan's have destroyed the economy and caused untold human misery? or 3) That his company was rewarded for this with $45 billion of your tax dollars? Which of those would you say makes you the angriest? #2 is it? Okaaay, lemme just mark that down here... By the way, Main Street Advisors didn't need a taxpayer bailout. Yeeeeah, we're a pretty conservative outfit. Everyone else wants to be the rabbit in the race, we're happy to be the rich tortoise that makes it to the finish line without asking the taxpayers for a handout. Slow and steady, that's my motto. I'm going to be visiting a few clients in your neighborhood on Wednesday, can I stop by to drop off a business card and introduce myself? You sound like you have the same investing philosphy I do. ----------------------- I kid you not. That will be my pitch and I guarantee that 90% of people that answer the phone stick around to tell me how pissed off they are. If you're going to provoke emotion and action, why fool around?[/quote]Corny and dishonest. You're on the right track about provoking emotion. Try to shorten your script a LOT and go for the throat. I was training a new cold caller yesterday and we found that you have to say things to people that most brokers are too chicken to say to get them moving.
Yeah, it was wordy because I was making it up as I typed it. I know I have less than 10 seconds to sink the hook. When I was doing mortgage refinances I used a similar script, I was calling to see if people thought they were being treated fairly by their credit card companies. Talk about shooting fish in a barrel. As for your latter point, I was sitting in a Merrill office the other day waiting for an interview and had to listen to this guy nearby making cold calls that I knew would *never* be responded to. He was calling doctors so of course, all he ever got was the receptionist shunting him over to voicemail. "Hi this is David Kayne with Merril Lynch. Please call me at your earliest convenience at 555-555-5555". Talk about wasting your time. Now that I think about it, if I was a doctor I would set up a dummy voicemail box and tell my receptionist to forward all solicitations to it and empty it once a week.Corny and dishonest. You’re on the right track about provoking emotion. Try to shorten your script a LOT and go for the throat. I was training a new cold caller yesterday and we found that you have to say things to people that most brokers are too chicken to say to get them moving.
I think the biggest issue is overcoming the canned sound. If it’s fluid and doesn’t sound manufactured then I think you’re golden.
I just think lying to them about writing a news article is really corny and tasteless.
Before you start giving inane cold call advice, shouldn’t you at least get licensed.
[quote=Potential]I’ve been toying with a potential cold call script:
--------------- Hi this is Bobby Broker with Main Street Advsiors. I'm conducting a poll of people in the community to see how they feel about their present financial advisor. It's for a news article I'm putting together. Would you say that you are the most upset about: 1) The fact that your present advisor oversaw the destruction of 40% of your nest egg? You are assuming as most newbs in training do that everyone is down 40%. Don't worry, your clients will also get market like returns for quite a while until you figure out what you are doing. This phrase will work with them also. 2) His company's financial shenanigan's have destroyed the economy and caused untold human misery? There have been some big stories recently about Jones reps and they were not flattering. Slinging dirt can work both ways. Do you really want clients who respond favorably to this? Another newb mistake. or 3) That his company was rewarded for this with $45 billion of your tax dollars? Which of those would you say makes you the angriest? #2 is it? Okaaay, lemme just mark that down here... By the way, Main Street Advisors didn't need a taxpayer bailout. Yeeeeah, we're a pretty conservative outfit. Everyone else wants to be the rabbit in the race, we're happy to be the rich tortoise that makes it to the finish line without asking the taxpayers for a handout. Slow and steady, that's my motto. I'm going to be visiting a few clients in your neighborhood on Wednesday, can I stop by to drop off a business card and introduce myself? You sound like you have the same investing philosphy I do. Clients don't work with firms, they work with you. What is it you do again? I seem to have missed it in your post. ----------------------- I kid you not. That will be my pitch and I guarantee that 90% of people that answer the phone stick around to tell me how pissed off they are. Sorry, now I see, your a grief counselor. Got it. If you're going to provoke emotion and action, why fool around?[/quote][quote=Ferris Bueller] [quote=maddmatt] [quote=Ferris Bueller] [quote=maddmatt]
My opinion is coming from 20 years of Insurance and car sales, not financial advising. So, take it with a grain of salt, but in my experience I have found that a person is either good on the phone or they aren't. Fact is, since you have such vast experience in making the ladies, you really need to treat the phone like you're trying to f%@# it. There are three phases:
Phase 1: The "trying to get her to pay attention to me" phase. Yell and act like a jackass to get her attention.
Phase 2: The "I am the best damned thing that ever happened to you" phase. In this phase, you should give the prospective piece of a** that you are really listening to her (him?!) and that you are sensitive to her(his?!) needs.
Phase 3: The "take it to the bank phase". Throw the biggest line of b.s. at your prospect you can think of, then laugh say you are just kidding lower your voice and say "seriously though, I think you and I need to be alone."
This process will result in more appointments which result in more closes which will result in more net commissions. One word of caution, always wear protection.
[/quote] This is some of the worst cold calling advice I have ever heard. No wonder insurance salesmen get a bad rap.[/quote]
I suppose I should have spelled out the fact that I was fu#&ing joking. Man, can't a guy get a break around here? No wonder Wall Street is so f'd up. Too many tight asses. Don't worry, I'll loosen ya'll up. [/quote]
Hey man, I'm open to joking around. Probably more than most people here. I just saw your post as being sincere, not a joke.
I'll assume your request to loosen up my ass was a joke, but in case it wasn't I respectfully decline.[/quote] No harm, no foul. I was just making fun of the original poster for positing his ladies man persona all the while lamenting over his bruised ego by way of cold calls and such. Truth is, there is an element of truth to my post. Making "love" to the phone does work. Smiling in the mirror also works. So, because I was a smart ass, I will now give actual phone calling advice (for what it's worth): People do not want to be bothered. They certainly do not want to be sold anything over the phone. When you call somebody you have to realize you are interrupting whatever it is they were doing. When you jump into a pitch (especially the canned variety) you will piss them off to no end. The only way to combat this is to throw them off balance within the first 5 seconds. Tom Hopkins had a great way of leading into a phone call. I will let Tom give you his advice: "Mr. Jones, please. Mr. Jones? Thank you! Mr. Jones, this ......" Now, why does this work? Mainly because the prospect heard his name 3 times in your first sentence. What is everyone's favorite subject? Bingo! Themselves. Focusing on the prospect and getting them to talk about themselves will go further to set an appointment (which is all you should be doing at this point, right?) than trying to pitch an idea. Save the pitch for in person when you have total control and after you have established rapport. You can sell ice to Eskimos, but only after they learn to trust you. Some guys will blow through these calls looking for the lay downs. I made a living working the customers they were too lazy to work. I am not a licensed FA, but I have 20 years of sales and training experience. I promise you, putting the customer first and playing to their needs and desires will always pay off more than trying to be Slick Willie with the latest, greatest scheme. BTW, slow down the process. It allows you to gain control. Learn how to fluctuate your voice so that the monotone doesn't turn off their hearing. It's a beautiful thing when someone you have never met is repeating your name, the time and day you will be there as they're writing it down. "Oh, and by the way, I'll be stopping at Starbucks on the way. Do you like yours black?" And no, I don't see loosening up anyone's ass in the forecast. LOL!
Hank is right. If you give two sh*ts about someone hanging up on you or being mean to you on the phone…you should really reevaluate whether you should be in the business.
How are you going to sit across from a client who gave you $300k, and in 6 months it's worth $200k? Are you going to be able to tell them with confidence they are still on track, and that you stand by your investment recommendations, and bailing out right now make no sense? If strangers on the phone get you off track....you haven't seen anything yet.A woman calls her boss one morning and tells him that she is staying home because she is not feeling well.
“What’s the matter?” he asks.
“I have a case of anal glaucoma,” she says in a weak voice.
“What the hell is anal glaucoma?”
“I can’t see my ass coming into work today.”
…little laugh to lighten this up.
I think it would be daunting to cold call - especially if you’re not used to it. But if its a job requirement, then it has to be done and I’m sure in time your skin will thicken - you won’t hear those jerk-offs and think of a joke.
Yeah, like I said, I was just making it up off the top of my head. But it probably would be an interesting poll and accompanying article.I just think lying to them about writing a news article is really corny and tasteless.
[quote=buyandhold]Before you start giving inane cold call advice, shouldn’t you at least get licensed.
[/quote] Is a license now required to have a casual conversation? I wasn't aware of it. People around here really need to lighten the &*^% up. I've seen some cranky forums in my day but people make a point of coming here to piss on each other, day in, day out.What's wrong with that?I’ve seen some cranky forums in my day but people make a point of coming here to piss on each other, day in, day out.
I would love to see a door-to-door broker dressed in Goth and slitting his wrists while explaining to the prospect that he can handle the market.
[quote=Potential][quote=buyandhold]Before you start giving inane cold call advice, shouldn’t you at least get licensed.
Yes, a license is required.
A license is required for me to have a conversation in this forum? Really? I didn't know that. I take great consolation in knowing how unhappy and miserable the lives of the serial griefers on this board must be. It's always the same five guys.Yes, a license is required.
A license is required for me to have a conversation in this forum? Really? I didn't know that. I take great consolation in knowing how unhappy and miserable the lives of the serial griefers on this board must be. It's always the same five guys.[/quote][quote=Hank Moody]Yes, a license is required.
Five guys? Is it a coincidence that "five" is the highest you can count with one hand?
Stop it! If I have to charge one more keyboard against my P&L because I spit water on it laughing out loud, I am writing a mean letter to RR. Just to keep count, there are now almost 6 pages of discussion regarding "rejection hurt"...I'll bet if you spent more time calling and less time thinking about your feelings...well...you know what is coming next...I would love to see a door-to-door broker dressed in Goth and slitting his wrists while explaining to the prospect that he can handle the market.
Yes, it is a coincidence. Truth be told, it's really only three guys. Okay, make it four.Five guys? Is it a coincidence that “five” is the highest you can count with one hand?
Yes, it is a coincidence. Truth be told, it's really only three guys. Okay, make it four.[/quote] Potential, These guys are yanking your chain. In their view, if you can't take a little rubbing off an internet forum you may need to check yourself. Also, these are stressful times and you and I are getting ready to march into the dark abyss from whence that stress originated. Call it balls, call it stupidity; either way we are going to take a beating. Better to get kicked around a little before hand and get a taste of it. The upside is that few will have the balls to even try let alone stick it out for the long term. I look at this as I would any Special Forces training program. The few and the insane will make it.[quote=HymanRoth] Five guys? Is it a coincidence that “five” is the highest you can count with one hand?
Cold calling? Jeez this post took me back 20 years.
I felt the same crushing pain back in 88’ when I first hit the phones as a total “Jr. puke” in my office. This AFTER spending 2 months on the freaking Series 7 test?!? I was a gosh darn broker… I have to call people!!!
But… I learned very quickly how to literally “get off” on rejection. It became the best game I’ve ever played. A guy in my office saw me looking dejected and said to me… “eat it like candy”. It took me a while to figure out what he meant, but only weeks and then a few months later. I was amongst the few who could sling the phone all day long and land a few good appointments in my ‘class’ of 5 that had already whittled down to 3. Only 2 years later I was the only guy hired in that office in that year who “made it”. I have not had to ‘cold call’ for quite a few years, but, I still do it all the time. I do it to show and teach my jrs how to cut their teeth and chew their food! I do it to stay in touch with reality! I do it to ‘get off’ in a sick, yet twisted and profitable way of proving that those who will stick their neck out there can steal clients from those who will NOT pick up the phone.
I recommend you sack up and get on finding the people who NEED you, but don’t know it yet.
I re-read the discussion here on scripting. I’m going to share something I did for years that sounds like shit, but worked.
"Hello, I’m Johny Jerkoff with _______, I AM MAKING A COLD CALL, I’m here in ___________(city). ______________________________place ANY question here. I don’t care if it’s about the weather, sports, etc. "Will the CARDS win the superbowl in your opinion or do the Steelers suck hard? Clearly you need to make this question more palatable, but my point is, get an appropriate question out there FAST!
JUST ask a question. That forces the prospect to answer something you ASKED them.
NEXT- go down your own path. Questions Questions, Questions. Control the conversation
1) People with MONEY respect the honesty of the “Cold Call” disclosure
2) If someone answers 1 question you pose, they will answer 3 in a row 50% of the time or more.
a) who is your FA?
b) comfortable with your current long term financial plan?
c) how do you feel about your current position
I could give you 100 more!
Oh, I'm quite aware. I figure if someone will try to tell me I need to have a license to hold a conversation, I'll pretend to be even more stupid than they are and respond. It's a contest, of sorts.These guys are yanking your chain.
i went back to the cold calling today for the first time in ages. shit, this is the best prospecting opportunity...EVER! it started off like it did when i was a rookie...eating glass. couldn't get my words out, then someone told me to f*ck off. hit me like a bolt of lightning...I remembered...as a rook I'd mark every fu. after 10 fu's, laws of average suggests the next contact would be a prospect. works like a charm.
every fu is one step closer to gold... get 50 fu's a day and you should do quite well in this bizQuick Question - Who are you calling? Residential prospects or businesses.
Recently I have called a list of names that I have been mailing to over the last few months and the contacts have been very good. However I'm not screening for the DNC. I'm just calling. I quit calling because I'm afraid that someone on the DNC will raise a stink and it will turn into a pain in the rear. Should I take the chance and keep calling or screen for DNC and watch the contacts drop?Screen the phone number before you dial.
The good contacts... ask for introductions.Any more info you would be willing to share?? Your posts on this subject are great... What are you telling the new trainees? tips? scheduling? number of calls? any other scripts? I just hired a new guy on today, and told him he can build his book anyway he wants to as long as it is ethical and profitable...He had some questions about cold calling(haven't done in quite some time and no longer have a need to actively prospect(referalls, centers of influence etc.). Any tips or ideas I can give him?Cold calling? Jeez this post took me back 20 years.
I felt the same crushing pain back in 88’ when I first hit the phones as a total “Jr. puke” in my office. This AFTER spending 2 months on the freaking Series 7 test?!? I was a gosh darn broker… I have to call people!!!
But… I learned very quickly how to literally “get off” on rejection. It became the best game I’ve ever played. A guy in my office saw me looking dejected and said to me… “eat it like candy”. It took me a while to figure out what he meant, but only weeks and then a few months later. I was amongst the few who could sling the phone all day long and land a few good appointments in my ‘class’ of 5 that had already whittled down to 3. Only 2 years later I was the only guy hired in that office in that year who “made it”. I have not had to ‘cold call’ for quite a few years, but, I still do it all the time. I do it to show and teach my jrs how to cut their teeth and chew their food! I do it to stay in touch with reality! I do it to ‘get off’ in a sick, yet twisted and profitable way of proving that those who will stick their neck out there can steal clients from those who will NOT pick up the phone.
I recommend you sack up and get on finding the people who NEED you, but don’t know it yet.
It helps to remember that this career pays through the “NO’s”…
But, on a more helpful note… STOP COLDCALLING!
Start networking. I have been very successful networking with CPA's, through church, Realtors, mortgage brokers, chamber, etc. I joined a BNI group and it provided 60% of my revenue two years ago. Don't have a group? Find a Realtor, CPA, and Mortgage broker and start a new one! Stop waisting time on strangers and invest time in warm contacts... The donut shop or Chinese restaurant next to your local Edward Jones office is always a good place to find their clients... you're not with them, are you?[quote=Ready2Jump] But, on a more helpful note… STOP COLDCALLING!
Start networking. I have been very successful networking with CPA’s, through church, Realtors, mortgage brokers, chamber, etc. I joined a BNI group and it provided 60% of my revenue two years ago. Don’t have a group? Find a Realtor, CPA, and Mortgage broker and start a new one!
Stop waisting time on strangers and invest time in warm contacts…
The donut shop or Chinese restaurant next to your local Edward Jones office is always a good place to find their clients… you’re not with them, are you?
[/quote]
Church, really? So much for worship… Sad.
That’s the part of this job I do not like. You ALWAYS have to be on!
[quote=Incredible Hulk] [quote=Ready2Jump] But, on a more helpful note… STOP COLDCALLING!
Start networking. I have been very successful networking with CPA's, through church, Realtors, mortgage brokers, chamber, etc. I joined a BNI group and it provided 60% of my revenue two years ago. Don't have a group? Find a Realtor, CPA, and Mortgage broker and start a new one!
Stop waisting time on strangers and invest time in warm contacts...
The donut shop or Chinese restaurant next to your local Edward Jones office is always a good place to find their clients... you're not with them, are you?
[/quote]
Church, really? So much for worship... Sad.[/quote] Hulk, Apparently you feel guilty about what you do for a living? My job is helping people, or ministering (def: "to help") to people... If they don't come to me they go to go the "LIRP solves all financial problems" or Mr. Commission down the street. Plus, there's this thing called "Kingdom Building"... have you heard of it? Funny thing, I only tell people what I do if they ask, then they have to ask for help, which they do all the time. Maybe you were picturing me with the church directory cold-calling? Sorry if you are offended by my beliefs...
You know, I thought originally that would bother me. But now that I've "lived it" for a year or so, it's actually pretty refreshing to know that every conversion, every person you meet, could end up making me money. Plus, I love what I do, so I don't mind talking about it...even if I'm "off the clock."[/quote] your friends and family and even yourself will hate you if you're "always on." some guys chose that road, but it's no life. we work so that we can live...once you live to work, you're toast! you can have fun an make a good living is this biz. just stay away from the primerica loons[quote=jkl1v1n6]That’s the part of this job I do not like. You ALWAYS have to be on!
Ice and Huskies;
I've been living it for about 8 years now. I applaud you for your way of thinking! It's not that I don't like what I do. It's more the fact that I am always looking for the "money". For example: I have friends that have lost their jobs. I try to be sympathetic and I am, but I'm sitting there thinking, sucks for you but its' a rollover for me. So I gather the assets, I tell them that we should sit down and talk about what to do with their 401(k). I know I'm helping them, they know I'm helping them with their situation. Oh and by the way who else do you know that has been let go. I'm pretty laid back so I am not always on but if I'm golfing with buddies and they mention people got let go or divorced or someone parents died my mind immediately goes to I need to find out who they are. I may not ask them right then and there but that's where the mind goes, then I end up hitting a slice into the next state. It's really hurting my golf game! Just a little brevity back into the post. Getting to heavy there on a Friday. BTW I need to go see if that interior designer is done with my office. I'm gonna owe him like $800,000 for his work. Later!I agree with ICE…
I enjoy what I do.. And in the indy world I can choose who I work with, so I have a smaller number of clients, but more assets, and my clients are closer to being friends then they are clients... I get invited to weddings, birthday parties, etc... I don't mind talking to my clients.. as for friends and family... they need help just like everyone else...why worry about making a decision about your advisor and worry if he is looking out for you, then someone you have known a while.. I landed a 401k plan ($12mil assets) because I helped a friend rebalance his 401K,(it sucked, all putnam).. He had better allocation and eventually better choices, I improved the companies plan and choices and got them compliant.. everyone wins...I've been using the Gaddock 7 Cold-calling rules, as well as the mindset recommended by some of the posts, with better results. I'm forgetting 1 or 2 when on some of the calls, but overall my mindset is better and the people are responding better.
why the f do u think a bunch of losers like us can make mid six figs?
cold calling does suck
its the worst thing ever
calling MF strangers that hate ur guts
this biz is hard. u got to want it bad.
ive made a ton of money over the years
would i do it over again?
no it sucks. my advice to u rooks? quit.
money doesnt make u happy [
You obviously haven't spent it on the right things then...why the f do u think a bunch of losers like us can make mid six figs?
cold calling does suck
its the worst thing ever
calling MF strangers that hate ur guts
this biz is hard. u got to want it bad.
ive made a ton of money over the years
would i do it over again?
no it sucks. my advice to u rooks? quit.
money doesnt make u happy [
i make about 500 calls a day. and when i first started it was hard, but after the first 200 F-U’s you stop caring. it starts to become funny.
500? Woah! Everyday?
What kinda contacts/appointment numbers do you get out of 500 calls?Interesting thread.
While i was in training, about a month before I was to be registered, my BOM sent the three trainees in his office to a seminar put on by a guy who had a can't fail system of cold calling. The guy was new to this industry and told us his system was developed working with Dean Witter brokers in Walnut Creek California. He told us that those brokers were knocking the ball out of the park. His name; Bill Good. He later wrote a book about his system. I used Bill's system to open a lot of accounts. As posted, the key to cold calling is Qualifying. We are looking for candidates to join our practice. This is a very select group. Not only must they be interested in what we have to offer, they must be financially qualified. And for us old guys, one more rule now that we can afford it, no jerks. If you're an asshole as far as I'M concerned you can keep your account at Merril Lynch. Life is just too short. What i'm offering those whom i call Is an opportunity to receive the very best advice and service available. I am the rejector, not the rejectee. If one is foolish enough not to be interested in what I offer, I blow them off the phone quickly and politely with "Thank you very much!" And then i dispatch them into the electronic haze as i click over to dial the next number. Some rules: Always qualify for money Never burn the list-always be polite Don't waste time trying to create interest Set time to call aside and make sure nothing interupts you. make as many dials as possible per hour Minimum contacts per day-50 a contact is reaching the intended target learn these words- Thank you very much! Utter them at the first sign of disinterest or disrespect. And you are being sincere in this in that you are thanking that person for being up front with you and not wasting your time. This is a key to not burning the list. If you are polite you can call back. Ok, the guy wasn't interested on the first call, but now, six weeks later on you second go thru with the list, he has a CD coming due next week and he's interested in your CD offer. Call the list every six to eight weeks.[quote=BondGuy]Interesting thread.
While i was in training, about a month before I was to be registered, my BOM sent the three trainees in his office to a seminar put on by a guy who had a can't fail system of cold calling. The guy was new to this industry and told us his system was developed working with Dean Witter brokers in Walnut Creek California. He told us that those brokers were knocking the ball out of the park. His name; Bill Good. He later wrote a book about his system. I used Bill's system to open a lot of accounts. As posted, the key to cold calling is Qualifying. We are looking for candidates to join our practice. This is a very select group. Not only must they be interested in what we have to offer, they must be financially qualified. And for us old guys, one more rule now that we can afford it, no jerks. If you're an asshole as far as I'M concerned you can keep your account at Merril Lynch. Life is just too short. What i'm offering those whom i call Is an opportunity to receive the very best advice and service available. I am the rejector, not the rejectee. If one is foolish enough not to be interested in what I offer, I blow them off the phone quickly and politely with "Thank you very much!" And then i dispatch them into the electronic haze as i click over to dial the next number. Some rules: Always qualify for money Never burn the list-always be polite Don't waste time trying to create interest Set time to call aside and make sure nothing interupts you. make as many dials as possible per hour Minimum contacts per day-50 a contact is reaching the intended target learn these words- Thank you very much! Utter them at the first sign of disinterest or disrespect. And you are being sincere in this in that you are thanking that person for being up front with you and not wasting your time. This is a key to not burning the list. If you are polite you can call back. Ok, the guy wasn't interested on the first call, but now, six weeks later on you second go thru with the list, he has a CD coming due next week and he's interested in your CD offer. Call the list every six to eight weeks. [/quote] Awesome post, BondGuy! Thanks!Yep. This is definitely getting printed-out and going up on the wall.
Thanks BondGuy!Hey BondGuy and whomever else wants to chime in,
Doesn't Bill Good say that one should only move forward with those prospects that are already eagerly awaiting your offering and, in a sense, just waiting for someone to call or talk to them about it? He calls these red cherries if I'm not mistaken. For anyone with hesitation, no matter how little, you say "Thank-you-very-much!" and move on, isn't that right? He apparently disapproves of trying to actually sell anything at all, right? I read some of his Hot Prospects book because it seemed to be fairly well received in this industry. I'm just not sure I'm convinced that no selling is better than some selling. Don't get me wrong...I hate the aggressive, hard-nosed, back-handed selling techniques employed in most sales oriented industries with their strong closes, various ways to answer objections, psychological manipulation, etc. etc. etc. I had sold cars once upon a time, so I've seen the kind of crap people try to pull. I never agreed with it which is why car sales never really agreed with me. However, if it really is as simple as "Call as many people as you can...ditch the ones who aren't "pre-sold"...ring up the ones who are....rinse and repeat", then don't you think that EVERYONE would be successful? Now, I understand that this is somewhat oversimplified, but the point remains that if the job requires no sales skills to speak of, then why do the B/D's need us? They could simply hire $9/hour clerks to fill out paperwork and accept checks. OK, so maybe you couldn't convince someone to go through the trouble for licensing and such for $9/hour, but you know what I mean. And by us, I really mean all of you because I'm not licensed yet. I'm beginning training this Monday which is why I'm so interested in discussions regarding successful sales and prospecting methods. Do Bill Good's methods work for you? Am I misinterpreting something? Any other recommended reading? Maybe I'm way off-base. Tell me what you think.[quote=Fud Box]
However, if it really is as simple as "Call as many people as you can...ditch the ones who aren't "pre-sold"...ring up the ones who are....rinse and repeat", then don't you think that EVERYONE would be successful? .[/quote] Because it's very difficult work. Unless you have a network system to get referrals, you have to make hundreds of those calls or doorknocks every day. It sounds easy enough, but it's dull, boring, aggravating, deadening work. Very few people are hard wired to do it.Box, You're way off base. Honestly, reading your post and it's hard to believe we're talking about the same book.
Bill, doesn't support a one call close- that is calling someone pitching them and closing on the first call. His system is Call/mail/call. Call them, find interest, mail something to them ,and then call them back. On that second call anything goes as determined by the situation. You can ask questions, close for an appointment, or close on a product sale. It's your choice.
There are two types of leads. Those who have money now and those who have money coming due later. A large part of the system is cultivating those who don't have money today, putting yourself in the lead position for when the money is ready to move. Bill, also advocates calling old leads, or for those who aren't opening many accounts, to find something-stock,bond, mutual fund, whatever, pick up a pile of these leads and start pitching them to buy the product. A presentation isn't considered complete unless a closing question has been asked. So this is a call'em and close'em exercise. Amazingly accounts will be opened by doing this. They key to the cold calling is not to waste time trying to develope interest. By doing this, believing the person called when they say I'm not interested, allows you to maximize the number of calls made thus increasing the probability that interested prospects will be reached. That versus trying to convince an uninterested person that they should have an interest. The system is numbers based. The more people you contact the more prospects you will find. Determining no interest comes with practice as much can be read into how a person says they're not interested. From the obvious to the subtle, all nuances Bill discusses. That said, there is nothing wrong with calling people up and asking them to buy something from you or asking for an appointment on the first call. Just not Bill's system.That was a great response! Thank you for the clarification. It definitely appears that I didn't get the message that Bill was trying to convey. I guess I'll go ahead and finish the book now.
The book I was reading was Hot Prospects. Is that the book which you referenced in your original post? Any other books you recommend?No, Bill’s first book is Prospecting Your Way To Sales Success. it’s all in there.
I am taking my 66 on thursday and assuming I pass then I start work on monday… I cannot wait to get on the phone!!!
Right, Bill’s book is great. I bought “Hot Prospects” today at B&N on Rittenhouse Sq. Wish I had this 18ms ago when I started in production–I can see how this book can work with David Mullen’s book-use this (BG) for the prospecting part over the phone, and use Mullen’s system for positioning oneself as a strong #2 behind the prospect’s existing advisor. (Meaning, leaning more towards the appointment once you have a red cherry).
Nick Murray’s, “Excellent Investment Advisor” is a very easy read, and has some great information it. May be something to look into.
You are confusing prospecting and selling. Two different things. While you are prospecting, your 10 second pitch should dangle *something* the client might find attractive or interesting, so in that sense there's a smidgen of selling in there. But in prospecting, you are merely looking to find people that have thought to themselves recently that they could use some financial advice or a new FA. If the prospect has not been mulling it over before you call him, it is unlikely he will express interest, let alone turn into a customer. There is no point in believing you can convert disinterest into interest. On the other hand, people that have been thinking about it are information sponges; they will not hesitate to express their interest. If you call up and offer to teach them what they desire to know, you will turn them into a customer.Doesn’t Bill Good say that one should only move forward with those prospects that are already eagerly awaiting your offering …He apparently disapproves of trying to actually sell anything at all, right?
Teaching people is NOT the same as motivating them to ACT. Only teach AFTER you have established value and AFTER you have secured their upfront commitment to do business with you.
Otherwise, why waste your time?
Good stuff guys! Really giving me some perspective. I’ve sold for a long time, but mostly in the “Old Way”. This industry seems to have a somewhat unique sales process, but obviously the key is effective prospecting.
Thanks for all the info guys....KEEP IT COMING!!! I love this stuff![quote=Potential][quote=Fud Box]
But in prospecting, you are merely looking to find people that have thought to themselves recently that they could use some financial advice or a new FA. If the prospect has not been mulling it over before you call him, it is unlikely he will express interest, let alone turn into a customer. There is no point in believing you can convert disinterest into interest.[/quote]Right-however, there's a difference, between "No" and "No maybe". I learned it here. Time and experience. For some, they just don't like to get a phone call. That's cool. There are plenty that do.
When you do call/mail/call....send your card, something to pique interest and be sure to ask for an e-mail address when you confirm address. You can say something like
"I'll send you my card and something you'll find interesting to your address at:............. I can also e-mail you some information if you will please give me your e-mail address.
That provides you three ways to contact - phone, mail and e-mail.
You can set up effective dripping that way and also line up your prospects for drip campaigns by the interest they express - ie you have an e-mail distribution list for bonds, seminars, annuities, portfolio review, whatever, and then do your drips to those lists.
Effective dripping can turn that "pound sand" person on the first call into your best new client.
TN
is hot prospects a continuation of his first book? which ones better?
Is the David Mullen book you referred to called The Million Dollar Financial Services Practice? I saw it on Amazon, but didn't see any references to positioning yourself as a #2 advisor in the table of contents. It's probably just under a different chapter name.Right, Bill’s book is great. I bought “Hot Prospects” today at B&N on Rittenhouse Sq. Wish I had this 18ms ago when I started in production–I can see how this book can work with David Mullen’s book-use this (BG) for the prospecting part over the phone, and use Mullen’s system for positioning oneself as a strong #2 behind the prospect’s existing advisor. (Meaning, leaning more towards the appointment once you have a red cherry).
It’s not a chapter per se, but it’s discussed in the “Appointments” area-towards the front of the book. The idea is, to position yourself as someone who will call regularly and follow up with them and be a presence-so, when the primary advisor drops the ball or something happens, you are first in mind.
Client engagement roadmap. Map out the first two years of service to clients/prospects, and they will know that you will have relavent topics to dicuss on a quarterly basis. I present the sample financial plan, tell them that is the front end and then present the roadmap, which I tell them is the back end…so they know we will be in contact regularly and have relavent topics to discuss…works every time.
I have a sample on excel...its awesome.Does the #2 positioning go against what BondGuy was talking about, in that he’s talking about moving quick to find prospects that are hotter, when there’s the least bit of disineterest indicated by the prospect on the phone? Where the #2 positioning seems to be more of a cultivating thing.
Maybe I'm confusing prospecting with lead development here.Me: Hello it’s Daniel Boone, owner of Pioneer Investments.
Prospect Response: Yes?
Me: I’m following-up on a letter I sent out last week and qualifying
investors for my practice.
Usual Prospect Response: 1) Qualifying for what? (or) 2) You’re qualifying me?
(or) 3) Qualifying, huh, what??? (or) 4) Hang-up or (5) I’m not interested
If I get response(s) 1-3:<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Me: I run Pioneer Investments and we specialize in Product A, BUT we have two
hurdles that investors have to get over before we can speak to them about it.
1) They need to have $X to invest in Product A,
2) We only work with people that either already have a financial advisor or a solid handle on their portfolio.
If response 4: Dial again.
If response 5: Thankyouverymuch!
(I only sell one product, so I’m not trying to get their entire portfolio).
The Qualifying part seems to be making a difference, and getting off the phone at the first sign of disinterest, psychologically makes me feel better and move quicker. I'd appreciate any comments/suggestions on the script.
[quote=Boone]
For what it’s worth I used this script today to get 3 appointments. It’s my take on BondGuy’s “Qualifying” script (I have to get through the Bill Good Book tonight) with the additional “#2 advisor thing” that was recommended by someone else. I used the “#2 advisor positioning” because I deal with a specific product and try to avoid the, “I’m already working with someone response”, because I don’t care if they have someone else.Me: Hello it’s Daniel Boone, owner of Pioneer Investments.
Prospect Response: Yes?
Me: I’m following-up on a letter I sent out last week and qualifying
investors for my practice.
Usual Prospect Response: 1) Qualifying for what? (or) 2) You’re qualifying me?
(or) 3) Qualifying, huh, what??? (or) 4) Hang-up or (5) I’m not interested
If I get response(s) 1-3:
Me: I run Pioneer Investments and we specialize in Product A, BUT we have two
hurdles that investors have to get over before we can speak to them about it.
1) They need to have $X to invest in Product A,
2) We only work with people that either already have a financial advisor or a solid handle on their portfolio.
If response 4: Dial again.
If response 5: Thankyouverymuch!
(I only sell one product, so I’m not trying to get their entire portfolio).
The Qualifying part seems to be making a difference, and getting off the phone at the first sign of disinterest, psychologically makes me feel better and move quicker. I'd appreciate any comments/suggestions on the script. [/quote]
If it's working, whatever you do, don't change it. Nice job on the 3 appts.
Who were you calling?.. mind sharing the product?
I agree; perhaps teach was too strong a word. People that are thinking of buying always have questions. You can establish an air of authority by answering a simple question or two. When you start filling in some blanks in their thought process, you get very close to their "this is my guy" moment. When I was doing mortgages, I would immediately transition from that moment to "Do you have ten minutes to fill out the application? These things are torture if you're not in the business, but I can make it easy. You'll talk, I'll type and in 10 minutes we'll be done. So your address is 42 Maple Street. What's your social security number?Teaching people is NOT the same as motivating them to ACT. Only teach AFTER you have established value and AFTER you have secured their upfront commitment to do business with you.
I’m a fee only RIA that focuses on small cap stocks, so I’m selling a basket of stocks that we follow. Pretty tough sell in this environment.
<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I first send a letter basically saying: The experts say you need a stock picker in 2009….Are you as sick of the so-called experts as I am? If you want to have a serious discussion about stocks, and the one question you need to ask about any individual stocks in your portfolio, call……
It gets hardly any call-ins, but gives me something to talk about when I call, as some people are curious about the “one question to ask”.Just wanted to bring BondGuys post up again because I felt my rookie bs was pushing his amazing post back too far.
BongGuy wrote: Interesting thread. While i was in training, about a month before I was to be registered, my BOM sent the three trainees in his office to a seminar put on by a guy who had a can't fail system of cold calling. The guy was new to this industry and told us his system was developed working with Dean Witter brokers in Walnut Creek California. He told us that those brokers were knocking the ball out of the park. His name; Bill Good. He later wrote a book about his system. I used Bill's system to open a lot of accounts. As posted, the key to cold calling is Qualifying. We are looking for candidates to join our practice. This is a very select group. Not only must they be interested in what we have to offer, they must be financially qualified. And for us old guys, one more rule now that we can afford it, no jerks. If you're an asshole as far as I'M concerned you can keep your account at Merril Lynch. Life is just too short. What i'm offering those whom i call Is an opportunity to receive the very best advice and service available. I am the rejector, not the rejectee. If one is foolish enough not to be interested in what I offer, I blow them off the phone quickly and politely with "Thank you very much!" And then i dispatch them into the electronic haze as i click over to dial the next number. Some rules: Always qualify for money Never burn the list-always be polite Don't waste time trying to create interest Set time to call aside and make sure nothing interupts you. make as many dials as possible per hour Minimum contacts per day-50 a contact is reaching the intended target learn these words- Thank you very much! Utter them at the first sign of disinterest or disrespect. And you are being sincere in this in that you are thanking that person for being up front with you and not wasting your time. This is a key to not burning the list. If you are polite you can call back. Ok, the guy wasn't interested on the first call, but now, six weeks later on you second go thru with the list, he has a CD coming due next week and he's interested in your CD offer. Call the list every six to eight weeks.Normally the conversion rate by cold calling is 1/100. So whenever I make a call I used to be prepared to listen NO! Because cold calling is used to sell the things which prospectus does'nt need actually!
Whenever I listen NO from prospectus I disconnect the phone to automatic call to next number, I want to reach as many people as I can, I use my sales dialer. This automatic call dialer allows me to call 40 contacts / hour from my mobile. After listening NO I add this number to reminder to call again after 30 days, and I call them again to listen NO, because I know they don’t know who is calling! And you know, the conversion rate from this list is again 1/100 J
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