Bill Good: Hot Prospects
[quote=B24]Someone mentioned that Bill Good’s new book addressed the issue of the DNC list. Does anyone that has read it know what he suggest for working within the DNC guidelines? The % of people in my area on the DNC list is over 90%. It doesn’t leave a hell of a lot of people to call (I did a list within my parameters that returned about 11,000 names. 10,000 of them were on the DNC list ).His previous book (which I have) obviously didn't address the DNC list.[/quote] I'm brand new to this industry, just started training, and I haven't prospected a single day in my life (for this industry). But here's a couple of thoughts: 1. 1000 names to cold call - assuming you eventually convert about 1-2% into clients - will create 10-20 new clients (I'm really good at math!) Call it 15. This obviously will vary depending on how targeted the list is. If it's just any-ole-body, then the close rate will be lower; however, if the list is of presumably qualified prospects, then it will be higher. Again, duh. 2. For the remaining 10,000 names you may consider a direct mail campaign. Something simple and as cheap as possible. 10,000 of anything can ramp up your marketing budget. Something like a simple introductory letter with a Business Reply envelope and a perforated request for more info might work. Or you might try a post card with a removable section that can be mailed back to you (pre paid postage as well). Don't forget to include a "Permission to contact?" section that asks for a phone number. Assuming you get a response of around 1% (Bill Good actually says a good mailer will bring a .8% response if I remember correctly). That's 100, highly motivated new prospects. You should close a high percentage of these guys....hell, they mailed YOU for more info, right? Let's say you eventually close half of 'em. That's about 50 new clients. 3. That leaves 9900 names that you haven't heard from yet. You could start a cold walking campaign. Group the names by Address and start a plan of attack. Lets say that we have 9000 actual addresses. Doorknock 100 doors a day for 6 months (unless you're with EJ like me, then it'll be 6 weeks!). When you doorknock, you have an opportunity to request permission to contact. WHETHER IT'S A MAILER OR VERBAL...PERMISSION TO CONTACT MAKES DNC MOOT. I think the general consensus for closing rate of doorknocked prospects is 2-3%. That's another 180-270 clients down the road. We'll call it 225. 225+50+15 = 290 new clients out of 11000 names. Not to mention you're still dripping on a lot of the remaining 10,710 names. Even if my estimates are double what the actual expectation would be....that's still 150 new clients. If they bring an average of just $50K in assets...that's an addtional $7.5 million or roughly $75,000 in annual gross. The few thousand dollars worth of postage and good shoes may just pay off! Again, this is coming from a guy who hasn't doorknocked or cold called a single soul yet. But boy am I jazzed up now!!!!
I love the youthful exuberance of Fud’s post! Exactly exactly exactly right!!!Stop thinking of reasons it won't work and get out there and do it. Start with a I won't be denied attitude. Contacting folks in a high DNC rate area is nothing more than a business problem that needs to be solved. Fud gave us his way of solving it. There are other avenues to explore as well. All are worth a drive through. The only wrong answer is that won't work.
Thanks Guys. Fud, I appreciate your well thought-out response. I could very well do the mailing/cold walk thing, and have thought through it many times. However, I really was just curious what Bill Good said in his book about his cold calling campaign RE: the DNC list, hence the title of the thread. I’m not saying anything can’t work, I was just looking for an answer to what I asked.
BG has to hedge his answer regarding cold calling. Which is exactly what he does in his book. Selling a “How to cold call” seminar to financial firms was what gave Bill his start. Industry consolidation forced him to find a product/service he could sell to individuals rather than firms. That product, The Bill Good System, is primarily a contact management system on steroids, matched with a direct mail program that utilizes possibly the best letter library on the planet. Thus when the DNC law was first passed Bill saw a potential big pay day. While for years he marketed his direct mail derived program as an alternative to cold calling, he saw the DNC as a death nell for the competition. He has recently stated that with 140 million people on the DNC the public has spoken. The message: People don’t want to be solicited at home. And most likely at work either. He says as much in his book and goes about giving alternatives that will allow you to call these people. As usual good stuff and there is truth in those words.However, Bill's using the DNC as a reason for us to get the messege that people don't want to be solicited and thus shouldn't do it is at best self serving. The messege to Bill Good is people never wanted to be solicited. Even back in the days when Bill was making living teach all of us how to do it. However, at the time the public at large couldn't do anything about it. The only thing that has changed is the law, not the public's psychology or acceptance of cold calls. The public has always disliked cold calling. Yet they buy and invest money and thank us for helping them. In other words, nothing has changed. Work within the DNC and still build a fabulous business. And if you want to build it bigger faster buy the Bill Good System and do that TOO. (not instead)