Cold Calling Today: The Process
I have recently returned to production after working in the home office for several years. I am with one of the major wirehouses on the West Coast, I am starting from scratch (other than a few old relationships) in a brand new city and not associated with a team. I am rebuilding my book by cold calling. I am mainly calling residentials, but mixing in some execs in the morning. I have not had much luck finding peers that are growing a business from cold calling.
I have read and like Bill Good's call for interest/mail/call. I have experimented with a few different approaches.
I have read many of the post regarding cold calling and many are great. However what I have found is that many in thier post talk about either just thier initial calls or they lump all of thier first and repeat contacts together without distinction.
What I have found is that I average about 80 dials per hr (4rings and on to the next one). My connects are about 12% if I call in the morning, 10% if I call in the afternoon, 15% in the evening on average. It obviously varies by hour and day. So other than the afternoon which I avoid unless its the only time I can get calls in on a particular day I hit about 8-12 connects an hour. So out of every 10 connects 2 (not the decision maker), 4 (no interest), 2-3 are (qualified for interest only, will recieve info and can follow up), 1-2 are (qualified for interest+assets and/or ability to act in next 30). So I would say I am walking away with about 1.5 High Priorty suspects (for me a prospect is someone I have met with) and 2.5 Mid Priority suspects per hr. Now this seems to be in line with what I have read on many of the other posts.
However, what I would like to ask is about repeat contacts and process as there does not seem to be much info out there.
For those of you cold calling if you keep stats and would share, how many 2nd dials do you make a week? What is your connect ratio on a 2nd call? On your second call what is you appt ratio? How many of your second contacts are you dqing and keeping?
On which contact do you typically have the most success booking an appt? 2,3,4.....
On which call do you bridge? For example on my fourth call with someone whom I have yet to dq or set on the first three I ask M/M____________ we have spoken several times and I feel I have provided you with some thougtful information and smart ideas. Now you and I are both very busy people and I want to respect both of our time. I am happy for now to keep treating you as a top client and providing you with information and ideas I think you would find valuable if you see there is a possibility of us developing a business relationship. Do you see that happening and would you like me to continue stayin in touch? After call 7 I time bind the same question to 2 months after call 10 I time bind it to this is it appt or your out. Now having said this I make every effort to requalify or dq on every call this is for those whom have given me information at each call that keeps them in.
Any information shared would be apperciated. It would be helpful to also know who your calling ie res/bus. retirees/pre ret
Agree on these definitions: Lead - haven’t spoken to them; Prospect - have spoken with them.
Build prospects up for 2 months until you have 100 or more (you want more than 1000; and track that - keep a list of every single person who expresses interest even if they are broke) Then, once you have enough names, call 10 of them either before or after your initial cold calls. Keep an email tickler system going too.
It’s slow to build, and can be a pain in the ass to maintain; but it’s more of a pain in the ass to not build it and really bad if you don’t maintain it because then you forget about opportunities. I’ll PM you with more.
Kicking A and Taking Names
You’re talking about call 4, call 7 and call 10? Wow man. I try hard to disqualify if there’s not a sale on the 1st followup. Read through 500 day war posted here, he relays the same in one of the bullets.
As far as conversation, it depends on what you’re pitching. For a muni, pitch the highest rate and if/when there’s a deny, the best course of action is to find out the reason. (Makes sense right?) Either they will tell you (which is great), or you ask. When you discover the reason, you know where to steer the convo.
IE… 30 years is too long? Not a problem, how long do you typically go? Or what’s a good mat year? If I find…, I’ll send it over. Or, not comfortable with BBB, not a problem, what rating do you look at? If I find xyz with abc… I’ll send it over for you. Whatever the reason… you know where to go. If you’re not getting a solid reason, well, how qualified is this lead regarding interest? Don’t waste your time and energy, unless you feel like it. Spend it on finding the buyers of your pitch. Takingnames (poster above) is diligent and good at working long time prospects. If that’s the avenue you go, you better be VERY diligent, consistent, and talented in this area… otherwise, simplify your process chief.