Qualifying My 500 Day WAR!
Tuesday September 7th 8 AM I start my personal 500 Day WAR, Anyone care to join me? I will be posting weekly numbers: Dials Contacts, Propsects, CallBacks, New Accounts, and Assets. My goals are 7.2 M in assets at the end of 2011. Productions of $144,000.
I am asking for help from the board with qualifying questions. Please help me with qualifying!!!!!!! Send me your qualifying questions for tax free prospects
I am becoming "BONDGUYERIZED".
My script is:
______this BondGuyJr at BondGUY Firm the reason for my call you is to let you you know that we've been seeing some very attractive bonds with yields as high a ____% lately, I have nothing for you today but the next time I see one would you like to hear about it?
If you did like the idea, would an investment of $______ be a problem at this time?
No $ problem:
Well ____it was great speaking to you! Do you have a pen in hand so you can write my name and company down so you can remember me better?
Ok, great once again my name is BondGuyJr with BondGuy Firm I'll be getting back to you very soon, All I ask is when I call you back you kindly give me 5 minutes and an open ear. IS THAT FAIR? (PAUSE)
$ problem: Okay, let me ask you this: When in the next six months do you expect have some funds available to invest or reinvest? [Pin down month if necessary.]
Suppose we mail out our card and I get back to you in a few months [or whenever they have funds coming]?
Great, have a good day.
Also I will be calling the eastern time zonefrom 8-9 am then central time zone 9-10 mountain 10-11 pacific 11-12.
My list is business owners and presidents of companies with sales from 4-50 Million and employees from 20 to 100.
I'd use 25k as your minimum, maybe even 50k. Only use that, if you actually don't have something, or are in a pre order period. Always be ready to act, have something. I've done your gig before, and in the old days using some GE AAA with a 7.5 , was able to open 2 accounts per day, with about 100-120 dials. Of course, those times were different... I think your deal would also work really well, with a utility stock in your area that has a decent yield. Growth, Income, inflation protection, and a dividend increase potential. I think the cold call cowboy in fact used the utility shtick to a great degree of success. Good luck!
I am going to ask for $500K and settle back to 50K per order. BondGuy said, "On the money thing. I found out that it's as easy to ask for big money as it is for little money. Start closing for big money. If you ask a guy with a million dollars to invest for ten thousand dollars he will do one of two things; he will laugh at you or he will give you the 10 grand. What he won't do is give you the million dollars. If, on the other hand, you ask him for one million dollars he will do one of two things; give you something lesser than one million, like 250k for example, or he will give you the million dollars. What he won't do is give you 10k."
I'm a bond guy, big part of my biz. I know lots of other bond guys.....
You use 500k as your interest level, you'll figure out why not in a couple few hours of calling.
Typical bond guys, in their early career, were doing 10 and 25 bond orders, then grew into 50 and 100k trades later, from repeat biz. If I were you, I'd disqualify at 50k, then see what happens. Remember, mailing a check to a person you've never met, is a bit a leap of faith...
FYI, my clients that never sneezed at doing a 100k ticket, now would rather do trades in the 25-50k size. I'm also shut down right now in my state, because muni bonds disappeared over the last 60 days. Stuff I only did 3-5 months ago, up 8% on principal.
I was going to ask about inventory. A MSSB manager I recently spoke to said leading with bonds can't be done right now (espcially Munis) because there is just no inventory available.
Thoughts on that?
Have you tried offering BAB's? Bond Guy was selling them back in July, from a post he made.
Not sure if they are available or not. I know I will find Tax-Frees if the prospect wants Tax-Frees. I am as Elwood Blues said, "ON a mission from GOD!!" I have a daughter in 8th grade need to make Ca$h for college and Vet School. I can not and will not FAIL to meet my objective.
Talk on my part is cheap! The proof is in the pudding as they say!
Any ideas on qualfying?
I think it would be a novel idea if you were just yourself, not some guy you've never met off a message board.
Thank you JumpMan After reading BondGuys responses I have chosen to pattern my business after his and Rick DeSoto a $3 Million producer and Bill Tennison. As they say "Why reinvent the wheel." I have come to the conclusion that his business model is simple and repeatable. I am not saying it is right for everyone just that I have chosen to use it for my business building model.
It may not be as successful as his because I am not him. But if it is even half as successful I will be well on my way.
Speaking of never meeting I guess I willl never meet many if the people I will do business with. That does not mean we don't know each other. It just means we have never met face to face.
BondGuy and I have had conversations and I for one think he has some GREAT ideas on how to build a business.
Really? So you've talked to him on the phone? Seen his production numbers? Grow up and be yourself.
Why the animosity? No I have not spoken with him on the phone and I have not spoke with you either. He has stated he will be doing close to $2M in production. I am old school and believe a person usually tells the truth and genuinely tries to help. If BondGuy says it is so, who am I to say it isn't.
His posts have been on the same track with what I believe is great advice. You may not believe the advice and may choose not to use his teachings. That is your choice.
The grow-up comment is mean spirited. You must be having a bad day. I was just asking others for advice and sharing my plans. As you did with your post on seminars. I would ask are you using a canned seminar for retirement planning or one that is your own from scratch?
My guess (unless you tell me differently and I will believe you) is that you are using someone else's seminar presentation, invitations and process!
You and I should do a contest and the winner picks the charity for a donation?
I have made my goals and plan public, you should also.
Roger I applaud your trek..
I am sure you will be very successful if you stick to it..
I am looking forward to the results. A poster named "scrim" did something similar(though he worked in a bank and didn't cold call).. Interesting to see the results none the less.
What type of people are you calling? Business or Residential..
Do you have a # of dials/day you would like to make?
Chickenfeed, I will be calling businesses with sales from 4-20M ands 20-100 employees my list has 63,000 names. Enough to keep me busy for a long time. I will be tagreting 50 + contacts per day.
i agree with jumpman
why would you want to model your business after someone whos extremely successful in exactly the same business as yourself.
forget cold calling about bonds. be crafty and try to sell annuities over the phone. be yourself.
Gethardgetraw guess your opinion has changed on calling with munis? Annuities you're not serious areyou?
Gethardgetraw, wrote November 5, 2009 - 2:56pm “Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond. I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.
I've followed this forum's advice on calling with my state's muni bonds, and I've found that people are pretty receptive to them regardless of their income level.
I'm by no means knocking it out of the park, but it's working, and I'm staying above the green line.”
Gethardgetraw, wrote today stocks are a great thing to own but cold calling with them is difficult. establish the account with bonds, then diversify from there.
you can also call about bonds that no one else has. and bonds have a limited inventory. makes them buy today.
Roger, sarcasm..... GHGR was joking... And he's a joker allrighty...
Roger, you're on the right track, just keep calling, doing what you do. When you have so many accounts, you can't keep up on it, go to AUM gathering, Phase 2 of your career. Every single client we'll ever have, needs income, or accumulation for future income. Early in our careers, it's just a great idea to sell people what they already want and need, and muni bonds pretty much do that.
Sorry GHGR if I took your comment incorrectly!
BFP Thanks for the clarification!
Either of you care to share any qualifying questions you ask prospect on a cold call for bonds?
Seriously, don't over think it. Just put together an effective presentation, and you clearly already have most of it. Then, numbers, numbers. But, it helps if you somehow can pre screen out unqualified dials.
Sense of urgency, special offer, 35 seconds, tangible benefit, household name recognition, sexy/safe.
That multiplied by x dials, equals tangible results. Tangible results, creates confidence, cofidence creates momentum and success.
Bust your butt, for about 2 yrs doing that. Afterwards, you'll have a client list of good solid accounts. Then, in my opinion, you completely change direction and mine those accounts for maximum asset gathering. When max aum is achieved, you manage relations, work referrals, and golf like a tour player.