[quote=bullmarket2711]

Push-

What have you found to be the best resource for business owners.  I have been giving Sales Genie a try but the connect ratio kind of sucks...even in the morning.

Any ideas?

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I've been focusing on small business owners (5-20 employees) for the last two weeks.

I come in as close to 7am as possible, 7:15 at the latest. Log in, grab a drink and within 5 minutes of arriving I'm dialing. The hardest thing is getting started but once you start you build your own momentium.

7am to 9am is my power hour(s), there's a few reasons for this (see below).

Dialing between 7 and 8 - the idea is that the gate keeper (the person who normally answers the phone) isn't in yet but the boss is. A lot of times the person I'm actually calling for answers.

The dial to contact ratio is much higher during this time then the rest of the day.

Also, Tuesdays and Thursdays (For me at least) are the best days to dial. A seasoned FA told me Fridays were great for him, but so far in my vast experience of two weeks (of being in production) that hasn't been the case.

My reasoning is simple. Tuesday isn't Monday so you're not catching them when they have a million things to do and Thursday isn't Friday where they've checked out for the weekend and just don't want to deal with you.

For sources, there are better sources out there but what I'm using is also free.

Reference USA - I got access from my library card and can access it online, from what I understand most librarys have this and again it's FREE.

There's two directories - business and individuals. For businesses you can filter by City, # of employees, annual sales, ect and it will give you a nice list with the business name, phone number and a contact. Generally the owner or manager (it's listed as "executive").

The one for individuals is similar but you run into the do-not-call list. I tried that at first but I had to dial over 300 numbers just to get 15 numbers NOT on the DNC... so screw that, go around the DNC by calling businesses.

The lead in for me is the real challange, I'm still trying to find my voice here. In my previous job (also sales) I was calling people who were either A) an exsisting customer or B) had submitted information online and expressed at least some interest.

Calling someone out of the blue is a whole other animal but it gets easier each time.

The biggest challenge for me is the lead in and follow up when they don't just immediately tell me no. I'm still trying to find my voice here but I've tried variations of:

1) I'm in the process of identifying individuals who might be interested in working with a new FA / Firm

2) We have a great selection of Tax Free bonds, may I send you a list of our current inventory?

4) If I could show you how to increase returns while reducing your risk, would you give me 10 minutes of your time?

One hasn't really worked better then the other - the problem is what works on one person won't on another. My favorite analogy is "If you ask enough people "Hey, can I punch you in the face?" eventually someone will say yes".

I hope that helps.

-PF

If you want more contacts get registered in states in multiple time zones. It gives you several blocks of  7 to 8am. It also helps you out in the evenings. It also means you can always avoid meals.

PF- You are right. As BondGuy says this is a contact sport. The more people you contact the more chances you have for a yes. Don't worry that you have never talked to them. I guarantee you someone is calling them right now.

When I got a NO I moved the number to the bottom of the list. I would call it again. The biggest order I ever put in was after he told me know at least a dozen times. A lot of this is timing. Keep dialing!

5 prospects a day keeps the manager away. And make you pretty damn wealthy!!!!!!

[quote=BondGuy]

5 prospects a day keeps the manager away. And make you pretty damn wealthy!!!!!!

[/quote]

Sounds good to me since that's about my average.

[quote=newguy44]

If you want more contacts get registered in states in multiple time zones. It gives you several blocks of  7 to 8am. It also helps you out in the evenings. It also means you can always avoid meals.[/quote]

NG44, Do you actually practice this? I work in central NJ and I only call in Central NJ but I am open to broadening my horizons if it means building a bigger business. 

Dials 21, yes 21. DMV messed up my day. Now here's the kicker

Contacts 5

Prospects 3

Now thats a ratio! LOL

[quote=willywonka]

[quote=newguy44]

If you want more contacts get registered in states in multiple time zones. It gives you several blocks of  7 to 8am. It also helps you out in the evenings. It also means you can always avoid meals.[/quote]

NG44, Do you actually practice this? I work in central NJ and I only call in Central NJ but I am open to broadening my horizons if it means building a bigger business. 

[/quote]

Yes. It was the smartest thing I did. If I were in Jersey I would get licensed In at least one state in each time zone. Think about it, when is the easiest time to get past the gatekeeper? Before 8 am. What if I could extend that 3 hours? Get licensed in California and you can.

NG44, 

Great idea! Thanks for sharing it! What is your close ratio when calling in a different state? Would you say you have as much success outside of your home state as you do inside? Do you get any objections when you send your card out to a prospect out of state? Do you let them know up front where you are calling from? See what happens when you answer a question it leads to more questions...LOL!! 

ww

NG44, 

Great idea! Thanks for sharing it! What is your close ratio when calling in a different state? Would you say you have as much success outside of your home state as you do inside? Do you get any objections when you send your card out to a prospect out of state? Do you let them know up front where you are calling from? See what happens when you answer a question it leads to more questions...LOL!! 

ww

[quote=willywonka]

NG44, 

Great idea! Thanks for sharing it! What is your close ratio when calling in a different state? Would you say you have as much success outside of your home state as you do inside? Do you get any objections when you send your card out to a prospect out of state? Do you let them know up front where you are calling from? See what happens when you answer a question it leads to more questions...LOL!! 

ww

[/quote]

If they ask, I tell them where I am. Most don't care. There are people who won't do business over the phone or with people who live 2,000 miles away. That is absolutely fine. Move on. I rarely send anything in the mail. It costs too much for very little return. What I will do is add them to my drip list. I send out a personalized monthly bond report and newsletter. Make sure you go through compliance. If you work at a wire or clear through a major BD, or have a good wholesaler, they have compliance approved materials. It takes me 5 minutes to send an email to my drip list. I block one hour a day to male follow-up calls. I send out another monthly piece to clients. Again, it takes me 15 minutes to put together the email. Once compliance approves I click send.

Stop worrying about why people won't do business with you. It is counterproductive. Hence, a waste of your time.

Newguy44: If you do so well why did you leave the wires after one year?

When the haircut makes you bald you find a new barber. Best decision I ever made.

[quote=newguy44]

When the haircut makes you bald you find a new barber. Best decision I ever made.

[/quote]

Me too!

DTA, check your PM

Its been awhile since i have checked in. Without boring everybody with all my stats I will just lay down a summary.

Been averaging 25-30 contacts a day with an average of 5 prospects a day. My call backs have been pretty weak. I either cannot get them on the phone or they haven't read the info I sent them. The ones who do want to talk immediately go into how we do business at my firm. They usually get confused when I explain to them that we have a company that is our B/D and a separate company who does our clearing. They usually lose interest after that because they don't like the thought of all these different entities. 

I had an appointment with a lady who had about 200k with W&R. I prepared a very good proposal and showed her that she was paying a lot of fee's at W&R without any real service. Her Advisor barely get's in touch with her once a year and she said he never has an answer for her questions when she calls. He also hasn't done a portfolio review in about 3 years. The guy is a total piker.

During our second meeting, she told me that she was going to stay with her current advisor regardless of the poor service she receives. She said she didn't like that we deal with 2 different companies to get the job done. 

I have a nice office, I dress very well and I know that I do not put off a pushy sales guy vibe. I just showed her the numbers, the type of customer service that my firm provides and that we can do a better job and charge less fee's. 

I have been getting this "who? What firm? Never heard of you.." response from a lot of people. It's looking like going Indy is the way to go AFTER you have built a book. 

Anyways, back to the phone...

DTA,

I guess the grass looks greener on the other side. Most people I talk to are familiar with my firm which is a plus but we also have a pretty large market share which limits the number of potential prospects.

Great job on the number of contacts!

You can't save everyone. I've got a very similar prospect at the moment. She's working with someone at a local Chase bank branch (I think they're called registered bankers). She's not satisfied with the guy but just won't leave. Logically it makes no sense.

Keep trying though - follow up in a few weeks, maybe offer a trial basis?

You will get "who?, I never heard of you" when you call. Tell them that's good, because the only time you hear about a firm is when they screw up or break the law. We take care of our clients here and we do things right so we don't end up on the news. The next call you make say that with all seriousness. Then follow up with your question off your pitch. Do you currently invest in municipal bonds, or do you invest in corporates?

I am going to give you two important thoughts. I am not a great sales person by any means, but these are things that worked well for me.

If someone is meeting with you there is a reason. They aren't meeting with you because they simply want to spend an hour of their day discussing finances with a stranger. There is something they want you to provide, and it is not logic.

They want you to provide them an answer, and often they don't even know the question. You have to play on their emotions. When I first started I was all about the numbers. The numbers don't sell in the office. The numbers might sell a bond on a cold call, and that opens the door. But numbers don't get someone to move $5mm to you. Emotions do. Peel the onion a little more. Dig deeper. Ask them what the money is for. Ask them why the invest. What is the purpose of the money. We always talk about goals, but you need to have them talk about the purpose. Why is this important? What do you truly care about? What is the most important thing you will do with this money? What do you want your legacy to be? Ask them about what they are passionate about. Get them talking about things that excite them. I once asked a client: You have $2mm with me, $10mm with Merrill, and you have a thriving law practice... you obviously have money to do whatever you want. Let me ask you this: What is the money really for? What really matters to you? That one question changed our relationship forver.

I ask prospects this question as well. I also introduce the process. Here is what will happen. We will meet for a half hour today so I can learn a little bit more about you and your goals. When we finish we will set a time to visit again and go over some recommendations. At that point, if you feel confident about working with me, and I feel like you would be a good addition to my clientele, we will sign some paperwok and move forward. Sound fair?

Second, ask them what is keeping them from moving forward. What is the real reason that is keeping you from transitioning yourself to working with us? She obviously doesn't care about getting more than one call a year, and she doesn't care about fees. Find out what she does care about and show her how you will provide it!

To summarize: Be direct and confident. Ask questions that invoke emotions. Ask them to clarify objections. Peel the online a little deeper and learn what really matters. Numbers sound good, emotions sell!

I actually have been using a similar approach with my appointments. I found out that she has been with her advisor for 14 years. I got her to open a  Money Market account with my firm and I will eventually get her entire account. She is also interested in an annuity that I will discuss with her in more detail later.

On another hand. I have been dealing with some family health issues that added a massive amount of stress on me. It probably has made me a little more sensitive to what I have been dealing with at work. 

The Branch Manager at ML contacted me the next morning after their career night. He said that I could skip the FIAT and he sent me the personality test. Within 5 minutes of me finishing, I receive another email from him telling me that I will start interviewing next week. I will at least go through the interviews and see what happens. If I get an offer from ML, I will have a meeting with my current boss and go over my employment with his firm and what direction he is looking to go. 

Hopefully he is ready to start transitioning his firm so he can retire. I know I am new to this business, but I am not new business consulting regarding expansion and building a brand. We have office space adjacent to us that is perfect sq. footage wise to expand and really start acquiring AUM. I know of 3 FA's that would be interested in making a move. They are young and highly motivated. I know he has to be tired of his other FA who did a whopping 600 dollars in gross commissions last month. 

I know that I am going to get flamed for my ambition, but I see great potential with this firm. My boss needs a person who can help lighten the load and help him build this firm. He is spread way to thin since he also has a law firm in another city. Our office manager has only been in our office 3 times in the last 5 months. She mainly stays in the other office, but we have to clear everything through her even though we can never get a hold of her. We went without printer paper for a week because she was unavailable and we don't dare do anything without her approval. I obviously went and bought some paper.

Maybe I need to go to a wire and be smacked around for a few years and then go Indy on my own. Who knows....

DTA, check your PM.

Yesterday

Dials: 214

Contacts: 13

Prospects: 1