Help a hard-working rookie broker out

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Oct 9, 2010 12:16 pm

I just started working at my firm and realized my contact ratio is just abysmal.  I made 3100 calls to businesses in 5 days and was only able to get in contact with 149 decision makers.   That's 4.8%.  I get all these secrataries saying, he's busy, on the phone, in a meeting, transferring me directly to voicemail, etc.   What can I do to increase the ratio?  I'm just being told what to do and listening to others around me in the office how they get around the secrataries, but man this is rough!   I'm going above and beyond in terms of work ethic and I'm curious.  

Another question is my contact to pitch ratio.  That's even worse.   My first two days I didn't write how many pitches I got off because I was just starting to use my pitch so I didn't write the numbers down.  The next three days, my ratio was 2000 calls 87 contacts and only 10 pitches.  Pitches are basically when I first try to close my contact.  Am I not fighting enough with my contact?   Do I sound weak?   Am I not responding well to their objections, before I can get a good pitch off? I don't know.  I'm definitely going to use this weekend to hear myself over the tape recorder to see whats up.

Thanks in advance if you can help a struggling rookie out.

Oct 9, 2010 6:16 pm

3100 calls in 5 days?  I call bullsheet!

Oct 10, 2010 1:42 am

Go meet some of these prospects - even the ones not willing to switch - ask them to HELP YOU. Ask what services/products they prefer and what it would take to get them to switch.  Ask them why they like their current provider. Refine your pitch to meet your prospects needs.  Go take a marketing and/or sales course at your local community college.  Read the old tried and true "Little Red Book", go take a "SPIN" course.

Oct 10, 2010 11:48 am

Slow are going to burn out and never call again if you are dialing over 500 calls a day. Is it possible? I have never done it, but I suppose you can call 50 in an hour for 10 hours. 

Oct 11, 2010 9:17 am

I am guessing you are working so fast (500 dials/day??) that your quality is suffering.  Yes, it's a numbers game, but 500/day sounds outrageous.  Why don't you tell us your pitch.

Oct 11, 2010 8:05 pm

When the contact rate is low 500 a day is perfectly doable. Just follow a calling schedule and you can even make that many dials just with one phone. Using 2 - you can double it.  You have the idea right - what you need is a big dose of patience, grasshopper.  Pace yourself and remember - the contact ratio may be low, but the payoffs can be high.

Keep the volume of calls up, record yourself so that you can "hear" your mistakes. Invest in yourself. Buy a book or two on cold calling or even sign up for the Cold Calling College.  I heard her CD's once and got some valuable insight out of them.   

When you are just starting out - you have three things you can do. 1.Sit on your butt and wait for business while you "research".  2. Network. At the same places everyone else is going. 3. Pick up the phone. Dial. Repeat.

Number 3 will feed you.

Kicking and Taking 

Oct 11, 2010 8:46 pm

Thanks for the advice so far.   Got 5 pitches in today, almost opened 2 accounts.   I feel my pitch getting better day by day.  It's only a matter of time.