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June 29, 2015 at 08:00 PM
Author’s note: I posted the “Precision Cold Calling” first and second call scripts at www.billgood.com/coldcalling. If you don’t understand words like “cherry,” “greenie” and a few others, visit the page. The cold calling resources there are deep … and free.
Most of the cold calling done in this industry could be called “mass cold calling.”
You buy a list of homeowners not on the DNC list, or a list of small business owners.
You come up with a script.
You either try to sell something, get an appointment or offer some information with a promise to call back.
You make 60 dials an hour, average 2–3 leads an hour, religiously call back your leads.
Done properly and consistently, you can build a business.
It’s tough. You have to have all your stats in the “cold calling success zone” for it to work.
There is another way.
Precision cold calling.
Defining Precision
Precision cold calling is:
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A list of people likely to have a strong interest in something. This something is investment related and you can provide important information about it.
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A script that offers people on the list what they are likely to be interested in.
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A packet of information that fulfills the promise of the script AND establishes credibility for the caller.
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A second call script that more deeply qualifies and sets an appointment with a minimum of one out of 10 of last year’s leads.
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A drip system that continually reminds prospects who do not set an appointment that your offer still stands.
There are more pieces to this puzzle. But you get the idea.
Case Study
About a year ago, I took a “pro bono” desperation call.
An FA in Northern C.—let’s call him Bob—was in deep trouble. His revenue was hovering about $300K, and if it slipped, he would go in the “penalty box” and see his payout cut to 20%.
He said his cold calling was not working.
I did a quick physical exam.
Q: Who are you calling?
A: I have the corporate directory of XYZ (a major high tech company). I can look out my window and see them. There are 5,000 highly compensated engineers, executives and sales people right there.
Q: What’s your script?
A: I’m offering retirement planning.
Q: How many leads are you generating an hour?
A: One or two leads every couple of days.
Q: How long have you been doing this?
A: Several months.
I immediately explained “Basic Mistake No. 1”—get a bad idea and stick to it. “That campaign is over,” I said.
I then explained the process of “precision cold calling,” and we agreed that the employees of XYZ could be very interested in their company stock. And they could also be very interested in the menu choices on their 401(k).
Q: Does your firm have a research analyst that follows XYZ stock.
A: Yes.
Q: Can you get the menu choices on the 401(k)?
A: Yes.
Q: Can you produce some kind of report on each menu choice?
A: Yes. I’m a subscriber to Dorsey Wright (technical analysis database) and I can create a sample portfolio. It will give me a score on each fund choice.
“OK,” I said. “Let’s try something. You put together that report.”
