I work with and am friends with a number of financial advisors. In a recent conversation with a veteran in the business we discussed the main reasons new advisors don't make it. Truthfully your odds of making it in the business are pretty slim if you just do what they tell you do to, but your actions determine your results and your future.
Lots of people enter the industry and only are rare few are still in the business after five years, and even fewer are successful. As we spoke we shared our experiences as to why so many people with so much potential fail from the perspective of the veteran who has seen people come and go like a revolving door, and the coach who works with the elite few who are committed to making it. By the end of our conversation we had a list of 9 mistakes those new to the business make that lead to their failure:
1. you still have a wage earner mind-set and lack the entrepreneurial drive to make it work no matter what
2. you think you're selling products
3. you don't understand that it's all about the relationships you're able to start and build
4. you lack focus, direction, and commitment causing you to get off track going in the wrong direction changing directions to chase the next great idea
5. you think you're different that you're a super star, but you're actions don't back up your bravado
6. you have a scarcity mentality and you're afraid to invest in yourself to develop the skills you need to succeed
7. you think you know what to do, but you don't know how to do it
8. you don't know what you don't know and you aren't trying to figure out what you don't know or how to know it
9. you confuse activity with results and burn out with little to show for your tremendous efforts.
Did you recognize any of those fatal mistakes in yourself, or are you thinking you aren't making those mistakes but you know others who are? I know the list is pretty harsh, but review it again and be harshly honest with yourself. If you aren't headed where you want to be it's pretty likely that one or more of those mistakes are getting in your way.
Friday, February 8, 2008
3 Key Elements For Cold Calling Effectiveness
When most people hear the words "cold calling" a wide range of emotions typically flood the mind and body, and most of which are less than pleasant. It is true that there are some drawbacks to cold calling, and it is certainly not the most glamorous and sexy tool for growing a business, however cold calling effectiveness, from a financial standpoint is the best way to put the most amount of people in front of what you have for the least amount of coin.
So you have decided to give cold calling a try despite what you may have heard about it. I think that you are making a very wise choice. Cold calling effectiveness takes a lot of work and dedication but the payoffs are astounding once you get into a rhythm and master the trade.
The 3 Key Elements Of Cold Calling Effectiveness:
1. You must have a Prospecting Script
This is a must. Some people say that you should go into the prospecting process flying blind and that a script will make you sound mechanical and will decrease your ability to be personable. I couldn't disagree more with that statement. Having a prospecting script actually allows you more flexibility by allowing you to be more personable. You need to have your script memorized, because it allows your words to flow from you naturally, rather than appearing to be forced off of the paper you are reading. It allows you to be more prepared, targeted, consistent and professional when you have a script. So don't go without one or you will not be maximizing your cold calling effectiveness.
2. You must have a system in place for tracking and analyzing your cold calling data.
I recommend using excel for tracking your data. What I mean by having an effective cold calling system, is to track and analyze your most pertinent pieces of data. I have assembled a list of what I track for you here:
-Name
-Number
-Time Zone
-Contact
-Disconnect
-Invite (Invited to a Presentation Call)
-Confirm (Confirmed that they would go)
-Call Back (Did they call you back)
-Attempt to Close
-Close
The first block of every column should have one of these titles representing the columns contents. Once they are in place you can easily sort your names and numbers by time zone and track your disconnects, wrong numbers, people you contacted etc. by simply putting an "x" in the box next to their name, that describes that particular lead the best.
3. Dial Prudently And Consistently
If you want to have cold calling effectiveness then you need to have a work hard mentality. I personally don't know a better way of getting a massive number of prospects that have a need want or a desire in front of your products and services, without breaking the bank, than cold calling. To maximize your cold calling effectiveness I recommend you dial between 150-200 leads per day for a total of about 800-1,000 per week. If you will make a commitment to yourself to do at least that number every week you will without a doubt become effective at cold calling.
So you have decided to give cold calling a try despite what you may have heard about it. I think that you are making a very wise choice. Cold calling effectiveness takes a lot of work and dedication but the payoffs are astounding once you get into a rhythm and master the trade.
The 3 Key Elements Of Cold Calling Effectiveness:
1. You must have a Prospecting Script
This is a must. Some people say that you should go into the prospecting process flying blind and that a script will make you sound mechanical and will decrease your ability to be personable. I couldn't disagree more with that statement. Having a prospecting script actually allows you more flexibility by allowing you to be more personable. You need to have your script memorized, because it allows your words to flow from you naturally, rather than appearing to be forced off of the paper you are reading. It allows you to be more prepared, targeted, consistent and professional when you have a script. So don't go without one or you will not be maximizing your cold calling effectiveness.
2. You must have a system in place for tracking and analyzing your cold calling data.
I recommend using excel for tracking your data. What I mean by having an effective cold calling system, is to track and analyze your most pertinent pieces of data. I have assembled a list of what I track for you here:
-Name
-Number
-Time Zone
-Contact
-Disconnect
-Invite (Invited to a Presentation Call)
-Confirm (Confirmed that they would go)
-Call Back (Did they call you back)
-Attempt to Close
-Close
The first block of every column should have one of these titles representing the columns contents. Once they are in place you can easily sort your names and numbers by time zone and track your disconnects, wrong numbers, people you contacted etc. by simply putting an "x" in the box next to their name, that describes that particular lead the best.
3. Dial Prudently And Consistently
If you want to have cold calling effectiveness then you need to have a work hard mentality. I personally don't know a better way of getting a massive number of prospects that have a need want or a desire in front of your products and services, without breaking the bank, than cold calling. To maximize your cold calling effectiveness I recommend you dial between 150-200 leads per day for a total of about 800-1,000 per week. If you will make a commitment to yourself to do at least that number every week you will without a doubt become effective at cold calling.
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