Alliance Science

I Love Cold-Calling -- Do You?

I love cold-calling. 

Of course, I'm saying that after a successful call.  Did I set up an appointment?  No, but the decision -maker, the president of the company, is talking with the intended recipient of my services to make a decision -- so I believe.  In my case, I was calling an old contact who had since left the company and instead of hanging up, I chose to hang on and turn my call into a success by asking for a decision maker.

When do I use cold-calling?

• When I have targeted a company or person and have no other leveraged way of introduction
• When my natural urge to travel, hunt and explore take over to create a desire to meet someone I've never spoken with before
• When I don't feel like it
• When I want to practice and get better
• When the call turns cold because my intended contact is either not there or not picking up the phone
• When I want to see how good I really am at persuading or influencing someone who doesn't know me, doesn't trust me yet, and is looking for a reason not to like me
• When I want to grow a thicker skin
• When I want to face greater odds of failure to feel a greater reward of success
• When I want to lessen the chance of feeling rejected if the call doesn't blossom into a next step

Lessen the chance of rejection?  Sure.  It's harder for me to call someone I know and like and ask them for business than someone I don't know because, if I'm turned down, I KNOW they're not rejecting ME -- how could they?  They don't know me.  I get to re-establish the understanding that sales isn't about me.  It never is and never will be.  I just have to do my job, just like a batter in a baseball game, and practice hitting balls and play the game every day without taking the outcome of the game personally.

And I don't know a better way to test how good of a sales consultant I really am than to convert someone who doesn't know me, has never heard of me, doesn't know he needs me as much as I believe he needs me, into a client.

So, how much do you cold call and what's your average outcome?

If you never want to cold call again, send an email to alliancescience at ownershelp.com for an amazing FREE report on how to get other people to set appointments for you with your ideal client prospect -- people who don't know you but already like and trust you. 

Please Don't Ask Me to Call them Cold!

Last Thursday, I was generously invited to attend a new (to me) business networking meeting.  Although small, I found it informative and helpful to learn about the other representatives around me.  The format was effective; called "pinball", each person described the Power Partners, Industries, and New Client Targets to whom each was seeking to be introduced. 

My host, advisor and friend, the Financial Advisor, Brian Harner, defined his Power Partners as CPAs and attorneys such as tax, divorce and estate planning specialists, a similar ideal partner for a Mortgage professional like myself.  He identified his industry as company executives of manual service providers.  For New Clients, he purposely didn't identify specific accounts he wanted to penetrate, but that could be easily listed on another visit.  Naturally, what resulted from identifying these targets were referrals from other participants.  Typically, the exchange went something like this:

"Here's the name of a tax attorney... You should give her a call.  Just use my name."

I and another professional at the table chagrined at the seemingly helpful offer.  What's the difference between a cold call and that feigned introduction?

Call me antidiluvian, a stick in the adobe, but I'm particular on how to properly make introductions.  There's a few best ways and lots of weak, rather anemic referral practices I witness regularly at meetings primarily intended to propagate new relationships like the one described.

What's the best way to introduce a colleague to a prospect or client to maximize the potential success of that new relationship?

Tune in again next week!  Same Bat time, same Bat channel.

What Would You do if an Alliance Partner Prospect was your Client?

I'm a hot prospect for many home improvement service contractors such as plumbers, electricians, flooring companies, painters, general contractors, handymen and carpenters.  My wife and I just purchased our next home and we're making improvements before we move in. 

As a Mortgage Planner, at some point, most of my clients will need these types of services.  Because my business is by introduction only, I am a recognized source for referrals involving any service or product involving home ownership.

I intentionally let each contractor know what I do for a living when I speak with them.  I expect that they would immediately understand that I represent more value than a quick buck.  Amazingly, of the at least 35 service providers my wife has spoken to in order to filter proposals, at least a dozen of them know I'm a mortgage professional.  Only one representative recognized and addressed the value of a continued referral relationship during our conversations and negotiations. 

Undoubtedly, client advocacy is the least expensive and most powerful and effective lead source available to any business.  There is no better way to prospect for business.  What are these company representatives thinking (or not thinking)?

What do you do (or not do) to recognize the lifetime value of your client or prospect? 

What do you do differently when your client or prospect is a professional introduction gateway to future prospects?

What's important about more money to you?

If you say, "more money isn't important to me," then maybe you should look think about another career. 

Sure, money probably shouldn't be your only priority or driving motive to enjoy a successful sales career or else it will undoubtedly be short-lived when the going gets rough or too easy.  In fact, money-only sales people typically lack the integrity and long-term success minded principles that are core to powerful relationships, reputation and excellence. 

And, yes, enjoying the process and loving your job is extremely important to long-term success and ultimate excellence, if making lots of money isn't one of the top 3 drivers, you may be less than the best.

Face it:  the driving force to make the most and the bigger the gap or void to fill, and the obsession behind those motives are certainly shared characteristics of the top .01%.  And, like it or not, sales people are just like professional athletes -- they're only as good as the last time up to bat.  Notice that the Olympics only have 3 awards and third place is only bronze and what's the resale value of bronze?

So what does this have to do with sales?  It's not for money that you're striving to increase your sales, to be better at your profession, to be the best.  It's what that money will do for you.  And if you're not extremely clear on what's important about more money, the odds are that you won't make it. 

So, even without thinking, you know the vital importance of the question, what's important about making $___________ more money this year than last, to you?

How to sell when you're not feeling well

Flat on my back.

That's how I've been most of Tuesday after being temporarily knocked out by the flu bug, unable to use my voice, my main tool for business.  This leaves me in a quandry as my job is to talk with people about mortgages, set appointments and write business.  Very simply, I don't get paid unless I'm doing my job.  So, what are my alternatives to making money when I'm not available?

1. Wait for the phone to ring and call them back tomorrow
2. Pay for others to do my job
3. Communicate with my existing clients and prospects via email or other forms of non-verbal communication
4. Leverage other sales peoples ability to set appointments for me

The first alternative happened today, but my job being a pro-active one, waiting for the phone to ring doesn't keep the lights on.  I'm grateful for the calls, but if I were out for more than a day, this answer would put me in the poorhouse.

As I build a team, I will be paying others to do their job, not necessarily mine.  Could they pick up the slack?  Absolutely.  In fact, it is wise to build a business which doesn't need you.  But what do you do in the mean time?

If I had the energy (which I didn't), I could've had other ways to reach my prospects and clients.  I would have sent emails or newsletters or voice broadcasts, etc.  Wouldn't it have been nice if this was programmed and being done regardless if I were sick or not.

I did set appointments -- or I should say, appointments were being set for me.  No, I don't pay assistants or other co-workers to do this.  I'm part of an Advisor Alliance team where my other strategic partners such as a Realtor, an Insurance Specialist, a CPA and a Estate Specialist are describing the value of my consulting service with their prospects and setting an appointment for them to meet with me. 

So which of these is the most effective?  i.e. which of these cost the least time, energy and money?

Which of these do you practice?

What are your Numbers?

Sales, ultimately, is about the numbers, isn't it?  The job of selling or profit making can always be simply expressed in conversion ratios, and it should.  Always.  These are known as KPIs or Key Performance Indicators to make up the Sales Funnel.

So, do you know your numbers?

What numbers, you ask?  Well, OK, let's take a look.

What activities lead up to a sale?  Let's take it from the bottom.  With the end in mind, we end with the number of (d) sales.  Preceded by the sale is a (c) presentation, proposal or quote to facilitate the decision to buy.  Preceding this is the (b) appointment to determine and analyze needs.  All this begins with the (a) initial contact to generate a lead.

Now, can you track other activities?  Sure, but keep in mind, KISS.

And why is knowing your numbers important?  Well, it's not that important unless you track it.  Why track it?  The only reason to track it is so that you can improve it.

And if you improve the quantities or conversion ratios, that means more profits and more money and that's important to somebody, isn't it? 

The question is, what's important about more money to you?

Which Business Network is Really an "Extended Salesforce"?

O.K.  So I'm not going to mention any names, but almost as bad as the promise that one can make $1,000,000 within one's first year of joining MLM, one local exclusive business network (a.k.a. leads group) promises to be an "extended salesforce."  It sounds good; the idea is noble and many lead group afficionados would defend this claim.  No doubt some members can honestly and proudly wear this gold-plated title.  So, to these gaining givers, I ask two questions:

1. How long would you pay your "extended salesforce" before you fired them?  I know you don't pay them, but imagine if you did.  Right, you wouldn't.  That's the point. 
2. How many appointments did your "extended sales person" set for you?  The easy part is the referral -- the hard part is putting the two of you together, effectively.  Which one of these "16 Shades of Referrals" other than closing for the appointment or closing the deal would your sales manager applaud?  A name, a name with contact information, passing literature and company information, authorization to use someone's name, a letter of recommendation, an introduction note, an introduction call, and introduction note AND an introduction call, an introduction note AND promotion, an introduction call and promotion, a face-to-face introduction, a face-to-face introduction and promotion, needs assessment, and helpful products and services descriptions.  These are all neighborly and supportive gestures but they lack conviction and control.

YES, THERE ARE MANY GREAT REASONS TO JOIN A BUSINESS NETWORK, but effective introductions with consistent, expected results is not one of them.