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This
issue's article is by Joseph
J. Lukacs, Practice Strategist & Coach, and the founder of
International Performance Group
LLC. | | 
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Avoid Failed Phone Calls
With
a little planning, better cold calling results could be
a ring away.
By Joe Lukacs
When
calling prospects, are you reading a script? Surfing the
internet? Talking between sips of coffee? For most
brokers, cold calling means simply picking up the phone
and dialing the next name on a list. But you wouldn't
meet a prospect in person without preparing, so why
treat phone calls as any less important? Fortunately, a
few minutes of forethought and planning can go a long
way to improving your success in this
area.
Prepare
As
with other aspects of the business, there's a skill set
to using the telephone more effectively. Before you ever
pick up the phone, here's three things you should always
do to prepare:
- Do
a check-in with yourself. In other words, determine
how you're feeling both physically and mentally. What
is you physical state? Most importantly, assess your
energy level. It's essential that you come to the
phone with plenty of energy, since it will carry over
into your conversations.
- Have
a clear reason for contacting these people. What is
the goal of your call? Are you trying to get
appointments, or seeking decisions on a particular
product? Many brokers make the crucial mistake of
calling simply to send out information to the
prospect. Investors pick up on this, and half the time
people will request your information just to get off
the phone. When this happens, you'll mistakenly think
you're better off than you are in terms of interested
prospects. More importantly, you'll waste valuable
time. Rather than working to get qualified investors,
you'll spend hours following up on prospects - many of
which won't be interested. Instead, your primary goal
should be setting up a meeting. It's okay to send
information to prospects who are genuinely interested,
but don't let that be your dominant goal.
- Finally,
it's essential to communicate as if this person were
sitting in front of you. Your
physiology, or body language, has to be excellent,
since that will come through just as your energy does.
To better do this, I offer two recommendations: One, if you're
not using a headset, you're losing money. Try it and
you'll see what I mean. Second, do prospecting calls
standing up. By using your body, you'll sound better
and have better rapport with the person on the other
end.
Communicate
Another
important aspect to improving your cold calling is to
recognize the three modes of communication and
understand how they rank in
importance.
- Words
(What are you going to say? What are you going to
ask?)
- Voice
quality and Inflection (talking softly, speaking
quickly, etc.)
- Physiology
(body language)
In
terms of order of importance, your physiology is the top
method of communication. Voice quality comes in second,
while the actual words you use are the least important.
This may seem surprising, but if you're following a
script and not getting results, then you have the order
backwards.
Prospect
Once
you have the individual on the phone, there's 9 steps
that will improve your chances.
- Introduce
yourself in the first 5-10 seconds and ask a question
that requires more than a one-word answer. "Do you
have a moment to speak with me?" usually works. Listen
to the person's voice and match it. Pay attention to
their pace, rhythm, and volume. People often respond
favorably to someone who is like them, and matching
their voice builds rapport. Avoid launching into a
speech, since it almost never works.
- Many
people ask, "What's in it for me?" When that happens,
say something different. "Have you had your financial
plan updated in last 6 months?" "Have you sat down
with your advisor in the last 90 days?" Ask something
that brings a question to their mind. When they
respond, be curious. "Did they make any new
recommendations?" "What kind of investor are
you?"
Deal with objections by asking a question.
- Within
the first minute, create a compelling reason for this
person to continue talking to you. Remember, people
are motivated by their needs - not yours. Almost every
investor needs a portfolio review, risk tolerance
analysis, or asset allocation model, and 90% of
investors haven't had that done. Or ask about their
relationship with their broker.
- Take
the pressure off by being upfront. For example, "I'm
not calling to sell you anything. I just would like to
find out if there is a way I can help you." It's
essential, since the person at the other end is in a
defensive mode.
- To
qualify yourself without being intrusive, say "I tend
to work with people that have at least $100,000 to
$150,000 minimum in investment. I understand that
describes your situation." Follow up with, "I'd like
to find a time we can get together and go over your
situation. What's the best day for you next
week?"
- Never
use the word appointment. The word
usually creates a negative connotation. (When was the
last time you looked forward to a doctor's
appointment?) Instead, say, "Why don't we pick out a
time to look over your situation?"
- Be
prepared to counter if the prospect wavers. Remain
relaxed. "Wouldn't it be worth 30-45 minutes of your
time to find out what your asset allocation should
be?" Expect objections. Ask, "Wouldn't it be worth X
or Y to get together?"
- Don't
use the word "but." Doing so breaks rapport and
creates confrontation. The word often signifies
disagreement with what the other person has said, so
use, "And didn't you say..." or, "And wouldn't it be
worth..."
- Use
the word "because." When you ask a prospect for
something, first thing they do is ask themselves, "Why
do I want to do this?" By using the word because with
a list of compelling reasons, you help prospects
answer the questions their already asking
themselves.
While
no two prospects are alike, you can take advantage of
these tips and suggestions to improve your success when
cold calling. Soon they'll be a regular part of your
routine.
Author's
note:
Joseph J. Lukacs, Practice Strategist & Coach, is
the founder of International Performance Group LLC.,
Since 1993, Joseph has been delivering customized
individual coaching by telephone to financial and
insurance professionals. He is also available for
speaking engagements on a limited basis. International
Performance Group LLC. is
based in Melbourne, Florida. Joseph can be reached by
e-mail to jjl@ipgllc.com, by telephone at 321-255-2889,
or by visiting his Web site: ipgllc.com
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·
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·
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·
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·
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·
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·
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The list goes
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If
you know someone who might be ready to go
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please have them visit www.goingindependent.com (go to our Opportunities section and click
on Hotjobs) or contact Mitch Vigeveno directly
at 727-725-8876.
This
Month's Registered Representative
Opportunity:
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At this B/D, they understand your
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and Insurance Agency headquartered in the
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For many
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mail.
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