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10-19-2018, 07:41 PM #51Karen37aGuest
West coast I fully understand that you do not get the joke that non salespeople or emailers who might know basic HTML or java keep telling a computer science major; Quant... that she does not understand computers or algorithms therfore she is a cold caller ; so they can avoid the fear of failure and rejection in sales..
it is boring already...they will not make it. Bye **
https://en.wikipedia.org/wiki/Quantitative_analystLast edited by Karen37a; 10-19-2018 at 08:09 PM.
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10-19-2018, 08:57 PM #52
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10-20-2018, 06:36 AM #53Karen37aGuest
Sorry. ( Master your craft).. cooking and laundry I do not do it, nor know how. ( my boyfriend *s* have said if you want to hide money from me put it in the oven)
I received a Degree a long time ago,( I've been saying over and over" I have a computer science degree". I guess some people do not know what that means, its kind of snobby... Quant is like I have a rocket science degree) turned the studies towards machine learning, financial analysis, mathematical finance walked out of Jack la lanne and went straight to wall st. not intending on being in the back office. Getting right on the phone and being a Stockbroker and Venture Capita and using that base knowledge to pick better investments for clients. I closed a sale in my first week after passing the 7, (because I wanted to make it so bad I practice the sales pitch that I created and re created and re re created and rebuttals and figured it out) and sat on the floor hands shaking and almost quit as they cheered. ( salespeople or business builders make the best sales leaders because they went thru all the fear of failure, rejection, fear of success ..personally.)..we do not sit around correcting typos of people, the min someone does that I can pin them out. That's why I do not care if I have typos ...I can see them easily. Like a creepy horror show " I can see dead people"
Also emails " I can see dead people"
Also consolidations " I can see dead people"
Inbound leads " i can see dead people and a dead wallet"
Never in my wildest imagination would I have walked into a sales room and tell million dollar producers what they are doing right and wrong.Or blame saturation of investment advisors or the fact that I was pitching out of a small office vs moran Stanley or bear sterns
Some people spend all their time trying to figure out ways to avoid the phone and build a better mousetrap, curse out salespeople then quit. And this is the kicker, some are so rude that they think they are smarter or better somehow and that's all to mask the embarrassment of failure and fear of rejection.People make sales so hard. I am not going to give up my ALL the info on what to do and say for free on a board. I have given away way more than I should to people who do not even say thanks, in fact, they do the opposite ." well I decided that this is not correct" Dont bet on that.
Those people need to join a local Iso for sales mentorship or co-broker ( and not with me at this time) and stop trying to make all the points on the sale...or don't. They will not be in mca in 6 -10 months. Non- Negotiable
** people do not need to make jabs or jokes to me after reading this..its embarrassing and see thru ***
pick up the phone . Karen
Add* And the Technical Guys should be slaughtering the so called "lower element" on the phone and the automated application black box because they have those algorithms down pat...but sigh everyone knows more
I am STILL waiting for the 50k bet on cold calling ...some guy leaving vm mesages who has no clue how finance works . rolling eyes
Merchant cash advance is NOT going down...people need to pull in and UP. Some people are gonig to make a lot of money going forward. And I am going to be one of them..
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****And not everyone entered the sales profession with their "computer science degree" and choose to cold call because they had no where else to go. Stop putting sales people down**** Boiler room Iso my arseLast edited by Karen37a; 10-20-2018 at 10:00 AM.
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10-20-2018, 08:11 AM #54Karen37aGuest
grab um.jpg
The reason that certain* types of hard sales do not work is after they sign the contract they have to pay the money back. Anyone will sign if they are going to default or if they have no intention of paying it back.. bankruptcy, sale of business etc
No real property is attached to foreclose on... Mca and Secured Loans are Different Beasts, they have to be approached differently.
Some * mca is more like venture capital ..wall st
Some* get a credit line( bank).. it still has to be paid back with profit or you will go out of business or have to Ponzi more money, like that 1st global
I know people get this concept but it doesn't come across in their selling style
My best advice to newbies and some older people. If it was your money that you were lending/funding ...what would you want to know or ask and would you lend them your own money. If not disclose the info to the Funder they will either fund or pass
some isos have huge shredders. I guess that is the automatic portal application black box algorithm, AI, binary code. They are going around us for a reason.
__Last edited by Karen37a; 10-20-2018 at 10:27 AM.
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10-20-2018, 02:58 PM #55
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It’s 2018. HTML is simply a markup language that creates webpages — and folks like Wix has made 80s html knowledge nearly useless. No argument against binary code, but html is part of 80s “computer science”. The hi-tech world has changed a ton since then and you now have high-level programming languages like Node.js or Python or PHP. Html knowledge is archaic (and easy) and as I said, simply a markup language for webpages. Not sure how that is relevant.
This confusion is very similar to the significant difference between AI-driven results vs (the old school method) of just “big data”.Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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10-20-2018, 07:19 PM #56Karen37aGuest
I do not care about it, I am making fun of it. I am in finance and my role is to bring sales in, recruit and train brokers, underwrite, hold the defaults down, renew, and bring in Investment Capital if I choose to
Technically python has design patterns SortedList, SortedDict, and SortedSet types. and it Developed from the C language
So if you know C python is easy to understand. Python is cleaner. In Data Science I have a preference for R. But again that's not my job or role. The fact that you trot out here to tell me about programming languages proves my point
Also ..Fortran is used in Quantitive analysis and Cobol ...hedge fundsAnd Cobol is still used at banks
Because people are salespeople and on the phone does not mean they do not understand computers or algorithms. Some have purposely painted this "dumbed down" version of an MCA broker. It isn't close to being true.no one wanted to hear people putting themselves on a fake pedestal these last years. It was horrible to listen to.you have no idea what some of the isos or brokers know or do not know. Just like you didn't know I knew it__ Python is easier than C...C is faster and more complex....one step down from machine language or binary
Python comes from C
node = java
php = C and C plus plus
Ai = java , C , python, lisp
Python was hyped up and its a dying language its super slow has its niche and fights with ruby on rails** so they are not "high level" they are user-friendly versions of advance high-level programming languages not vice versa
Where people get confused is they do not realize that what they think is the "higher advance program" is just an easier version of the original versions created so people can understand it or open source
Now that I proved my computer knowledge... let's grab those ucc lists or yellow pages and see who can close a sale from scratch
which was the point of the post. Just because people are salespeople and use the phone or cold call do not mean they do not understand computers.So every single time people said to market a certain way and 1/2 of the people who are out of business responded: " well there are new ways to get sales and these new-fangled things called computers."...imagine what I was thinking
And the next time you say I do "computer science" say" computer programmer" as well ....programmers wrote the high-level programs you like so muchLast edited by Karen37a; 10-20-2018 at 09:11 PM.
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10-22-2018, 07:51 PM #57
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Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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10-22-2018, 08:15 PM #58Karen37aGuest
I guess the joke went over your head ...I was comparing the hardest ...binary ...to a markup language which people are used to today ..or Wix in your example
I guess the tech thing annoys you. We are in Financial Services. I am proud to be a salesperson and great on the phone ( really proud of it too)
but here ya go ( ps. I am a Financial sales person balls to the wall cold caller....ill be gone for the next week, I will not be available to solve quadratic equations, and I was embarassed as a kid to be in the "big bang" theory classes because I was one of the cool kids. I guess I should be over it at this late stage in life)
LANGUAGES: “C”, COBOL 74&84, RPGII, ASSEMBLER
OPERATING SYS. Include OS/ VSL, VM/CMS, VSAM, TCP Computer Programming Diploma and “ C Certificate COBOL, Assembler and Advanced Programming Concepts IBM Mainframes - Internals, VM/VSE/M
Java, C, C++/CLI, Python, Visual C++, MySQL, J2EE, C, JavaScript, AngularJS, JQuery, Bootstrap, CSS/LESS/Sass, ActionScript, Perl, PHP, VB.Net, SQL Server, ASP.Net, HTML, XML, SAP, ActiveX, Unix, Linux, AIX, Windows Server , Mac OS X
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And hedge funds are looking to put big money into cash advances so if everyone doesn't scream back door for the next few months we should all be reboundingLast edited by Karen37a; 10-22-2018 at 08:43 PM.
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10-23-2018, 06:47 AM #59
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My pitch is efficient in that it's simple and quick; I call on UCC/MCA leads so I just say "It looks like you were able to get financing in (month), are you looking to renew or do you need additional cash?"
Great work putting the dials in with consistency. Your continuity of effort will continue to get you better over time, flat out.
A lot of great points from everyone here.
This pitch:
"It looks like you were able to get financing in (month), are you looking to renew or do you need additional cash?"
Keeping everything before the comma is ok. After the comma, a more effective question would be, “do you have any projects this month we can assist with?”
They may be not looking to renew because whoever initially worked with them told them they needed to be at 55% paid in, but they’re at 41% and they have a Limiting Assumption of what can and cannot be done at this time. (The numbers may work in your favor to get them funded, but you’re the Funding Pro, they’re not.)
They may not “need” additional cash, or perceive they need additional cash at this moment when they speak to you – but they may be able to use it.
Need is a touchy word, because no one wants to admit to a stranger they’ve been talking to for 6 seconds that they are in need of anything. People can subconsciously shut you out immediately if you hit a pain or discomfort point before building rapport. Here, we want to prevent the “click, dial tone.”
We also don’t know the merchant’s Buying Strategy yet, so we really don’t know what in this Business Owner’s world triggers him to feel: “I need additional funding for X.” We need to elicit this, but in order to do so, we need to continue to drive the conversation.
Using “cash” within the first few seconds of the conversation comes across as a bit vulgar. Notice, banks hardly use this word but have a lot of derivative language to describe the same thing to soften and professionalize it. Even through the ups and downs, banks have still engendered a lot of Trust with people over the centuries, so there's something here.
We want to prevent the merchant from creating an unsavory mental image about you and what you represent at the outset. And although it sounds simplistic, we want to create a great impression right off the bat.
“Fundamentals, Fundamentals, Fundamentals”
-Coach John Wooden
Getting a quick “Yes” here keeps the conversation alive. Ask them a question all business owners have a tough time saying no to: “Any projects this month…?”
This opens them up to what is going on in their world/business, what they’re working on, and elicits Utility Cases for Funding along with Timelines.
“…we can assist with?” This creates curiosity in the merchant as he thinks and expresses, “how so?” You’ve differentiated yourself as the Funding Pro, someone who is willing to consult the merchant, their Trusted Advisor for funding opportunities (as long as they are worth consulting at this time, contingent on pre-qualification), and prevented the merchant from feeling that you are the 11th caller trying to cram cash down their throat. ;-)
Hope this helps!
-FundingStrategist
https://fundingstrat.com
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10-23-2018, 07:01 AM #60
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Great post. This guy (or gal) knows his stuff!
The type of UCC pitch I like to use relies on trying to establish familiarity and rapport from the first few seconds. Tonality and cadence is incredibly important. You need to overwhelm his initial resistance with friendliness and charisma:
"Hi Tom, this is Archie from Jumpstart Capital (spoken in a very high energy, upbeat, familiar tone). I spoke to you a few months ago (they get hundreds of calls so he probably won't remember anyway) about financing for your business. You weren't in the market but you told me to follow up around this time. I'm just checking in to see if you're ready to look at some new programs. How's everything going?"
Notice how there was no question about refinancing or needing cash. No "Yes" or "No" questions. This is a very soft sell where you are offering some options for him to look at. It's innocuous and very non-threatening. Who doesn't like to look at options? The goal is to engage the prospect and build familiarity immediately to elicit more information about his business. This will provide the clues on how to structure your interaction and where to lead the conversation.
As FundingStrategist said, you're the Funding Pro so don't pigeon hole yourself as being one of those cash advance guys. You have to offer a variety of funding options, ranging from short-term to long-term programs, SBAs, business loans, etc. Your goal is to learn about the merchant's business and find the best product for his specific need. If you're a one-trick pony only offering MCAs, you'll find a lot of doors slamming in your face. Many of the UCC listings have had terrible experiences with MCAs so you better have alternatives for them. Whether or not they qualify for these alternatives is another story. The goal, however, is to get the completed application to see where the applicant's credit profile lies and then properly manage his expectations so you can close a deal.Last edited by MCNetwork; 10-23-2018 at 07:36 AM.
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10-23-2018, 07:30 AM #61Karen37aGuest
He made mistakes in his pitch but its better than most and for the 10000000 time
if you say Hi I am from jumpstart capital ( not interested) of if you talk thru it they tune fk out after they hear that word capital and they are waiting for you to pause talking so they can say
NOT INTERESTED
And if you end the paragraph on Hows everything going? OPEN ENDED
They will say "not good and take me off your list"
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I want a tazer...BUZZ , Buzzzzzzz , BZZZZZZZZZZZZZZZZZZZZ...at least i can have some fun or laughLast edited by Karen37a; 10-23-2018 at 07:38 AM.
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10-23-2018, 07:38 AM #62
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Haha are you the new John Tucker? Why so negative?
The goal is not to trick them by omitting the fact that you provide financing. The goal is to quickly find the "Yes's", not to convince the "No's" into becoming "Yes's". Cold calling is a numbers game. The goal is to find those with buying signals quickly and efficiently, not to have long drawn out conversations that lead you nowhere.
If they don't want financing, then they just saved you a lot of time and headache. NEXT!Last edited by MCNetwork; 10-23-2018 at 07:42 AM.
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10-23-2018, 07:40 AM #63Karen37aGuest
ok thats the worst thing you ever said to me in your life
please do not say that
in fact I can show you how to do it...it would take about a week to fix it if you wanted to call people ...like a project to prove its right ( you would have to never tell anyone though how to do it)
lol
** and you are not tricking people. You just have to get past 30 seconds to get to the next 30 seconds to then give the meat of the pitch
If we were regulated you have to say the name of the company in 30 seconds...i use to have a timer on my desk to say the name of the company at the last second...then wrote the scripts
Saying the name in 30 seconds vs 1 second gives better results
they hear word salad after you say "capital" ( or recognize that you are a phone salesperson) so you better have grabbed their attention in the first 30 secondsLast edited by Karen37a; 10-23-2018 at 07:51 AM.
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10-23-2018, 08:07 AM #64Karen37aGuest
For computer people ( since I am one )
The questions that have to be asked at the end of the 1st 30 seconds and 2nd 30 seconds have to be some type of "call to action"
to pull them into you to stay on the phone or ask for more
Or a call to action to make them stay on the page longer and look around ( stay on the phone to listen more)
And the last pop up exit box when they are leaving ( last something to make them stay or set a time for more info)
Instead of having a website trying to drive traffic to it...you reach out
The same with face to face
(gathering ) So what do you do for a living? I help business people with little to no business credit achieve their goal and dreams by helping them secure hard to get financing. ( then shut up)
Can I have your business card...before they leave the gathering
or
How would you do that
...reel them in the boat
__
Just like people are analyzing websites...how long they stay, what sections intrigue them etc. I have been doing that with "words" in sales for 30 years
There are also fear inducing words. I use to have a jar that people had to put a quarter in if they said one.
People believing sales is only blind luck and a numbers game and salespeople are boiler room lowlives ..thoughts spread by people on this site, have killed the live salespersonLast edited by Karen37a; 10-23-2018 at 08:28 AM.
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10-23-2018, 08:28 AM #65
Awesome! Really good stuff! Ok, you are correct on many points, in fact I find that by connecting with the merchant in ways that engender conversations regarding the USE of money rather than the money itself is very productive. Words are important as well as how and when they're used.
All sales follow the same pattern: Attention, Interest, Desire, Sale (AIDS). Every sale checks off on all of these stages and you need to discern where you are in the process in order to proceed successfully. I start with asking for the prospects first name and if they answer "That's me", I always introduce myself like 007: Bond, James Bond!
I introduce myself in a way that would suggest they might even know me which produces a few micro seconds' pause while they're thinking. I then go into 'It looks like you were able to get some financing in (month of UCC filing), I reached out to see if you have new expenses or projects that require cash now?"
Many will respond at this point with "not interested". Any answer that keeps them engaged means I have "interest". If they say "not now" I always ask if they think they'll be looking for funding in the next 3 months.
If the conversation goes further into things like rates or cost related things then I know I have desire.
I'll continue later but this is really good sharing if techniques and methods! I have a pile on my desk so later all! Cheers!
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10-23-2018, 08:36 AM #66Karen37aGuest
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10-23-2018, 08:46 AM #67Karen37aGuest
Archie
China is going bonkers and I would not be surprised if the us takes a hit on the market today
People are being called left and right and i am ducking...adding to my mood shift
see you soon gl
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10-23-2018, 10:13 AM #68
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10-26-2018, 07:51 AM #69
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Thank you, Archie! These are some really helpful points as well.
Rapport and Flexibility are key.
-FundingStrategist
https://fundingstrat.com
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10-26-2018, 10:03 AM #70
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10-26-2018, 10:17 AM #71Karen37aGuest
west I am a woman in Finance you think I care ...someone took a sales whiteboard down because 2 girls were on the top and never coming back off-of the top...they made her cry though
And if I cared I would have never been "Karen"..
Same with computer programming or computer science...if you tell a man you have more degrees or know more they will melt down
Someone challenged me to a 100 ucc 90-day dialling face off...that pretty much topped the cake
Looking back on it all now can you see that I was "trying" to be humble and stay grounded lol Only when someone would really piss me off you see me type ...I am from the hamptons and my purse costs 50k...we had 2 billion aum...funded billions etc etc.
This really has been ridiculous
They mostly are rebelling against marketing directly thru face to face or cold calling...there comes a day where everyone gets to the point of reality that " I have to pick up the phone" and " I have to be conneced to some source of big money like a hedge fund" ( and be nicer to c/d paper)
Thats when they come crawling... I am pretty stubborn ...ill never help them...ever ( not even if someone gave me 1 million cash)
Loyalty means a lot to me....maybe it is the sicillian part of meLast edited by Karen37a; 10-26-2018 at 10:44 AM.
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10-26-2018, 03:56 PM #72
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I think what she means is because merchants hear the word funding and capital so frequently from random cold calls, the second they hear that word an unconscious barrier goes up and nothing you say after that will be received.
Like the hot girl who gets cat calls every time she walks by a group of men. How many times have you seen her stop and respond with a conversation. It takes a lot of skill/experience to say the same thing as everyone else but deliver it uniquely, (but it can be done).
I thought the John Tucker reference was very classy and delivered with charm and grace MCN. I know I appreciated you noticing...Last edited by DonMcGrath; 10-26-2018 at 04:00 PM.
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10-26-2018, 04:00 PM #73Karen37aGuest
this is correct
and his charm and grace delivering to me the JT Reference...if I had $1 for how many times mcn joined in with the king piker himself saying
"she must have something to hide if she fears regulation" and other negative jabs and I didnt slap him silly back...id be mega rich
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10-26-2018, 04:20 PM #74Karen37aGuest
I said Regulation was bad. period the end
And now you have the guy who calls all the isos boiler rooms, talking bad about us Funding 10 Million a DAY
https://www.prweb.com/releases/small...eb15859509.htm
I can't even post the other numbers they are crushing us and want to stick a fork in us...done
I do not go out not swinging. I do not want to hear about any ogs who quit or are driving a cab or truck anymore its bs.
I wont be one of the ones that is going out in a body bagLast edited by Karen37a; 10-26-2018 at 04:25 PM.
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10-26-2018, 04:55 PM #75
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