[capaxess]

Haven't seen an app from this group yet and I'm low tech (manual dial) so I don't have actual response numbers to compare.

I do have quite a few that said they need an offer now but then I need to make multiple attempts after my initial contact to re-connect and actually get papers.

I have generated roughly 25 actual submissions from cold calling exclusively since May; only 3 closed with 5 deals funded (small ones).

I came VERY close on many larger deals (above $300K) all of which unfortunately fell through or were lost to better offers.

[Karen37a]

Haven't seen an app from this group yet and I'm low tech (manual dial) so I don't have actual response numbers to compare.

I do have quite a few that said they need an offer now but then I need to make multiple attempts after my initial contact to re-connect and actually get papers.

I have generated roughly 25 actual submissions from cold calling exclusively since May; only 3 closed with 5 deals funded (small ones).

I came VERY close on many larger deals (above $300K) all of which unfortunately fell through or were lost to better offers.

I told you where you were going wrong when you first started...I think you went to the nurse's convention to prospect at that point.

If you do not figure it out 1 month send me the opening lines ill cross them out and send back corrected versions ( with typos on them)

middle

lock down

close

__

The real reason I could not work for someone was the salesforce was descending on my desk asking me where I got my leads from and can I teach them and the telemarking manager who cant sell hated my guts and still does ( while I was going into the manager office saying get them away from me and the tele manager yelling ...I am the telemarketing manager !!! ) ..I heard he is still yapping about me ...get over it

A few of the brokers dropping to their knees and howling at the moon when i walked by ( wolf of wall st) and calling me Gordon Gekko did not help either

[capaxess]

I have evolved a lot since then. The attention to niche markets and focusing on them came mostly because the leads I was calling at the time were skewed toward medical files. I don't focus on any particular industry now except I did notice a lot of the UCC leads tend to be construction, contracting & trucking/transportation.

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?"

That usually leads to yes/no/maybe type responses. I should point out that the leads themselves are pretty good. That is, they are mostly correct numbers and a lot of decision makers actually pick up the phone and engage so, kudos to Meridian!

The problem is that they're really rough cold calls because they've been called so often. Any list that get me quickly talking to DM's is good to me though.

[Karen37a]

I have evolved a lot since then. The attention to niche markets and focusing on them came mostly because the leads I was calling at the time were skewed toward medical files. I don't focus on any particular industry now except I did notice a lot of the UCC leads tend to be construction, contracting & trucking/transportation.

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?"

That usually leads to yes/no/maybe type responses. I should point out that the leads themselves are pretty good. That is, they are mostly correct numbers and a lot of decision makers actually pick up the phone and engage so, kudos to Meridian!

The problem is that they're really rough cold calls because they've been called so often. Any list that get me quickly talking to DM's is good to me though.

You cant say that on the front that is the trump " grab um by the Ps *** " lead in

Can you imagine being a merchant and getting 10 calls like that a day


Ther merchants who respond to the gram um by the p opening are stacked to the hilt and ready to default

and that when the brokers, some funders come on the DF saying " who does, or we do consolidations"

[capaxess]

So, what do you suggest?

[Karen37a]

So, what do you suggest?

I suggest you pm me your number and I will call you next week so I do not give out the "magic pitch" to the country and have more competition

[capaxess]

it would be an honor.

[WestCoastFunding]

I suggest you pm me your number and I will call you next week so I do not give out the "magic pitch" to the country and have more competition

1:55 AM

Capaxess: hello?
Karen: I teach them and the telemarking manager who cant sell hated my guts and still does!!!!!! While I was going into the manager office saying get them away from me and the tele manager yelling ...I am the telemarketing manager !!! ..I heard he is still yapping about me ...get over it
Capaxess: karen, is that you?
Karen: That was back in the 80s. I drank Tab !!!! A case of Tab a day !!!
Capaxess: Karen, what are you talking about?
Karen: The Key is you have 30 seconds to dazzle them to keep them on the phone for the next 30 seconds, then to the pitch Then logistic regression into a binary variable...there are independent variables but you must know categorical outputs you can ask a series of questions to determine the probability
Capaxess: Thanks Karen. I need to get back to sleep.
Karen: 01100111 01100101 01110100 00100000 01101111 01101110 00100000 01110100 01101000 01100101 00100000 01110000 01101000 01101111 01101110 01100101
Capaxess: Why are you pressing the phone buttons??
Karen: thats how you pitch them in html

[DonMcGrath]

So, what do you suggest?

Your problem seems to be time and creating urgency with the merchant, and to a lesser extent, you don't have a completely thought out gameplan (based on what you've told us so far).


Its not whether your opening pitch is bad or good, it's what your goal is to accomplish. You're asking
a quick Yes/No question, to find out if they have any interest right there on the spot. This is a "Sorting" strategy, commonly used for cold prospects where the goal is to get through them as quickly as possible to find that hot interested person ready to buy now.

Nothing wrong with that and it appears to be working for you as your numbers are consistent with what Michael I, ascribed to, and I agree with, about 20% of your prospects are showing interest. Of course, the time problem, you're only speak to owners about 10 -20% of the time.


The other problem is you're not executing the rest of the "sorting" strategy properly. Now that you have this hot merchant, what are you doing speed him down along this path to a close. What compelling need have you identified? Have you gotten into his desires and goals, and leveraged them to create urgency?


My guess is you have not, you are just sending the app out, letting him know you'll call back, and that's that. So you did three days of apple picking, filled up your cart, rolled it to the top of the hill, and poured them over the cliff into someone else's garden. You should come work for us www.dumbleads.com We love staff who insist on working hard for free.

To compound this, because you're doing everything manually, you're spending a ton of time prospecting with an incomplete strategy. At least with some type of automation you have more prospects to work in your favor to at least pull out some type of profit for your time, rather than taking 2 months to realize your work has been unprofitable.

But today is a new day, and you're asking now.

[Karen37a]

Your problem seems to be time and creating urgency with the merchant, and to a lesser extent, you don't have a completely thought out gameplan (based on what you've told us so far).


Its not whether your opening pitch is bad or good, it's what your goal is to accomplish. You're asking
a quick Yes/No question, to find out if they have any interest right there on the spot. This is a "Sorting" strategy, commonly used for cold prospects where the goal is to get through them as quickly as possible to find that hot interested person ready to buy now.

Nothing wrong with that and it appears to be working for you as your number are consistent with what Michael I ascribed and I agree with, about 20% of your prospects are showing interest. The problem is you're not executing the rest of the strategy properly. Now that you have this hot merchant, what are you doing speed him down along this path to a close. What compelling need have you identified? Have you gotten into his desires and goals, and leveraged them to create urgency?


My guess is you have not, you are just sending the app out, letting him know you'll call back, and that's that. So you did three days of apple picking, filled up your cart, rolled it to the top of the hill, and poured them over the cliff into someone else's garden. You should come work for us www.dumbleads.com We love staff who insist on working hard to make no money.


To compound this, because you're doing everything manually. You're spending a ton of time prospecting with an incomplete strategy. At least with some type of automation you have more prospects to work in your favor to at least pull out some type of profit for your time, rather than taking 2 months to realize your work has been unprofitable.

But today is a new day, and you're asking now.








or a compelling need

Taken off he net ( yes or no questions)
The problem with yes or no questions during sales is that you’ll do all the talking and prospects will quickly close out the conversation. The most important thing you can do during sales is to get the prospect talking by asking quality, open-ended questions that start with the following words:

Who
What
Where
Why
When
How
Which
A great question to always have handy is “How so?” That way, the prospect can continue explaining whatever it is they were talking about and go into greater detail. The best sales people are great listeners and ask great questions. Sales is about listening more than selling

__



now the person who wrote this should not ask open ended questions they should be closed ended leading questions its more effective


Great Lawyers/ Litigators have to learn to do this...or they get thier arse kicked up and down the court room

[capaxess]

Thanks for taking the time to help me with this!

Ok, actually I do considerable follow up especially on those who tell me they need a deal now. Besides follow up calls to get paperwork I also use texts and emails which refer to conversation we had for example: " I'm ready to make an offer on the $30K you need".

Many times a prospect will show warm, immediate interest in getting an offer and then not answer phone/text or respond to emails for weeks before I reconnect only to have the interest gone or discover they renewed/funded elsewhere.

On those where interest is only luke warm I give them a "touch' about once every 30 days either by phone/text or email.I also connect via social media with some of the larger prospects.

[WestCoastFunding]

So, what do you suggest?

Don't overtly market MCAs. If everyone is overtly selling MCAs, show the business owner that you have more options for them. No business owner really wants a cash advance, they have dreams of a bank loan, bank line of credit, SBA loan, etc. so learn the language. Learn how to read and analyze income statements, balance sheets, A/R agings, etc.. Attempt to offer a global solution. Then, when you at least make it seem like to considered the lower-cost financing options, you sell the MCA. At that point you've created credibility with the business owner, and the sale is easy.

I'm not saying you have to spend weeks working the other options. Often, all you need to do is look at their income statements and balance sheet to see if they're capable to debt servicing the loan, and if there are assets on the balance sheet they can leverage. Takes about 1 minute to figure out if they're ineligible for bank financing, and you can then move on to selling the MCA. But becoming proficient in all commercial financing options, I think, is key.

[capaxess]

Great advice! Actually I don't lead with "advance' but "financing". The conversations many times are about equipment financing or term loans/LOC. You're right that it takes very little time to discern if they qualify.

The resistance to MCA isn't itself an issue because I always ask if they need "conventional" financing and that I can provide them with competitive term sheets. Thi week I submitted a RE deal to "Deal Bin" and received help right away.

[FundingStrategist]

I have evolved a lot since then. The attention to niche markets and focusing on them came mostly because the leads I was calling at the time were skewed toward medical files. I don't focus on any particular industry now except I did notice a lot of the UCC leads tend to be construction, contracting & trucking/transportation.

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?"

That usually leads to yes/no/maybe type responses. I should point out that the leads themselves are pretty good. That is, they are mostly correct numbers and a lot of decision makers actually pick up the phone and engage so, kudos to Meridian!

The problem is that they're really rough cold calls because they've been called so often. Any list that get me quickly talking to DM's is good to me though.

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

[capaxess]

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

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!

[Michael I]

Haven't seen an app from this group yet and I'm low tech (manual dial) so I don't have actual response numbers to compare.

I do have quite a few that said they need an offer now but then I need to make multiple attempts after my initial contact to re-connect and actually get papers.

I have generated roughly 25 actual submissions from cold calling exclusively since May; only 3 closed with 5 deals funded (small ones).

I came VERY close on many larger deals (above $300K) all of which unfortunately fell through or were lost to better offers.

the general numbers in my opinion on ucc should be for every hundred you speak to you should have about 20 prospects in your words and 1 funded . basically 1% . keep in mind contrary to poplar belief they are different levels of ucc

[Karen37a]

the general numbers in my opinion on ucc should be for every hundred you speak to you should have about 20 prospects in your words and 1 funded . basically 1% . keep in mind contrary to poplar belief they are different levels of ucc

this is true about the ucc or any raw data...shhhhhhhh lol

you learn this by analyzing marketing .. leads, closes ..default ratios


(I knew you knew what you are doing)

Real salespeople can still call the yellow pages and get good results

100 uccs for me will yield 3-5 , if I follow up ( but they do not fund the next day )


*** this is also why new brokers should have signed onto a Super Isos...massive costs on leads lost, data,,,sales missed, backdoored etc

[Michael Slabitcher]

the general numbers in my opinion on ucc should be for every hundred you speak to you should have about 20 prospects in your words and 1 funded . basically 1% . keep in mind contrary to poplar belief they are different levels of ucc

Hi Michael,

What are the different levels of UCC?

[Michael I]

Hi Michael,

What are the different levels of UCC?

to keep it simple . generating your own ucc leads will cost your more however they are not as much called on and produce WAY better results. Not to knock anyone but the reason the companies that advertise for mca ucc and sell them at a quarter the price is because they are selling them a hundred times over. It is also being bought by the one man shop that cant afford to keep his lights on so calls the hell out of them.
I used to believe that all of them were the same and not worth spending more money however my opinion has drastically changed

[Karen37a]

to keep it simple . generating your own ucc leads will cost your more however they are not as much called on and produce WAY better results. Not to knock anyone but the reason the companies that advertise for mca ucc and sell them at a quarter the price is because they are selling them a hundred times over. It is also being bought by the one man shop that cant afford to keep his lights on so calls the hell out of them.
I used to believe that all of them were the same and not worth spending more money however my opinion has drastically changed

I am not going to say "told you so"


I bought leads from a reseller as a kid as a stockbroker ( dun and Bradstreet) ..$300...probally 1k in today's dollars...I called them d and beat street because of him.

That lead reseller sold the leads to 3 new brokers at my firm after me...told them that I was jealous of them and didn't want to give up my good souse of leads

I learned to generate my own leads after that and I have been watching brokers buy bad leads and tell me I do not know what I am doing ever since


Some of the lead resellers are con artists more than some of the brokers themselves

as you watch lead sellers come in and out of here ...me fighting with them and kicking them back to India like a football field goal

There are data resellers that are legitimate

[Michael Slabitcher]

Haven't seen an app from this group yet and I'm low tech (manual dial) so I don't have actual response numbers to compare.

I do have quite a few that said they need an offer now but then I need to make multiple attempts after my initial contact to re-connect and actually get papers.

I have generated roughly 25 actual submissions from cold calling exclusively since May; only 3 closed with 5 deals funded (small ones).

I came VERY close on many larger deals (above $300K) all of which unfortunately fell through or were lost to better offers.

You need a dialer.

Try Phone Burner, they offer a free trial.

https://www.phoneburner.com/

I will also recommend using DocuSign to send out applications.

They offer a free trial as well.

https://www.docusign.com/

[capaxess]

You need a dialer.

Try Phone Burner, they offer a free trial.

https://www.phoneburner.com/

I will also recommend using DocuSign to send out applications.

They offer a free trial as well.

https://www.docusign.com/

I just saw this post activity, thanks so much for the recommendations, I will try them both!

I started this conversation to engender exactly this kind of discourse and I'm especially gratified to hear so many good ideas and actionable information; well , mostly anyway.

Truly grateful for this resource!

[ryan $]

Haven't seen an app from this group yet and I'm low tech (manual dial) so I don't have actual response numbers to compare.

I do have quite a few that said they need an offer now but then I need to make multiple attempts after my initial contact to re-connect and actually get papers.

I have generated roughly 25 actual submissions from cold calling exclusively since May; only 3 closed with 5 deals funded (small ones).

I came VERY close on many larger deals (above $300K) all of which unfortunately fell through or were lost to better offers.

You should of monetized those bigger deals