[capaxess]

I recently purchased new leads from Meridian (UCC with cell numbers) and I'm looking to see if anyone else is doing outbound calling to compare notes. The list are good numbers mostly but very churned with many, many hang-ups and "please stop calling" requests.

So far I've made 1650 dials (approximately 17 days) and added 57 new prospects to my pipeline (note: to me a prospect is someone who specifically asks for contact info and expresses verbally the intent to seek financing now or in the near future)

I consider these results to be pretty poor when compared to the amount of time and effort expended. These are exclusively cold calls; I also spend considerable time on follow-up calls, emails and texts.

Making calls from a home office in isolation has some advantages (like the commute!) but drawbacks include a lack of interaction with colleagues and exchange of methods and ideas.

I'm reaching out to the board (yes, especially you Karen) for feedback. I'm not where I thought I would be earnings-wise yet and I could sure use some guidance from the more experienced members here.

Thank you!

[Michael I]

How many did you actually speak with and how many calls had no answer? Have you seen app back yet ?

[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"

[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

[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

[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

[Karen37a]

I recently purchased new leads from Meridian (UCC with cell numbers) and I'm looking to see if anyone else is doing outbound calling to compare notes. The list are good numbers mostly but very churned with many, many hang-ups and "please stop calling" requests.

So far I've made 1650 dials (approximately 17 days) and added 57 new prospects to my pipeline (note: to me a prospect is someone who specifically asks for contact info and expresses verbally the intent to seek financing now or in the near future)

I consider these results to be pretty poor when compared to the amount of time and effort expended. These are exclusively cold calls; I also spend considerable time on follow-up calls, emails and texts.

Making calls from a home office in isolation has some advantages (like the commute!) but drawbacks include a lack of interaction with colleagues and exchange of methods and ideas.

I'm reaching out to the board (yes, especially you Karen) for feedback. I'm not where I thought I would be earnings-wise yet and I could sure use some guidance from the more experienced members here.

Thank you!

Each Salesperson has different results with the same leads

It depends on your lead in questions to the call..and this is where sales ability comes in and the art of linguistics

if you ask yes or no questions or an open ended questions or questions to start the conversations off you will be told " take me off your list ", "i was called 100 times"

I probally typed how to conquer this about 10 times over the last 3 years...i am sure you can search for it

The proper sales scripts almost hypnotizes someone into a yes yes yes mode until you come down to the qualification then you choose if you want to move forward or hang up on them not you.. (dont really hang up...say 90 days or never)

[Shorebird]

Read this blog.

https://fundingstrat.com/

It is well worth it.

Has opening cold call pitch in there as well.

[Karen37a]

Read this blog.

https://fundingstrat.com/

It is well worth it.

Has opening cold call pitch in there as well.

I can bet the pitch is wrong

ill take a look at it later

[capaxess]

Thank you!

[Karen37a]

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 ( which has to pull people not push)

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 ( qualifying questions)

Then intent...then you get right down to sales selling the dream or the nightmare, sell solution not debt load


( or someone puts this in plain English for you...and its not in a book or taught)



And Jordon use to sell Ices on jones beach, his name was scoops ( because he has a block and scaped it vs the other kind )and someone on this forum recruited him and trained him before he turned bad

[fundingsmbs]

"1650 dials (approximately 17 days) and added 57 new prospects to my pipeline. This equates to 97 dials per day over 17 days." Zero applications and statements = no ROI yet. You also have to add in time=money. How long did 97 dials per day take you on average?


"I have generated roughly 25 actual submissions from cold calling exclusively since May; only 3 closed with 5 deals funded (small ones)." How did 3 deals close but you funded 5 deals? May-Current would= 4 submissions per mo on avg.

on those larger files where they were killed at the end, did you try other companies as well or let it go once it got killed? I can tell you many many times when a deal is killed, we have been able to secure funds elsewhere with the same file. Maybe add some funder's if your seeing a contract in/decline trend.

[capaxess]

Grateful for your feedback, thanks!

5 deals funded because two of my clients got two positions each from different lenders.

97 dials take about 90-120 minutes depending on how many engagements with prospects I actually get into. Because not all days/times are optimal I tend to "bunch" my calling into 200-400 dial sessions. My new minimum standard is to make at least 600 out-bound cold calls (dials) per week on top of all my other activities.

Time and experience are my only resources to build a book. I plan to invest in tools to become more efficient but I need to close some more deals first. I used these same skills in the brokerage industry for decades and they always had me at or near the top of production standings. Frankly I a little dismayed at how long this is taking to produce returns. I'm in contact with others who are tearing it up and it's frustrating.

On the larger files I almost wanna cry; one deal $375,000 was killed at login by the funder because the merchant was negative. The others were all at differing stages of closing when either the merchant went dark or decided to take a different offer.

I feel that my priority should be to increase deal flow since the percentage of submissions that actually fund is low. I have good funding source relationships but I'll never be on serious funders' speed dial because my deal flow is pathetic. I find it's much easier to find fund-ers than to find fund-ees!!lol!

[Karen37a]

Now

Do it your way...same results

or Master your Craft

Because when a great salesperson gets on the back end of those calls( not a pushy in your face grab um by the p and yes or no question.)..the merchant will shift their way ...And they can hang onto the merchant thru the backdooring drama at times

This is not order taking its sales



Something called NEXT !

( last advice on sales...people really do not want the answer, everyone wants a simple automated application thing)

[Karen37a]

It is a miracle that I am not a con artist

Because I do not like to harm people...merchants( even the con artist ones unless they default )...even con-artist isos/brokers coming at me

Have fun

__


The worst part of all of this is...EVERYONE would be able to sell off the top and close if they just STFU and dropped their egos

End of Thread

[Atlas Financial]

Or you can sprinkle in email marketing as well. Buy Leadscrape for $99. You can easily scrape thousands of business emails for certain states and industries. Then check out woodpecker.co which is $40/month. With Woodpecker, it mimics sending out cold emails without you having to manually do it. You can import 5000 contacts, tell the system to send 1 email every 30 seconds for 9 hours 5 days a week and let it do the work for you. These aren't instant solutions, but your time is worth more than anything, and this can help.

[capaxess]

Great stuff, thank you very much. I will definitely check out your suggestions. I'm trying to become more efficient and generate leads from multiple sources.