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03-10-2016, 09:33 PM #1
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I got you. Cold calling is an extremely valuable training exercise for brand new reps. I learned by cold calling for almost 3 years. Every single day. Granted this was 2001 but I would not have half the ability I have today (not puffing out my chest here) if I skipped that experience. Just don't promise people $200K a year and tell them how easy it is to pick up the phone and convert to line your own pockets. Tell the truth.
Last edited by FUNd; 03-10-2016 at 09:36 PM.
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03-10-2016, 10:08 PM #2jotucker1983Guest
I agree with you in principle but in actuality, how does someone make 400 calls a day and actually conduct real presentations (speak with merchants), "close" deals as well as manage their current sales/underwriting pipeline? I would think that if someone is actually productive, the most they could make is about 200 calls a day and even that's pushing it, 100 - 150 might be more in line.
In regards to this discussion you guys are having, I'm not sure if I even understand this conversation on if "cold calling" is still relevant today or not?
For one, "cold calling" is not a strategy, the telephone in and of itself is just a form of business communication, just like an email is, a LinkedIn inbox message is, a live visit to a merchant's location is, a letter in the mailbox is, an internet podcast is, an internet video is, a billboard ad is, a radio ad is, a TV ad is, etc.
For your "telephone communication" or "telephone marketing" to be productive and profitable, it's going to depend upon what the hell your business strategy is.
- If you are randomly calling merchants out of the Yellow pages, you are going to get a very low conversion rating and it's going to be very difficult to build an efficient sales pipeline to survive.
- If you research your merchants prior and target segments that can more than likely utilize your services, then your conversion from data record to lead is going to be a lot more efficient.
The problem with telephone marketing is when people are hired in bulk, thrown against a damn wall and told to randomly call people out of a phone book. These folks do nothing but clog up telephone lines and exit the industry within 45 days having made hardly nothing, because the "rah rah" speech they were sold on wasn't backed up by ANY company resources, data, nor research to help bring it to fruition.
Cold calling is not a strategy, it's just a form of communication. The question comes down to WHO do you cold call and WHAT do you cold call them about? That's what your business strategy is supposed to line out.Last edited by jotucker1983; 03-10-2016 at 10:17 PM.
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03-11-2016, 12:56 AM #3
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Well put John +1. I'd like to know how many calls the advocates for cold calling on this thread are making everyday PERSONALLY, or are they behind the glass emailing out call time stats all day to a team of kids? There is a huge difference. I find the biggest cold calling advocates are the guys who don't have to make them.
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03-10-2016, 11:23 PM #4
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New ISO, Starting my own shop, which lenders would pick me up?
I agree. I am simply making a point that you can build a business for yourself in this industry by hitting the phones, and only hitting the phones. No, of course you can't maintain 400 calls a day once you have a pipeline of follow ups and a book of business, I never said you could. In fact I did mention I no longer do that either. I did, and I did well, but I don't have to anymore. And yes, a strategic placement of phone numbers in front of the phone is super important.
I just firmly believe if you put forth the effort, and hammer that phone you can build yourself a business. It's about drive, motivation, and work ethic. Some won't like to hear it, but my experience is that the new school of sales guys are soft in comparison to those that didn't have FB ads, Adwords, email marketing, and all that when coming up. This industry or any. To much of "the leads are no good" after dialing 50-100 dials. Come on, give me a break. People just don't have the drive. Not everybody, but a lot of them. They want to pick up the phone and have guys begging them for a 6 month 1.40 and make 12 points. It takes a lot of hard work to get the job done and earn in this business. That's all I'm saying. And I'm obviously not talking at or to any of you, I have no clue who you are, what you do or how you do it. It's just a generality on some of the stuff I see personally.
I've had days where I make 10 calls and make $10K, and days where I've dialed 300 and made ZERO. It's all about drive and determination. Plus a lot of my big deals, and especially the cleaner zero position deals come from inbound marketing too. I'm not a phone slave driver but I do feel you can build your business in anyway you want, as long as you are dedicated to building your business just as much as the merchants we are funding were when they started. Guys that work on the phone think of this as a job. It's not, you too are building a business for yourself. You need to act like it, stop clocking out at 5pm, and put in the work that anyone else would when building a business. Weather it's through Google, FB, emails, or the good old fashioned telephone.Last edited by KTK; 03-10-2016 at 11:35 PM.
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03-11-2016, 07:54 AM #5
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New ISO, Starting my own shop, which lenders would pick me up?
You guys can't be serious.
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03-11-2016, 08:42 AM #6
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03-11-2016, 09:30 AM #7
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03-11-2016, 08:45 AM #8
I would be willing to take you on as and ISO. Provide me with your e-mail for details.
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03-11-2016, 08:46 AM #9
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03-15-2016, 05:12 PM #10
If you come across any medical clients who want an ongoing line of credit or factoring facility based on AR, let me know.
Ben Rutkevitz
Alleon Healthcare Capital
benr@alleoncapital.com
(201) 340-6346
http://www.alleonhealthcare.com/
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03-15-2016, 05:48 PM #11
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03-15-2016, 05:49 PM #12
Whats up Giacomo hope your good bud!
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03-15-2016, 06:06 PM #13
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03-15-2024, 01:20 PM #14
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03-18-2024, 12:02 PM #15
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We would love to get you and your team onboard with us here at Clarity.
We are a solid B - D lender!
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03-18-2024, 12:21 PM #16
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The person that posted this probably left the industry 8+ years ago,
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03-18-2024, 04:39 PM #17
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lol
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