Author's Note: Surviving this business is tough. In this series, I bring you the skills I believe you must have and use to make it your first three years.
In Part 1, I covered hard work, new accounts and appointment setting. Now I turn to proposal writing and education. Next time, in Part 3, I will cover proposal presentation and closing.
If you missed the first "What it Takes," I have put a link here: www.billgood.com/coldcalling. And yes, you have to cold call. Networking ultimately will produce bigger accounts, but by the time it kicks in, you'll be pursuing other career opportunities.
Proposal Writing
Once you are done with the first appointment, you need to craft a written proposal. Here's a conversation the two of us might have:
You: Do I have to write a proposal?
Me: Yes. Your competitors are doing it. If you don't, your closing rate might be one in six instead of one in three. This means you need eight first appointments a week during that second six months. Not going to happen.
You: OK. I'll do it, but what should it say?
Me: Your first proposal is four pages long. Page1: "Keep these Investments." This is just a list of what they should keep. It is investments they like plus other good investments they already own.
Page 2: "Cash Positions to Reallocate." Recommend they keep enough cash to handle emergency needs. Additional cash should be reallocated. Page 3: "Sell these investments." Page 4: "Own these investments."
Please, don't save paper. There are four topics. Each topic starts a new page. By showing the prospect one topic at a time, you keep them (and you!) focused. I have added a proposal template for you on my cold calling page.
Prospect Management
What I'm going to tell you now may be the most important skill in the "what it takes" category.
Once you start the selling process, SET THE NEXT APPOINTMENT AT THE END OF THIS ONE. Failure to do so causes two dreadful things to happen.
1. Your client or prospect becomes a floater—a prospect with no next appointment. The appointment focuses them on a single next action. When you do not have that next appointment, the selling cycle often bogs down. I cannot tell you why. No next appointment may cause uncertainty that leads to talking to friends, watching CNBC and reading Money magazine. Uncertainly builds. When you call to get the appointment, they're more difficult to reach. If you allow floaters, you will lose a big percentage of people who would otherwise become clients.
2. The next appointment forces out non-decision makers. Sounds like I just contradicted myself, doesn't it?
Here's the truth. A large number of people are afraid to say "No." Asking someone for a next appointment oftentimes calls their bluff. If they are not going to do it, you want them to get out of the boat. Failure to push out non-decision makers, false cherries and do-it-yourselfers will fill up your boat with people who will never become clients, and YOU WILL STOP PROSPECTING BECAUSE YOUR PIPELINE IS SO FULL. But it's not full of prospects. It's full of junk.
Prospect Education
