March’s Top Posts – Prospecting

In case you missed them, here are the top posts from March on the topics of Next Practices in Life, Business, and Commercial Real Estate.

I do want to invite you to subscribe to this blog just to the right of what you are reading now.  This will make it so easy for you to get my new posts without having to remember to check my site.  And I will never violate your privacy!

 

March’s Top Posts:

 

via iStockPhoto

via iStockPhoto

The Purpose of a Cold Call - The purpose of a cold call is very simple and there is no debate.  It is to get a meeting.  That’s it.  It is not to spend 20 minutes on the phone.  It is not to build a lasting relationship.  It is not to make the sale.  The purpose of the cold call is simply to get a meeting..  Read more…

 

 

iStockPhoto

iStockPhoto

How to Write a Prospecting Letter - So, here is a not so short letter to my children.  I share this because I believe intentionally communicating with our children what they should know is a great idea.  Tomorrow is the first day of the rest of my life, but it could also be my last.  I want to intentionally take steps to share certain things with my children that could make a huge difference in their lives.  I share this to encourage you to do the same.  Read more…

 

Don't I look smart?  My wife thinks so!

Don’t I look smart? My wife thinks so!

Introducing the Clarity Series: Prospecting - Clarity is such a powerful thing.  It allows you to act with direction and focus.  It gives you the ability to maximize your efforts and your results.  Clarity of purpose allows you to say ‘no’ to good things and ‘yes’ to great things.

I am introducing the Clarity Series.  Let me explain what the Clarity Series is.

Read more…

 

iStockPhoto

iStockPhoto

Preparation for a Cold Call - I recommend that you take 2-3 minutes before you make a call and see what you can find out about your prospect.  There is way too much information out there not to.  Your goal is to find something quickly that you can use to establish common ground.  Remember, cold-calling is a numbers game.  Don’t spend too much time researching your prospect.  And don’t spend too much time on the call itself.  Read more…

 

iStockPhoto

iStockPhoto

5 Steps to Build a World-Class Database - In 2004, I got out of the Marine Corps and moved home with my family.  The next day, I started working with my dad in his CRE brokerage business.  As we would be driving around town, he would share with me the histories of the properties we drove by.  He knew everything.  He knew who owned the property.  He could tell me what they paid for it.  He could tell me how big they were.  We would pass some properties he had sold multiple times.  He defined encyclopedic knowledge of a market.  I remember thinking that I would never get there.  Read more…

Thank you so much for reading.  April will continue the Clarity Series on Prospecting.  We will then get into how to create a dominating presence in any market.  If you have any ideas on what I should write about, please leave your suggestions in the comments below.

 

CS: Prospecting – Preparation for the Cold Call

The Clarity Series is a series of posts all on one subject.  This particular subject is prospecting.  While the context is commercial real estate, these steps and principles can be applied to any sales.  To read the introduction of this series, click here.  To read an overview of the entire prospecting system, click here.  Thank you for reading!

If you are like most salespeople, cold calls are the low point of your day.  You don’t like them.  You know that top producers cold call all the time. But you aren’t exactly sure what to say.  What you need is confidence.  Confidence comes from preparation.

iStockPhoto

iStockPhoto

I remember my first cold call.  I had just earned my license.  I was calling the owner of a small office/retail stand alone building that had a for sale by owner sign.  I was clueless about what to say.  I remember sitting in my office and staring at the phone.  It was a like I would be electrocuted if I picked it up to dial.  I had these thoughts running through my head:

  • What if he answers?!
  • I’m not going to know what to say!
  • I’m going to sound like a complete idiot.
  • What if he asks me about my fee?

In Part 1 of this post,we discussed the purpose and the philosophy of cold calling.  To review, the purpose of the cold call is to get a meeting.  That is it.  The philosophy that I teach and coach my clients is that you want to connect and add value.  You do not want to use scripts or try to manipulate.

Just like anything else, cold calling needs a system that marries solid preparation with an understanding of the anatomy of a call.  This post deals with the preparation.

Cold Call Preparation

Preparation really means putting your P.I. hat on.  What can you find out about your prospect before you call?  Remember, you goal is to quickly connect with your prospect and land a meeting.  Ideally, you can do this in just a few minutes.

I recommend that you take 2-3 minutes before you make a call and see what you can find out about your prospect.  There is way too much information out there not to.  Your goal is to find something quickly that you can use to establish common ground.  Remember, cold-calling is a numbers game.  Don’t spend too much time researching your prospect.  And don’t spend too much time on the call itself.

Google

This is somewhat of a no-brainer first step, but too many of us don’t do it.  Search for the name and city of your prospect.  By including the city, you are more likely to quickly find the correct person.  Take a few seconds to scan the links.  Click through on one or two and see what you can learn.  Have they been in the news lately?  If so, you can reference that article when you call.  Have they been in any financial trouble?  This can give you a clue to possible motivations to sell, etc.

LinkedIn

google search bo barron

One of the links that will likely come up in the Google search is the prospect’s LinkedIn profile.  This is what you want to find.  On their profile, you can learn where they went to school.  Especially around NCAA tournament time, their school is often an easy way to build rapport and connect.

linkedin profile bo barron

You can also see their work history.  Is there a common company that you both worked for?  Have they had a position in an industry that interests you?

You can also see if they are a connector.  A connector is a person that can be a gateway to get in front of many other people.  Connectors can be much more important to you and your business than one particular deal.  If you find one of these, purpose to build a lasting relationship.  Give lots of value for free.  Their friendship could lead to scores of deals in the future.

how I'm connected to Tony Robbins

Maybe the most important information you can find on LinkedIn is if you have any common contacts.  I would veer from my numbers game mentality of cold calling here.  If you are calling a whale (think Gordon Gekko), it may be worth slowing down if you discover you have a mutual friend.  Attempt to get an introduction from that common connection.  An introduction is much more effective than a cold call as the clout and rapport of the common connection can rub off on you.

Website

LinkedIn can also lead you to the prospect’s website.  If you find that site, you are looking for one thing – their purpose for being in business.  If you can find a mission statement, core values, etc., then you have valuable intel you can use to craft your opening statement when you call.  I will get into that in the next post dealing with the anatomy of the call.

Keep in mind that these tasks can be delegated.  I know a guy that has his assistant run through these steps.  On his cold call sheet for the day are not only names and numbers, but information his assistant found through a little online research.  Remember what you are worth.  If you have a team member to whom you can delegate this step, do so.

Now I would love to hear from you about how you prepare before a cold call.  What do you do?  Or what is something that I have left out?  Leave you comments below!

CS: Prospecting – The Purpose of a Cold Call

The Clarity Series is a series of posts all on one subject.  This particular subject is prospecting.  While the context is commercial real estate, these steps and principles can be applied to any sales.  To read the introduction of this series, click here.  To read an overview of the entire prospecting system, click here.  Thank you for reading!

via iStockPhoto

via iStockPhoto

I may have told this story before.  About a year ago, I was riding with a couple of guys through rural Kentucky.  As we drove through this one-stop-light town, we passed a Dollar General Store.  Because I was clear on my specialty and had built my database, I was able to look up the owner.  Before we were out of that small town, I was talking to the owner.  What started off with, “Hi, sir.  My name is Bo Barron and your Dollar Store in Perryville is not on fire,” ended with me in his office the next day.  Cold calling works.

The subject of the cold call is a big one.  I expect to break this up into at least three parts – the purpose of a cold call, the preparation of a cold call, and the anatomy of a cold call.  In this post, I want to address the purpose of a cold call and my philosophy of a cold call.  This first part will be a bit more philosophical.  The next posts will get into how to practically pull off a cold call

The Purpose of a Cold Call

The purpose of a cold call is very simple and there is no debate.  It is to get a meeting.  That’s it.  It is not to spend 20 minutes on the phone.  It is not to build a lasting relationship.  It is not to make the sale.  The purpose of the cold call is simply to get a meeting.

I had a guy who worked for me for a time.  Cold calling was not his favorite thing.  When he would call, though, he would make a new best friend.  These would be 30+ minute conversations.  He would have two of these in a day and think he cold called for an hour.  No!  Cold calling is a numbers game.  These calls should be short.  The more calls you make, the more meetings you will have.  The more meetings you have, the more proposals you will make…and on and on.

I want you to build lasting relationships with your clients and prospects.  I want you to know about their kids and their dreams.  It simply should not happen on a cold call.

My Philosophy of a Cold Call

I am going to give you the secret script to wealth and riches.  Regardless of what you are selling, if you use this script, you are golden.

Wrong!  I can’t tell you how many of my coaching clients have asked me for scripts.  Scripts don’t win in sales.  Connecting wins.

Many of you have probably read How to Master the Art of Selling by Tom Hopkins.  This book is full of great sales tactics, closing techniques, and scripts.  I have read this book and use it as a resource.  You should too.  It is one of the best.  However, it was written 33 years ago for the previous generation.  It suggests that if you know the right words to say in any situation, you will always make the sale.  I disagree.

Sales is not manipulation.  Sales is about connecting and providing something of value that makes someone’s life better.  A cold call is the first touch of that process.  You need to have a plan for the call.  You need to prepare for that call.  You need to have great questions ready.  You need to be ready to listen and adjust.  You don’t need a script!

My next post will deal with preparing and the anatomy of the cold call.  But before that, what are your thoughts about scripts?  How do you try to connect with someone on your first call with them?  Please leave your thoughts in the comments.

And on the note of comments, this Clarity Series on Prospecting has been generating some great sharing of information and has led to conversations off-line.  I encourage you all to keep leaving those comments and engaging with each other!