If your retirement plan business isn't growing, it's likely dying. That's why we believe it's critical to feed your pipeline continually with qualified new prospects.
Cold calling is one way to do that. But unfortunately, traditional cold calling methods — which require a lot of time with little return — have given this approach a bad name.
Maybe it's time to consider a new approach to cold calling, one that could help you:
- Accomplish more in less time;
- Pre-qualify your list;
- Make successful first calls;
- Overcome common objections;
- Secure meetings with prospects.
Here are some tips to turn the heat up on your cold calls.
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Go horizontal
Traditional cold calling methods are vertical. A long list of leads is generated. Then cold callers work their way down the lists until they run out of time or get frustrated and stop.
A horizontal approach can be better. The process starts the same way — list generation. But that's where the similarities end. With a horizontal approach, you:
- Pre-qualify. First, carve out the best prospects. You could base your criteria on things like asset size, number of participants, industry, plan type, etc. To develop your criteria list, look at your best clients and determine what they have in common.
- Contact — and repeat. Instead of calling every lead once, contact your carved-out list three or four times over the course of several months.
Make the initial call
The goal of your first contact isn't to sell a plan. It's simply to get a face-to-face meeting with the prospect. Keep in mind that this typically isn't accomplished in the first call. Reaching out for the first time can be tough and is often met with opposition, so hang in there.
Keep these tips in mind when trying to land a meeting:
- No pressure. You're simply gathering information.
- Focus on the prospect. The initial call is NOT the time to lay out all of your features and benefits. Instead, focus on the needs of the prospect.
Overcome objections
Handling the prospect's objections in a way that's both professional and leads to more conversation is an art. Your response to each objection will plant the seed for a future call — not change the prospect's mind on that particular call.
Each response should elicit a reaction or something for the prospect to think about. And it may actually help uncover a hot button issue. If you say something that intrigues the prospect during your conversation, they'll engage with you about it. Pay attention at any sign of engagement, and listen carefully to what they have to say.
If they resist a face-to-face meeting — and chances are, they will — wrap up the call.
Didn't get a meeting? Follow up.
In four to six weeks, call the prospect again. Reference your previous conversation. This shows you're engaged, and it helps gain credibility.
If the prospect shows interest but still won't agree to a meeting, leave him or her in your call rotation. Commit to calling the same prospect every four to six weeks (as long as they're engaged) until you secure a meeting.
Stay on their radar
Even if you never get a meeting and have to take the prospect off your call list, stay in touch. Non-intrusive touch points, such as e-newsletters or brief emails, can help you stay on the prospect's radar in case their situation changes.
Don't give up
It's not easy to make cold calls, and your efforts won't always result in new sales. However, these tactics will help you make the process more efficient and improve your close ratio. So keep at it. After all, you miss 100 percent of the shots you don't take.
This has been such a popular concept; we put these tips and more in a new guide. To learn more, request the free "Heat Up Your Cold Calling" guide.
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