Like roulette, where every spin of the wheel has approximately an even chance of coming up red or black regardless of previous spins, each cold call a person makes has the potential to be a winner. (Photo: Shutterstock)
Consumers don't want to be called. Ask a person in sales and they will tell you they detest cold calling. The national Do Not Call registry has 229-plus million numbers on it. To put that into some kind of perspective, according to Statista, in 2017 there were about 126 million households in the US. Approximately 138 million people voted in the 2016 general election. Apparently a lot of people don't want to be cold called. Why do people do it?
Because it works.
It's often said prospecting in general and cold calling in particular is a numbers game. If you used the logic that the chances of success are so low that it's a waste of time and money, then no one would play the lottery either. Yet according to Gallup, in 2016 about half of all Americans say they have played their state's lottery.
Minimal cost, substantial payoff
Lotteries and cold calling share two characteristics: The cost is minimal and the payoff is substantial.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
