Also, a little known information source are the states in which you do business. State Agencies require permits for a myriad of things. Normally, permits are filed by the company anticipating a project well before the bidding process begins to supply the contracts for the project. A review of this public information will give you insight into what types of programs that require state approval are on the horizon and how you might develop new business by pursuing the company planning a project. All of these sources will contribute to leading you to new business. All of these sources will give you leads to follow and sources that will result in prospects that fit your preferred prospect profile.
Still another great source of information that is available in most metropolitan areas, as well as small cities, are private research firms. There are fees involved here. For a fee, and that fee can be substantial, you can hand them your PPP and they will go out and fill it. They will bring you back every entity, person, and possibility of those that might fit within your prospect profile. You can be as specific as you wish. Once again, there is a fee involved and it can be significant. The private research firms will conduct the same sort of procedures we have just discussed to determine those persons and entities that fit your PPP.
Actually, it is advisable to do the research, the detective work, on our own because of the additional knowledge you gain in doing your own work. Another source of information. Another source of assistance are graduate students. Graduate students in your local university. They always need money, they work cheap, and they’re great researchers. They can assist you in your detective work. However, be specific to your industry that your product fits within. When choosing a graduate student to assist you in your research, choose one in the field that utilizes your product. For instance, if you sell engineering products that engineering firms need or construction firms need to make a profit in their business, hire an engineering graduate student. You get the point.
Pursue these sources we have discussed, and other sources will arise as you do your detective work. The result of your efforts will be new prospects that you want to do business with, and that have a need for your products, whether they know it or not.
A technical comment on the development of your Preferred Prospect Profile – include reasonable parameters. Parameters you set and you prefer in your PPP. Such things as the purchaser’s ability to buy your product. His budget. The time spent from initial contact to the commission check. The time and effort necessary on your part to present and sell your product to him. The financial prose of the company and the potential for repeat business. Make sure that the reasonable parameters included in your PPP suit you first. And your income needs.
As you develop your PPP, work the information sources we have discussed. Develop information from your detective efforts. And then begin listing, by name, the persons or entities that qualify as a prospect for your product as someone who needs your product, whether they know it or not, and someone you want to do business with. Identifying specific prospects through working the information sources for your PPP will be a continual process during your sales career. As your accounts grow in number, and as your income increases, don’t become complacent with what you have. Always pursue new business. Always add to and continually develop your PPP. It will make you money.
As you list the names that fit into your PPP, have you thought about calling on them yet? How do you feel about cold calling? Cold calling is probably the most underrated, yet most important aspect of sales. Yes, I said the most important aspect of sales. To the ignorant, and I mean ignorant, the mere mention of the term “cold calling” conjures up an image of difficult, demeaning work filled with fear of rejection and potential humiliation. I don’t know who originally coined the term cold call, but I’d like to get my hands on him. However, I can tell you this, and I’m not talking through my hat here, he wasn’t a salesman and he never made any money through sales. Cold calling for lack of a better term is a gallant pursuit. It’s for the brave. It’s for those with heart. The most successful people are those that make cold calling a thing of beauty and continue it through their entire sales career.
I will first play excerpts from several of my star sellers. The fellows making six figures. These are lion hearts. You don’t go off cold calling with a timid attitude. Cold calling in pursuit of new business, new investors. After we’ve listened to the excerpts, we’ll come back and we’ll analyze the planning and execution that went into developing expert’s cold calling.
Listen carefully for the persona. The text of their conversations are unimportant. Once again, they deal with oil drilling. The persona they convey is most important where you are concerned, and now you’ve developed a perception. Now you know the difference between a good persona and a lousy persona. The techniques we will undertake work. They work across the board. They will work for you, and as I have said, it will work for any product that you want to sell.
As you listen to these excerpts, you will realize not every call results in potential business; however, many do. No one scores 100% cold calling. The men you will listen to are seeking new business only from the people they want to do business with. Prospects that fit within their preferred prospect profile. People that need the product. As we listen to these excerpts, listen carefully and allow yourself to form an impression of these star sellers. Their personas. In the actual daily business of cold calling. You’ve developed a perception by now. You can tell the difference between a good persona and a lousy persona. Then we will return and we’ll discuss their work. The work you will hear and the training that made them expert.
Once again, pay very close attention to the persona and how they take charge and maintain the dialogue. Listen to the prospect on the other end of the conversation. Recall we did this earlier. Compare the persona, or more accurately, the absence of persona of the prospect with that of the very clear persona of the star seller. Notice also as you listen, the thrust of the conversation. It’s always profit to the prospect.
Remember that. Remember that. Remember that profit to the prospect. That’s the reason he’s going to talk to the salesperson. That’s the reason your prospects will talk to you. That’s the basic reason that we all do business in this country. That’s the reason the prospect is going to discuss any product with any salesman. The prospect must have a reason to consider purchasing the product, and that reason is twofold. He needs the product and it always spells profit to him. And that’s the reason he needs it. Pay attention – pay attention, listen carefully. In this section we will cover how to properly plan a cold call. How to orchestrate a cold call. How to properly design and execute expert cold calling. And as we begin to listen to the experts at the risk of being redundant, be aware that the stars have designed these conversations. They design and practice what they themselves will say to elicit certain responses from the prospects.
Simply stated, they are qualifying the prospects. That is tactfully obtaining knowledge of the prospect in order to establish empathy and insure the prospect is someone they want to do business with. If they were fishing, they’d be keeping the big ones and throwing the little ones back. My grandmother told me that the sun doesn’t shine on the butt of the same dog every day. But, if you plan your cold call and execute it properly each time, you will receive more sun than the next fellow.
Okay. Let’s give a listen to actual sales calls being made by mid-six figure income star sellers and their initial contacts that ultimately result in their livelihood. Let’s give a listen.
S = Seller P = Prospect
[Scenario 1]
S: …personal investment. We’re showing you how we’re structured.
P: Oh, you can send it to me. I’ll take a look at it.
S: Okay. Your first name is John?
P: John, yes.
S: May I call you John?
P: Yes.
S: John, I’m Cliff Massey. Please call me Cliff.
P: Okay.
S: I have Savannah Foods. I have a P.O. Box. Do you have a physical mailing address?
P: That was P.O. Box 710. That would be fine.
S: We use Federal Express.
P: Federal Express?
S: And they won’t deliver to a P.O. Box.
P: That would be Highway 17, Fort Went Worth, Georgia.
S: Where in Georgia?
P: Fort Went Worth.
S: I had Savannah.
P: Yes, that’s right outside of there.
S: Fort?
P: Wentworth – W-E-N-T-W-O-R-T-H.
S: Like it sounds.
P: Yes.
S: Okay. I have 31402. Is that correct?
P: That’s right. No, I’m sorry, 31407.
S: 407. Okay. John, so I’ll know exactly what to send, have you ever looked at oil and gas as an investment before?
P: No.
S: The minimum position that we offer out here is a twofold investment of $29,000.
P: Great Scotch.
S: Is that more than?
P: Yeah, that would be more than I’d want to invest.
S: Is that right?
P: Yeah.
S: We are thinking about structuring something down the road, a little bit cheaper on the initial investment. What I’ll do is just holler back at you on one of those and we’ll pick it up from there.
P: All righty.
S: Have a good day.
P: Thank you, bye.
[Scenario 2]
S: Mr. Brown?
P: Yes sir?
S: This is Cliff Massey. I’m with Kinlaw Petroleum Company in Dallas, Texas. How are you doing?
P: Pretty good.
S: The reason I’m calling – we have some information available on our offshore oil and gas wells that we’re drilling in the Gulf of Mexico. We’re drilling in the Bay Martinville off the coast of Louisiana, and the information introducing our company and also the investment side of what we do.
P: I’m not interested.
S: Is that right? Have you looked at it before?
P: Not interested.
S: Matter of principle with you?
[hang up]
[Scenario 3]
S: I’m looking for Jimmy Johnson.
P: All right, sir. He – Hold on a second okay. He’s away from his desk. May I take a message?
S: I’ll have to get back. Thank you.
[Scenario 4]
P: …department.
S: Is Mike Hill in?
P: Mike’s not in today. May I take a message?
S: Do you expect him in tomorrow?
P: Yes sir, he’ll be back tomorrow.
S: All right. Thank you.
[Scenario 5]
S: …Petroleum Company out of Dallas, Texas. How are you doing?
P: Fine.
S: Good. The reason I’m calling is we are a developmental oil and gas firm and currently drilling some offshore wells off the coast of Louisiana and I have some information I could send you introducing our companies and also some information on our eighth well that we’re going to drill out there this year showing the investment side of what we do. Would you like to look at?
P: Since I’m in the middle of buying a house, I don’t think so.
S: Is that right? Is that where all of your funds are tied up?
P: At the moment they are.
S: The minimum that we offer here is $29,000, but I’m showing returns well over $100.000 on that, and that’s very possible every time we step out in this field and drill. Of course you –
P: I don’t think this would be appropriate at the time.
S: Is that right? Good luck to you.
[Scenario 6]
S: Petroleum Company in Dallas, Texas.
P: Yes sir, how you doing?
S: I’m doing fine. How are you doing?
P: Good.
S: Good. The reason that I’m calling – We’re a developmental oil and gas firm and we specialize in offshore drilling currently drilling some off the coast of Louisiana. I have some information put together I could send you introducing our companies, and also some information on our eighth program that we’re going to be drilling this year showing how we’re structured. The investment side. Would you like to look at it?
P: I don’t think so, not at this time, thanks.
S: Okay. What is it? Economics why you said that?
P: Yes.
S: Is that right?
P: Yes.
S: Our minimum is just $29,000, but based on what we’ve seen on our wells and other wells in this same area, I’m showing returns on that well over $100,000 back.
P: I just don’t have the money there.
S: I appreciate your candor.
P: Okay.
[Scenario 7]
S: …company in Dallas, Texas. How are you doing?
P: Pretty good.
S: The reason I’m calling – we have some information available on some offshore oil and gas wells that we’re drilling off the coast of Louisiana. The information introduces our companies, as well as information on our eighth well that we’ll be undertaking showing the investment side of what we do. Would you like to look at it?
P: I don’t think it’s anything I’m interested in.
S: Have you ever looked at it before?
P: No. I’m not actually getting involved in something like that.
S: Sir, if I might suggest to you, basing this on what we’ve done out here ourselves this year, our minimum is a $29,000 position that I can show you returns on that well over $100,000 is very possible every time we drill. We’ve hit 6 out of 7 this year, and the investment itself can be deducted against your active income, even with that kind of return.
P: Yes. Sounds interesting, but I’m not interested.
S: Is that right? Is it just too much money for you, or is it –
P: Yeah, I just – I wouldn’t – if I was going to invest, it wouldn’t be something like that anyway, so I’m just not interested.
S: Well good luck to you.
I know you’re shouting at your tape recording saying, Joe, is this supposed to be a selling star? An expert at cold calling? Joe, if I’ve learned anything from this course so far, it’s taught me to tell the difference between a good persona and no persona. Well, I trust these are your thoughts and if so, you’re correct. I was throwing you a curve ball. Testing what you’ve learned. The man we just listened to, even though a fine man and a hard worker, he did not plan his cold calls. Did not. Obviously, he did not plan to use a persona. He never really exercised and practiced the persona training. He did not capture the prospect’s interest. He did not give the prospect a reason to talk to him early enough in the conversation. And more importantly, he wasn’t prepared for the responses of the prospects or how to reply to them.
One thing that he was very good at was getting the reply of, I’m not interested, after the first sentence. Okay. Now we will listen to some of the real selling stars. Those that earned the big incomes. You will appreciate the difference, and I think you’ll find them very enjoyable. Now, as I said, no one scores 100 during cold calling. But listen to how these fellows rack up the points as they go along. We have a number of excerpts here and it will seem like a pretty long time, but not to worry, I’ll be back. Let’s listen in. Shhhh.
[Track 2]
[Scenario 1]
S: I’m with Kinlaw Petroleum Companies in Dallas, Texas.
P: Yes.
S: How are you doing today?
P: I’m doing very good.
S: Good. The reason I’m giving you a call – We are drilling offshore oil wells in the Gulf of Mexico and I have information about the wells, mainly on our track record with our first seven wells, this will be the eighth. And also about the tax deductions that our programs have. Would you like to see it?
P: I might be interested. Sure.
S: Okay. May I call you Jerry?
P: Yes, please.
S: Good. It’s Brad Boswell, please call me Brad.
P: Okay Brad.
S: And it is a $29,000 investment. If this works like we believe it will, and we have every reason to believe that it will, that $29,000 could possibly return $100,000 to $150,000, maybe more.
P: Over what kind of period?
S: Good question. Five to seven years for the bulk of that. So it is not a get rich quick, it is long term, but it is set up to generate monthly income just a few months after we get started. So it has some real nice short term aspects also.
P: That sounds very interesting.
S: Yeah. If you like it, could you afford $29,000?
P: Yes, I could. I’ve invested a few times in Texas. Both of them were pretty bad in the end, but about 10 years ago I invested in some apartment complexes down there and it was right when the real estate took a great big dump there. But, I was fortunate enough to bail out and get my money back out of it. I would certainly be willing to look at anything you might have and consider it.
S: Okay, let’s see here. Your address, is it Consulting Service Industries?
P: Yes.
S: Is that correct?
P: Yes.
S: 2428 Millstream Way, Orange, California 92665.
P: Right.
S: Okay. You said a couple times – have you ever been in oil?
P: No, never in oil.
S: Okay. Do you stick maybe with real estate? Or do you do some stocks? Or what sort of things do you invest in?
P: I bought stocks in an oil company through, as an investment portfolio, but not directly because it was an oil company. It was just a – I think it was REA or REO sometime back. And T&T Enterprises, they were out of Canada I believe.
S: That’s good. That gives you a nice flavor for how the industry works and that’ll help you understand our program. It’s real simple and you’ll see that once you have it right there in front of you.
P: Actually, I have a pretty good intimate knowledge of the oil industry simply because it was one of the ways I put myself through school. I used to work on a rig.
S: Oh did you?
P: Yeah. I was going to BYU and I’d go up into Colorado/Wyoming/Utah area there and worked the summer. Saved up enough money to go the next year.
S: That’s some hard work.
P: Yeah, it certainly is.
S: That’s some real hard work as a matter of fact.
P: Worm’s corner boy.
S: I’ll bet. Yeah, as a matter of fact, we’re drilling offshore in the Gulf of Mexico, so those fellows are out there doing the same thing without a whole bunch of scenery.
P: Now I tell you.
S: Even less than you probably had. It gets old seeing the same thing every day.
P: Yeah, it really does.
S: Yeah, but you probably know then there are tax deductions here. They’re better than any investment you’ll find today. Do you need those?
P: I certainly do.
S: Okay. I’ll be sure to include that for you. But you answered the phone MIS, is that information systems?
P: Right.
S: The computers.
P: What I’m doing, is I’m a consultant. I go to different companies right now. You’ve just called GTE, and I work here on a part-time basis and I worked for other companies.
S: Okay. So you have your own business?
P: Right.
S: And you just go around. Do you have people working for you, or is it just you?
P: Off and on. Depends on the contract I had. Certainly had several people working for me at one time.
S: Okay. Good deal. We like to target fellas who are, what we call our accredited investors. That is, they’ll have a net worth over a million or they’ll have an income level of over $200,000 a year. Do you fall into either of those categories?
P: Just under the first one.
S: On the million?
P: Yes.
S: Okay. You’re definitely – is it over three quarters of a million?
P: Oh yeah.
S: Okay. Then you’re right up there in the range of the fellows we like to deal with.
P: Another computer –
S: Yeah, you sound pretty young. Sounds like you’re well on your way to it.
P: Thank you.
S: How old are you?
P: 32.
S: Okay. Yeah, as a matter of fact, you are younger than most fellas we do business with, but you’re worth a lot more money than some of them too, so you’re starting early. That’s great.
P: I’ve got some friends who may be interested too. I got one friend that’s kind of a miser. He is certainly looking for some tax breaks before the end of the year.
S: Okay. This is actually the time of year where we usually get hopping right in the fourth quarter.
P: And I see why.
S: You understand exactly.
P: Something to protect your money.
S: That’s right. All of a sudden people have gone all year and they say, oh my goodness, I need to do something. Not a reason to invest I believe. I believe the main reason to do it is because of the track record and the potential for making money. You’ll see what I mean when you get it at the beginning of the week. Are you going to be at this address on Monday? The Millstream?
P: Yes. Will I be there? That’s a good question. Probably not.
S: Okay. This phone number is the GTE number right?
P: Yes.
S: Is the Millstream number 714-283-1647?
P: Right.
S: So is it better that I send it to GTE on Monday?
P: No. Send it to my home.
S: All right. So you office out of the home I assume?
P: Right.
S: Great. I’ll get it on out to you then. I would guess that usually the evening is better to reach you.
P: Probably so, yes, sometime after 7:00 pm.
S: I’ll tell you what. I will make a note of that. Gosh, with the time difference here, that’s 9:00 my time and I know Thursday night next week I’m going to be able to stay in that late. Monday, Tuesday, Wednesday I’m not sure.
P: Monday wouldn’t be good anyway. I want an opportunity to review it and make a few calls.
S: I encourage you to do that. I tell you what. What I really normally suggest is that we go through it first, then when you make the calls and talk to whoever you want to talk to, it’s going to make a lot more sense to you at that time.
P: Okay.
S: All right. I take it Monday is bad during the day for me to talk to you.
P: Yes.
S: How about Tuesday?
P: That’s a good possibility. Tuesday or Wednesday. What you can do is, I should be here Tuesday.
S: The GTE?
P: Yes. Try this number.
S: Let’s do this then, I’ll send it to your home, you take it to GTE, I’ll call you Tuesday at GTE.
P: Okay.
S: Okay, and remember I said $100,000 to $150,000 is a very possible return and I’ll prove it to you on Tuesday.
P: All right. Sounds very good.
S: All right. Have a good weekend Jerry.
P: Thanks for calling Graham.
S: You bet. Bye.
[Scenario 2]
S: We are drilling offshore oil wells off the Gulf of Mexico.
P: No, I’m not interested sir, thank you.
[Scenario 3]
S: Brad Boswell with the Kinlaw Petroleum Company in Dallas, Texas. How are you doing today?
P: Okay.
S: The reason I give you a call is we are drilling off our oil wells in the Gulf of Mexico. Always look for profits and tax deductions at the same time.
P: Not interested.
S: Are you going to look at investments this year?
P: I’m not going to look at anything offshore, I can tell you that right now.
S: Oh really, because we’re just off the Coast of Louisiana.
P: I know all that, but I am not going into anything offshore. There’s too much money and all that sort of thing. It’s not a good investment. I know that and you can’t convince me otherwise.
S: Okay. It’s interesting about that because it’s all money in and money out. Yes it does cost more to drill offshore, yes you’re right about that, but if consistently we can find more oil offshore than on land, it makes sense to step on out there. Here’s the basic logic. For years, a hundred years now, companies have drilled in the United States on land and found a bunch of oil because that’s the easiest place to do it first. Most of the fields on land are depleted. They’re drained. So now we have to either do one of two things. You either go international to other countries or go offshore. What we’re choosing to do is to go offshore in the Gulf of Mexico. We fit six out of seven wells. We can take a $29,000 investment, and if it works like we believe it will, it can very possibly return $100,000 to $150,000. Maybe more. And also have the best tax deductions in the market today on top of that. So the money in, money out economics are there. I can prove that if you’d like to look
P: You can send it to me, but I’m talking to my son-in-law whose him and his father is in the business, and he told me nothing off shore. It’s not a good deal. You know it’s not a good investment.
S: Because of what?
P: They’re in the oil business. He drills. His father-in-law drills wells and he’s had something come up in Alabama. I think if he hits it so maybe 40 or 50 wells and stuff like that, so if I was going to invest, I would invest with him, I’m not going to invest in offshores.
S: Well that’s logical.
[Scenario 4]
S: …Petroleum Companies in Dallas Texas. How are you doing today?
P: Okay.
S: Good. The reason I called – we drill offshore oil wells in the Gulf of Mexico and I have information on the investments. Would you like to see it?
P: I guess so, yeah.
S: Okay. May I call you Jim or James? What do you go by?
P: You can call me Jim.
S: All right. It’s Brad Boswell. Call me Brad. And this is $29,000 for the investment. That’s the minimum, and it could very possibly return $100,000 to $150,000 if it works like we believe it will. Of course, the information would prove this. If you do like what you see, can you afford $29,000?
What a wonderful style that selling star has. That was an excerpt from a single section of a morning of cold calling from this particular star. Each call was in succession, just as he was making them. He has a great persona. He was confident and comfortable. Enthusiastic and empathetic. Even though he is expecting a response of, I’m not interested, he gives his prospects a reason to talk to him early in the call. The selling star knows where the conversation is going.
He makes sure that the competitive edges of our product are known, and he has planned a number of appropriate responses to anything that any prospect might say. He engages in what appears to be a casual conversation to illicit information from the prospect. He tactfully qualifies his prospect regarding the prospect’s financial prowess and business acumen to ensure the prospect is someone this selling star wants to do business with. And then he leaves the prospect with a reason to speak to him when the time comes for the close.
Now we’ll listen in on another champion cold calling. He has a slightly different style, but equally as effective. Okay. Let’s listen in, I’ll be back.
[Track 3]
[Scenario 1]
S: This is Randall Rust. I’m with Kinlaw Petroleum Companies out of Dallas, Texas. How are we doing today?
P: I’m doing fine. How about yourself?
S: I’m doing real good. Thanks for asking. The reason I’m contacting you – I’m with an independent oil and gas firm that’s drilling offshore oil wells out in the Gulf. We’ve been very successful. I’m inviting fellas to take a look at investment information on an upcoming project. Would you like to see it?
P: Well, no. I’m not really into that right now.
S: Is that right? Are you not currently considering any investment?
P: No I’m not.
S: Okay. Because I don’t know if you are aware, our minimum is $29,000 and in this area, it’s very possible to see returns in excess of $150,000, and I can show you that.
P: No, no I just don’t have the capital to be putting into something like that now.
S: Is that right?
P: Yes.
S: Okay. Good luck to you. Thank you.
P: All right. Bye.
[Scenario 2]
S: Is Mr. Shuster in?
P: No he isn’t. Can I ask?
[Scenario 2A]
S: Don Hills?
P: Yes it is.
S: This is Randall Rust. I’m with Kinlaw Petroleum Companies out of Dallas, Texas. How are we doing today?
P: Okay.
S: Okay. The reason I’ve contacted you – I’m with an independent oil and gas firm that’s doing very well actually drilling offshore in the Gulf of Mexico. Would you like to look at one of our programs?
P: Well at this point, I’m really fully invested and I’m afraid I don’t have any extra to go into any other enterprises at this time. I’m sorry, but I don’t think I’d be interested.
S: I might suggest our minimum is $29,000 and out here I can show you it’s very possible to see returns well in excess of $150,000. That’s based on fuel performance and what we’re doing with the three dimensional seismic out here. I don’t know if you followed that, but it’s proved out to be very, very accurate. So if it’s a matter of shifting funds around, that’s not a big deal if you can move on it if you like it, by all means, take a look at it.
P: I don’t think I’d be interested at this point. I appreciate your calling, however, and thank you. Bye.
[Scenario 3]
P: Yes Dan?
S: This is Randall Rust. I’m with Kinlaw Petroleum Companies in Dallas, Texas. How are you doing today?
P: I’m average.
S: Okay. The reason I’ve contacted you – I’m with an independent oil and gas firm that’s actually doing very well drilling offshore on the Gulf of Mexico. Would you like to see investment information on an upcoming project?
P: I never do business over the phone with anybody.
S: I appreciate that. I’m a licensed securities dealer. Certainly there’s many avenues to check me out prior to ever exchanging funds; but in this case, on a $29,000 investment, it’s very possible to see well in excess of $150,000 in this area. And I can certainly show you that with the information I have and we have discovered 17 million barrels of oil out here this year.
P: Well. No. What’s the name of the oil company?
S: It’s Kinlaw.
P: Does it have many exchanges?
S: No. It’s a private – in this case, you’re looking for stocks. This is a joint venture. We get together a group of fellows and go out and actually drill a well to make wells the same way as Exxon, Chevron, and any of the majors. And opposed to stocks, you actually get your barrel of oil out of the deal. The profits can be substantially greater. There is risk involved, but it can be substantially greater than probably anything you’ve seen.
P: You know, I think I’ll pass. Okay?
S: If it gets down to a level you want to do it, I can prove to you who we are. If the numbers sound good, and you can afford to move on the $29,000 right now, take a look at this. It’s real.
P: No, I think I’ll pass.
S: See ya.
[Scenario 4]
S: …with Kinlaw Petroleum Companies out of Dallas, Texas. How are you doing today?
P: Okay.
S: All right. The reason I’ve contacted you – I’m with a large, independent oil and gas firm that’s doing very well drilling offshore wells in the Gulf right now. Would you have an interest in looking at investment information I’m willing to send on an upcoming project?
P: No. I don’t want to get into that.
S: Is that right? Just from a risk standpoint, or…?
P: Well, yeah. I’m in no position to put money into that kind of a thing.
S: It just – what I’m getting at, there’s going to be risk involved; you can’t take that out of it. But we’ve discovered 17 billion barrels of oil out here this year using three dimensional seismic..
P: Yes. I don’t want to –
S: Okay. Good luck to ya.
P: Okay.
[Scenario 5]
S: This is Randall Rust. I’m with Kinlaw Petroleum Companies out of Dallas, Texas. How are we doing today?
P: I’m fine.
S: Good. I’m contacting you in deference to offshore drilling in the Gulf of Mexico. We’re an independent that’s been very successful doing this this year and I’m inviting folks to look at investment information. Would you like to see it?
P: Can you send me a prospectus?
S: Sure. Would you like it – I’ve got you at 105 Royal Oaks Lane.
P: That’s correct.
S: And that’s Gastonia, 28056.
P: That’s correct.
S: May I call you Larry?
P: Sure.
S: Have you ever looked at one of these?
P: I never have.
S: Okay. Larry, feel free to call me Randall. Again, it’s Randall Rust. There’s one thing in your particular state, you’ve got to be an accredited investor to do private placement.
P: And what certifies me as an accredited investor?
S: It’s a broad statement, but typically fellas will make it in two areas. Either their income exceeds $200,000 a year, or their net worth is over a million.
P: My net worth is not over a million dollars, but my income does exceed $200,000 a year.
S: Okay. Then you’re accredited and I can send it to you.
P: Okay.
S: What I’m going to send you out, Larry, is a geological preview that will show you specifically where we’re drilling, we are 5 for 6 and hitting wells using three dimensional seismic. Like doing a cat scan. I’ll show you how that works, but effectively the results are, we found 17 million barrels of oil this year and $20 oil, that’s about $340 million. You still have to get it up and put it in the ground, but it’s very possible. I’ve taken fellas in a $29,000 investment and put him in line to make in excess of $150,000 returns. If you were to see something you like, could you move on a $29,000 position right now?
P: Sure.
S: Okay. Let’s go ahead and get it out to you. When you say Fullin Yarn Sales, what do you do?
P: I represent a number of different mills in the United States and Canada, and I sell yarn and/or string, if you will, to the knitted apparel, the knitted hosiery sweater, but primarily to home furnishing and the automotive trade.
S: Automotive?
P: Yeah.
S: That seems interesting.
P: Well, it has been in the past, it ain’t been too damn good the last couple of years, I’ll tell you that.
S: Is that right? You’ve been at this quite a while I take it?
P: Oh yes. About 25 years.
S: Oh my gosh. Okay.
P: And we sell to people, and this may not mean anything to you, or if you care to look them up, I’m sure it would, like Mullican, College, Bateman, Jo-Ann Fabrics, Baldwin’s Mill, Yeoford Mills. And these are the people that weave the fabric for the interior of automotives. Both the United States and also the far East now. That’s primarily where the basis of our business lies.
S: Excellent. Sounds like you’ve got certainly a nitch-hold on –
P: Got a niche. Right. Yep. I guess that’s what everybody’s looking for. I’m looking for another one. [laughing]
S: You got it. That’s the way it always is. It’s a part of doing business trying to increase your – I mean, that’s effectively why I’m contacting you.
P: Get away from the commodity area. Develop you a nitch, and expand it, and work like hell at it.
S: Well, you bet. What I can show you – this has been very, very enjoyable as far as being in the money business. I’ll show you what I’m doing for my fellas. I don’t know if you are aware or not, Larry, these carry active tax deductions with income. You don’t have to take a loss to write off every penny of this.
P: Huh. That’s interesting.
S: A lot of fellas don’t realize it – are always looking for investments like this and don’t realize if there’s something that’s available and I’ll show you, even on the $29,000 investment, think about this. You have a chance to inevitably write off every bit of it, and I’ll show you where good wills will exceed about $2,500 a month in income. Let’s take it a step at a time. I’ll shoot you out a package. Generally speaking, is this usually, well I can’t get with you this time tomorrow. Is it better to catch you mornings or afternoons?
P: Mornings.
S: Is it?
P: Yes.
S: Okay. What about, I could get with you tomorrow, say about 11:00/11:30.
P: I’m committed all day tomorrow. I should be in after 10:30 my time Monday. I’ve got a dental appointment at 8:00, which is what, 10:30/11:00, that’s 12:30 your time.
S: I’m behind you. I’m an hour behind you.
P: That’s right. The other way, the other way. I’m going the wrong way.
S: Actually, Monday’s better for me too.
P: Okay. I just got off the phone with a guy from Portland, Oregon. I keep getting my times mixed up here. Yeah, that Monday would be fine.
S: Okay. Just to give you some time, let’s say about 11:00.
P: That will be fine.
S: And I won’t be contacting you Larry, just remember, my name is Randall Rust. I’m the fellow of the $29,000 investment. And I’ll share the possibilities of seeing $150,000 returns out of here.
P: Do you think I’ll have that info by Monday?
S: Yeah. I’m going to send it Federal Express. It’ll go out of here tomorrow.
P: All right. Good.
S: Will there be somebody there to take delivery, or should I have it signed and just leave it on the –
P: No, there will be somebody here. All right?
S: Okay. Look forward to speaking with you on Monday. Have a good weekend.
P: Let me ask you one question. How in the hell did you get my name?
S: Well, it’s not as glamorous as you might think. You came to me off of a list.
P: Oh really? What kind of a list?
S: It’s principally business owners or key level executives. We work with fellas that you’ve got to be in a position to afford what we offer. I’m not looking for a man to do one shot investment with me. It’s more, take a position, well [inaudible] what we can do, and then settle in and look at drilling a number of wells with me throughout the years. That’s what we’re after.
P: Okay. I see.
S: So we find that fellas, as far as demographically, this is a good fit, they can afford what we offer, and everybody needs tax deductions.
P: Yeah. God knows.
S: If you’re making money, you need some deductions.
P: Ain’t that the truth.
S: We got a good fit. I look forward to speaking with you on Monday. You have a good weekend.
P: Thanks.
S: Bye bye.
[Scenario 6]
S: This is Randall Rust. I’m with Kinlaw Petroleum Companies out of Dallas, Texas. How are you doing today?
P: Fine, thank you.
S: Good. The reason I’ve contacted you – I’m with an independent oil and gas firm that’s done very well drilling offshore in the Gulf this year, and I’m inviting fellas to look at investment information on an upcoming project. Would you like to see it?
P: I don’t believe I’d be interested in that, thank you.
S: Is that right? If I might suggest, we’re 5 for 6 out here and have discovered today, 17 million barrels of oil using three dimensional sematic.
P: I don’t really have any speculative capital available.
S: Even on a $29,000 position?
P: Thank you.
S: Goodbye.
[Scenario 7]
S: …Companies. How are you doing today?
P: Oh fine, how are you?
S: I’m real fine, thank you. The reason I’ve contacted you – I’m with an oil and gas firm out of Dallas, Texas, and we’ve done very well drilling offshore in the Gulf of Mexico this year. Would you like to see investment information on a program we’re offering?
P: I’m sorry, I just can’t. I haven’t got any money for it.
S: Really? Look. I might suggest, our minimum’s $29,000, but it’s very possible to see returns well in excess of $150,000 out here.
P: If you would have said it was $2,900, I still couldn’t manage.
S: Is that right? Okay.
P: Our business is way down.
S: Okay. We’ll keep you in mind.
P: Okay. Thank you, sir.
[Scenario 8]
S: Hi, Mr. Campbell?
P: Yes.
S: This is Randall Rust. I’m with Kinlaw Petroleum Companies out of Dallas, Texas. How are we doing today?
P: Fine.
S: Real good. The reason I’ve contacted you – I’m with a large, independent oil and gas firm, and we’ve done very well drilling offshore in the Gulf of Mexico this year. Would you care to look at investment information I’m willing to send on an upcoming project?
P: No. I have invested in the past and I’ve lost my ass, and I’m not interested.
S: They hit you dry holes marginal production, even? [inaudible]
P: Oh, really. Horizontal really.
S: Oh really? Did you drill in the chalk?
P: Yeah.
S: Okay. It can certainly happen. In this case, I can show you if you’ve done it before. You never know unless you look at it, but we’ve discovered 17 million barrels of oil out here this year. We’re 5 for 6, and how it translates out on a $29,000 minimum, it’s possible I’ve put these fellas in line to make well over $150,000. If you’ve done it, you owe it to yourself, you ought to look at it.
P: Well, all right. I’ll look at it.
S: Okay. What is your physical address?
[Track 4]
All right. We just listened to a few of the pros and it just tickles me pink to hear the results of their training. The way these fellows work. They were up emotionally; they were sharp intellectually, maintaining their personas, even in the face of adversity. Even in the face of rejection. In disinterest they preserved. They maintained their confidence, enthusiastic and empathetic persona. You hear it. You can see it now. You can feel it. And they found the people that they want to do business with, and they eliminated those that did not fit their PPP.
Incidentally, and we have discussed this briefly in the introduction, it has been my experience that some who are introduced to this training, as they listen to the excerpts of the types or at my company they will actually, in person, see the pros in action at work and the first thing that comes to their mind is, well, I can do better than these guys. Normally, I and the senior management think of this as “rooky” thinking. The thought that a new person on the block coming in just experiencing the training can listen to the veterans, the pros, that have been doing this for 7, 8, 10, 12 years, can do it better. Normally we find it is a mistake; however, if that was one of your thoughts as you listened to these tapes of these pros, these fellows who make the mid-six figures, you very well may be right. And I sincerely hope you are. But, even if you thought that, continue the training. I want you to succeed. I must have you succeed. Follow the training and you can’t go wrong.
Now, let’s go back to cold calling. Cold calling in its simplest terms is a directed conversation. It means you say something; the prospect says something. You say something else and he says something else, and so on and so on. Please pay attention here. The difference between star sellers and the average salesman during the cold call is the star seller already knows all the variations of the conversations that can possibly occur during a cold call. Before the conversation ever happens. We will utilize our tape recorder as we work on cold calling. You should be used to that by now. Let’s evaluate the cold calls you are now making. Hook up your tape recorder and make some cold calls, or if your initial contact is always in person, once again, go get that friend or the business associate that’s helped us before and role play on the tape. You have your PPP by now. Perhaps you have even devised an opening statement and imagined what some of the conversations will be. You may have experience to do that. Hook up your tape recorder, make some calls or use your friend, and let’s see how you sound. You’re in a position now to properly evaluate that. You know what you sound like on tape. You can evaluate your persona. Do you sound, in terms of persona, as good as those fellows on the segments did on the excerpts? If you did, that’s great. That’s wonderful. You’re light years ahead. However, try it to make sure. Take the time to do that. Continue working on your persona. Now, let’s combine the persona with the structure of a cold call. Mechanically, a cold call consists of:
1. Your opening statement.
2. Your prospect’s response to your opening statement.
3. Your reply to your prospect’s response.
4. His response to your reply.
And so on and so on and so on. Very simply, he says something and you say something, and then he says something else. Keep this in mind as we go through this section. As I mentioned, it’s really rather simple. He’s going to say something and you’re going to say something. To be expert in cold calling, the challenge is to know what you’re going to say and everything the prospect could say, and then how you would respond to whatever he could say. Make sense? That may sound a bit complicated, but it’s not. It’s actually quite simple. And as we continue through this section, you will find that to be the case.
The first principle of good cold calling is always speak in terms of profit to your prospect. Either directly or indirectly. Your opening statement must convey your persona. The old saying, if it’s not what you say but how you say, is at least half true. We know that. That’s a definite. What you say and how you say it actually are both equally important. How you sound. How your persona comes across as you introduce yourself. Your company. And your product can make the difference between a prospect paying attention to you or dismissing you as just another salesman. A respective of the content of your statements, your words, your persona, your enthusiasm, confidence and empathy, are they evident in your voice? In your personal presence. No one will pay attention to you if you’re not; however, when you combine the attitude and the voice of a polished persona with the words, statements and competitive edges that give your prospect more reasons to listen to you, and you know how he will respond to your persona and your words, and your statements, you will have constructed the perfect cold call. Remember reasons your prospect will listen to you and converse with you, always spell profit to him.
Indulge me here in one of my favorite recollections. I was working late one evening at the office. The switchboard was closed, and my phone rang at my desk. On the other end was a Wall Street stockbroker. It was around 10:00 p.m. my time, 11:00 New York. He introduced himself and told me he had been unable to get through my secretaries to speak with me. Well, that wasn’t unusual. And then he took off on a very effective summary of a stock in a small company he thought would make us both money. His money in terms of commission, mine in terms of profit from the increase of the price of the stock. I was instantly impressed with the fact that he was enthusiastic and confident. I felt an instant sense of empathy with him, possibly because we were both working late and he was quite sincere. And because he came across as very knowledgeable and very confident in what he had to say. What he had to sell. I didn’t really hear all of the details of what he was saying about the company that was offering the stock, but I did hear that he believed it would make money. I was so impressed with his confidence and his persona, I shortly became confident in him in this span of a very short conversation. As a consequence, that night I opened an account with his firm. I sent him $20,000 the next day. He doubled the investment in less than 60 days. I let it ride, and I sent him a great deal more during the course of the year.
I received calls from salesmen, stockbrokers, commodities brokers, virtually every field of investment sales every day. But this kid was different. That’s why I listened to him. He had a champion persona. Even though youthful, he didn’t sound like all of the other salesmen that call me. Perhaps that was the reason I listened to him. He was new at this job and he was eager and enthusiastic, and by gosh he was confident. He knew we would make a profit. He had the persona of a star. Remember, the first principle of cold calling is to give the prospect a reason to talk to you. Just like the kid in my story, he was different. He sounded different. He sounded polished, and he was confident. That was my reason as a prospect to listen to him. He added additional words and statements and competitive edges and said things about the company and the potential rise in the price of the stock that gave me more confidence. It bolstered my confidence in him and what he was saying. I was convinced that he knew what he was talking about. But most importantly, the manner in which he spoke was what sold me. The most important thing here is that he did not sound like everyone else that had called me that day, or for some time for that matter, to sell me something.
The point of the story is I have spoken to, prior to this man, perhaps 25 salesmen, and I didn’t buy anything from any of those fellows. They all sounded alike. I did not hear a persona. I did not hear good competitive edges. I didn’t hear a reason that I’d make a profit. This kid offered all of these things. That’s the point. He sounded different. He had a persona. He was convincing, empathetic, enthusiastic, and darn sure confident. That’s why I bought from him, and that’s why people will buy from you. Don’t sound like everybody else. All of the star sellers put forth great effort not to sound like all other salesmen.
Now we’re going to construct your opening statement. Keep in mind as we do this, we’re not going to sound like an average salesman. Like anyone else. We will use our persona to sound like the best. We will plan to be the best. Let’s plan your best opening statement. The statement you must have to get your foot in the door.
Do you know where that phrase, foot in the door, came from? Well around the depression, before the days of peep holes, traveling salesman carrying their valises from door to door would knock on the door and the lady of the house would open the door, and when she saw the valise, she would actually slam the door, and the salesman would stick his foot between the door frame and the door so he could get his foot in the door to capture her attention with his opening statement. That’s a true story. It was told to me by a fellow who sold during the depression.
I’m sure also that during the years, you’ve heard that you have between 3 and 30 seconds to capture your prospect’s attention. Well, that’s not necessarily true. An effective opening statement can compound that time. An effective opening statement has a tendency to build on itself. The difference between developing new business from a cold call and having the door slammed in your face, or the telephone hung up in your ear, is knowing what you will say and knowing what the prospect will say prior to making the call or the visit.
From the first words of your opening statement, the cold call is a choreographed conversation. Think of it as a verbal waltz. The best dancers. Know the steps of both people dancing. You cannot know just your steps to the waltz and be a good dancer. You only know half of the dance at that point. You must know those are the person you are dancing with. If you don’t know how your dancing partner will respond to your dance movements, you’re incapable of anticipating their movements. You will both end up in a tangled pile on the floor and so it is with cold calling. The experts in cold calling know what they will say and have determined in advance the possible moves of the prospect prior to the call.
Concentrate. Together let’s concentrate on designing your opening statement. Here’s where the beauty begins. Design your opening statement with an expectation of a response from the prospect of, I’m not interested. By doing so, you take control of the conversation from your very first words. You know what to expect and how to react to obtain the result that you wish. Begin your opening statement with introducing yourself, your company, and what it is that you have to sell.
Include at least one of the competitive edges you have already predetermined. As an example, hello, this is Joe Kinlaw with Kinlaw Oil, Dallas, Texas. How are you today? Good. The reason for the call is we’re a 13-year old, large, independent oil company that specializes in drilling for profits and tax deductions with private partners. Would you like to look at the investment information for our next project? Offer several such opening statements that revolve around your product and write them down.
At this point, as your opening statements have been authored and scribed, it is imperative that we know the variety of responses that the prospect could offer. Now, this is the most important thing right here. We must know the variety of responses that the prospect could offer. We will pause at this point in the planning and reverse the roles.
Place yourself in the position of the prospects you have included in your PPP. Use your imagination while in the role of the prospect and determine what they will say, or what they could say, and how they will respond to your opening statements. Write down all of the reasonable responses your prospects might offer. Obviously, the prospect is not going to respond verbatim. However, if you apply yourself, it will be very close. Don’t be surprised if you can imagine fewer than 10 reasonable responses. Usually there are only three or four ways the prospect can reasonably respond. By knowing what you will say, how you will say it, and then how the prospect will respond, you’ve increased your level of control during the cold call. Regardless of your prospect’s response to your opening statements, no matter what he says in response to your opening statement, your reply to him will be virtually the same. Once again, let’s pause here and design your first reply.
Your first reply will be designed around:
1. Profit to the prospect.
2. Your product’s strongest competitive edges.
Now please recall, we’re following a design revolving around an expectation of a response by the prospect of, I’m not interested. To continue our example, we began with a reply to an oil investment of “I’m not interested” by the prospect. We might say, if I may suggest this investment is tax deductible against your salary and has the potential of a 3 to 1 return, and the information I can send to you will prove it in that single sentence. The strongest competitive edges, and the translation of profit to the prospect are clearly stated. Note here that the example would be an appropriate reply to the prospect’s response of, I’m not interested, or I am interested, or I’m fully invested, or whatever. Your first reply must be designed to be appropriate for virtually any response your prospects may offer. And that’s actually an easy thing to do. As conversations go, it is now his turn to say something. Again, let’s pause and imagine all of the different responses the prospect might offer.
You will determine for yourself there exists only a few reasonable responses. Nevertheless, let’s break them down. In order for us to stay organized, we’ll recount. You made an opening statement. The prospect responded. You replied. He responded to your reply, and now we’ll pause and construct your next reply.
During the course of the cold call conversation, this will be your second reply. The construction of your second reply will be centered on the prospect’s need for your product, and it will take the form of a question, which will include the primary competitive edges of your product. We will continue the investment example we’ve been using to illustrate. Jim, am I understanding you to say that you don’t need tax deductions? His answer must make sense to you. If logic dictates that your product means profit to him, why would he not want to consider it? And in this example, a tax deduction translates to a form of profit. Politely ask the prospect that question. Your prospect’s answer to that question will give you insight into the why he is telling you he is not interested. This gives you knowledge to maintain the dialogue and, here again, there are a limited number of ways the prospect can respond. When you learn the real why he is saying he’s not interested, delve into it. In other words, ask questions subtlety about the answer to your question in order to determine whether or not you have a basis for doing business which he may not realize.
To follow our example again, should the prospect answer your question with, I don’t have any money; does that mean he has no money lying around in a checking account, or does it mean it would be necessary for him to transfer funds from one source to another to make the purchase. This is just one simple example, but it’s a very good one illustrating how you must gently probe in order to properly analyze his answer to your first question. Your goal after your first question is mutual understanding. Does the prospect understand the competitive edges of your product and the benefit your product can afford him? And do you understand why he would or would not consider purchasing from you. A caution: People don’t respond well to selfish questions. They become defensive. Think of it. If somebody calls you or visits you and begins asking a lot of questions that pretend to delve into your financial condition or anything that might be as personal, would you respond favorably? It must be done tactfully. Fashion your questions to include a benefit to the prospect which will encourage him to comply with an answer. For instance, Jim, you’re in the top tax bracket. Doesn’t it make sense for you to look at a purchase that could reduce your tax burden? Again, whatever his answer, it allows you to continue a discussion with him. The discussion, actually the cold call itself, should not end until you have concluded one of three things.
1. You will be convinced that he needs your products and he can afford it. That’s number 1; or;
2. You will be convinced he needs your product, but he cannot buy it; or finally
3. You will be convinced he does not need your product.
Any of those three conclusions will allow you to terminate the cold call and feel good about your effort. Your prospect will agree with your conclusions; however, you will know when you’re at the [inaudible] of new business if you are both convinced he needs your product and can buy it. Not will buy it, but can. Leave him with a clear statement of how your product can profit him. That will give him the reason he needs to speak to you during the close. Unless you’re a showroom salesman or a single visit salesperson, the cold call in the closed segment of the selling process will be bifurcated.
You don’t need me to plan your cold calls. It’s very basic. It’s very common sensical. When we get down to basics, the purpose of the cold call is to give the prospect a reason to talk to you. Remember the potato brush. Make him aware of how your products will profit him. You must know before you make the call; before you make the visit, what you’re going to say and what he might say, and then how you will respond to what he says, and then qualify him as someone you want to do business with. Don’t waste your time on people or entities that don’t want your products, don’t need your products, or can’t buy it. And then very importantly, leave the prospect with a reason to talk to you when the time comes to close the sale. Arrange a specific time to take the next step in the sales process. Closing the sale.
Joe Kinlaw’s Superstar Sales Training Audio Book Disc 5 (Transcript) – https://www.therealmjtheterrible.com/joe-kinlaws-superstar-sales-training-audio-book-disc-5-transcript/
