I started calling on 401(k) plans between $2m-$5m last week during my lag time. I just wanted to share and keep a public journal of the journey. I have a lot of phone experience, but this is my first crack at the business market.
So far I have only made 85 calls (3 meetings set) , here is what I have learned:
1. Getting past the gatekeeper: There are varying degrees of difficulty, some are just receptionists that pass me through no matter what, some are what I put in my CRM notes as a "BWG" (brick wall gatekeeper) that there is no getting through.
I try not to raise their antennas and just ask for the plan contact by first name like I am a golfing buddy, or long time customer or whatever....if they ask who is calling, I say "well sure, tell him Stephen is calling" (but not my company).
If they still haven't put me through, I realize that I may have a BWG and jokingly ask her if she could come and train my assistant to screen calls. We both laugh, and then I tell her why I am calling and ask if I am even asking for the right person. This works well enough, but some of them are just good at what they do.
2. The (hopefully) decision maker:
The most common 1st call outcome so far has resulted in leaving a voicemail. From my current small sample size, I am getting the plan contact on the phone live around 14% of the time.
Before I discuss business, I always state my name, ask how they are doing, and if I caught them at a good time. I was really surprised by how many people respond with "well that depends" I just say "it depends on what I want doesn't it?" and we both have a laugh.
With the pleasantries out of the way, I ask them for 15 minutes to introduce myself and what we are doing with 401(k) plans.
About 25% of the time I have gotten a yes, and other times a brother-in-law has the plan, just changed, happy with current provider etc...
I don't try to overcome any objections, I just switch gears and uncover who they are with, how long they have been with them, why they are with them, and receive an email address and permission to call again.
If I make any calls this week I will post an update and any adjustments or lessons learned.
So far I have only made 85 calls (3 meetings set) , here is what I have learned:
1. Getting past the gatekeeper: There are varying degrees of difficulty, some are just receptionists that pass me through no matter what, some are what I put in my CRM notes as a "BWG" (brick wall gatekeeper) that there is no getting through.
I try not to raise their antennas and just ask for the plan contact by first name like I am a golfing buddy, or long time customer or whatever....if they ask who is calling, I say "well sure, tell him Stephen is calling" (but not my company).
If they still haven't put me through, I realize that I may have a BWG and jokingly ask her if she could come and train my assistant to screen calls. We both laugh, and then I tell her why I am calling and ask if I am even asking for the right person. This works well enough, but some of them are just good at what they do.
2. The (hopefully) decision maker:
The most common 1st call outcome so far has resulted in leaving a voicemail. From my current small sample size, I am getting the plan contact on the phone live around 14% of the time.
Before I discuss business, I always state my name, ask how they are doing, and if I caught them at a good time. I was really surprised by how many people respond with "well that depends" I just say "it depends on what I want doesn't it?" and we both have a laugh.
With the pleasantries out of the way, I ask them for 15 minutes to introduce myself and what we are doing with 401(k) plans.
About 25% of the time I have gotten a yes, and other times a brother-in-law has the plan, just changed, happy with current provider etc...
I don't try to overcome any objections, I just switch gears and uncover who they are with, how long they have been with them, why they are with them, and receive an email address and permission to call again.
If I make any calls this week I will post an update and any adjustments or lessons learned.
