The Prospecting Professor

Appointments: The Lucky Number

If you are in the business of selling, especially financial services, how many face-to-face appointments is enough?

In the first place, it is probably fair to separate newer financial advisors from those in the profession who are more senior...those who have an established book of business. Typically, newer advisors do not have to deal with the issues that can keep an advisor "chained" to their office, i.e. customer service issues, complaints, annual client reviews, prepping for upcoming meetings, etc. On the other hand, I have also seen advisors of all levels of experience, who use office busy-work as rationalization for the various types of Sales Call Reluctance.

The other observation that I have is that the financial services business does not have the need for face-to-face appointments ingrained in the culture, vis-a-vis say...the life insurance business.

Consider this recent article from Rough Notes, the monthly magazine that serves the insurance professional "See link" In an article entitled "Two A Day," author Michael Weinberg argues that: "Two a day is our mantra. We expect every new producer to have not fewer than two appointments each day during which the agent asks the prospect for a sale. Anything less and there will be no success. Networking events are fine and can lead to sales appointments, but only sales appointments generate revenue. And without revenue, all is meaningless."

In my experience, sales managers at the brokerage firms (i.e Merrill Lynch, Smith Barney, the regionals, etc.) do not expect or require the newer advisor to have two appointments per day on a consistent basis. Of course, they would welcome this...but this is certainly not the expectation.

A more likely expectation would be the Bayer Adult Multivitamin model...One-A-Day.

(Sidebar: Did you know that Bayer now markets 9 different One-A-Day Adult Multivitamins? Cholesterol Plus, CarbSmart,Women's, Men's Health Formula, 50 Plus, Active, Maximum, Today, and Essential. How does one choose? In my case, I can see 3-4 of these that I want.)

Given the "closing ratios" of more senior advisors, and their attention to managed money or "evergreen" types of business...One-A-Day is probably sufficient to achieve a healthy rate of growth for their books of business.

However, I would also submit that, when you think about it...the capacity to do so much more...is very real. I know some advisors who consistently have 3+ appointments daily.

Next week, I'll discuss this more. That's all for now.

Have a great weekend! Today's Friday the 13th...and tomorrow's a Full Moon. Sounds auspicious or forboding, doesn't it?

Appointments: An Introduction, Not a Lifetime Commitment

Wendy Weiss is a sales trainer and author who is known as "The Queen of Cold Calling." "www.wendyweiss.com"  Her approach to sales appointments is effective in changing the nature of the entire "sales conversation." In her view, an appointment with a prospect is an introduction, not a lifetime commitment.

In other words, let's assume that a prospect for whatever you are selling has an existing relationship with someone else. So what?  In the business that I am familiar with (financial services), we can assume that ALL good prospects have some sort of pre-existing sales relationship. Therefore, when you (the salesperson) asks the prospect to meet you so that you can introduce yourself, your company, and your services...it is an introduction, not a lifetime commitment.

Therefore, if their situation changes, they'll know you. Certainly, it never hurts to have a backup source.

Wendy Weiss also says that she doesn't really care for the term "cold call." In her view, the term sounds scary. She prefers "introductory call." (Although, I would say that being known as "The Queen of the Introductory Call" doesn't have quite the same ring to it.)

One of the purposes of the introductory call is to introduce yourself, your company, and your services. It is simply an introduction that occurs over the phone. Introductory calls include: cold calls, warm calls, and referral calls.

However, the real purpose of introductory calls in the context of the sales process is straightforward...to set a face-to-face appointment. In other words, you are not selling your services or products...you are selling a meeting. You are asking the prospect for 10 minutes to introduce yourself. That's all. At this point, you are not asking the prospect to do anything but give you time. You are not asking the prospect to buy anything, change anything, or make any commitments.

If you consider introductory calling in this manner, the entire dynamic with the prospect changes. There is less pressure...on both the salesperson and the prospect. It allows the salesperson to relax somewhat...as well as the prospect.

Once you are in the door, the sales conversation can begin.

More on this tomorrow. Ciao!

Prospecting for Appointments

Face-to-face appointments provide the beginnings for all sales conversations. They are the critical part of the sales cycle.

The other point to make is that appointments may lead you closer to the sale, but they are not a sure thing. Not every appointment is good. In fact, more than 50% of face-to-face appointments are bad or a waste of time. However, the frustrating reality for most salespeople is that before meeting a prospect for the first time...there is no way to determine which half of the meetings will be the fruitless ones.

In all candor, not every sales trainer believes in the primacy of face-to-face meetings. In a recent article in The American Salesman, author John Graham argues against salespersons "pushing for meetings." Here's what he says. "Those who push for a meeting are generally pushing in the wrong direction. Even worse, salespeople believe they can make a sale if they can get in front of the customer...The task is to engage customers by capturing their interest. Few meetings can possibly accomplish that objective. However, if you connect with what is going on inside the customer's head, you'll be invited through the door."

Here's where I think he's wrong. The reality is that most prospects are too busy and/or distracted these days to take much notice during the initial conversation or two between the salesperson and prospect. Of course, the salesperson wants to capture the prospect's interest from the outset. This is much more difficult to accomplish: over the phone, through direct mail, or via email.

Face-to-face meetings can put the salesperson on the radar screen of the prospect. Appointments are not just the start of the sale, they are also the possible beginning of a relationship. Moreover, a salesperson's success in making appointments happen have little to do with the prospect.

For the next few sessions, I am going to focus on face-to-face appointments, their benefits, how to do them...and why virtually all salespersons should make them the focal point of the sales conversation.