No Stats on Cold Calling?
You can play "what if" all you want with made-up stats.
Best bet: keep stats for a few weeks, come back and use the real ones.
To give you a hand, I have created a set of cold calling stat sheets for you. Download Cold Calling Stats Worksheet here.
Cold Calling Success Zones
To fully understand the concept of success and failure zones, you should first print and study my Research Magazine article, "Cold Calling Success Zones." It's here.
If you are not registered with the Bill Good Marketing website, you need to register here.
The cold calling success zone is a set of 6 prospecting and selling stats. If any one stat is too much out of "the zone," you can't get there from here. It will require more time than you can possibly commit.
As you play "what if," keep your eyes on these three stats:
- . Hours cold calling per week.
- . Hours selling per week.
- . Total prospecting & selling hours per week.
If you run out of time, you have to improve one or more of these areas:
1. Prospecting skills (Cherries per hour)
2. Appointment setting skills (Cherries needed to get 1 Hot Prospect)
3. Preparation skills (Hours preparing for 2nd appointments)
4. Interviewing skills (Average assets per new household)
5. Presentation skills (Hours per first appointment, Hours per second appointment)
6. Closing skills (Hot Prospects needed to make 1 sale)
Sometimes, as you will see, just a little change in 1-6 can greatly reduce the time it takes to make your goal.
Suggestion: Develop your own real world stats. Then come back and play "what if" again.
The Failure and Success Zones
We created two "baseline" failure zones. Each assumes your annual goal is $5 million in AUM from prospects. The first assumes the average size of assets brought in the first year is $100,000. The stats in this zone require 71 hours per week of prospecting and selling.
The second assumes average asset size of $500,000 per new household. This requires 109 hours per week (allowing 3 hours per day for sleep and other activities!)
To Play "What If?"
Click on each of the buttons below to study these success and failure zones.
Success and Failure Zones: $100k Average AUM per New Household
Success and Failure Zones: $500k Average AUM per New Household
Now populate the calculator below with the success or failure zone closest to what you think you are or should be doing. Then change different numbers to see what you must do in order to achieve your AUM goal. Suggestion: start with an annual AUM goal of $5 million. Then vary that.
We are going to assume a 2 or 3 appointment sales process. Let's say half of your first appointments don't pan out. Obviously then, 50% of 1st appointments produce 2nd appointments. Some people will buy on the 2nd appointment. But let's further assume that 50% of 2nd appointments produce a 3rd appointment. Based on your own statistics, you can certainly see how this affects your selling time.