How to Make Sure You Hate It

I would say that there is one way to guarantee that you will hate every minute of your cold calling career…Focus on your fear and procrastinate your preparation. Do this, and I promise you will abhor every cold call you make. These two things go hand in hand because as you procrastinate, your lack of preparation leads to fear of objections, rejections, and failure, which makes it harder to take the necessary steps to prepare next time. It’s a vicious cycle, that without a constant, conscious effort, is inevitable.

On the flip side, if you are very well prepared and keep your fear in check, you will be well on your way to success. It’s my belief that no matter how bad you are (to a point) you can be successful in sales if you put in the work and go through the numbers. Of course, it helps to be a people person, outgoing, energetic, friendly, smart, knowledgeable, and have all the “closing techniques” in your bag, but those are traits you learn, not something you’re born with.

Your Best Bet for Cold Calling Success

I would bet that if you gave yourself 1 full week to focus on the 3 basics I am about to give you, you’ll see a drastic improvement in your cold calling stats.

1. Prepare, Prepare, Prepare.

Know your products front and back - Know the market you’re selling in - Know your competitors! - Know your prospect (a little homework will do wonders. If you know you’ve got an Atlanta boy on the phone, a little Mike Vick joke would do just fine)

Do this and you don’t have to worry about them asking the tough questions or drilling you like a CIA interrogator. You’ll be ready for it all.

2. Plan Your Purpose.

Pick up the phone with a stated purpose. Are you trying to make the sale on the first call? Are you trying to spend 30 minutes doing a demo with an “information gatherer” (someone who can ONLY say “NO”)? Or are you trying to book a face to face with the decision maker?

Don’t stray from your plan because someone is willing to listen to your Spiel.

3. Don’t Take It Personal!

I will allow you to take it personal if you can honestly tell me that you have NEVER been rude to a salesman on the phone. OK, I didn’t think so…Everyone does it and every salesman hears it.

“We don’t need it” - click

“No Budget” - click

“He doesn’t take calls” - click

click

Most people you call think they are the most busy, the most stressed, and the most important person in the world. If you realize that and give them some room to make mistakes (we’re all human), your cold calling life will be much easier!

Related Readings

Quality Begets Quantity - And How Not To Make A Cold Call
How to Turn Your Connections Into Friends, Partners, and Customers for life
Donald Trump On Focus (video)
An Entrepreneur’s Secret To Stress Management

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I wrote a few months ago in Quantity Begets Quality - And a New Direction for TheYoungCapitalist that,

What I’ve discovered is that as my quantity goes down, the quality of my best work goes down with it. When I write ONLY when I know I’m creating great work, I find myself less creative and less motivated overall when it comes to new post, new idea, and new work.

I think this translates well into the world of sales. I find that the more cold calls I make, the better my best ones get. Make sense?

If I only call what looks to be the “best” prospects, I end up being less successful than when I get a big huge list and get cracking. In sales, my saying holds true that “Quantity Begets Quality.” Sales is a numbers game. Granted, there are things you can do to increase your percentage of successes, but 25% of 20 is still less than 10% of 100 calls. The more you put in your funnel at the top, the more comes out at the bottom, regardless of how much you’re losing along the way.

How NOT To Make a Cold Call

1. “Could I take 10 or 15 minutes from you?” - No, I’m right in the middle of something

2. “I’m calling to see if maybe you might be interested in…” - No, I’m in a meeting

3. “Can I talk to the President?” - He’s not available. Side Note: He’s Never Available.

The problem with these questions is that they make it very easy for the person on the other end of the phone to say “No.” The alternative is to ask question that either make people want to say “yes” or have to say “yes.”

1. “I was hoping you could help me?” - Ok, what can I do for you?

2. “I have some info on (new product) that I would like to pass along. Who would make decisions on (said products)?” - You can send it to VPMarketing@prospectcompany.com

3. “I just got off the phone with (friend/coworker/colleague’s name) who said I may be able help you as I helped him.”

So Begins My Series on Cold Calling

You can Subcribe Here to stay up to date. I’ll be writing on “Making Cold Calling Fun,” “Warming Up The Cold Call,” “Getting to The Decision Maker,” and many others.

Related Reading

Networking Beats Cold Calls Every Time
Building Discipline Into Your Life
TYC Sales School: Your 3 Goals
How to Ensure a Lifetime of Employability
How Do You Warm Up a Cold Call?

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Those of you who have been around reading for a while know how I feel about self-discipline and it’s effect on every area of your life from financial success to relational wellbeing. When it comes right down to it, I believe that all unhappiness is a direct reflection of a personal lack of self-discipline. Say, for instance, you’re struggling financially. Many people will blame such a problem on the (non-existent) “bad economy,” their employer, family, debt, or any other number of things they feel are outside their control. The fact of the matter is that a lack of self-discipline has lead to financial crisis. No matter how much (or how little) money you make, you can be in a great financial state or a poor one. It all depends on discipline

If you have read The Millionaire Next Door by Thomas J. Stanley and William D. Danko (who, by the way, has started speaking at get rich quick seminars) , you’ll know that the average millionaire in this country isn’t making $500,000 a year. They make, on average, slightly above average income but they know how money works and they have the self-discipline to save and invest wisely. They aren’t out buying brand new cars for $80,000 a pop. They aren’t the people who live in the million dollar houses.

How Discipline Translates to Happiness

There are many things that people claim “won’t buy happiness,” like cars, houses, boats, games, clothes, food, six-pack abs, enormous chest muscles, etc., but I disagree with that on the grounds that such things will buy more happiness. They won’t make an unhappy person happy, but they will bring a happy person more happiness. So I suggest that the more disciplined you are, the happier you will be.

More discipline means less stress.

More discipline means less sickness.

More discipline means less conflict.

More discipline means less waste.

More discipline means less debt.

More discipline means more savings, more free time, better health, longer life, healthier relationship and a better family life, not to mention personal fulfillment from living up to your potential. If you ask me, that’s a good definition of happiness.

Related Link

The Young Capitalist Sales School: Building Discipline into Your Life
Save More vs. Earn More: A Dollar Saved is Two Dollars Earned
Secrets of Self-Made Millionaires. Shhh…

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Be a Consultant -

People are naturally skeptical of sales people…especially if you’ve got the outgoing (in your face) personality, even if it’s genuine. In order to get around this, I’ve done my best to take on the role of a consultant more than a sales guy. One of the products I rep is called RFTrack.NET. It is an RFID(Radio Frequency Identification) software geared for asset inventory and monitoring for medium to large businesses. Many of the people I speak to have a limited understanding of RFID so I make it a point to give them 30 minutes of my time in a training or teaching scenario to bring them up to speed on the state of RFID. This is designed to give them the tools and knowledge they need to make an informed decision about an asset tracking solution for their company whether they go with my product or not.  So I give them industry standard information and let them know the benefits and drawbacks of an RFID solution.

A lot of the inbound leads I get are from people that report directly to the CFO, CIO, CTO or other C-level executive, and with this in mind I let them know that I am ready, willing, and able to help them with whatever they need to bring to their boss. Generally this relationship is such that CIO makes the ultimate decision, but it is very heavily based on the input of the researcher. By offering your services to help the researcher look good to their boss, you have added value to your services.

Never Sell on Price -

Once you’ve made somebody look good in front of their boss, you’re officially a partner…no longer the sales guy. From here it is much easier to a) make the sale, and b) upsell with other products, services, and/or consulting. If you find yourself losing sales and they tell you it’s because the other guy gave them a better price, you’ve done something wrong even if you’re selling a commodity that they can get from 6-8 other people. Ultimately, people buy because of their perceived value, even if they say they are buying on price.

Value comes in many forms. It could be a piece of research your company has done to show that there is a market for your product. It could be learning their language (how they talk about products, services, markets, demand, value, and their boss) and using it when you communicate with them. It could be any number of complicated things or something as simple as developing a friendship with them. When it comes right down to it, a laugh can be worth a $1000. Or more if the deal is big enough.

Closing Statement -

To quote Jeffrey Gitomer once again, “All things being equal, people want to do business with their friends. All things being not so equal, people STILL want to do business with their friends.”

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Can you imagine how much easier it would be to get a sale, or at least an appointment, with someone that knows you by name as compared to that busy guy who’s meeting you just interrupted? Not to bust on cold calls because sometimes that’s the ONLY way you’ll get in touch with someone, but if you can get around the “cold” part, the call is much easier.

You’ve heard the saying, “It’s not WHAT you know, but WHO you know that counts.”

I say, “It’s not who YOU KNOW, it’s WHO KNOWS YOU that counts.”

There are a million ways to get known, but these 3 are the most effective.

1. Networking Events

One problem with a networking event is that everyone is there to sell something and they’re not necessarily looking to buy anything. You can use this to your advantage by being genuinely interested in what it is they are trying to sell and who they are as a person. When you are done speaking with someone at a networking event, the rule of thumb is the more you know about their products, their family, and their life, the better. The reasoning behind this thought process is that people love to talk about themselves, and the more you know about them, the more you let them talk. They will remember you as a great conversationalist.

2. Business Events

The difference with this and a networking event is that everyone at this function will have something to do with your business. This could be a trade show, trade association lunch, or the like. The goal here is to either garner a piece of information before the event with which you can provide value to those you come in contact with or search out people of whom you can ask for wisdom and advice or ask about experiences and expertise. Again, people love to talk about themselves or their knowledge and they love to get a piece of info that will help them in their endeavors. “what are your thoughts on…,” “How has…affected your line of work?” and “Have you had any experience with…” are the best kind of questions for this situation.

3. The Golf Course, Social Events, or Restaurants

The key here is to keep it light. I wouldn’t say avoid business talk, but I would encourage you to try to take a different approach. Just try to make a friend, even if it’s only for a few minutes. Be yourself, and if you feel like to need to be someone else in order to make connections, maybe you should change yourself.

If you’re really trying to make a connection, offer your business card and this can open up the door for a business conversation. Generally you will be offered a business card back. You’ll find that the high-level people tend not to have cards on hand. That’s okay. Always give a card, even when engaged in friendly and social conversation, and even if you know you won’t get one in return.

Friendly Business

The bottom line is that no matter what the situation or circumstance, people want to do business with their friends. If someone sees you as a friend and a valuable relationship, they are more likely to do business with you, regardless of price (to a point).

When making connections, nothing beats humor. If you’re not humorous, you can learn to be and I’ll cover that next time.

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When starting a sales career, or starting over, I have 3 main ideas to teach you, that come from the 3 main goals I have in my sales career.

1. Provide Value First - You’ve heard it before, but I say provide value first without expectation. That to say, don’t get frustrated when you’ve given something without getting in return. It will all come back to you one day.

Your prospect is not interested in your company, your product, or your service. You have to give them something they ARE interested in. Namely, themselves! Give them something about THEIR customers, THEIR productivity, THEIR profits. It could be research your company has done, a quote from John Maxwell, or Business Week article about their target market.

As Napoleon Hill says,

You can start right where you stand and apply the habit of going the extra mile by rendering more service and better service than you are now being paid for

2. Build Long Term Relationships - Now, if you sell TV’s for a living, this might be nothing more than sending a Thank You Note after they make a purchase, but if you are in an industry in which you will being providing some service or support and hope for another sale down the road, I suggest you work on this. One great way to do this is to find out something about your prospect before calling them. Find where they went to college, if they have kids and how old they are, are they a golfer?

Can’t find this info out? Try calling your prospects company and asking for sales. The guys in sales will tell you things that the gatekeeper would not. Once you find these things out, you can bring them up in the sales call and hopefully find some common ground on which to build a friendship.

3. Enjoy Yourself - It’s your career! Why spend all your time doing something you don’t like? You can learn to like it if you don’t. Attitude is a choice, and you can choose your attitude about your sales job. It could be that you’re at the wrong company or in the wrong industry, but one way or another, you can train yourself to enjoy what you do.

I do know that when it comes right down to it, there will always be things you HATE to do. That’s okay, you can outsource the crappy stuff! Take your time and know that you don’t have to accomplish EVERYTHING TODAY! If you can become better at sales, you can spend less time at it and make more money! What a novel idea!

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The only true safeguard against the dreaded layoff is an expertise in sales. Not to say that if you can sell, you will NEVER get laid off. It’s just that if you do happen to get laid off, you’ll be able to grab another sales job in a matter of minutes! I think that having the ability to sell products and services is invaluable. This is why I’ve decided to host “The Young Capitalist Saturday Sales School.” Tune in every Saturday for the latest sales techniques, tricks, and tips to aide you in your sales career.

I wanted to take this opportunity to give my first lesson on sales. The problem I have found in most sales people crosses the from your business life to your “real life,” and that is discipline. A mentor of mine once said, “all unhappiness is reflection of a personal lack of self-discipline.”

As I got thinking about it, it couldn’t be MORE true. All my sources of pain or frustration stem from a lack of discipline in a certain area (i.e. financial choices, health choice, relationship choices, etc.)

You’ll hear a lot from me about sales. Everything from asking the right questions to creating a useful and usable business card, but none of it will make any difference if you don’t have discipline. I am lucky enough to have grown up with a father and mother who built discipline into me at an early stage, but there are many young business owners out there who were not so lucky. I’ve come up with 3 ways to develop discipline with as little pain as possible. But trust me, it won’t be easy!

1. Reading - NOOO!! Don’t make me read! Right? Well there’s not a better way to develop discipline, especially if you’re “not a reader.” Take 15 minute, 5 days a week, and commit yourself to reading a book that will better you. It could be a sales book, a personal development book, a religious book, or anything else that will allow you to grow. All I’m saying is that you can’t just read your RSS reader everyday and say you’ve done something. This is a relatively pain-free way to develop some discipline.

2. Push-ups - Again, this is not something that will take a lot of time or cause a lot of pain. It IS something small you can use to train yourself in the ways of discipline. Even if you can only do a few, you’ll be amazed at how your body changes and you’ll be doing 3 sets of 20 push-ups in no time. And, you’ll have a manly chest.

3. The Change Jar - All you have to do is save your change. I have a 3 gallon water jug that my wife and I use. Every time I use cash, I ask for a dollar in quarters when I get my change. Again, this is not a big deal, and its pretty pain free. The challenge comes when you need that money! Well, set yourself a date and commit that you will not use your change until then. It adds up pretty quick!

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These are the terrifying terms that young professionals and college students hear with frequency, though they continue down the prescribed path, heading blindly into a tumultuous corporate environment no more prepared than they were 4 years earlier. As a follow up to my post on Small Business Trends, I wanted to give an alternative to a college “education.” The more you read from me, the more you’ll hear my disregard for college and the education they claim to provide.

Many people say you cannot succeed today WITHOUT a college degree. I submit that a college degree is a hindrance to success for many people. In my humble opinion, I believe college serves to squash the entrepreneurial spirit, squelch creativity, and propel it’s victims down a path of averageness.

I hear arguments today that college is place to grow, learn, and mature. If 4-6 years of ultimate authority and no responsibility is your definition of an environment in which to mature, I believe “mature” does not mean what you think it means. This does not apply to those of you who are WORKING your way and PAYING your way through school, or to those whose chosen occupation absolutely requires a degree (i.e. doctor or lawyer).

But those of you in a “liberal arts” course of study, beware! I doubt you’ll be any more ready to meet the real world after college, but you will be 25 lbs heavier. I’ve been thinking about this subject a good bit, and I’ve come up with a three step formula for success without college.

1. Get a Sales Job - After 4 years in sales, you should have done all the maturing you would have accomplished in a lifetime of college. Not to mention you’ll be making $60-100K a year instead of borrowing $20-40K a year. Once you have a base of sales experience and expertise, you’ll never be unemployed again, except by your own devices. Should you find yourself unemployed, you’ll be able to have a job my next Monday. Monster.com has 37 pages of sales jobs within 10 miles of my house. I’m sure CareerBuilding has as many if not more.

2. Become an Expert - At something you’re interested in, and do it within 6 months. That’s a whole different post I wrote a few weeks ago. Check it out, it’s a gem.

3. Find a Cigar you Love - and smoke one twice a week with a nice beer, not Miller Lite. If you’d like a suggestion on beer or cigars, feel free to contact me and I’d love to point you in the right direction. You may not believe me, but I think this step is the most important. Maybe I’ll cover that another day.

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About a year ago, anyone would tell you that the experts say you are not to eat fish when you are pregnant. Now you are supposed to have at least 12 oz. of fish per week when you are pregnant.

Wine goes from good to bad, good to bad, good to bad. One day you’re supposed to drink no alcohol for fear of liver failure, and the next day you are instructed to have 2 glasses of red wine per week to combat heart disease!

None the less, people continue to listen to the “expert” in any field and they pay good money to do it. What does this mean for an entrepreneur? Could it be that being an “expert” would lead to increased income, opportunities, and privileges? I believe that is Exactly what it means.

This raises the questions, “How do you become and Expert in your field?” Tim Ferriss has a great formula.

1. Join 2-3 Related Trade Organizations - This should cost no more than about $50 each plus a yearly renewal.

2. Read the Top 3 Books in the Field - Chances are, you can find them at the library, so this is free!

3. Offer to Write Articles for a Trade Organization - Generally, you can just offer and they will accept. On occasion, you will have to do steps 4 and 5 before your articles will be accepted.

4. Give 2 Free Seminars to Large Companies - In Atlanta, we have Wachovia, Home Depot, CNN, Turner, etc. etc. Pick an organization in your city and contact HR. If you tell them you’d like to hold a free “Stress Relief Seminar” for some of their employees, they will jump at the chance as long as you are not selling anything.

5. Give 1 Free Seminar at Well-known University - Again, they will jump at the chance as long as you let them know you are not selling anything.

These 5 techniques will give your “Bio” a jump start and allow you to stand on your past achievements to push you forward. None of these will be paid gigs, in fact you will have to pay for some of them, but think about this…

“your name” is an expert in the field of “your field,” a writer for “your trade organization,” and speaker with engagements at the Georgia Institute of Technology, Wachovia Bank, and Turner Broadcasting, among many others.

Tell me that doesn’t sound better than “Graham Lutz started a business one time…”

Here’s my question for you…“Will you do it?”

Do you know How old you will be if you spend the next year becoming an Expert in your field?

The Same age as if you DIDN’T spend the next year becoming and Expert in your field.

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So, 2 weeks into the ownership of my new computer, I get a virus. Not a little “pop up” virus, but an “eat your computer from the inside out” virus. I took my computer to The Geek Squad at Best Buy and stood in line for about 20-30 minutes waiting on Anthony to help the other customers who were obviously livid about their situations and taking it out on him.

I approach the desk when it is my turn with a big smile on my face. Throughout my interaction with Anthony, I made sure to be pleasant and ask him about his work and genuinely be interested in him. Well, he let me know that it will be ten days to get my computer done. That sucks, but I know nothing about computers so I had no choice. I said “no problem, thank” and left it at that.

Wouldn’t you know it, 2 hours later, I get a phone call. Anthony says hello and proceeds to tell me how much he appreciated that I was patient and that he went ahead and finished my computer this morning! So I went from 10 days to 2 hours just like that!

That, my friends, is one selfish reason why you should talk to everyone.

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