Dealing with Let Downs

[Bobrobb]

Also what cost basis, other than the stocks we are talking about savings, checking, cds and IRAs that you already know the cost basis of. Second it sounds like your approach was to take all of her money in 1 transaction into 1 be all to end all product. Why couldn't you have proven yourself buy helping her get a better return or income depending on objective on say some of her CDs. It's easier to take a small portion and come back later on a review and earn some more.

I'm sorry I didn't read the whole thread however I doubt there couldn't be a better answer than Peter's. I was trained by the great Rick Metcalf who was committed to just 'opening an account.' Even as low as 5K. They now become your clients instead of prospects with a chance to build up trust.

 

[Baconfat]

I'm sorry I didn't read the whole thread however I doubt there couldn't be a better answer than Peter's. I was trained by the great Rick Metcalf who was committed to just 'opening an account.' Even as low as 5K. They now become your clients instead of prospects with a chance to build up trust.

I am going to see if I can let her cool down for a bit, regroup, TAKE THE LEAD ( you see Gemini?) and try to do exactly as Norway and you suggest, while opening my ears and gently prompting her to open up with her concerns.

 

[Norwayguy]

I have to say compared to some recent posts by other people baconfat sounds like he is taking this to heart. I can only say that you won't close them all and to keep chugging along.

 

[Baconfat]

I have to say compared to some recent posts by other people baconfat sounds like he is taking this to heart. I can only say that you won't close them all and to keep chugging along.

Im not sure what you mean. Am I taking not closing this deal to heart? Possibly but I do understand the nature of the business and I am not sitting thinking about quitting. I just thought a discussion might motivate me or others in the same situation. It was a big prospect that I spent alot of time on. I learned some lessons, but the lessons learned have not at this time put diapers on my kid's ass. If you are referring to getting flamed by a vet here, that honestly does not bother me a bit, but it does derail a discussion especially when it is unwarranted.
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And to add to that. She never said don't call me again or anything like that. Many here have given me some advice on how to get back in front of her. Norway, I appreciate every bit of advice you have given, but I'm not a sad sack that gives up that easy. I know you have all been in my shoes before in some form or another. You can't teach experience, but others can learn from it....if that makes sense

 

[Norwayguy]

I was commenting about the differences in your post to another recent new agents posts glad2bhere. I know we haven't put diapers on your kids in the last 2 days. Personally I think the $200 dinner or looking at it another way $200 per lead is likely to sink you. The problem is your mentor sounds very successful booked 3 weeks out and sounds like all he does is close big deals but realistically how many be deal clients can you get the two of you in front of? I could be totally wrong (I'm going to reread your first post be right back) I'm back and I saw your edit and I will say I've never been in the following shoes

5000 mailers for a one on one sit down $2000 absolute minimum.
10 responses $200 per response to a mailer which just a suspect of which 6 cancelled on you so really it cost $500 to arrange a one on one dinner with a prospect of which you spend another $200 on, the simple question is can you afford to maintain this cost to buy customers?

 

[Baconfat]

I see what you are saying and agree. Having someone I met or spoke to briefly not call back or schedule an appointment is not a big deal. Sitting down with someone for 2 hours and watching them go free for all on the menu and then not answer my calls is beating me up. I have to sit down with my mentore and reassess things. If he continues to pay for the mailer and contributes towards the cost of dinner than why not. But like you said the high cost of me finding a prospect is making everything more difficult

 

[Larry Tew]

Bacon, the problem with getting feedback on a forum such as this is that there is a broad spectrum of markets represented by the posters. You have everything from Final Expense to comprehensive financial engineering going on here. I haven't seen this posted yet (or else I missed it) but if I were you I would study up on two people:

1. Wayne Cotton www.cottonsystems.com
2. Bill Cates www.referralcoach.com

Both of these guys specialize on obtaining referrals / endorsed recommendations to your specific chosen client profile. Referrals are the least expensive leads and they won't bankrupt you.

You may continue to use other prospecting methods but IF you will be as diligent in your prospecting / marketing as you are in other areas of case prep and communicating / selling, you could be a 100% "by referral only" practice within a year from now.

 

[Baconfat]

Bacon, the problem with getting feedback on a forum such as this is that there is a broad spectrum of markets represented by the posters. You have everything from Final Expense to comprehensive financial engineering going on here. I haven't seen this posted yet (or else I missed it) but if I were you I would study up on two people:

1. Wayne Cotton www.cottonsystems.com
2. Bill Cates www.referralcoach.com

Both of these guys specialize on obtaining referrals / endorsed recommendations to your specific chosen client profile. Referrals are the least expensive leads and they won't bankrupt you.

You may continue to use other prospecting methods but IF you will be as diligent in your prospecting / marketing as you are in other areas of case prep and communicating / selling, you could be a 100% "by referral only" practice within a year from now.

Thank you i will look them up. I'm am tryig to be as diligent as possible. I know that any successful business requires referrals. That's where I'm trying to get to. As I have been thinking about this thread and my current state I think one of the things that sucks the most is that with every botched prospect I am not getting any closer to referrals. I will try to focus on the smaller jobs when they come up to help build my reputation. I like to think that I am not commission chasing but referral chasing. I know that to get referrals I have to be good at what I do and I really am trying to do best by the people that trust me.

 

[CALTCAgent]

First off, I think this has been an interesting thread!

I liked some of the responses, I think they can be helpful.

She wouldn't provide any info other than name, address, and phone number.

You didn't gather the financial statements from the first meeting?

Rearranged prior appointments with what I thought were less motivated prospects cause this woman didn't want to wait for our normal 2-3 week out scheduling.

Why didn't she want to wait?

 

[moonlightandmargaritas]

Sitting down with someone for 2 hours and watching them go free for all on the menu and then not answer my calls is beating me up.

Wait a minute...didn't YOU invite her?