Wednesday, March 26, 2008

Doing what it takes.

The following story I originally wrote in the summer of 2005:

This week I had lunch with a friend of mine that had hosted a few seminars on U.S. Savings Bonds. The purpose was to generate leads for his financial services company that he owns and operates. I was there to show him an idea that would cost him $795.

I learned that he had spent $10,000 in newspaper ads to promote 3 seminar events and was discouraged that he has not a cent back yet, and there was nothing in the works. As we spoke, I discovered that he had between 55 and 75 people total that came to his seminars. The first one had 40 attendees, the last one had 4. So, I asked why spend the 10 Grand in the paper? He was advised to do so by someone that was connected with the seminar topic to do it. Meanwhile, he is out the money, his wife is a bit upset, and he is too.

Instead of selling him the $795 idea, which we agreed did not fit what he was doing right now, I showed him something else:

For $10,000 he could advertise 20 to 40 times per week, every week for the next 12 months on one of my radio stations that is targeted to reach the people he wants to reach, AND have $1000 still in his pocket. (The current cost for the above program is only $9000.)

But then we dealt with his current situation. For $10,000 he made contact with at least 50 people. In order to recoup his $10,000, only one or two people need to become one of his clients. So far he was doing follow up with monthly postcards. Nice, but no results yet.

Get on the phone and make 10 calls per day for the next two weeks. It doesn't matter if you get a live person or voice mail, just make 10 calls from the list of 50 who attended the seminars.

Do this for two weeks. Do not cross anyone off the list until they flatly say no.
But what are they saying "no" to? This is equally important. Do not sell them on the phone. Instead, the calls are simply to set up a personal meeting to see if I can help them in any way with questions about finances, Savings Bonds, or whatever.

He told me he hates to make phone calls. I told him to remember why he was calling.
He was calling to set an appointment. Period. Not to sell over the phone. No way. Do that face to face. After they have invited you into their home. I told him if he wanted to earn his $10,000 back this was the way to do it and he agreed. Didn't like it, but he agreed. Would you do it for $10,000? $50,000?

Whenever I meet with someone, my desire is to help them with some advice at the minimum, or a plan of action so they see value in meeting with me.

Later that day I realized that at lunch not only was I giving my friend advice and a plan, but me too. I call it "teaching the teacher". Most of us know in our head how to be successful, we simply need to be reminded and move it from our heads into our hearts too.

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