Are you a financial analyst who dreads cold-calling? Learn
to master it. It is your ultimate training in marketing.
Imagine what it can do for your career when you can sell
your products to strangers over the phone?
As a financial analyst, you are always marketing something.
Before you can even step your foot in the field, you will
have to successfully market yourself in job interviews.
Whether you are in equity research, institutional sales or
investment banking, you are always marketing ideas.
Cold-calling is only dreadful when you don't have a game
plan. Before you even pick up the phone, you need to be
well prepared.
Know your products, your company and your competition.
Ideally, you must believe in the product you are selling,
i.e. a product that you yourself would buy. But in the case
of an summer internship, this may or may not be the case.
Research the products and pricing of close competitors so
you know how your company's products compare. Understand
how the products' strengths play out against its weaknesses
so you can effectively handle objections.
Remember that the first impression you can make to your
prospect over the phone is through your voice. When you
believe in the products you're selling, you will exude
confidence in your voice.
Prepare an irresistible script. The best "script" is a
conversation, not a sales pitch. A listener is more open to
a friendly conversation than to a sales pitch. If the
company gives you a script, use it as a reference. If you
read it verbatim, I guarantee that everyone you call will
hang up on you.
An effective script consists of four parts:
- Use informal greetings
"Hello. May I speak to Mr. Smith? This is Chris Johnson
calling from XYZ Company" is usually a giveaway this is a
sales call. I find there are better chances of reaching my
prospect if I sound less formal.
I prefer to say, "Hi. Is John there? This is Chris."
Sometimes, I might even go for "Hi, John. This is Chris."
If it isn't John, I'll just say, "Excuse me, is John in?
This is Chris."
The familiarity would throw most people off-guard and they
would tend to carry on a conversation with you while trying
to figure out who you are. Most people would not want to
admit they don't recognize someone they know.
- Establish credibility
If you have any sort of referral, use it. It can even be
the person you just spoke to before the call was
transferred to your prospect. It may go like this, "I was
speaking to Susan in Marketing. She said I should talk to
you about ..." If there is information about the prospect,
do a quick research before the call. Never mind the "how
are you?" greetings. Just be brief and to the point.
- Create curiosity
You must be able to tell your prospect in two-three brief
sentences the benefits of your products. Mention some real
results to capture their attention. You will know your
sound bite works well if your prospect says, "tell me more."
For example, "Last year, the ABC fund of my company helped
over 1,000 investors like you to grow their investments by
25%. This was fantastic compared to only 5% interest on
savings and 10% return from the stock market."
An effective sound bite is client focused, and it
emphasizes product benefits, not features. This is the
essence of successful marketing. Always focus on the value
you can produce for your client. Is it in the best interest
of your client to purchase your products or are you just
trying to close a sale?
- Close confidently
If the prospect indicates interest to learn more about your
product, immediately follow through with an invitation to
the next step - either continue with your presentation over
the phone or make an appointment to meet.
For example, "We should meet. Only 10% of the funds was
able to achieve this kind of performance last year. While I
can't promise you the same results this year, I assure you
that it's worth your time. Is Thursday morning a good time
to meet with you?"
If the prospect is not interested, thank him for his time
and move on to your next prospect.
Practice your script. By reading the script aloud to
yourself or your friends, you will be able to spot places
where objections may arise. First, try to rephrase the
script to remove any possible objections. Next, prepare
answers for the objections. Being well-prepared is a
confidence booster.
Cold-calling need not make your work miserable. Masterful
cold-calling requires preparation, lots of practices and
social skills. It is not only a valuable asset for a
financial analyst but also an indispensable marketing skill
that can accelerate your journey towards career success.
----------------------------------------------------
Corinne Lor is a success coach for professionals in the
banking and finance industry. Visit her blog to read part 2
of Cold Calling: The Ultimate Sales Training
http://financialanalystblog.com
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