This cured my fear of cold calling for GOOD!
Summary
TLDRThe video script discusses the challenges of consistently making cold calls in sales, attributing the difficulty to self-worth attachment and fear of judgment. It suggests a new approach involving resetting expectations, viewing prospecting as a sorting process akin to a gumball machine, where most calls are 'red gumballs' and few are 'blue' prize opportunities. The script advocates for a 'reverse selling' method that serves the prospect rather than persuading them, and emphasizes focusing on actions rather than outcomes, using the concept of Parkinson's Law to highlight the importance of time-bound activities for effective prospecting.
Takeaways
- 😌 The difficulty in making cold calls often stems from attaching self-worth to the outcome, leading to fear of judgment and rejection.
- 🤔 A new approach to prospecting involves resetting expectations, viewing the process as sorting through red and blue gumballs, where only a few blue ones are valuable.
- 🔍 Understanding that the average opportunity in direct outbound prospecting is about 1 in 10 can help manage expectations and reduce pressure.
- 💡 Shifting focus from convincing or persuading prospects to a 'reverse selling' approach can reduce resistance and make the interaction feel more like a service.
- 📞 In reverse selling, the salesperson gently pushes away, assuming the prospect is not interested, which can lead to the prospect self-admitting their interest.
- 🏆 Focusing on actions rather than outcomes is crucial. Success should be measured by the effort put into activities like having a set number of conversations, not just the results.
- 🕒 Emphasizing time commitment or conversation goals over outcomes can help maintain a consistent and productive approach to prospecting.
- 🎯 Parkinson's Law can be applied to prospecting by limiting the time for activities, which can increase focus and productivity.
- 🌐 Recognizing that work expands to fill the time given to it, setting strict time limits for prospecting can lead to more efficient and effective results.
- 🌟 The mindset shift from focusing on outcomes to focusing on the activities that lead to those outcomes can transform the experience of cold calling into a more enjoyable and successful one.
Q & A
Why is it challenging to consistently make cold calls?
-Consistency in making cold calls is difficult because many people attach their self-worth to the outcome of the calls. They worry about how they will feel, how they will be judged, and the potential negative reactions from others, which can lead to avoidance and inconsistency.
What is the gumball machine analogy used to explain prospecting?
-The gumball machine analogy describes prospecting as a process of sorting through many red gumballs (unsuccessful prospects) to find the rare blue gumball (successful prospect). It helps to reset expectations by illustrating that not every call will lead to a successful outcome.
What is the average opportunity rate in direct outbound prospecting according to the speaker?
-The speaker states that the average opportunity rate in direct outbound prospecting is about 10, meaning that out of a hundred people you talk to, only about 10 are real opportunities.
How does resetting expectations help in the process of prospecting?
-Resetting expectations helps by allowing the prospector to understand that not every conversation will lead to a successful outcome. This mindset helps to avoid forcing every prospect to be a 'blue gumball' and instead focuses on sorting through the 'red gumballs' to find the real opportunities.
What is the concept of 'reverse selling methodology' mentioned in the script?
-Reverse selling methodology involves selling against your own interest. It aims to remove sales resistance by approaching the prospect from a service-oriented perspective, making the prospect feel that the call is for their benefit rather than the salesperson's.
Why does the speaker suggest changing the approach from persuasion to service in cold calls?
-Changing the approach to service helps to lower the perception of bias and resistance from the prospect. It makes the call feel more like an act of service rather than a sales pitch, which can be more effective in engaging the prospect.
What is the significance of focusing on actions rather than outcomes in cold calling?
-Focusing on actions rather than outcomes allows the caller to concentrate on the process and behavior that they can control, such as the number of conversations they have each day. This approach helps to avoid the disappointment of not achieving a specific outcome and instead focuses on the activity that leads to those outcomes.
How does the speaker use Parkinson's Law to improve the effectiveness of cold calling?
-Parkinson's Law states that work expands to the time we give it. By limiting the amount of time dedicated to cold calling, the speaker suggests that the focus narrows, leading to more efficient and effective prospecting.
What is the speaker's advice on how to build the habit of daily prospecting?
-The speaker suggests focusing on the activity of prospecting for a set amount of time each day, such as two and a half hours. By attaching success to accomplishing this activity, the outcomes, like leads and appointments, will naturally follow.
How can the mindset of cold calling be improved to make it more enjoyable and effective?
-The mindset can be improved by resetting expectations, focusing on actions rather than outcomes, and adopting a service-oriented approach in cold calls. This can help to reduce the pressure and make the process more enjoyable and effective.
Outlines
😔 Overcoming the Challenge of Cold Calling
The speaker discusses the common struggle of maintaining consistency in making cold calls, despite understanding their effectiveness. They attribute this difficulty to the attachment of self-worth to the outcome of these calls. People often worry about how they will feel, how they will be judged, and the potential negative reactions from others. To counter this, the speaker suggests a new approach to prospecting, emphasizing the need to reset expectations. They use the analogy of a gumball machine to explain that prospecting is a process of sorting through many 'red gumballs' (uninterested prospects) to find the rare 'blue gumball' (a promising lead). The speaker shares their experience and data, indicating that on average, only about 10% of conversations lead to real opportunities, and encourages focusing on the process rather than forcing every interaction to be successful.
🤔 Changing the Approach to Cold Calling
The speaker continues by discussing the importance of changing one's approach to cold calling. They advise against trying to convince or persuade prospects, as this can lead to resistance. Instead, they propose a 'reverse selling' methodology, where the salesperson appears to be selling against their own interest. This method is designed to reduce sales resistance and make the interaction feel more like a service rather than a sales pitch. The speaker provides an example of how to implement this approach, emphasizing the importance of not forcing the conversation and allowing the prospect to self-admit their interest. They also stress the need to focus on actions rather than outcomes, suggesting that success in cold calling is more about maintaining consistent behavior and actions, such as having a set number of conversations per day, rather than focusing solely on the results like setting appointments or generating leads.
💪 Focusing on Actions Over Outcomes in Cold Calling
In the final paragraph, the speaker emphasizes the importance of focusing on actions rather than outcomes when it comes to cold calling. They explain that outcomes, such as the number of appointments or leads generated, are beyond our control and can lead to feelings of overwhelm or disappointment if not achieved. Instead, the speaker encourages focusing on controllable actions like the number of conversations had or the time spent prospecting. They mention the concept of Parkinson's Law, which states that work expands to fill the time allotted, suggesting that setting a specific time limit for prospecting can help increase focus and productivity. The speaker concludes by mentioning another video where they discuss building the habit of daily prospecting and how they managed to enjoy the process of cold calling.
Mindmap
Keywords
💡Cold Calls
💡Self-Worth
💡Ego
💡Prospecting
💡Expectations
💡Reverse Selling
💡Sales Resistance
💡Actions vs. Outcomes
💡Parkinson's Law
💡Leading Indicators
💡Lagging Indicators
Highlights
Difficulty in making cold calls due to self-worth attachment to outcomes and fear of judgment.
Inconsistency in cold calling efforts and the psychological barriers that cause it.
The concept of ego as a barrier to consistent cold calling.
Resetting expectations in prospecting as a process of sorting.
The analogy of a gumball machine to explain the process of prospecting.
The average opportunity in direct outbound prospecting being about one in ten.
The importance of not forcing red gumballs to be blue in the prospecting process.
Changing the approach in cold calls to avoid resistance by selling against one's own interest.
The method of reverse selling to reduce sales resistance and perceived bias.
Focusing on actions rather than outcomes to avoid disappointment and maintain consistency.
The concept of leading and lagging indicators in the context of cold calling.
The application of Parkinson's law to time management in cold calling.
The idea of attaching success to the activity rather than the outcome for better results.
The psychological trick to build the habit of daily prospecting and enjoy cold calling.
The impact of focusing on activity over outcome on lead generation and appointment setting.
Transcripts
so why is it so difficult to make cold
calls on any type of consistent basis it
seems like it's something that we know
we should be doing we understand the
effectiveness we've seen other people
succeed with it but yet at the very same
time we just can't get ourselves to do
it on any type of consistent basis some
days we are motivated we go all out on
it and sometimes we even go a couple
weeks and it's like all right now I'm
starting to get some traction and then
we fall off and we start to get back
into this behavior of inconsistency for
me there's a couple things that I think
about when it comes to the difficulty of
this activity and here's what I see most
are attaching their self-worth to the
outcome you know how will this make me
feel when I'm making these outbound
calls how does it make me feel when I'm
doing the activity how will I be judged
what are other people gonna think of me
what if someone gets mad and what if I
don't know what to say I mean these are
all the questions that start to come
come up when we start to get in our own
head and starting to get in our own way
of doing this activity that we know we
should be doing but for some reason we
simply can't get ourselves to do it and
it comes down to Ego because we don't
want to put ourselves in a position to
be exposed to others and so we avoid it
all the way so there's a new way of
approaching this activity of prospecting
or making cold calls that I find very
helpful I hope anyway that it will have
the same impact on you number one is to
reset my expectations you see what I've
learned is that prospecting is a process
of sorting let me explain imagine for a
second a huge gumball machine and in
that gumball machine there are a bunch
of red gumballs just a bunch and it says
on the outside of this gumball machine
two gumballs inside and if you get these
Blue Gum Balls you'll get this prize of
10 000 dollars and so little Johnny
starts putting in his little quarters
starts cranking the wheel one after
another out comes these red gumballs and
he says nope that's not it nope that's
not it that's not it and he just keeps
cranking this wheel just crank crank
crank crank and out comes and out spits
all these different red gumballs until
after a period of time goes by he
finally gets this blue Gumball and
that's the way in which I think about
prospecting is that the vast majority of
the people that we talk to over the
phone are simply red gumballs and we're
looking for the rare one-off blue
gumballs now let me explain stay with me
here for a second you see my expectation
now doing this for almost 20 years and
after tracking numbers for myself and
for thousands of real estate agents that
I coach I now know that the average
opportunity when doing direct outbound
prospecting is about 10 and so what does
that mean well it's very simple that out
of a hundred people that we actually
talk to over the phone we're not talking
about dials we're not talking about
attempts we're talking about the actual
conversations that we have with people
over the phone at the door through
direct message on Instagram through text
message through email that only about 10
are real opportunities and when I shift
my expectation and I start to say okay
wow that's interesting when I I hear
what you're saying Brandon and this is
me talking to myself I hear what you're
saying but when I'm on the phone I still
find myself trying to force red gumballs
into being blue gumballs and it doesn't
matter even if I can conceptualize the
fact that I'm only looking for 10 so
every 10 conversations I have that means
I should only get one blue Gumball after
sorting through nine red gumballs on
average now it's not because of the law
of large numbers and the whole process
of how you get to an average it isn't
that you call 10 people and one of them
will be a blue Gumball that's not the
expectation that's not the process of
resetting my expectation because there
has to be this process of taking a large
quantity of activities and in this case
we're talking about prospecting but
let's look at the example of a roulette
table at a casino well what is the
likelihood that that little white ball
falls on either red or black the answer
that is 37.5 percent of the time and
it's only 37.5 percent of the time
regardless if you're in a casino in Las
Vegas or if you're in a casino in
another country it's still 37.5 percent
of the time that is the likelihood of it
falling on either red or black and it's
only that because of the amount of times
that roulette table spins and so over
time after having hundreds and hundreds
and hundreds and hundreds and hundreds
of conversations do you find that about
10 of the time you get a real good
opportunity you get a great what we call
lead and therefore I don't have to
convince anyone of anything my job is to
then find one to two people a day that
need and want my help and my expectation
is that almost everyone will be a red
gumball and therefore I get out of this
mindset of forcing everybody into being
a blue Gumball when they're clearly a
red gumball and all I have to do is sort
those aside if they do not need or they
do not want my help my job is not to
convince them otherwise my job is to put
them aside and crank the wheel yet again
to look for a blue Gumball the second
thing on my list today is changing my
Approach so not going to try and
convince or persuade a prospect because
that causes the prospect to resist this
is what is being taught today as an
example the salesperson might say
something like this they make an
outbound prospecting phone call and they
say Bob this is Joseph with Re Max we
just sold a home over on Smith Street
for 350 000. it had three bedrooms it
had two baths and I was wondering when
do you plan on moving to which Bob
responds with take me off your list stop
calling me why did that happen well
because the perceived bias from the
prospect was that you are a realtor
looking for money you are a realtor
looking for a listing you're looking to
persuade me in some way so that you the
realtor can benefit so what we want to
do instead of that approach coming
across from a perspective of how do I
persuade how do I convince this person
what can I get out of this activity
let's put that aside and let's shift
that into doing what we call in our
reverse selling methodology selling
against our own interest and when you do
this right it will help to remove that
sales resistance it will help to lower
the perception of perceived bias and
when you do it right the message is
perceived as an act of service versus it
coming across like a sales pitch here's
an example we call up a prospect ring
ring ring Bob Bob this is Brandon I'm a
realtor and I'm sure this is the last
call you wanted to get it's certainly a
call I didn't want to make but I was
hoping to ask you a quick question Bob
would that be okay I'm not sure if this
would be of any value to you or not but
listen the home that recently sold you
know the one over there on Smith Street
the one with the red garage yeah that
property had multiple buyers that wanted
the home and now that those people have
missed out they're hoping to find a home
just like it and I didn't know if a
buyer was willing to offer you a great
price on the house Bob if that's
something you'd even consider and so
we're assuming in that conversation that
Bob is a red gumball and only those that
actually push back on us that actually
sell against us that push back and they
say no no no I actually would be
interested it's funny you should call I
actually wow okay we have been thinking
about selling only people who respond to
you selling against your own interest or
we call it selling the negative when the
prospect goes through a process of
self-admission and says no no you got it
wrong we are actually interested in that
ding ding ding ding do you know you have
a blue Gumball so instead of trying to
convince we try to gently push away and
it comes across as an act of service it
comes across as hey I'm making this call
for you not for me as it is for your
benefit number three on my list is
actions not outcomes so most of us
myself included for years and years and
years we focus on the outcomes of this
activity how many appointments can I set
how many leads can I generate Etc the
problem with that is this attaching the
success of this activity to one of those
outcomes suggests that if we don't get
that outcome that we deem the activity
itself unsuccessful and therefore we
have wasted our time or like a lot of
real estate agents that I talk to I'm
feel like I'm spinning my wheels well
here's the thing we can't control those
outcomes the only thing that we can
control which certainly you are already
aware of is our Behavior the actions and
the decisions that we make and so
therefore we need to focus on a time
commitment or a conversation goal that
we are indeed in control of and so when
we attach the success to accomplishing
one of those activities and we focus on
that and that being the win the win
being did I have my 27 conversations
today because that is what the business
plan suggests that I have based on the
goals that I've set and I attach myself
to the activity the outcomes take care
of themselves when I focus on the
activity of prospecting for two and a
half hours per day that as a result of
me focusing on am I being successful
today based on me doing the two and a
half hours of this activity or not that
everything else takes care of itself
that the conversations happen the leads
that need to be generated they happen
automatically the appointments that need
to get set happen automatically because
it is actions over outcomes and results
are simply a byproduct of focusing on
the activity that lead to those outcomes
you've all heard it before there are
leading indicators and there are lagging
indicators we have no control over the
lagging and therefore our focused on the
lagging indicators does nothing but
cause us to feel this sense of overwhelm
or disappointment or letdown and when we
can attach these wins to the activity
great things happen through that Focus
we then can use Parkinson's law which
states that work expands to the time we
give it so instead of saying okay my
business plan suggest that I need 27
conversations today and I'll try to get
these done at some point today we need
to limit the amount of time that we give
ourselves to do that activity and when
we do that that now we've got a narrow
scope of focus and we know when humans
narrow their scope of focus they can get
amazing things done just look at how
much we get done the day before vacation
that is Parkinson's law at work so now
that you've learned a few different ways
to approach the activity of cold calling
the mindset of cold calling the approach
of cold calling I made another video
right here where I share how I built the
habit of daily prospecting and how I
tricked my brain to actually love cold
calling
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