Notes, Notes, Notes! Huh?
This week I am going to talk about my successes, failures, and learnings from contacting Asset Managers. I learned very quickly that these individuals are very busy and are very difficult to get on the phone. After making between 50 to 60 calls I decided to regroup and take a different approach. I reached out to my best friend that has been in sales & marketing for most of his career. When we spoke, I told him that I was not reaching these individuals via phone calls or e-mails. His first question to me was this “What is/are their pain points?” I did not know what their pain points were at all. He told me that if you do not know what their days are like or can relate how are you going to have a conversation with them. After our call, I thought about our whole conversation and what I needed to do to find these pain points. I started back up the following day by using LinkedIn to find Asset Managers and then sending them a message with my connection request. I also continued to e-mail them with different messages. After several weeks, I was not getting much traction, and then one Asset Manager connected with me on LinkedIn and in her message she stated she would have time the following Tuesday at 9 AM Central Time to talk. I was like a little boy on Christmas morning! I immediately called my best friend and told him the GREAT news! He congratulated me with “Mazel Tov!” And then told me there is more work to be done! We continued to discuss the action plan I needed to complete, and what I wanted to accomplish on this call.
Tuesday came quickly for me and I was a bit nervous about how the call was going to transpire. I started dialing the telephone number and I noticed that I was nervous and started sweating a bit. I took a few deep breaths and hit send on my cell phone. The Asset Manager picked up the call on the first ring just like she said! I introduced myself and thanked her for taking time out of her busy day. She immediately started asking questions about RED Enterprises Group and myself. I answered all her questions and she said bluntly “That is all I had. What did you want to discuss?” I went right into my questions. I asked the basic questions of: “Do you sell your non-performing notes?” “Can you give me a brief overview of your sales process?” She was gracious to answer both questions with great detail. After she finished, she asked again “What other questions do you have?” I was thinking “This is really Christmas in March!” I went big with my next question: “Why is it difficult to contact Asset Managers like yourself?” The other side of the phone went dead silent! I was thinking I did it now! And what felt like 5 minutes, she came back and said are you ready to “Ingest a lot of information?” I said I have my pen and paper ready to go! And the flood gates opened up! I felt like I was part psychologist and part confidant. This conversation went on for almost an hour. I did not get to answer any other questions cause she answered them for me! The five biggest points I learned that day about Asset Manager:
- They are humans just like the rest of us
- There is a lot of pressure on them to get assets out the door
- They have hundreds of people reaching out to them daily with no filter
- Don’t BS and waste their time! Be straight forward and know your business
- Be respectful
This conversation by far was the best lesson I have had in my professional career! The great thing about all of this is I learned from my mistakes and I have built a strong working relationship with this individual. When we talk on the phone now, she sometimes reminds me about the first time we spoke and how quiet I was when she unloaded on me! We both laugh and go on with the topic at hand!
I hope everyone has a great week ahead! Remember, let’s all be part of bringing Wall Street to Main Street!