What skills are the most important to become a good trader?

Discussion in 'Sales, Marketing & PR' started by Nissenel, Mar 15, 2020.

  1. Nissenel

    Nissenel UKBF Newcomer Free Member

    24 1
    Good afternoon all,
    I failed first time and now I'm just preparing myself to become trader in logistics again, better than I was in the begging. The main activity is trying to get customer through cold calling.
    What I learnt is I need to posses:
    - How to get better at asking questions
    - Goal setting and planning
    - Time management
    - Networking
    - How to do cold calling right
    Do you think there are other skills I need to improve?
     
    Posted: Mar 15, 2020 By: Nissenel Member since: Nov 6, 2019
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

    23,550 2,847
    Selling.

    And how not to talk the customer out of the deal. Plenty appear to miss that one.
     
    Posted: Mar 15, 2020 By: Mr D Member since: Feb 12, 2017
    #2
  3. mattk

    mattk UKBF Newcomer Free Member

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    Realistically, how successful is cold calling?

    I always tell cold callers I can't talk right now and call back in x hours - I think immediately add their number to my call blocker app.
     
    Posted: Mar 15, 2020 By: mattk Member since: Dec 5, 2005
    #3
  4. MBE2017

    MBE2017 UKBF Ace Free Member

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    Almost every business uses or has used cold calling at some point, it works better than almost any other standard approach IMO.

    The perceived problem with cold calling is many dislike receiving the calls, particularly when done badly, and most hate making the calls when they feel uncomfortable doing so.

    I used to cold call a lot, for a five year period, and it allowed myself 35-70% increase in business most years, one year I trebled my business.

    To the OP, what I would say is work for a quality recognised company that people have heard of, it is much easier to get past the gate keepers than calling from an unknown company. Prices are secondary, if you cannot gain access or find a problem to solve, you never get to quote.

    I have always worked for the most expensive brand leaders, and openly admit that to prospects. Then I explain why that will help them make better revenues, profits etc.
     
    Last edited: Mar 15, 2020
    Posted: Mar 15, 2020 By: MBE2017 Member since: Feb 16, 2017
    #4
  5. Nissenel

    Nissenel UKBF Newcomer Free Member

    24 1
    Can you elaborate? Not sure if I understand.

    Our company works with local producers but we also need to expand in different markets in Europe, in order to get customers we need to cold call.

    We are one of the most expensive company but quality and unique service stand for it. It is not easy to convince a customer but once he is with us, he doesn't look for substitute unless he is Scrooge but usually it turns quickly out a competitor promises the same service with cheaper prices but quality leaves a lot to be desired.
     
    Posted: Mar 15, 2020 By: Nissenel Member since: Nov 6, 2019
    #5
  6. mattk

    mattk UKBF Newcomer Free Member

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    As you've articulated yourself, this kind of hard sell makes cold calling very difficult. Not only do you have to first get your foot in the door, you then have to explain, often at length, the value of your proposition.

    Have you considered having potential customers come to you, such as at trade shows, talking at conferences, raising your profile via industry podcasts and so on?
     
    Posted: Mar 15, 2020 By: mattk Member since: Dec 5, 2005
    #6
  7. Nissenel

    Nissenel UKBF Newcomer Free Member

    24 1
    This is another activity we do but it is not my part, I'm responsible to get new customers through cold calling, alternatively sometimes I need to travel and visit existing customers to build relationship,negotiate ongoing terms or make agreements about new contract.
     
    Posted: Mar 15, 2020 By: Nissenel Member since: Nov 6, 2019
    #7
  8. Mr D

    Mr D UKBF Legend Free Member

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    There are sales people who do a great presentation. Then won't shut up.
    Good sales technique then followed by badgering the customer.

    A good presentation (and cold calling is often giving a presentation in a few minutes) the customer has to make up own mind regarding. Way too many badly trained sales staff over the years have talked themselves out of a sale. Simply because they won't shut up.
     
    Posted: Mar 15, 2020 By: Mr D Member since: Feb 12, 2017
    #8
  9. Alpha Helica Peptides

    Alpha Helica Peptides UKBF Contributor Free Member

    68 7
    To become a good trader, we have to improve our analytics, research, focus, control and many more skills,because it play vital role in to managing all in Trading.
     
    Posted: Mar 18, 2020 By: Alpha Helica Peptides Member since: Feb 10, 2020
    #9
  10. Nissenel

    Nissenel UKBF Newcomer Free Member

    24 1
    You mean presentation through phone is important, is it? Is there any resource (book, videos in youtube) you can recommend to improve this skill?

    I understand, tell me please what is fundamental and where I start learning in order to begin with this profession
     
    Posted: Mar 18, 2020 By: Nissenel Member since: Nov 6, 2019
    #10
  11. Financial-Modeller

    Financial-Modeller UKBF Enthusiast Full Member

    748 258
    Perhaps not applicable to all sectors, but I witnessed a client instructing his cold-callers to specifically NOT try to sell on a cold call.

    The objective was to offer to drop a brochure in next time they were in the vicinity of the client's premises, and build a relationship over time to become a trusted / go-to supplier.

    It seemed to work well. The company is successful and there was a decent RoI on cold-calling.
     
    Posted: Mar 18, 2020 By: Financial-Modeller Member since: Jul 3, 2012
    #11
  12. Nissenel

    Nissenel UKBF Newcomer Free Member

    24 1
    How do you handel with below adversities?
    - Gatekeeper says person you are looking for is in the meeting and you need to send an e-mail to [email protected]
    - We have trusted partners already and we are not interested now, send me your contact details through e-mail and I will come back to you when I need help, obviously they do not come back until there is a pressure for a truck (I'm the last person they call of course), but in 99,99% they ask because nobody has including myself
     
    Posted: Mar 18, 2020 By: Nissenel Member since: Nov 6, 2019
    #12
  13. Haimen

    Haimen UKBF Newcomer Free Member

    21 0
    • Research and Analysis
    • Staying in the Game
    • Discipline and Patience
     
    Posted: Mar 29, 2020 By: Haimen Member since: Oct 17, 2019
    #13
  14. DexG

    DexG UKBF Newcomer Free Member

    16 0
    How would you like to be approached?
     
    Posted: Apr 1, 2020 By: DexG Member since: Jan 11, 2020
    #14
  15. DexG

    DexG UKBF Newcomer Free Member

    16 0
    You could befriend the gatekeeper and ask if he/she could help you get in contact with the designated person.

    Well this is legit and often the case. You have to make sure to leave a good impression so he/she remembers you, which is a challenge. I do have some suggestions, one of them is to relate to this person, so any information you could already find is helpful.
     
    Posted: Apr 1, 2020 By: DexG Member since: Jan 11, 2020
    #15
  16. alan1302

    alan1302 UKBF Ace Free Member

    1,568 291
    I don't want to be
     
    Posted: Apr 1, 2020 By: alan1302 Member since: Jun 2, 2018
    #16
  17. MBE2017

    MBE2017 UKBF Ace Free Member

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    When I used to train inside sales for a major transport company, the hardest thing to explain to them was they were not trying to get a sale there and then, but an appointment for a rep to visit. Once they grasped this their success increased four fold, and normally their main problem became deflecting other questions regarding price.

    Anyone who cold calls should decide WHY they are contacting the company, to gain information, contact name, an appointment for a rep, a quote etc, and stick to that objective. As I mentioned before nothing works every time, but having a clear idea of what the objective of the call is for works better than just ringing and winging it.
     
    Posted: Apr 1, 2020 By: MBE2017 Member since: Feb 16, 2017
    #17
  18. MY OFFICE IN CHINA

    MY OFFICE IN CHINA UKBF Legend Full Member

    5,559 1,296
    1. Common sense

    2. Marketing skills

    3. Administration


    . . . . . . . . . . . . . . . .4. Risk assessment.
     
    Posted: Apr 2, 2020 By: MY OFFICE IN CHINA Member since: Nov 16, 2011
    #18