There are four “grades” of cold-calling scripts.

1. The Worst. These demonstrate why peoplethink cold calling does not work. These are what most peopleuse.

2. Workable. Grab a list, pick one of myscripts. Make a few hundred calls at the rate of 40-60 an hour. Ifyou are not generating 1.5 to two leads an hour, get another scriptor another list. Repeat.

3. Precision. There are scripts tailored to theneeds of a tightly defined list. You should download my “PrecisionCold-Calling Kit.”

4. Personalized. These are the best. If youtruly hate to cold call, you will spend half your time researchingyour target market and tailoring an approach to each name on thelist.

Start here

Here is an email that arrived in my LinkedIn inbox. The booksthe writer refers to are both mine.

I purchased and read both “Prospecting Your Way to SalesSuccess” and “Hot Prospects,” have made more than 30,000 dials, buthave only been able to acquire $557,000 in new assets.

I wanted to ask if you think that the financial-servicesindustry has changed dramatically, especially concerning clientacquisition, since you wrote your books. Maybe I'm just not verygood at this, yet, but I am trying to analyze my approach becausewhat I have been doing is not working very well.

I wrote back: “Basic Mistake No. 1: Get a bad idea and stick toit. Something is off in your list, script, time of day, number ofcalls per hour, sound. The focus today is on what I call “PrecisionCold Calling.” I'm attaching an article for you.” I asked him tosend me his script.

He replied with this script.

Hi ______, this is (name) with (firm). I'm calling because Ihelp people invest for retirement while saving on taxes and wantedto see if your schedule would permit a few minutes for me to dropby and briefly introduce myself.

Gasp. The writer is using one of countless variations on the“introduce myself” script, which I consider the worst script ever.It is most likely the reason that he (and his peers) are asking,“Do you think the industry has changed since you wrote yourbooks?”

The answer, by the way, is “Yes, the industry has changed.”

Related: 5 ways to warm up cold leads with anemail

Does this mean cold calling no longer works and that rookies,junior partners and “associate advisors” should throw in thecold-calling towel and … do what? Give seminars at $6,000 apop?

No, it does not mean cold calling does not work. It just meansevery single piece of a cold-calling campaign must meetprofessional standards, starting with the script.

The script can be workable, tailored to an industry orpersonalized. If you can handle it, make 200 calls a day and gowith a Workable script. Are 200 calls a day not on your agenda?

Consider Precision. Want your calls to reach executives in theC-Suite? A personalized script is the way to go.

Let's look at the worst scripts in the hopes I can rip them fromyour consciousness.

My examples, by the way, came from Googling “best cold-callingscript.” That same search, by the way, also turned up someexcellent advice. So, let's hack our way first through theworst.

This worst script is by a “sales transformation architect.” Hiswebsite offered to trade me his cold-calling script for my emailaddress. Done. This script, he said, is one a “financial servicescompany paid me to write for their financial planners.”

Related: Sales call not going your way? Try this before youhang up

(I'm taking his script section by section and adding mycommentary immediately following. I have put his script in italicsto differentiate from my commentary.)

Voicemail message (for you to leave only on the first callattempt):

Hello Bob, this is Your Name with Your Company. I wascalling you today to schedule a 10-minute introductory conversation… blah blah blah.

Better advice: Never leave voicemails when cold calling. It is atotal and complete waste of time! Really.

Prospect Answers: This is Bob:

Hi Bob, my name is Your Name with Your company. Have Icaught you at a bad time?

Of course, it's a bad time. You now must handle the objectionthat you just created.

Prospect: Yes. Who is this? What is this about?

Thank you for asking. Once again, my name is Your Name. I'mwith Your Company. The purpose of my call is to schedule 10-15minutes with you sometime early next week to formally introducemyself and my company. Would you have 10 minutes on Thursdayafternoon, say at 1 p.m.?

Snore.

Can't we please put this “introduce myself” approach down?

If you are using any variation of the “introduce myself” script,stop! This approach goes back to the '70s (or earlier), and itprobably didn't work then. It most certainly does not work now.

We have some stats to prove it. When we do the math, those whouse this script average $18 additional asset per each dial. Toraise $10 million in assets requires about 550,000 dials. At 60dials per hour, that's about 9,000 hours of cold calling — or fourand a-half years of doing nothing but cold calling. It ain'tworking. 'Nuff said.

Another worst script

Mr./Ms. Business Owner: Hi, this is __________ callingfrom________. The reason for my call is, as a successful businessowner, I know you are always trying to improve your bottom line,and I specialize in helping business owners increaseprofits.

Now as a successful business owner, I'm sure you agree thatyour most valuable commodity is time and I'm not here to waste it.I am confident if you allow me the opportunity, I can show you howto add to your bottom line.

I will be in your area next Tuesday and Thursday; would yoube available for a brief introductory meeting either of thosedays?

Pant, puff, wheeze.

Related: How to warm up cold leads

Way too long. It took 38 seconds for me to read it aloud. A goodrule of thumb for a cold-calling script is to not talk for morethan 15 seconds without asking a question.

Again, it's yet another variation of “All I want is just anappointment. Please, please, don't let me starve.”

3 types of cold calling

There are three styles of cold calling that work today. For eachstyle, you could have a Workable, Precise and Personalizedscript.

1. First call appointment: This can work, justnot the way proposed by the “Worst Scripts.” I'm monitoring a testright now. It seems to take 100-150 calls to get an appointment.Two or three appointments per week can be very profitable ifyou can close the sale.

2. Mail-phone: Send a letter and follow upthree to five days later with a phone call. You would use this oneif you find yourself getting a lot of requests for information on a“first call appointment” script. Go ahead and send the informationrequested first.

3. Phone-mail-phone: This is my classic“cherry-picking cold call.” Get a good list. Put together anarticle or white paper that gives information people might beinterested in.

Related: 7 cold calling tips to improve your closingrate

On the first call, offer the info and then qualify it (byphone). Next, send the requested info (by mail). Call back to setan appointment or further develop the lead (by phone).

These styles are listed in decreasing order of difficulty. Yourbest bet is to start with first call appointment and work down thescale.

You have seen the worst. Now let's look at the best.

Best advice for cold calling

In the example that follows, I'm taking on one of toughest typesof cold calls. We will develop a script to call CEOs or CFOs ofsmall- to medium-sized companies. Personalized is the only way togo.

The best advice I found when I searched “best cold callingscript” was at the Teamgate Blog.

I took each step of their advice to craft a Personalized script.The company I researched has 500 employees and is on the list of100 fastest-growing companies in Utah. That would be a good catch,right? The quotes from the Teamgate blog are in italics. Mycommentary follows.

Step 1: Provide context

“Knowing who you're calling is crucial, but so is placingyour call in a context. If the only reason for your call is that aprospect happens to be on your to-call list that day, you're justanother intrusive salesman with nothing interesting to say.Instead, leverage social media channels, media coverage, new hireannouncements and news updates to find a valid reason for your calland determine which of your prospects are ripe for engaging at thatparticular moment.”

My research on this company took a few minutes. Great website.Big section on “our people.” Within two minutes, I had the names ofthe CEO and the VP of Operations, both compliments of LinkedIn. Ichecked Glassdoor, obviously.

Here is my opening line based on the research I did:

Is this Frank? This is Your Name of Your Company. By theway, I'm not surprised (Prospect's Company Name) is one of the 100fastest-growing businesses in Utah. I buy your product all thetime. Good job.

(Chit chat based on how CEO responds.)

Related: What not to do on a 'cold email' to yourprospect

Frank, I know you are busy and are not waiting for mycall.

I spent some time on your website. Very impressive. It justscreams how proud you are of the people who work with you and howproud you are of the people who work with you.

The focus of my team here at Reliable Securities is helpingsmall- to mid-sized companies profitably keep this most importantasset. As financial advisors, we focus on the retirement assetcomponent of our benefit package. May I ask you two or threequestions to see if what we do might be a fit for what youneed?

Step 2: Ask smart questions

“The more research you do, the 'smarter' your questions willget. By asking very specific, personalized questions you willdemonstrate to your prospects that you took the time to track allthis information down and really understand their situation. Smartquestions will progress the conversation further; trying to wing itwill only create distractions, wasting your prospect's and your owntime. And there's one thing the modern society is truly obsessedwith — using their time efficiently.”

Related: 10 tips for terminating telephoneterror

Advisor Script: Out of curiosity, are you the thirdgeneration of your company to be CEO or does the line go backfurther? (Response) That's called succession planning.

For whatever it's worth, according to the website,Glassdoor, your salaries for Utah seem exceptional. You also seemto have exceptional insurance, health and wellness, financial andretirement benefits. You are obviously spending a lot of money tocreate an incredible opportunity. Any chance in the back of yourmind you might get better performance at a lower price for your401(k)?

Step 3: Test close

“Pitches that lead to a soft sale typically rely onquestions that present two attractive options and can't be answeredwith a simple 'yes' or 'no'… This approach opens up a much morerelaxed, tension-free space for a conversation, unlike hard-sellquestions like “Would you like to start with the basicplan?”

(Optional based on response) Tell me, whenwas the last time you sat down with your advisor and did a thoroughreview of your 401(k) expenses and returns compared with currentbenchmarks?

We're happy. Frank, I appreciate the fewminutes of your time. I want to send you a brochure on the ReliableSecurities Team. Stick it in a drawer somewhere, and if you everget a nagging thought, “I wonder if we are on track,” give us acall. Fair enough?

Been a while. Frank, I will be in your neckof the woods a couple of times next week. I'm out there Tuesdaymorning and Thursday afternoon. What day might you have a littlewiggle room in your schedule?

Step 4: Schedule next steps

(More often that not, the appointment will not close on thefirst attempt. Have a fallback.)

Our office is in the Midvale Megatower. You go right past iton your way to the airport. If you were to swing off the freeway at72nd South, we could spend 30 minutes and find out if what we haveand what you need might be a good fit

When are you heading out of town next and when are youreturning? And which would be better, on your way in or out oftown?

Related: Are you a cold calling failure?

Author's note: If you are a rookie or a veteranwho wants to jumpstart a flat business, cold calling could be anoption. Helpful resources, including “The 16 Best Scripts,” can befound (and downloaded for free) at www.billgoodmarketing.com/cold-calling.

Bill Good is chairman of BillGood Marketing. His GorillaCRM System helps advisors double their production orwork half as much; visit www.billgoodmarketing.com.His book, Hot Prospects, is the book onprospecting for this industry and can be bought on Amazon. Hisblog, AdvisorTips and Tricks for Growth has lots of usefulinformation for advisors who need to beef up marketing. To previewBill as a speaker, see his YouTube channel.