2018 Business Plan

[benneaf]

I've been an agent since 2013. My first year with Modern Woodmen of America. I soon discovered that I couldn't get a life insurance appointment to save my life (ironic huh?), but people would talk to me about health insurance. I did well on the exchange for several years, but in 2016 commissions got reduced here in TN and then eliminated in 2017. I had about 350+ people enrolled and all that commission just disappeared. I saw the hand writing in 2016 and started adding Medicare Products. After Modern Woodmen I went solo in Jan 2014. I do my own prospecting, advertising, marketing, lead generation. I have little budget and get little results (I do some direct mail when I can afford it). In the last year and a half since I have been going after Medicare business I have sold 120+ supplements, MAPD's, DSNPS. On top of that I have some dental, a few decent permanent life insurance sales, some short term health, and a tiny bit of residual health insurance commission. I do a newsletter a couple times a year and send out birthday cards. So far most of my clients have remained loyal. All that adds up to about $2500 a month in income. Which sucks.

For 2018 I have several different options.

1. I can join a variety of different agencies that will take 40-50% of my commissions in exchange for pre-set appointments. After my experience at Modern Woodmen I hate the idea of assigning commissions, but my poverty level being what it is I've kind of made my peace with it.

2. I can get my P & C license and start learning that business and adding it to the mix.

3. I've been studying up on Fixed Indexed Annuities and feel fairly comfortable with selling them...I think...I've never sold one yet. I've thought maybe my foot in the door is Medicare but the real goal (so to speak) is uncovering money in money markets and CD's to make some FIA sales.

4. I can buy lists of T65's, cold call, and try to develop a much more robust lead funnel than I have now.

I'm sure I have other options but those are where my mind have been. Option 1 grows my business significantly, but my trail is tied to my upline for life. Option 2 is learning a whole new ball of wax and when you are a one man show independent you don't know what you don't know...so learning is by way of hard knocks. Option 3 is something maybe I can combine with my current book of business AND option 4. I'm obviously leaning towards options 3 & 4 combined.

I'm just looking for input or other options for building my business that I haven't thought of yet. Thank you.

Andrew
InsuranceThatFits.com

 

[Chazm]

Sounds like you’re trying to be the jack of all trades. I tried doing that in 2009-10 and I was bad at it. I realized that I needed to find my niche and get really good at it and then maybe expand.
But now, several years later, I’ve realized I don’t want or need to. These last two years I’ve really progressed and I still have plenty of room to improve. Better marketing, follow ups, etc. Why try to reinvent the wheel when I have it figured out?

This may be different for many here but I just can’t see you improving much while trying to add so much to your plate. Get good at one thing first. Seems like you do ok with Medicare but you don’t have the funding to market. Do you have a credit card? Start there

 

[kgmom219]

Been there. Done that. Got the T shirt.

You don't make enough money to get leads. You can't make any more money, due to the lack of leads.

Start networking. Its close to free. Use your tax refund (at $30K, you are going to get one) to join a BNI group. Get one that doesn't require a meal. Or allows you to not eat.

Send a Thank you/New Years Card to EVERY SINGLE CLIENT.

Sit down with your book and get a birthday list together. Do cards for every month, so everyone gets a birthday card. Reminds them you exist.

When you help a current client, remind them you are trying to grow your business and would really appreciate any referrals they can send you. Send thank you cards for the referrals.

Send thank you cards for new business.

Find the local coffee shop where the local old people hang out. Go there on planned days, like Tuesday and Thursday and work. It will take a while, but they will start to ask "what do you do".

Make sure you have a follow up system in place for referrals and leads. If they are married and the spouse isn't T65, are they expecting your call at T64, 5 months to get the spouse?

(But please keep posting stuff like #3. I send it to Financial Planners to remind them why they want to use me for their clients!)

Hang in there!

 

[Chazm]

I agree with KGmom on the birthday list. I got away from that for about 5 years but always kept track of birthdays on Send Out Cards.
Just this August I started sending out Bday cards again and it has paid off.

 

[benneaf]

I've done birthday cards for the last two years. I wasn't as consistent this year as last, but am getting back on that train.

 

[kgmom219]

Also, I did TY cards last AEP through May 31 and saw a huge upswing in referrals.

Stopped over the summer until 10/15 and referrals went to almost nada.

Started again and referrals are back.

Handwritten TY cards are really appreciated. I would guess 20% make a point to tell me how much they meant to them.

 

[benneaf]

I've had mixed results with networking. I've spent a lot of time and not a lot of results, but I think I've been doing it wrong. When I look at what I've done, my networking has been about building relationships with seniors. What has led to the most business though is building relationships with P & C agents and Financial Advisors. So I probably need to focus a lot more on networking with those kinds of people (influencers) to drive referrals as opposed to trying to find the end prospects themselves.

 

[TN_agent]

I work with a local financial planner with good results. They know when people are retiring (or can at least point them to me a few months in advance to discuss what their options are), which leads to good non-AEP sales for Medicare.

 

[benneaf]

I have several Edward Jones and State Farm agents who send me business, but it the referrals still just do not come fast enough.

 

[LostDollar]

nobody has asked how you do on closing the interviews you do get.?