Do You Try to Put a Fence Around Your Heard?

[BTFuzz]

This may be more directed at a p&c agency but I am always reading on here about buying leads from outside sources or trying to get cold prospects.

Does anyone simply dump the majority of their money and time into there own book of business to get leads and boost retention or am I in the minority?

Seems this industry is more concerned with cold prospecting than using the warm lead which is your client base and people you've done business with or had relationships with in the past.

Sorry...spelled "herd" wrong or is it "Hurd"?? Either way, its getting late, forgive me...

 

[Insurance-Guy]

A couple times a year I run an audit on my book and sell PUP policies. It is a easy sale. Show the discounts and higher coverages for a 100.00 or so. I usually end up finding out they need something else too. There are so many audits that I should have my producers working but honestly I have been so busy it seems like I don't have the time to do it. That is a good thing.

Thanks for the reminder! I am running a audit tomorrow!

 

[Alston]

I think that you have something here. I started out selling across kitchen tables. Now we sell to people on the Internet and over the phone.

We don't take the extra effort to create relationships. Because of that there is less loyalty and fewer referrals.

I don't want to go back to driving around and getting "porched" every other day but I do want to find a way to improve the level of service we provide and thereby the quality of relationships we create.

If I want to get the most out of my agency I've got to figure out how to create the fence.

Great concept to start a thread with.

 

[Clint]

Ok, I'm jumping on this one since the forum grammar police haven't. It's herd, not heard.

However, what you say is relevant, warm leads or hot leads, your own has a higher ROI than any cold lead you go after; cross sell away.

 

[BTFuzz]

Ok, I'm jumping on this one since the forum grammar police haven't. It's herd, not heard.

However, what you say is relevant, warm leads or hot leads, your own has a higher ROI than any cold lead you go after; cross sell away.

I have addressed this in an edit of my original post....I started this thread at night and was exhausted when I did.

Yes my ROI is much greater and my retention numbers are much better the past 4-5 years because of this...I waist much less time with people who don't want to hear my pitch and spend valuable time with people who do.

 

[669comche]

Its one of the oldest tricks in the world to build a book and then work that book.

Many agents that you speak to probably don't have a big enough book to be able to take that approach, hence they focus on the cold calling/new lead side of it.

I used to do the same thing: sit at the kitchen table and sell. Then in about 2006 I switched to selling on the phone. The idea was great, but the retention and loyalty sucked. It still sucks, after 5 more years.........but not sure I want to go back to hitting the streets either.

 

[AndreaSti]

I think the best thing to do is to touch base with people occasionally through a phone call (not an email, and not just at their renewal), even leaving them a message that you are just checking to make sure everything is okay with the plan you sold them, etc etc is helpful. This way they will remember who you are. Don't try to sell them right something else just then. Do that later with a followup letter or brochure with a different product.

Not that we do any of this here. Sometimes we get so busy with everyday crap. We do send a thank you and small gift card to anyone who sends us a referral though.
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Ok, I'm jumping on this one since the forum grammar police haven't. It's herd, not heard.

However, what you say is relevant, warm leads or hot leads, your own has a higher ROI than any cold lead you go after; cross sell away.

Thanks for clearing up the grammar issue. I was confused...

 

[Indiana_Adam]

BT, a lot of that has to do with the numbers. Us captive guys have monthly/semi-annual numbers of new business we have to obtain. The company does this so as to grow and keep those agents with FAT books from getting lazy.

You have to ensure you're going to make your numbers and have a job, before you start going back through and cross-selling. May be different for you Indy guys.

 

[BTFuzz]

BT, a lot of that has to do with the numbers. Us captive guys have monthly/semi-annual numbers of new business we have to obtain. The company does this so as to grow and keep those agents with FAT books from getting lazy.

You have to ensure you're going to make your numbers and have a job, before you start going back through and cross-selling. May be different for you Indy guys.

Not really any different...the companies I have want production or they threaten to pull your contract. But if you take care of your "hurd", in my estimation, they will take care of you.

I have a referral rewards program that I reward everyone who refers others to my agency. I also have a MONTHLY newsletter that I send to all segmented A & B list clients and warm prospects that promotes referrals, thanks those that do in print and attempts to educate and sell other lines of business. For the past 5 years, this has been by far my best ROI....plus my retention rate has maintained a much higher level because these people now feel like they have a relationship with me.

I haven't tried to sell or prospect a "cold" lead in over 2 years.

 

[xrac]

Work your book of business and in the process build customer loyalty and referrals. This would be priority number one. Buying leads or cold calling or other efforts would supplement this effort if I needed more leads.