How Do You Move them Through the Sales Funnnel?

[Alston]

LoL referral I just corrected it

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I send Welcome letter after policy is issued a checking in 30 days after a thank you 60 day mark referral 90 days

I haven't tested this yet. I just heard it on the I Love Marketing podcast.

They said that the easiest time to get a referral is during the first three days after the sale. You are still top of mind and they are they more excited about what the just bought than they will be at any other point in time.

They use the analogy of sending flowers after a first date, if you wait too long the flowers will have less impact.

I'm going to test this by asking for referrals and online reviews in my first contact after the sale.

I have a theory that may be impossible to test. But I think that customers who have referred you or written a positive review for you, are are more likely to become clients and fans.

Why? Once they say it to someone else, they would have to admit that they were wrong (if only to themselves) if they stop doing business with you.

So while asking for referrals may annoy some customers, it may improve your relationships with others.

 

[kstein]

1. The Medicare Trustee report comes out in June. I call it the "Sky is Falling Report". It predicts massive hikes in Part B premiums, deductibles, etc. It gets a lot of press coverage and freaks out seniors.

2. Referrals come from current clients or Financial Planners. I have spent a lot of time developing a network with FPs

3. Oops. I send emails out on Friday because people are happier on Fridays and its consistent. I do all the "work" on Fridays, including follow up with clients and the carriers. Unless there is absolutely no way to get out of it, I don't schedule meetings on Fridays. I have clients who now say "can you add this to your Friday list?"

4. I'm at capacity for 4th quarter. I am not at capacity for Feb thru Sept.

5. I don't really prospect. I network with FPs, I host breakfasts in September called "Health Insurance and Medicare for Next Year", which is really just giving an overview of whats coming up, looking cute and reminding them that I'm brilliant. I will actually be doing a couple of them in late Feb to review Trumpcare. They are also copied on mass client emails. Instead of Christmas Cards/Presents, I do drop ins with cookies or whatever for Valentines Day and I always make sure the gatekeeper gets something, too.

The reality for me is that I am handed people on a silver platter by the person they trust with their money. They know that I want them at 64, 4 months. Most of them send clients emails, copy me, that say "please schedule time with Jenny to review Medicare" Rarely is my sales cycle less than 3 months and most of the time, its 6 months. Sometimes, its years. We do Medicare 101 at 64.5, they tell me they aren't retiring and going on Medicare til age 66. Great. I get permission to add them to the Medicare list, so they get newsletters, emails and cards. Then I ask if I can follow up with them at 65, 6 months. I let them know the date I am going to email them, I send it, then I sell it.

I hate cold calling.
I am OK with calling leads, but I really don't want to. (Plus, I would rather spend $300 on breakfast for 20 FPs. Less time, better return)
I'm great at networking.
I'm great at follow up.

I heard Al Granum speak years ago, then bought the book. I have taken his one card system and with the exception of birthday cards (which I am determined to fix this year) I have it nailed. Follow up and consistancy is key.

Are the advisors all from the same general firm, ie Ed Jones or mass mutual? If not how do you handle the issue of their competition being in the same room? Maybe it's not even a big deal but I've always tried to keep my advisor referrals in chunks, making communication specific to the group they work with.

 

[LifeHealth]

So to start I am a new agent, I sell Health and Life insurance and started back in June doing so. I am only 27 but I've been in sales since I was 18. I sold alarms door to door back then and I've sold cars, toners, oil contracts and services and many other things in between. One thing I've noticed about insurance is not very many agents are great sales people. I've seen it in every sales job I've ever had that the most knowledgeable person is rarely the best producer.

To sell anything 3 things have to happen before someone will buy from you- they have to know you, like you, trust you and then they will buy from you and it always happens in that order. I want every client of mine to be part of my marketing/prospecting team.

I would consider myself an expert in the selling and staying in front of them part of the sales funnel but I haven't had to do any marketing other than the occasional facebook post. I took over a small health book of business, mostly exchange individual clients and in 7 months I've gone from 140 customers to around 270 and have sold lots of those customers, dental/vision and life policies. I also work for an all inclusive agency so I've been able to send lots of auto/home referrals to the agents in my office.

In my limited time I've formed the opinion that health and life insurance are very very easy to sell! I offer the exact same products every other agent does, all I have to do is get the client to know me, like me and trust me more than the other guy. The key is to build a relationship, get to know that person and treat each client like they are your most important customer. Get to know them, ask questions, take notes, relate to them and do what you say your going to do.

I researched and read a lot on how to prospect/market and had big plans on how to get my name out there but, I was too busy and am still too busy to want more clients at this time. Almost all of my new customers are referrals and closing ratios on them are almost 100%

I love insurance and will be in this business a LONG time I'm just nervous whats going to happen to health insurance under Trump. I have lots of people receiving tax credits right now.

Sorry for my ramblings as a new guy, couldn't help but throw in my 2 cents while eating my lunch. Back to work I go!

 

[kgmom219]

Are the advisors all from the same general firm, ie Ed Jones or mass mutual? If not how do you handle the issue of their competition being in the same room? Maybe it's not even a big deal but I've always tried to keep my advisor referrals in chunks, making communication specific to the group they work with.

A lot of LPL, Jones and Ameriprise. (LPL'ers were EJ at some point)

And no. I'm pretty upfront. I don't cross sell (and I even terminated my agreements with Life and LTC companies) and they know they aren't going to get any referrals, because most of clients come from FP's. They just want happy clients. EJ isn't allowed to do health and Ameriprise doesn't want to. NML and NYL have it in house.

As far as the competition thing goes, they don't seem to care. And most of these people have hit the 3 year mark. They know how this works.

Oh. And when they walk in, I have the piles of stuff a client got at T65 laying out. When I explain that at least half are from people who want to get their clients 401K money, it drives it home. Their clients can talk to me or someone else. And that someone else probably wants more than just the Med Supp.

 

[WillC]

My company was "invited in" to the insurance industry by a retired veteran who said we have a useful relationship management system. It automates the kind of touches mentioned in this thread -- example, birthday (even for children if doing multi-generational work) -- but the most important capability is the welcome and onboard process that moves a new customer toward the stages that Alston is calling Client and Fan. Happy to share if interested, although I'm in the forum to learn more than to sell.

 

[WillC]

I haven't tested this yet. I just heard it on the I Love Marketing podcast.

They said that the easiest time to get a referral is during the first three days after the sale. You are still top of mind and they are they more excited about what the just bought than they will be at any other point in time.

They use the analogy of sending flowers after a first date, if you wait too long the flowers will have less impact.

I'm going to test this by asking for referrals and online reviews in my first contact after the sale.

I have a theory that may be impossible to test. But I think that customers who have referred you or written a positive review for you, are are more likely to become clients and fans.

Why? Once they say it to someone else, they would have to admit that they were wrong (if only to themselves) if they stop doing business with you.

So while asking for referrals may annoy some customers, it may improve your relationships with others.

You are 100% right that those who refer you, or review you positively are more likely to become long-term clients; but your cause and effect is backward: They referred/reviewed you because you did a good job in early-stage relationship building, as well as providing a solid product.

You are also right about the moving swiftly to earn referrals, because the customer's "Memory of Value" is at its peak.

Think about a standing "Client Welcome/Onboard" procedure that includes touches that (1) appreciate, (2) state your intention to earn long-term trusted advisor status, and (3) ask for feedback; "Is there any way I could have served you better?"

The feedback question can is a perfect reason to call the client; during that call the request for referrals is a perfectly logical part of the discussion.

And it's all part of continuing the relationship deepening process.