Making it through the first year

[Lea D]

Hey guys,

I hope you're doing well! I just posted a seperate thread but this was as much it's own topic so I wanted to post and get seperate advice as well as be a resource for future sellers who were in my position.

I was unfortunate to start shortly after AEP. I got 4 sales in April and 3 in March. I'm having a hard time and I'm struggling financially. I'm considering getting a second job to float and maybe even save money before AEP where, well, who know what will happen. There is income via my fiancee but not enough to be stable/comfortable, even with stripped down spending, etc.

Any help would be appreciated. I can recognize areas where I could be more outgoing and hit phones harder, but I do feel like I am working hard and following best practices/advice. Sometimes, though, I'm just astonished where sales for peers even come from. I know they come from the hard work I'm doing now, but it's been extremely tough sledding and the looming prospect of financial instability makes it all the more daunting.

How did you guys make it through year one? How does one even do it without savings/retirement/pension/spousal support? I'm not trying to be combative, I'm just truly curious from my own personal ignorance.

Hey, thanks for this post. I just read it for the second time and wish there were more like it (minus the pissing matches )
Looking to get back in the biz full time for my 3rd time, only this time as an independent agent.
Most likely going to follow the advice on here and get myself on a FE platform to bankroll my Medicare biz. Are you F2F or phones? I ask because there is a platform for telesales agents looking for a "plug and play" so to say for Medicare where they sell you leads at cost ($7 a pop. They probably suck but agency is claiming an 8-15% closing ratio which I'll take all day) I'm likely going to do both! And somehow learn to self market in between. No clue how the hell to do that but I assume I will attend YouTube university LOL

Question to any out there: Do you have to have an actual business LLC to self market, make a website, facebook page, etc. ? I'm sure there are benefits tax wise of doing so (or is there??) I only hesitate because I'm a national agent and it appears the state licensing / appointment fees are higher for an agency. Not sure if "agency" refers to an FMO type or an LLC business. Appreciate any feedback y'all can provide.

 

[Travis Price]

Question to any out there: Do you have to have an actual business LLC to self market, make a website, facebook page, etc.

No, but there's a caveat, you shouldn't be using anything like a DBA unless you have paperwork to do so. You market under your name otherwise. Your website address can be whatever, but you can't say something like "The Price Agency" as your company name unless you've registered it with your state (check your state laws, in MI you HAVE to use the official name of the business.)

They probably suck but agency is claiming an 8-15% closing ratio which I'll take all day) I'm likely going to do both!

8-15% isn't that great. The minimum average agent should be closing closer to 20-25% from lead to app.. Especially in Medicare. FE, I don't sell... but these are the numbers I found... 20-25% of all of your leads still seem reasonable.

8 numbers to know for final expense insurance sales success | ThinkAdvisor.

 

[mdlovell]

8-15% isn't that great. The minimum average agent should be closing closer to 20-25% from lead to app.. Especially in Medicare. s | ThinkAdvisor.

I completely disagree. I think there are very few leads where you can close 20% anymore unless you are doing inbound marketing like you do.

For most agents, 10% is probably a good number to use for projections. Unless you want to spend time knocking on doors of people who won't answer the phone.

 

[Travis Price]

I completely disagree. I think there are very few leads where you can close 20% anymore unless you are doing inbound marketing like you do.

For most agents, 10% is probably a good number to use for projections. Unless you want to spend time knocking on doors of people who won't answer the phone.

I mean. I close 40% and yes, it's inbound.

I also think it depends on your area, which is why I use generally 20-25%.

For Medicare, you're doing it wrong if you're not closing 25%.. especially with T65, imo. If you're saying 8-12% for Medicare, I'd pay more per lead and increase my acquisition cost.. because you're wasting a lot of time and money.

FE. No clue. That's why I used someone else's numbers.

 

[Lea D]

I mean. I close 40% and yes, it's inbound.

My dream job!

 

[AugustaMi]

I'd love to go diving in Charleston. That's where I was born and raised.

I like wrecks, we have a few here that are shallower than the Fitzgerald.

Yes, there's one at or around Pictured Rocks. Beautiful in that part of Pure Michigan. I dont like going in the water. I just sit by it. ha. The kids did a dive around there and enjoyed it. There is a wreck in that area...fun kayaking too. I'll do that and ski, but can no longer ski after breaking my sacral recently. :( not even sure how the kayaking will go this year. Bummed. I'll never go rollerskating again. Forget how old I am sometimes and hurt myself bc of it.

 

[mdlovell]

I mean. I close 40% and yes, it's inbound.

I also think it depends on your area, which is why I use generally 20-25%.

For Medicare, you're doing it wrong if you're not closing 25%.. especially with T65, imo. If you're saying 8-12% for Medicare, I'd pay more per lead and increase my acquisition cost.. because you're wasting a lot of time and money.

FE. No clue. That's why I used someone else's numbers.

I also have no clue on FE. Never sold it before. I also completely agree on spending more per lead so you are more efficient with your time.

But for a normal lead type like direct mail, Facebook, or telemarketer leads I don't think 25% is realistic anymore for most agents. You're only going to contact 60% of the leads because the rest don't have a valid number or never answer the phone.

Using just the 60% you've got people who:

• don't want to talk to you (maybe working with another agent)
• delaying Medicare so no immediate sale
• people who are actually prospects

There's not enough real prospects in that 60% to get your close rate high enough.

This is using the assumption that an agent isn't willing to drive around knocking on doors of leads that can't be reached by phone. I'm not willing to do that but I that's the only way to get a 25% close rate for "normal" T65 leads.

 

[Travis Price]

I also have no clue on FE. Never sold it before. I also completely agree on spending more per lead so you are more efficient with your time.

But for a normal lead type like direct mail, Facebook, or telemarketer leads I don't think 25% is realistic anymore for most agents. You're only going to contact 60% of the leads because the rest don't have a valid number or never answer the phone.

Using just the 60% you've got people who:

• don't want to talk to you (maybe working with another agent)
• delaying Medicare so no immediate sale
• people who are actually prospects

There's not enough real prospects in that 60% to get your close rate high enough.

This is using the assumption that an agent isn't willing to drive around knocking on doors of leads that can't be reached by phone. I'm not willing to do that but I that's the only way to get a 25% close rate for "normal" T65 leads.

Maybe that's true. It just seems weird to me that people can do seminars and hit about 40%, I hit 40%. Traditional marketing is just noise these days. Can it work? Sure. Is it efficient? No.

Ymmv.

 

[DonP]

I also have no clue on FE. Never sold it before. I also completely agree on spending more per lead so you are more efficient with your time.

But for a normal lead type like direct mail, Facebook, or telemarketer leads I don't think 25% is realistic anymore for most agents. You're only going to contact 60% of the leads because the rest don't have a valid number or never answer the phone.

Using just the 60% you've got people who:

• don't want to talk to you (maybe working with another agent)
• delaying Medicare so no immediate sale
• people who are actually prospects

There's not enough real prospects in that 60% to get your close rate high enough.

This is using the assumption that an agent isn't willing to drive around knocking on doors of leads that can't be reached by phone. I'm not willing to do that but I that's the only way to get a 25% close rate for "normal" T65 leads.

I don’t agree with that if your knocking the ones that don’t answer . Per 20 Dm leads I’m selling 7 ish . But that requires a lot knocking .I close 85% of the people that answer the door or phone .But if your mailing 0-$30 k you’ll get 3 that have Medicaid only . I’d never do direct mail on $50 k and above income . They have ring bells and many won’t answer the door . I mail 0-$20 k income and I knocked 2 doors today that the homes were over $500 k. A lot of seniors show little income .

 

[mdlovell]

I don’t agree with that if your knocking the ones that don’t answer .

Which is why I said in my last paragraph this is for agents that don’t door knock the leads that can’t be reached by phone.

If you are willing to door knock then your results should be much better.