If you don't have a passion for what you are doing it is just another job. I made good money for years in large group (100 - 3000 lives) but eventually that market changed dramatically for me and I lost interest. My focus now is working with individuals and entrepreneurs offering mostly individual major med and, when it fits, small group.
Large group, now that is where I would like to be, once my agency is sufficiently large for me to spend the necessary $$ to do it aggressively.
I dream of the day that I am wheeling and dealing in that market with a blonde assistant named Trixie that prepares the meeting syllabus and flits around the room while me and the big guys talk shop.
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No Government can be long secure without a formidable Opposition.
When you are ready, Bill, give me a call. I don't know anyone named Trixie (other than the ones that appear on those bad boy cop shows) but I can give you a few pointers on the large case market.
I am completely new to the small group market. Using Reference USA for a biz list, I have called for 8 hours over 2 days and set zero appointments. I haven't kept track of exactly how many gatekeepers I have gotten past but I would guess I have spoken to no less than 30 business owners.
I realize this is for the most part a numbers game, but I was curious as to what others typically expect from a session of coldcalls.
Thanks
Joe
I add business to my books every year cold calling. I cold call on tuesdays of every week.
If you are new to the business and you are talking to a business owner that has been around they will know you are green. When I first started I had owners ask me that.
If you are cold calling you need to know the market condition. Who is competitive and who is not. You need to have a tool box full of idea that might interest owners.
Also having ideas that are outside of the box that owner might not of heard of.
Start small. Try cold calling groups under 7 lives when the owner might be the one answering the phone.
I write business every year from cold calling. The sales cycle usually takes atleast a year.
As far as prospecting large group you better have your pitch together. I have chased this business and my pitch over the phone still needs improvement. Anyone can call and talk about fixed cost and claims. I think you have to be able to bring something else to the table. I was prospecting one large case for the last couple of years and thought I was going to get quote this year..........................BAM they have 5 cancers on the plan. No chance of going out to market. I was crushed but there is always next year because the LE on the cancers is soon.
To add; sales is not a numbers game. If selling health insurance was a numbers came the failure rate would be 2% not 98%.
I respectfully disagree. Like insurance, sales can be tracked over averages of large numbers if a constant approach is involved.
And where exactly are you getting these success/failure ratios from anyway? And furthermore do you think your posts add value to this thread?
To add; sales is not a numbers game. If selling health insurance was a numbers came the failure rate would be 2% not 98%.
Sales IS a numbers game (with a decent presentation). The 98% failure rate is because the agent doesn't invest enough time to get his numbers in. 98% of the agents may not have the heart, desire, and ambition to do this work. The successful agents know it TRULY is a numbers agme.
I add business to my books every year cold calling....
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Solid advice. Thanks for the post. Its not my intention to do nothing but coldcalling, but I think that it has its merits. I also think its a great way to cut my teeth at dealing with gate keepers for later attempts at walk and talks. Do you have any thought on the walk and talk approach ?
So, if you repeat doing something wrong long enough the numbers will play out?
With 9,500 posts its obvious that the way you find new members for your little site is by sitting on here poaching all day, but do you really think sniping people with negative thoughtless posts is the best way to achieve membership? I would never join an organization or worse yet, pay to receive responses like the ones you spew out. Do us all a favor and take week off or something.
Last edited by scrabble : 10-16-2009 at 11:10 PM.
Reason: Posts merged
When you are ready, Bill, give me a call. I don't know anyone named Trixie (other than the ones that appear on those bad boy cop shows) but I can give you a few pointers on the large case market.
Funny you say that. I just met a child care center owner named Trixxie and thought it kinda funny.
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Originally Posted by theinsuranceman
Sales IS a numbers game (with a decent presentation). The 98% failure rate is because the agent doesn't invest enough time to get his numbers in. 98% of the agents may not have the heart, desire, and ambition to do this work. The successful agents know it TRULY is a numbers agme.
Thanks I was going to post but you took the words out of my mouth.
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Excalibur Benefits
Larry Roberts
Larry.Roberts(at)Excaliburbenefits. com
Last edited by JustinUpright : 10-16-2009 at 11:22 PM.
Reason: Posts merged
With 9,500 posts its obvious that the way you find new members for your little site is by sitting on here poaching all day, but do you really think sniping people with negative thoughtless posts is the best way to achieve membership? I would never join an organization or worse yet, pay to receive responses like the ones you spew out. Do us all a favor and take week off or something.
Nothing like starting things off with a lie. If someone is willing to lie about something so little, what are they going to do when its important? I agree, you should sound like you are calling to help, but why resort to lying?
Woe to someone who would sell his integrity and credibility for such a small price.
First of all, I see your point about dishonesty. Now that I got that out of the way. If you are providing a legitimate product that is going to help someone. I see nothing wrong with using best practices to get a decision maker on the phone or find out if they are a company that is a real prospect and can use your service. Im not saying sell encyclopedia door to door to old people.
The fact is that many people now have a wall up when they hear someone calling they don't know. One of the best things to do is to call and simply say you are doing a survey of (whoever you target marketing is) and you would like to ask a few questions about their business. Instantly you get a much better success rate. Your first call is not about selling anyways. It's about qualifying them as a prospect and seeing if they need your services. The next goal is to get an appointment. Only after all that do you attempt to approach sales.
This brings me back to my main point. Simply saying I got your number from so and so breaks that wall down a bit. This may just be me but that is hardly selling your soul to the devil. Selling something people do not want or do not need is a far greater offense.
This brings me back to my main point. Simply saying I got your number from so and so breaks that wall down a bit. This may just be me but that is hardly selling your soul to the devil. Selling something people do not want or do not need is a far greater offense.
I will certainly agree that this particular lie is far from the worst one out there. But eventually you will get caught and lose all credibility for it. Why not do it honestly, get the referrals and introductions from clients and COI?
Also, businesses aren't stupid. They are already getting tired of the survey. Most see it for what it is, a way to get in for a sale. Let's not make them get the same way about referrals.
Nothing like starting things off with a lie. If someone is willing to lie about something so little, what are they going to do when its important? I agree, you should sound like you are calling to help, but why resort to lying?
Woe to someone who would sell his integrity and credibility for such a small price.
First of all, I see your point about dishonesty. Now that I got that out of the way. If you are providing a legitimate product that is going to help someone. I see nothing wrong with using best practices to get a decision maker on the phone or find out if they are a company that is a real prospect and can use your service. Im not saying sell encyclopedia door to door to old people.
The fact is that many people now have a wall up when they hear someone calling they don't know. One of the best things to do is to call and simply say you are doing a survey of (whoever you target marketing is) and you would like to ask a few questions about their business. Instantly you get a much better success rate. Your first call is not about selling anyways. It's about qualifying them as a prospect and seeing if they need your services. The next goal is to get an appointment. Only after all that do you attempt to approach sales.
This brings me back to my main point. Simply saying I got your number from so and so breaks that wall down a bit. This may just be me but that is hardly selling your soul to the devil. Selling something people do not want or do not need is a far greater offense.
The Secret to Exponentially Growing Your LeadsGo to Top
The trick is to call people who are already looking for what you have to offer. (ie, they responded to your letter, answered your classified ad, clicked on an e-ad, filled out a survery, etc. This will sharpen your ratios.
Once you land 1 good appointment, you have to milk that relationship and get lots of referrals. Referrals are difficult for many people especially when they have done nothing more than the other guy who could have protected them last week.
And this is where you make yourself different. You have to sit down and think of some way to make yourself different in the home so that people want to refer you to their friends.
Come up with a personal story to weave into your insurance presentation. Get them to hug you before you walk out the door. When that happens your referral list grows exponentially!
If you are a dairy farmer you are allowed to milk your cows (the 4 legged ones)...however if you have 2 legged ones that you prefer, go for it.
If you are an insurance sales professional, I am sharing what I've heard from very successful folks in this field. You ask for the referral before, after and during the sale. And then you ask whenever you speak with your client. You obviously need not be obnoxious and apply a truckload of charm when you do it (my thought here..I know brilliant!)...I'm still learning this part, as I have not graduated from Charm school yet. Seriously though, "ask and you shall receive"...the opposite is almost always true. I find it hard to believe that people will give you referrals on their own...I'm not saying you won't get some...but you will maximize your "milk" when you squeeze every tit. Hey I'm up to 4 posts y'all
Re: Anyone Making A Living Coldcalling?
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