I'm not a fan of a multi-product pitch and I don't think you'll do to well with it. I had an agent once think he could triple his potential leads if he went in with a flyer touting health, life and dental quotes. He did far worst them me because people think they're gonna get hit up for everything and don't want to bother.
If I happen to be looking for life and a life agent contacts me I'll want a quote. If I'm looking for life and someone contacts me who wants to quote me on life, disablity, homeowners and auto I probably won't deal with him since I'm not interested in all those products and know he's gonna want to discuss and run quotes for all of them. I'm also gonna think he doesn't specialize in life.
Listen, a pediatrician doesn't increase his business by also being a podiatrist. Most professionals specialize. You don't expect the same attorney who's handling a divorce to also handle a serious criminal charge.
I'm sure you think you're increasing your odds by pitching a variety of products. I think that reaction you'll actually get is the owner thinking "I don't have time for all that."
Choose a product you like the best and market that directly. Then cross-sell to existing clients.
That is the amazing thing of the 5 Way, you get away from product and offer an Exit Theme that most business minded people know all too well. So I suggest the 5 way is very specific, just not relying on any certain product as you are a specific Need.
Thats a good point, John. I use it in my rebuttal when they tell me that they want to use their auto insurance agent for their life insurance, since they know he is trustworthy.
Prospect: I think I will get Statefarm to give me a quote, they did a very good job on my Auto and homeowners.
Me: If your head hurts, do you go to a butt doctor? Of course not, you go to someone who deals only with butts.
State Farm is a great example. You might have your State Farm agent do a great job with your auto or home, but you might not what them doing your health. They are all captive to Assurant and you NEVER want to deal with a captive health agent. It's just another example that one personal cannot handle all insurance needs.
I'm not a fan of a multi-product pitch and I don't think you'll do to well with it. I had an agent once think he could triple his potential leads if he went in with a flyer touting health, life and dental quotes. He did far worst them me because people think they're gonna get hit up for everything and don't want to bother.
If I happen to be looking for life and a life agent contacts me I'll want a quote. If I'm looking for life and someone contacts me who wants to quote me on life, disablity, homeowners and auto I probably won't deal with him since I'm not interested in all those products and know he's gonna want to discuss and run quotes for all of them. I'm also gonna think he doesn't specialize in life.
Listen, a pediatrician doesn't increase his business by also being a podiatrist. Most professionals specialize. You don't expect the same attorney who's handling a divorce to also handle a serious criminal charge.
I'm sure you think you're increasing your odds by pitching a variety of products. I think that reaction you'll actually get is the owner thinking "I don't have time for all that."
Choose a product you like the best and market that directly. Then cross-sell to existing clients.
That is the amazing thing of the 5 Way, you get away from product and offer an Exit Theme that most business minded people know all too well. So I suggest the 5 way is very specific, just not relying on any certain product as you are a specific Need.
All of these suggestions are great but it's food in the dinner table that counts. It doesn't matter what you pull off this board. All that matters is what you're actually making by using any particular marketing method. I think you'll also come to find that what works for some people doesn't work for others.
I have no idea what forces in the universe are at work, but an agent friend of mine does great off postcard mailers. He consistently mails out about 1,000 a week and consistently writes a lot of business. I tried them and consitently go my ass handed to me. And it wasn't like I didn't stick with it. I got hammered week after week. I live in a different state them him and obviously I have a different environment then he does.
I had a friend of mine to BtoB. I tear up BtoB and do great. He got destroyed trying to do it some town in Arizona. He said all he hit was foriegners and very old business owners. He stuck with B to B about 3 hours a day for weeks before he threw in the towel.
You'll have to see what works in your area and the markets technique that fits your personality.
I'm not a fan of a multi-product pitch and I don't think you'll do to well with it. I had an agent once think he could triple his potential leads if he went in with a flyer touting health, life and dental quotes. He did far worst them me because people think they're gonna get hit up for everything and don't want to bother.
Choose a product you like the best and market that directly. Then cross-sell to existing clients.
I guess I have to find a way to incorporate life products into my pitch. I am of the mindset that WL and perhaps VUL can be very useful products for business owners. With these products, there is cash value that can be used to expand business down the road by using this asset to get a bank loan. What cash value is in the life insurance is safe from judgments and creditors. Obviously, it does not mean anyone should put their entire retirement planning into life insurance, as we've all been through that debate. But the features or benefits I've mentioned have some appeal to business owners at it would be wise to consider putting a portion of their funding into life products.
All of these suggestions are great but it's food in the dinner table that counts. It doesn't matter what you pull off this board. All that matters is what you're actually making by using any particular marketing method. I think you'll also come to find that what works for some people doesn't work for others.
I have no idea what forces in the universe are at work, but an agent friend of mine does great off postcard mailers. He consistently mails out about 1,000 a week and consistently writes a lot of business. I tried them and consitently go my ass handed to me. And it wasn't like I didn't stick with it. I got hammered week after week. I live in a different state them him and obviously I have a different environment then he does.
I had a friend of mine to BtoB. I tear up BtoB and do great. He got destroyed trying to do it some town in Arizona. He said all he hit was foriegners and very old business owners. He stuck with B to B about 3 hours a day for weeks before he threw in the towel.
You'll have to see what works in your area and the markets technique that fits your personality.
Yeah, I know some people just don't make it at some particular things. I hope B2B works out well. If not, I'm not sure where I go. I will do personal networking to a certain point, as I have my list of people to talk to about life an annuities, but I just feel I need more. I might eventually have to go R2R in my local area. I think with R2R, you have to go real soft---set an appointment if possible, but just basically introduce yourself and get permission to talk to them down the road. When you try to overcome objections you can't let it go on too long or ever lose the easy-going, friendly smile. Get a reputation of high-pressure, and bold enough to knock on someone's door, and you'll not stay in business.
Life insurance agents have given a bad reputation by the media - mainly movies that portray them as pushy losers. I can think of many movies - Groundhog Day comes to mind, where life insurance agents are presented as jokes - to be laughed at. In a social circle or at a party people who find out that you're a life agent will shy away from you.
Life agents got a very bad rep back in the 50's and 60's when they went cold-call door to door. The reputation of becoming pushy and unethical was established.
Health isurance doesn't have the same stigma. It's a national crisis and a top concern of most Americans so you don't bring up the same emotions as a health agent as you would as a life agent.
At a party:
Bob: "So what do you do?"
Me: "I sell health insurance."
Bob: "Cool. How long have you been doing that, and......"
At a party:
Bob: "So what do you do?"
Me: "I sell life insurance."
Bob: "Great - hey, I think my wife is calling me. Nice to meet you."
Which do you think will generate more conversation?
If you were seriously injured in an accident, or contracted a deadly disease, how would you pay for your care?
Or
If you were to die tonight, how would your family survive financially?
Both are money questions. Only one requires the person in your conversation to address the question from a personal standpoint.
Health insurance is self centered. When you get sick, you (and/or your family) have to decide what level of care you will get based on available funds.
Life insurance is all about them, not you. Once you leave this earth the financial problems left behind are their problem, not yours.
You can leave behind $100,000 for your family. When that is gone, they have to make choices.
Or you can buy a health insurance policy with a $100,000 cap. (Yes, there are some out there like that). Once that is gone so is your treatment unless you want to start liquidating assets. Your doctor doesn't care what you have to sell to pay his bill, he won't treat you until you have cash.
The banker really doesn't care where your family lives. If they can't pay he forecloses.
Both are monetary. One hits closer to home for most people.
Yes, I realize that the healthcare hits closer to home from a financial standpoint. There is also far less of it to choose from. I'm sure there are well over 1000 companies out there writing life insurance, but the reality is most people only have a handful of companies writing health in their area, given state approval, PPO network, etc. I'm sure when I talk to somebody about talking life insurance they're thinking "yeah, you and 500 other guys", but they may be more open to health.
The bottom line is I'm going to have to sell them on working with me for various financial matters, which I'll soon be able to do with the Series 6 & 63. Right now, I have to refer those prospects to another agent and count he'll scratch my back later. Just in the few conversations I've had, I see that people are far more receptive to talking about funds and variable items than they are life insurance.
Life agents got a very bad rep back in the 50's and 60's when they went cold-call door to door. The reputation of becoming pushy and unethical was established.
Any idea how the marketing was typically done? Did people try and sell something on the spot or just set an appointment?
I know a guy that used to sell small AD&D policies door-to-door and he showed me some awards he got with that company. He said he sold something every single day and made good money...but he didn't stay with it real long either.
Life agents got a very bad rep back in the 50's and 60's when they went cold-call door to door. The reputation of becoming pushy and unethical was established.
Any idea how the marketing was typically done? Did people try and sell something on the spot or just set an appointment?
One shot, one kill. If they didn't buy the first time, they weren't going to buy later. It's still the same way with most of the big captive agencies.
One shot, one kill. If they didn't buy the first time, they weren't going to buy later. It's still the same way with most of the big captive agencies.
Well, anyone can see how you would get a bad reputation for being pushy. I do think anyone that had a thick enough skin and kept at it would probably make some nice bank, but it's not my style. I have never known anyone to market by such methods, other than my one friend, and I can't think it's very common. I do remember someone from the old forum talking about it and about getting some guy in a trailer court chasing him with a pellet gun. As for the captive agencies, NYL laughed when I talked about trying to market R2R, so it's not part of what they advocate.
I see that people are far more receptive to talking about funds and variable items than they are life insurance.
Of course they are.
And they are more receptive to talking about health insurance than they are savings & investment.
Here are some numbers to chew on.
83% of Americans have health insurance
Approximately 30% own life insurance outside of the workplace.
Less than 15% have more than $50,000 net worth exclusive of their home equity.
I am not trying to change your mind, just showing you something to consider. For every 10 people you cold call (regardless of the method) you will find
8 have health insurance and all think they are paying too much
7 do not own life insurance and don't think they need it.
Few than 2 of the 10 have enough money to invest and make it worth your effort in talking to them.
I am not trying to change your mind, just showing you something to consider. For every 10 people you cold call (regardless of the method) you will find
8 have health insurance and all think they are paying too much
7 do not own life insurance and don't think they need it.
Few than 2 of the 10 have enough money to invest and make it worth your effort in talking to them.
I see that people are far more receptive to talking about funds and variable items than they are life insurance.
Of course they are.
And they are more receptive to talking about health insurance than they are savings & investment.
Here are some numbers to chew on.
83% of Americans have health insurance
Approximately 30% own life insurance outside of the workplace.
Less than 15% have more than $50,000 net worth exclusive of their home equity.
I am not trying to change your mind, just showing you something to consider. For every 10 people you cold call (regardless of the method) you will find
8 have health insurance and all think they are paying too much
7 do not own life insurance and don't think they need it.
Few than 2 of the 10 have enough money to invest and make it worth your effort in talking to them.
Okay so since you are basically using general population breakdowns, how does your numbers match up if I go after a certain demographic?
Say this, if I service lets say small businesses that have been in business for over two years with good credit. Does your scenario still stay the same? Will only 3 out of 10 have life insurance? Will only 1.5 out of 10 be worth less the 50 grand total outside of home?
I posted this in the health side, but thought that I'd repost it for some of you younger.....(in health insurance years) guys.
Find a Combined insurance rep...or district manager.
Trade refferrals with this guy....these guys are out there every day meeting with people and businesses...they almost always have someone ask them if the offer health insurance...which they don't.
They can then simply say that they work with an independant agent who specilizes in that and give your card to them.
I've started a realationship like that about a year or so ago, well this Combined guy is now the Sales Director for the region....yesterday I got 5 calls from people out of the blue from him and his agents spreading my name.....
He is expanding to MN, so now I'm looking to get an out of state license so I can continue to utilize this realationship.
Make sure that you team up with someone you can trust.
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