Insurance Agent Forum

[UnknownGenius]

Originally Posted by moonlightandmargaritas

I get a kick out of those that have been in the business for about three months, and have sold a grand total of eleven policies saying, "it works."

You have anger issues....
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Moonlight, you have anger issues...

[VaDwayne]

Originally Posted by UnknownGenius

Let's get serious for a moment.

How many people reading this forum have caller ID?
How many people don't pick up the phone when a number
Calls you don't know?
How many peoples' clients do the same thing? (Probably more so with our clients because if we don't know the number we pick up expecting a sale!!!)

With technology the way it is, NO ONE ANSWERS the phone if they don't know the number. Most effective way to cold call is from your personal cell phone that has YOUR name show up on caller ID. Also, cold calling is not EFFICIENT anyways.

It is a waste of time in my opinion. AND if you don't leave a message, they will NEVER pick up. Leave them a quick message like "HI this is ______ from ____ABC COMPANY___, the reason for my call today is because I sent out a mailer to you and thought you might find the section on the new law change for Medicare advantage plans (Or add whatever is appropriate here for who you are calling) informational. I will try to call back again soon or call my personal cell at xxx-xxx-xxxx

If you get them, use the same script but ask... Get them engaged...

Do you have a minute right now to talk about this important change?

Then talk and get interest and make appointment.

Notice how I didn't really send out a mailer? Now some may think that is immoral, but how many prospects actual read their "junk" mail? Probably the 1% that actually reply.

By the way did I say Cold calling is not effective? It works, but not effective and you will go starving.

Good Luck!

Again, I am stating that it is "probably not the most effective way", but it's better than doing nothing. If a person doesn't have anything to do, they should at least be talking ot people on the phone I also stated that I do it 5-6 hours a day, but I work about 10-11, which leaves me plenty of time to follow up and do other prospecting and appointments.I get a huge thrill out of creating a prospect and completing a sale that I created. No thanks on the lying part either, but I do appreciate the advice.
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Originally Posted by moonlightandmargaritas

I get a kick out of those that have been in the business for about three months, and have sold a grand total of eleven policies saying, "it works."

If you are referring to me, get your facts straight. It's 4 months and 12 sales. HA-HA One day we are going to meet and I'm going to give ya a big ole hug!!

[adamantium]

Well it is interesting at any rate to see your guys various opinions. I agree that cold calling is not easy and is actually very tiresome, however at the same time I think it will produce the results I expect it will. Roughly the same as a direct mailer. Now is it more labor intensive, yes but more cost effective as well, yes again. Therefore I would rather work harder and save the extra cash than spend more for the same results. Thats just me though for some they would rather do the exact opposite and I can respect that as well. Just curious though what is the important MA change, UnknwnG? I am not a senior agent so I dont know. Moonlight, Do you like being the "Interesting Man in the World? Second, What do you think the percentage of D2D is like?
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VaDwayne, How many solid prospects do you get for cold calling 5-6 hrs a day? How many days a week do you cold call? Are you just selling term or something else?

[UnknownGenius]

That was an example. I know there are some changes to MA recently and some disputes about it in the news, so you can read up on that.

But the idea there is to find something that sparks their interest. And more importantly, work with a sales concept that you can sell to your Target Market.

And as I said before, there are alternative cost effective ways that you can prospect other than cold calling that work way better. I am talking like $20/wk...... Answer my previous questions and I can help...

[adamantium]

Ok but I dont know exactly who my target market will be yet. I am considering selling lower level term to the younger families as well as UL to the older ranks who may already have a policy in place, as I am told the rates are alot lower today than just 5 yrs ago. My problem is that I dont know how to reach these markets yet effectively. I am just not convinced of mailings. Any suggestion UnwnG?

[UnknownGenius]

Originally Posted by adamantium

Ok but I dont know exactly who my target market will be yet. I am considering selling lower level term to the younger families as well as UL to the older ranks who may already have a policy in place, as I am told the rates are alot lower today than just 5 yrs ago. My problem is that I dont know how to reach these markets yet effectively. I am just not convinced of mailings. Any suggestion UnwnG?

The first thing you need to do is to put together a Target Market. Consider a few things; What age range, income range, demographic would you feel most of a connection with? You want to think of who would buy from you as well as who you feel most comfortable with. (For example; I was 21 when I first started in the business, I couldn't sell a policy to anyone over the age of 55 they just didn't trust me yet, As I progressed in the business I was able to build relationships with people and learn how to effectively sell these clients)

Have you done a Project 200 + Yet? Gather a list of names of people in your personal market and use that as a reference for the Demographic of people who you would feel comfortable. If you associate with people in the age range of 25-35, then obviously you would be able to talk to other prospective clients in that age range as well.

The next step once you have a target market is to come up with a sales concept. You are going to have to not talk product with people, but talk about concept, clients buy life insurance based on it filling a need they have. (IE, if a client buys a new home, they may need to protect their mortgage if they die/become disabled) Think of life cycle changes.

Then find out how to get a hold of those types of people!! and get referrals to other people like that!!!!!

Good luck.

[UnknownGenius]

Don't sell product, sell value!! you are looking for clients, not just to sell products!
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I have a reply to your post coming soon as the mods approve. It goes in further detail.

[VaDwayne]

Originally Posted by adamantium

Well it is interesting at any rate to see your guys various opinions. I agree that cold calling is not easy and is actually very tiresome, however at the same time I think it will produce the results I expect it will. Roughly the same as a direct mailer. Now is it more labor intensive, yes but more cost effective as well, yes again. Therefore I would rather work harder and save the extra cash than spend more for the same results. Thats just me though for some they would rather do the exact opposite and I can respect that as well. Just curious though what is the important MA change, UnknwnG? I am not a senior agent so I dont know. Moonlight, Do you like being the "Interesting Man in the World? Second, What do you think the percentage of D2D is like?
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VaDwayne, How many solid prospects do you get for cold calling 5-6 hrs a day? How many days a week do you cold call? Are you just selling term or something else?

I sell mainly Med. Supps. and final expense. I put many future prospects in my YIO for future use, and I do this by finding out which carrier they use and if the have a PFFS or not. I would say 2-3 good prospects an hour, but many that wouldn't qualify as what I call a prospect. I call them future prospects.

I am patiently waiting November 15th, and I am going to run crazy replacing PFFS policies in this area. The biggest employer in my town, DuPont, has their retirees with Aetna PFFS plans and they hate it plus Aetna is pulling out of the PFFS market and we don't have a local HMO.

The life insurance customers that I experimented with last week gave me more prospects per hour, but they are not as easy for me to close on the phone as the Med. Supps. As a matter of fact, I suck at doing that but with practice I will get better.

With Med. Supps my goal is to find out their current carrier, how much they are paying, and if they have a PFFS plan, and I try to get an appointment.

With the life calls, I want to get permission to email them rates, some pertinent information, and if they currently have insurance. I will follow up the next day after I pique their interest. I just started trying this so I'm not sure how many sales it will bring but I do have 2 appointments from it. When I first started I got about 8 permissions to email information, per hour. Probably 3 of those are qualified prospects, but that is just a gues at this point. I have not used "the law of large numbers" to figure this out but I'm working on it.

I also send a Living Will that I got off of the internet, but I don't tell them about this because I don't want them to accept the email just to get it. It also lets me know if the actually read the email when I call them.

Here's they way I have been approaching this business. I am looking at the future, and sure there are guys on here that are making tons of money now, but I know that if I consistantly ad a customer every day or couple of days, that three years down the road I will be sitting pretty.

This is the way I approached the car business, and I still get calls on my cell from people looking to buy from me regularly. When the market tanked, I had repeat cutomers keeping me out of soup line,which is where the fast talkers ended up.Go slow and steady, follow up consistantly, thats the way to do it.

The script I posted early works to get prospects, now turning them into sales is another issue, but I'm thankful I have people to speak to.

[djs]

Most people doing any sort of marketing look at what someone else is doing and tries to copy it. This is insane. By definition, marketing needs to be fresh, exciting, and relevant.

Many will say direct mail works, many (more?) will say it is a waste of time. Many will say cold calling works, more will say it doesn't. As long as there are more that won't do it than will, you might be on the right track. What doesn't work right now is trying to sell on the internet without talking to clients and only having a website you put up last week.

The phone, along with the post office, are tools of the trade. They are not a marketing program. Saying you do direct mail or saying you do cold calling, is not a marketing program, though frequently it is positioned as such.

In direct mail, the piece you mail and the 'call to action' is everything. To busy, to complicated, to boring, to blah, it goes in the garbage. Problem is, not everyone defines these the same way.

The same thing with the phone. Caller id does not stop people from answering the phone. You might not answer, but others do. If nobody answered, cold calling would stop overnight, which hasn't happened. The phone is a tool. Your pitch, your offer, the tone of your voice, your confidence, your expertise, your enthusiasm is your marketing plan, not the call.

Anything works if you work it. Some things are more productive than others. The most productive thing is to have someone else doing the selling for you. From there, you just need to decide what you want to do.

Dan

[healthagent]

...this is nominated as post of the year.

[dgoldenz]

Originally Posted by adamantium

Ok but I dont know exactly who my target market will be yet. I am considering selling lower level term to the younger families as well as UL to the older ranks who may already have a policy in place, as I am told the rates are alot lower today than just 5 yrs ago. My problem is that I dont know how to reach these markets yet effectively. I am just not convinced of mailings. Any suggestion UnwnG?

I think you have that backwards....lower level term to young families won't pay you much, and UL for the older ranks is probably going to be more than they want to pay most of the time. Is it a good idea for them to have it? Yes, but they also do have to write the checks.....you should be pointing out to the younger people why UL can benefit them by locking in the low rates that are available today, rather than buying a term policy, outliving it, and then being screwed into paying an exorbitant premium 20 or 30 years down the line when their health has declined.

[adamantium]

I am gonna be brave here and ask what are the sorts of things YOU include in direct mailers? I am not asking for an exact copy of your letter but more what are some hot buttons that need to be there? What is more successful letters or postcards? This is directed to anyone who uses it regularly. Plus what mailing houses offer the best programs, as far as target marketing, rates, and designing goes?

[moonlightandmargaritas]

Originally Posted by adamantium

Moonlight, Do you like being the "Interesting Man in the World? Second, What do you think the percentage of D2D is like?

If by "D2D' you mean door-to-door, I have no idea, haven't done it since I had a paper route as a kid...

[adamantium]

As you gents can tell I am definitely trying to do things that are considered foolish. The reason for this is that I want to try as many avenues as possible. I am on the younger side of things but unlike most peeps my age I dont believe the Internet is God's Gift to mankind. People get lost when there is no human contact. Thats why I am so interested in trying these older but more labor intensive techniques. I want to build relationships not just a quick dollar. However that would certainly help right now! LOL. Is there any Life Only agents who have done door-to-door? What has been your experience with this?

[UnknownGenius]

I have an idea, how about instead of posting in this forum, you get out there and try it all till it works!
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Originally Posted by dgoldenz

I think you have that backwards....lower level term to young families won't pay you much, and UL for the older ranks is probably going to be more than they want to pay most of the time. Is it a good idea for them to have it? Yes, but they also do have to write the checks.....you should be pointing out to the younger people why UL can benefit them by locking in the low rates that are available today, rather than buying a term policy, outliving it, and then being screwed into paying an exorbitant premium 20 or 30 years down the line when their health has declined.

I agree

[djs]

Originally Posted by adamantium

I am gonna be brave here and ask what are the sorts of things YOU include in direct mailers? I am not asking for an exact copy of your letter but more what are some hot buttons that need to be there? What is more successful letters or postcards? This is directed to anyone who uses it regularly. Plus what mailing houses offer the best programs, as far as target marketing, rates, and designing goes?

The best advice I can give you is to start looking at all of the junk mail you get. Start with looking at the envelope, how its positioned. Read the contents, does it grab you? Okay, you may not be in the market for a new furnace, but if you thought about replacing your furnace in the next few years, would the piece grab you?

In general, you will find simple, direct, easy to read is better than long winded explanation type pieces.

Postcards vs letters: Its an open debate. I used to like postcards better, now I prefer letters. Others will say the opposite.

As far as recommendations of who, what, how???? You'll have to be more specific on what you are doing. I still can't give much advice, I do my mailings in house. I bought a folder/inserter and a high volume high quality printer so I can do my own mailings on my own schedule.

Dan

[adamantium]

Thanks guys for all the input. I will take your insights into consideration as I am working on my marketing strategy. I appreciate your time and help with answering this question

[scotty]

**** cold calling.

[atlantainsguy]

If it works for you, adamantium, keep doing it. djs, unknowngenius and others talk about differentiating yourself, which is sound wisdom. From what I'm reading, you are in the "insurance refinancing business". Some people refinance their mortgage to get a better deal. It's the same with your life insurance. If you can refinance it to pay less for the same or better coverage, then it makes sense to do that. You can always ask, "Do you mind paying less?". Your target market sounds like mom, dad and the 2.3 kids -- age 30-50, estimated household income $40K to $80K, presence of children, homeowners. With your UL, you are also in the "tax-free income" business. This is the benefit, not the product. Lots of people are in the "insurance selling business", but not many agents people buy the real benefits of the product. You might also want to see a post I made Saturday about Individual Term vs/ Group Term Life somewhere on here. That should help you too. It's a way to get "found money". If you are going to mail people something, include a packet of brand-name microwave popcorn. That way, when you call them back, you 're the "guy who sent them the popcorn" -- as opposed to the "insurance agent". Good luck!

Atlantainsguy

[adamantium]

Thanks for the tips atlantainsguy. I like the way you think, its creative.