This FE Business is Bumming Me Out

Augustus · 07-07-2009, 11:19 PM

I've tried it all, mailers with horrible to moderate returns, autodialers the same, exclusive telemarketing, they all suck!

Responses are when I call them:

"Who are you?"
We are going out of town, try back next week"
Many don't answer the phone, a lot. So I get my butt out there and they have gone cold!

I decided to quit giving these various type of lead companies my money as I am tapped. I now dial for dollars a couple hours a day. The results are the same except for the fact I now keep all of the profit, yay.

But not a big yay. I can't get over the hump of selling only 1 to 2 deals a week if I'm lucky. Everyone is getting a check on the 3rd of every month and poor, which is okay, as I know I'm helping them, but most don't have any room left in their budget or have checking account.

I don't know if it's the Houston market being over saturated or it's just the way it is a tougher business than I thought, probably the latter.

This post probably is a waste of time as I will NOT waste another dime on a freakin' mailer or dialer lead. So please no advice to purchase a lead, pure ass waste of time money.

Sorry, I just had to vent!

Oh yeah, been thinking of switching to med supps thinking it might be more of a need. Hell, I don't know, I will have to learn it, but it possibly could yeild more sales with great renewals. Don't know which way to turn.

frustrated

Tom Highway · 07-07-2009, 11:23 PM

How long have you been doing FE sales? How long did you give each marketing method?

Augustus · 07-07-2009, 11:29 PM

9 mailers, $1,500 in autodialers and telemarketing. Bottom line I generate as much as the aforementioned but without the extravagant cost, free. Well not exactly free, cause I do work for it by calling each day, maybe I need to increase the amount of calling I do.

5pill · 07-08-2009, 12:14 AM

Well Augustus, there are folks making 2 sales a day in different parts of the country. Thats 40 a month! Times maybe $400 commission each =$16,000 a month.....impressive!

But, but, do you think they get to keep it all? Not hardly. If I had to guess, there would be 4 mailers a week, appointment setters salaries, and dialer leads ordered every week.
If the guy walks away with $5,000 a month, I'd be surprised. 'Cause he ain't gettin' that many referrals. Unless maybe he's 65 yrs old and been in business since he was 20. And this is a pro!

A good lead/sale comes around every so often..you have to go through the numbers. 10 bad ones, 1 good one. Reminds me of my golf game. About every 10th shot, I hit it in the center of the clubface. You know, the one that makes you go back for another round. Its pure, sweet, you don't feel it and it goes straight.

We all would write 2 deals a week if all the leads cooperated.
This business is not for the weak at heart. It ain't easy. What was that statement Teddy Roosevelt made?

" Better to have tried and failed sometimes than to take part with the poor miserable souls that never knew victory or defeat?"

Something like that. Keep choppin' at that log. Pretty soon you will cut through it.

Frank Stastny · 07-08-2009, 12:22 AM

Originally Posted by Augustus

Oh yeah, been thinking of switching to med supps thinking it might be more of a need. Hell, I don't know, I will have to learn it, but it possibly could yeild more sales with great renewals. Don't know which way to turn.

frustrated

I have sold a lot of FE in the past. Every sale was the result of a Med Supp appointment. Med Supp appointments are the easiest to get without the need to get ripped off purchasing "leads".

The perceived need for a Med Supp by seniors is huge. They all virtually believe that just having Medicare is not adequate coverage. When I call I don't have to first convince them they need a Med Supp, they already believe that.

I stopped paying money for Med Supp leads years and years ago. I generate my own leads and do it with very little cost. Med Supps are all I sell now.

bourbonlegend · 07-08-2009, 07:27 AM

You work 10-12 hrs a week for 1-2 apps and you're bummed? Ever think that if you put in a "solid 40" you might generate 4-8 apps a week?

Frank's right, you hardly ever have to "pitch" seniors on the idea of supplementing their medicare benefits.

HoosierDaddy · 07-08-2009, 09:02 AM

Originally Posted by bourbonlegend

You work 10-12 hrs a week for 1-2 apps and you're bummed? Ever think that if you put in a "solid 40" you might generate 4-8 apps a week?

BINGO!!! Such a simple solution... Sometimes the answer is right in front of our lazy face.

policy doctor · 07-08-2009, 09:25 AM

I sure wish so many agents would stop getting into this line. It's getting over-saturated!

Every day I get around 5 automated calls to purchase some final expense. (ahhh yes, the lazy way to riches).

That's why you're getting such a low response. The peeps are getting beat up which will create new complaints about this.

Russ · 07-08-2009, 11:37 AM

Originally Posted by policy doctor

I sure wish so many agents would stop getting into this line. It's getting over-saturated!

Every day I get around 5 automated calls to purchase some final expense. (ahhh yes, the lazy way to riches).

That's why you're getting such a low response. The peeps are getting beat up which will create new complaints about this.

The over-saturation is the biggest problem. It's advertised all over TV...radio...newspaper..internet...mail outs...phone calls....

If someone hasn't been saturated with purchasing final expense, they must live under a rock.

Frank Stastny · 07-08-2009, 11:50 AM

Originally Posted by Russ

The over-saturation is the biggest problem. It's advertised all over TV...radio...newspaper..internet...mail outs...phone calls....

If someone hasn't been saturated with purchasing final expense, they must live under a rock.

That is the main reason that all the FE I have sold has always been from a Med Supp appointment. I would never try to prospect for FE. Setting Med Supp appointments are so much easier.

Augustus · 07-09-2009, 12:25 AM

Hey guys, thanks for the responses and input! Yeah, I can be lazy at times. Very valid points by all. I did have a great day today writing one off my calling. Wasn't huge but a $39.18 a mo. policy on a whole life will do me anytime, hopefully 3 to 4 times a week! Gonna change some things next week and increase the calling to 3 hours a day, LOL! I know that's still being lazy, but heck, I think it might put me into the ribeye section at the grocery store. MMMM!

Gonna start getting to cranking on these med supps as well.
I will be bugging you Frank, so watch out. Later guys.