Insurance Agent Forum

[moonlightandmargaritas]

Originally Posted by somarco

Is that ALL you think of?

My treasured ex-wife "Babs" used to accuse me of having a one-track mind...

Stock reply from me: "At least it's on the right track."

[HomeService]

I was a door to door guy from 1991-94 and then tried it again in 2005-07 and it still works, but I am trying like heck to get myself into "this century" and accept some of the new school methods.... I think a mixture of new school and old school methods-may work. A mixture of marketing and door knocking and calling and internet leads and mailers and referrals and e-mails and so on. Some people pick one marketing method and get good at it. Some people specialize in one thing, find a niche, when it comes to marketing. There's nothing wrong with that. Some marketing principals work better with different products, as well. Some work better with different age groups, different parts of the USA may be factored in - as well. Certain small business owners are more receptive to one product- over another. It's trial and error.

[Frank Stastny]

Originally Posted by moonlightandmargaritas

How would they even know if you like tacos?

I do a LOT of different things:

I buy internet leads (and use a "process" much different from most).

I do speaking engagements with small business groups (primarily realtors as a target).

I do direct mail to a self-employed, small business list that I have compiled.

I do drip e-mail marketing (permission based list).

I do a monthly e-newsletter (permission based list).

I have "centers of influence" that refer business to me. They are primarily accountants who use me as a "go-to-guy" for Health Savings Account stuff.

I write articles and e-books on buying individual Florida health insurance.

I use a diligent process to acquire referrals from my existing clients.

All this stuff together positions me as an expert in my field. Many people come to me, and when they do, there's no "mating dance" - they're ready for a solution to their problem. I'm not some schmuck calling them (as human spam) to tell them I can save them 30% to 470% on their health insurance!

It takes some work on the front-end, but in the long run it is easier, less frustrating, less expensive, and most importantly; MORE EFFECTIVE than cold calling.

PS-Before anybody posts or sends me a PM asking to send them an example of this, that or the other, sorry, I can't. It's just too time consuming...

Paul, your ideas are great and there is no doubt in my mind that they work and you are extremely successful at what you do.

However, things are totally different in the senior market. The people are different, their priorities are different and the approach needs to be different.

Also keep in mind that Jody has only been an insurance agent for a couple of days. Like most of us who got in this business he doesn't have several thousand dollars he can dedicate to trying different approaches to prospecting.

He needs to start generating income now. The quickest, most cost effective way for him to do that is to purchase a list and learn to use the telephone.

It isn't going to hurt him to learn to prospect on his own and to have to work a little harder. It is a great way to develop "insurance social skills" that will serve him well for the rest of his career.

He has balls of brass, just needs a little experience. He isn't taking the "easy" route and going captive with an agency. He is pretty much starting out as an independent agent with no experience. I'm not sure I could have done it that way but when I started I didn't have this forum to get ideas from.

He appears to have the desire, dedication and motivation. He just needs to understand that it doesn't happen overnight and treat this like an 8 to 5 job with a real jerk for a boss constantly looking over his shoulder.

[WIN]

Originally Posted by Frank Stastny

Paul, your ideas are great and there is no doubt in my mind that they work and you are extremely successful at what you do.

However, things are totally different in the senior market. The people are different, their priorities are different and the approach needs to be different.

I'm confused Frank...you mean you actually have experience in the type of marketing being used in the actual market being discussed in the post...and you dug in and worked one on one with the poster to help them. What a novel idea.

Thanks for making the forum a better place and bringing serious value to poster.

[jody108]

Yeah, thanks frank ... I really appreciate your post/help ... great stuff. You too, moonlight ... awesome stuff.

[Russ]

Originally Posted by jody108

Yeah, thanks frank ... I really appreciate your post/help ... great stuff. You too, moonlight ... awesome stuff.

Has it gotten any better for you with the cold-calling? Just takes persistence....it's a numbers game.......

[OHInsAGNT]

Originally Posted by moonlightandmargaritas

I don't advise making cold calls.

But if this is your marketing plan, I would guess 300-400 dials a day is more like it.

I have gathered from all your posts that you don't like cold calls. I'm curious though, why such the aversion? For every 5 or so people that I actually talk with (approximately 25-50 dials) I can typically set 1 quote/appointment. I can close 25% of those. So, I can depend on 1 sale a day at $0 marketing cost (collateral provided by carriers) if I'm diligent. Let's say I only stay motivated 50% of 240 working days. With an average commission of $1,000, I'm making $120,000 just from the cold calling. Then, I get to cross sell existing customers on the 3 out of 4 days I'm not cold calling.

It works well. Marketing investments are very risky for a enw agent without capital or experience in statistical campaign management. Wouldn't you say they'd be better off not bankrupting themselves on marketing for a 42BPS avergae response rate?

I'm sure your much more experienced than I. I just happen to like cold calling and am wondering your thoughts.

[Delta76]

I'm still amazed how well cold calling actually works. I would think it would be a waste of time, however, when you get out and talk to people about something that concerns them, they are receptive in general.

[OHInsAGNT]

Originally Posted by Delta76

I'm still amazed how well cold calling actually works. I would think it would be a waste of time, however, when you get out and talk to people about something that concerns them, they are receptive in general.

Well SAID!

Everytime I get started, I'm always amazed at how easy it is to find someone that says yes. Literally, it takes about 5 conversations.

The only thing difficult about cold calling is motivating yourself to do it and learning how to open without making the prospect defensive.

[Delta76]

The only thing difficult about cold calling is motivating yourself to do it and learning how to open without making the prospect defensive.

Agreed. The motivation for me doesn't come until I make a few calls, after that, it's just talking to people. The first 5 to 10 seconds are the challenging part of the call, but I'm good at it as I don't sound like any other telemarketed call they got this year and I break their usual pattern so we can get to a discussion.

[moonlightandmargaritas]

Originally Posted by OHInsAGNT

I have gathered from all your posts that you don't like cold calls. I'm curious though, why such the aversion?

I'm sure your much more experienced than I. I just happen to like cold calling and am wondering your thoughts.

A recent (this week) case study:

On Tuesday (12/2) I received a notification that someone had visited my website seeking information. I called, left her a message, and sent an email. I didn't bug her further by making incessant "follow-up" calls on a daily basis showing that I was anxious and desperate.

She called me back yesterday (Fri 12/5) afternoon.

We chatted about her situation. Turns out she had received a cold call about health insurance.

It raised her consciousness. Problem was, since the cold caller had no status or credibility with her...she felt like she wanted to do a little more investigation. No trust.

She went online and checked out ehealth.com. Too confusing. She dug a little deeper on the internet and found my site.

She was able to read about my background, philosophy, and read comments from some of my clients - all with NO PRESSURE. She filled out the brief form and submitted it. Turns out my recommendation was the exact same thing that the cold caller had recommended.

No stupid "closes" required. Her: "I'm ready to do this."

$1,316.37 first year commission. Finished submitting it about 9:30 this morning...

[Russ]

Originally Posted by moonlightandmargaritas

A recent (this week) case study:

On Tuesday (12/2) I received a notification that someone had visited my website seeking information. I called, left her a message, and sent an email. I didn't bug her further by making incessant "follow-up" calls on a daily basis showing that I was anxious and desperate.

She called me back yesterday (Fri 12/5) afternoon.

We chatted about her situation. Turns out she had received a cold call about health insurance.

It raised her consciousness. Problem was, since the cold caller had no status or credibility with her...she felt like she wanted to do a little more investigation. No trust.

She went online and checked out ehealth.com. Too confusing. She dug a little deeper on the internet and found my site.

She was able to read about my background, philosophy, and read comments from some of my clients - all with NO PRESSURE. She filled out the brief form and submitted it. Turns out my recommendation was the exact same thing that the cold caller had recommended.

No stupid "closes" required. Her: "I'm ready to do this."

$1,316.37 first year commission. Finished submitting it about 9:30 this morning...

Nice work. Yeah...it's best to leave them alone in a situation like yours.

I've got a case now where I saw a lady last Monday that had an MA plan. I presented her an alternative MA plan that she wasn't really interested in...her doctor isn't on their network. I then discussed a med-supp for her, including rates. She called me back the following day(Tuesday), saying she was seriously wanting the med-supp but needed a week and then would call me. I think there's a great chance she'll call. She's wanting to pay the med-supp by the year and has to get the money out of her savings. The MA plan she has now leaves her well short(if she needs medical treatment), when she goes out-of-state to stay with a sister that needs to be seen after. She's wanting the med-supp because it covers her everywhere. Plus I can write her a PD plan with AdvantraRX that will save her $20 a month on a co-pay vs. what her co-pay is now.

I'll leave her alone and wait on a call....most folks will never call back. I think this lady will, in her situation....plus her MA plan has zero hospitals in her county she lives in, on her network.

[WIN]

Originally Posted by moonlightandmargaritas

She was able to read about my background, philosophy, and read comments from some of my clients - all with NO PRESSURE. She filled out the brief form and submitted it. Turns out my recommendation was the exact same thing that the cold caller had recommended.

No stupid "closes" required. Her: "I'm ready to do this."

$1,316.37 first year commission. Finished submitting it about 9:30 this morning...

The power of content, testimonials and a little SEO...nice!

[padthaiforlunch]

Ok Jody....

It's time for you to start posting your daily goals and numbers.

Let's see dials/contacts/appointments.

You are set up to track and count those at the end of the day, right?

[OHInsAGNT]

Originally Posted by moonlightandmargaritas

A recent (this week) case study:

On Tuesday (12/2) I received a notification that someone had visited my website seeking information. I called, left her a message, and sent an email. I didn't bug her further by making incessant "follow-up" calls on a daily basis showing that I was anxious and desperate.

She called me back yesterday (Fri 12/5) afternoon.

We chatted about her situation. Turns out she had received a cold call about health insurance.

It raised her consciousness. Problem was, since the cold caller had no status or credibility with her...she felt like she wanted to do a little more investigation. No trust.

She went online and checked out ehealth.com. Too confusing. She dug a little deeper on the internet and found my site.

She was able to read about my background, philosophy, and read comments from some of my clients - all with NO PRESSURE. She filled out the brief form and submitted it. Turns out my recommendation was the exact same thing that the cold caller had recommended.

No stupid "closes" required. Her: "I'm ready to do this."

$1,316.37 first year commission. Finished submitting it about 9:30 this morning...

If you can generate enough leads on your own website to float the business, that's great. I'd prefer that to cold calling. I don't have the traffic though.

But, you also mentioned that you buy leads on another post. I do the same, to a small extent. But, the ROI from cold calling is much higher than with buying leads. I just buy them to shake up my routine a bit. I wouldn't call internet leads a "favorable basis". They are no more effective than a well targeted list with a good cold caller.

Now, I tend to only cold call on the upper market. I'm well educated and have a breadth of financial experience. I've never had credibility issues. Of course, I only start the sale over the phone. I sit down with the client to close.

Have you ever done much cold calling?
- - - - - - - - - - - - - - - - - -

Originally Posted by OHInsAGNT

If you can generate enough leads on your own website to float the business, that's great. I'd prefer that to cold calling. I don't have the traffic though.

But, you also mentioned that you buy leads on another post. I do the same, to a small extent. But, the ROI from cold calling is much higher than with buying leads. I just buy them to shake up my routine a bit. I wouldn't call internet leads a "favorable basis". They are no more effective than a well targeted list with a good cold caller.

Now, I tend to only cold call on the upper market. I'm well educated and have a breadth of financial experience. I've never had credibility issues. Of course, I only start the sale over the phone. I sit down with the client to close.

Have you ever done much cold calling?

I know we're not going to agree on this subject. I just always see you telling new agents cold calling is a bad idea. For a lot of them, particularly those with limited resources, it is the only way they'll make it.

A lot of things aren't as effective as cold calling, if you are good at it. That is just my contrarian perspective.