How to Prospect for Life Insurance Sales?

[adamhawley]

Good stuff!

I especially like

"DON'T ASK HOW MUCH THEY CAN AFFORD. They'll never tell you the truth. Instead, ask them which one they like, and help them into a solution."

The only thing I don't like (actually hate) is

"You can even say, "don't fall out of your chair when I show you this first product. It's very expensive, but you deserve to know why.""

See how it completely contradicts your first "good" advice?

What if the guy can easily afford $2k a month and you say that while showing $500 a month? JMHO

I do see your point, but most can't afford that, and I've found that it helps break the ice and ease any tension that I'm there to dig deep in their pocket. Give it a try!
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Here is some more great advice for appointment setting. I STOLE this advice! Not mine, and I wish I could give credit for it, but don't remember where I heard it...

The 50 Appointment Process

Simply put, the goal is to get 50 life appointments booked on your calendar, no matter how far in advance. How, you ask? Follow these steps...

First and foremost, invest in your future! A salesperson says, "I'm in your area this week, and wanted to know if you have any time to meet." Guess what: they get turned down. Why? Because they look like a salesperson, and because the prospect actually IS busy this week!

Instead, and AFTER you've used the "oh. Well, we should probably talk about that," try saying this: "I'm looking at my calendar, and it's pretty full for the next two weeks, as I'm sure yours is, too. How about we meet three weeks from this Tuesday?"

Doing this solves two problems. First, it presents you as an in-demand pro, not a sleazy salesman. Second, the prospect actually ISN'T busy three weeks from now, and therefore is more likely to set an appointment.

Repeat this until you get to 50, scheduling NOTHING in the next two weeks. Build it up! Once you get to 50, only add more when you drop one off.

A good rule of thumb with this plan is 50% will reschedule. Just accept that. But, 90% will eventually meet with you. This means that you actually will have 45 real life appointments on your calendar at all times. Think you'll sleep better? I know I did...

 

[Justin Bilyj]

I think there should be a limit on how far out your willing to accept an appointment like around 4 weeks. Any thing longer should be considered a pipeline lead and should have 3-4 times as many before it equals one set appointment within the limit time. That way you will have a warmer lead and can probably keep the 50 appointment figure in tacy figuring 1 outa 3 or 4 will keep the appointment with proper reminders like emails, letters, or a call.

50 appointments per month is 600 per year. To get that many appointments would require about 5-8 business owner contacts per scheduled appointment. Thats 250-400 businesses to prospect per month. Total 3-5k businesses total to prospect for the year.
Thats walking 20 businesses a day!
1-3 hours a day....

 

[Norwayguy]

Thats 250-400 businesses to prospect per month. Total 3-5k businesses total to prospect for the year.
Thats walking 20 businesses a day!
1-3 hours a day....

Seems I've seen these numbers somewhere before.

 

[Crabcake Johnny]

I'm not following this math. Someone is saying that walking into 20 businesses per day is going to result in 50 appointments per month? One appointment per 10 businesses? Not even remotely close.

 

[Full Throttle]

If I walk in to 30 businesses as a life insurance agent, there are usually two decent appointments in it for me. I'll sell around 1 in 5 of those (including those who stand me up for a meeting). Some will be two lives (husband & wife), most are one life.

I've found the old 50% rule is not too far off...

50% of the people you call won't be in the office.
50% of the people who are in won't take your call.
50% of the people who take your call will quickly get rid of you.
50% of the people who don't get rid of you will grant an appointment.


To get 50 appointments in a month (20 work days), it would take me around 40 walk-ins per day. Doable, yes. But it would be a mother in self disapline to pull it off 800 walk-ins in a month. I have never kept that pace for an entire month.

 

[adamhawley]

Goodness, that's a lot of walk-ins! What about referrals? Cross-selling, etc?

Also, do you suppose a dentist's office calls an appointment scheduled 6 months out a "lead", or an appointment? Sure, proper follow up is critical, which is where you get all the rescheduling. But, I say filling your calendar with 50 appointments in 90 days is totally realistic. And the more it builds, the less free time you have, and the more "in demand" you are.

Nothing worth doing is easy, right? With that said, this gets easier and easier over time.

How about mechanical marketing? Offering products/services via email? Anyone done any of that?

Lastly, if you're not getting referrals, you're shooting yourself in the foot. If you haven't read "Don't Keep Me a Secret," by Bill Cates, you should. Great, easy read. Here's the link on Amazon. Amazon.com: Don't Keep Me A Secret: Proven Tactics to Get Referrals and Introductions (9780071494540): Bill Cates: Books

 

[Full Throttle]

I'm talking completely cold, obviously when calling referrals and cross selling current clients, the ratios are better.

I don't think you gain any advantage asking to meet two weeks out. If they say they are too busy right now and you want to ask them how their schedule looks in two weeks, then go for it. But I wouldn't do it just for the sake of doing it unless you really are booked out two weeks. At least if you are talking cold prospects. Current clients would be different, but even then, I'm not sure it matters.

JMO.

 

[Justin Bilyj]

I wrote those numbers to actually get Matt and John to respond.

What are the appropriate numbers to having 25 appointments within 2 weeks, walk how many businesses?

 

[adamhawley]

Is walking businesses a best practice I'm unaware of? How about instead spending that time to blog, or work on online marketing? After all, users will be in the right shopping mood when they're searching, right?

With that said, one of my favorite activities is door to door in a neighborhood on a nice day. Don't try to sell anything. Ever. Just say, "I'm Adam Hawley, and I'm in the insurance business. If I can ever help you, here's my card."

I liked to do it during supper time. Catch people when they have their guard up, and then deliver a pleasant, un-intrusive message.

 

[rousemark]

Perhaps I misread... I didn't see the OP was talking about obtaining 50 appointments "per month"..I saw the goal has achieving 50 appts..even with some of them a couple of months down the line.. Once a book of 50 appts is set, then you only replace those that are worked .. If you only have 20 scheduled this month, 5 are rescheduled, 10 are worked and 5 dud out, then you only have to replace 15 this month.