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Originally Posted by moonlightandmargaritas
Based on my tests if someone does this and only this - they'll starve.
I guess I'm starving then. Jacqueline is ...
Based on my tests if someone does this and only this - they'll starve.
I guess I'm starving then. Jacqueline is really going to be pissed when she finds out.
Originally Posted by moonlightandmargaritas
In addition, your marketing plan can't tell us how many people we'll actually talk to for the number of times we dial. We end up literally flying blind.
Mine can.
Even if I kept track of that it would not be of any value to me. After sixteen years, not just a few months of "tests", I know what works.
The results of your "tests" would indicate that an agent should stay out of the senior market.
Originally Posted by moonlightandmargaritas
Not selling anything, more of a "survey" approach to determine whether they are on Medicare, and what MedSupp or MA plan they currently have.
I don't do "surveys", why would you do that? Makes no sense. Seems like a lot of wasted time to me. Also, why are you doing it "to determine whether they are on Medicare"? I only call people who are on Medicare. No wonder you are getting that kind of results.
Originally Posted by moonlightandmargaritas
In addition to the phone, it's essential for someone to have other marketing methods; direct mail, a web presence, centers of influence, speaking dates, seminars and the like.
I have done all of that and more, several times. Yes, I have sold Med Supps using all those methods, however, none of them consistently produce the kind of results as what I do on a daily basis.
Originally Posted by moonlightandmargaritas
This statement is just plain ludicrous. Is it really what you mean? If you dial 50 numbers you won't end up talking to more people than if you dial 10?
It doesn't matter how many calls because that number is going to vary, sometimes dramatically. I have made as few as ten calls and set two appointments with qualified buyers who were ready to purchase. I have had times when I made 30 calls and still didn't have an appointment. It is going to be the same whether calling from a list, direct mail or internet "leads".
There is one aspect of my "marketing plan" that 70% or more of the calls the agent makes is going to result in a sale.
Originally Posted by moonlightandmargaritas
So you, and only you, knows what works? For everyone?
Yes, that is exactly what I am saying. I haven't seen anyone else here offering a plan and proof that it works. All you have done is point out that by using mine the agent is going to go broke. That the phone doesn't work.
You don't like cold calling and have said many times it doesn't work. You have been stating that for as long as you have been on the board. Every time I have posted about it you have made negative comments.
Originally Posted by moonlightandmargaritas
Frank, you don't seem to respect it, but I have just as much experience and background in insurance as you. Maybe more. Every personal line is the same - the challenge I'm sure you'll agree is getting a steady flow of new prospects.
I'm sure you have a lot of experience selling insurance and I do respect your varied background. However, it is just that, a varied background with apparently no history in Med Supp sales. I have been doing primarily only Med Supps for sixteen years. You have been dabbling in them for six months.
My plan does keep a steady stream of prospects. Many of whom will be ready to purchase when called.
Originally Posted by moonlightandmargaritas
I believe you tell people not to work the T65 market (nor MA or PDP). I don't think it can be ignored - it's the first chance to grab a new client - which is a lot easier than trying to break an existing relationship.
If you had been selling Med Supps for a number of years you would understand that statement better. It is much easier and more efficient to sell a prospect that already has a Med Supp than it is to write one for someone turning 65. There are a whole host of reasons why that you apparently don't understand yet.
Originally Posted by moonlightandmargaritas
I've developed a mailer that's currently getting a 4% response to T65s here in the Tampa Bay area. That's not too shabby!
I assume that means you will also be selling "leads" in addition to your e-book. No wonder you don't think it is productive to call from a list.
Originally Posted by moonlightandmargaritas
In the future, because of the cost and difficulty in acquiring new clients, it will be even more important to do more per client.
The cost of doing it my way is negligible. I have never had "difficulty in acquiring new clients" nor, if it is done how I do it, will I have any difficulty in the future. In fact, the govt, CMS and Medicare is actually taking steps to make it a lot easier than it has ever been.
Originally Posted by moonlightandmargaritas
Maybe you should. But if you have to buy YIO, are you really giving away information for free?
The value of YIO stands on its own. The training is a free bonus only presently offered to agents on the board. You even stated in my original thread, [COLOR=Navy]"That seems like a pretty good deal for the relatively modest cost of YIO."[/COLOR]
It is becoming more and more obvious that you are trying to position yourself as a Medicare Supplement sales expert by having made a few "tests" and stating all of your statistics and percentages. It appears that you are doing all of this as a precursor to releasing your e-book and announcing that you will be selling leads.
The difference in what I am doing and what you are doing is that you are doing it for profit, I'm doing it to help agents.
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There is one aspect of my "marketing plan" that 70% or more of the calls the agent makes is going to result in asale.
Are you serious? What a ridiculous claim, I'm really starting to wonder about you...only 9% of the calls are gonna result in somebody answering the phone, never mind resulting in a sale.
I assume that means you will also be selling "leads" in addition to your e-book.
No, you couldn't be more wrong. I have no plans to sell leads. The testing of mail pieces is so the productive ones can be included in the information. Those alone will be worth way more than the price.
The difference in what I am doing and what you are doing is that you are doing it for profit, I'm doing it to helpagents.
If you're doing it solely to "help agents", and "not for profit",
Does this mean you are going to start giving away your software for free?
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[COLOR=blue]Don't steal - the government hates competition.[/COLOR]
I am new and I have almost everything to learn about this business. I like insurance. I like the ideas that provide quality insurance service for a fee and I like helping people.
The problem, I am an immigrant and my English (or language skill) is not as good as many of you in here. Between language skill and people skill and we are talking language skill on the phone. My experience on the phone, when I try to be thoughtful on the phone, I can feel that people responded to me with care and respond to me in certain way. However, English (language skill) is extremely difficult for someone who is not speaking any english until 17. The public school system did not help much either.
I am appreciated all the comments and thoughts that you bring on here.
I am new and I have almost everything to learn about this business. I like insurance. I like the ideas that provide quality insurance service for a fee and I like helping people.
The problem, I am an immigrant and my English (or language skill) is not as good as many of you in here. Between language skill and people skill and we are talking language skill on the phone. My experience on the phone, when I try to be thoughtful on the phone, I can feel that people responded to me with care and respond to me in certain way. However, English (language skill) is extremely difficult for someone who is not speaking any english until 17. The public school system did not help much either.
I am appreciated all the comments and thoughts that you bring on here.
Thanks,
Nam
You asked an honest question and here is MY honest answer: I would never buy any insurance product from someone who does not speak very good english.
I think that's as honest as it gets. I think if you're speaking broken English that fact of the matter is phone sales will be extremely challenging at best. Face to face would be a better bet.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
Nam, I think your best bet is to market to the same ethnic community as the one to which you belong. I assume from your name that would be Asian. I think you will find a huge market there and your lack of English language skills would not be a handicap. What products do plan to sell? I am not a jingoist, just trying to be realistic.
Nam, I think your best bet is to market to the same ethnic community as the one to which you belong. I assume from your name that would be Asian. I think you will find a huge market there and your lack of English language skills would not be a handicap. What products do plan to sell? I am not a jingoist, just trying to be realistic.
arnguy,
I am a Vietnamese-American. I like to start out with P & C (personal line) and eventually to Health & Life. It is tough for me to speak English like most of you do because there are many Vietnamese-Americans around and other communities as well.
Seventeen years ago, If I have met this forum, I dont think I would have this problem now.
I love the language. I dont remember who quoted this, "Language is a key to any success in life." And there is a reason for it.
I don't do "surveys", why would you do that? Makes no sense. Seems like a lot of wasted time to me.
Wasted time? It actually saves time (not to mention dollars and marketing resources), if you understand the rationale.
Not every 67 year old is on, or going on, Medicare. People are working later and later in life! A brief, non-threatening call to ascertain Medicare status serves two purposes:
A) We can see if they are an actual prospect to buy what we sell, and,
B) We can find out who their current Med Supp/Med Adv provider is. Very valuable info when rates go up, etc.
Why would anyone waste marketing dollars and time marketing to someone who doesn't buy what we sell? Talk about "no sense", and "wasted time".
I only call people who are on Medicare.
Really? Do you have some sort of "mystic source" of buyable lists of folks on Medicare?
If there is a commercially available source of lists of people on Medicare, please share it with the board.
Buying a list of people ages 67-78 with incomes above $12,000 per annum ain't it. It means they are between 67 and 78 with an income above $12,000 per year. That doesn't automatically mean they are on Medicare.
The problem, I am an immigrant and my English (or language skill) is not as good as many of you in here. Between language skill and people skill and we are talking language skill on the phone. My experience on the phone, when I try to be thoughtful on the phone, I can feel that people responded to me with care and respond to me in certain way. However, English (language skill) is extremely difficult for someone who is not speaking any english until 17. The public school system did not help much either.
You know Nam, I'm sure you're right about your speaking language skills, but it's also amazing how we find reasons not to do things we're uncomfortable with. People will avoid cold-calling because they think they sound too young, or they have a funny voice, or because it's the day and they thing they should call in the evening, or because they're shy, or whatever. At the end, you are who you are. We all have to play the hand we're dealt. You'll get better with practice.
The real trick isn't to avoid certain things because of a weakness, but to find a way to make that weakness a strength. There's a funny looking bald guy here in Seattle that sells auto named "Vern Fonk". Rather than worry about his funny looks and name, he's turned it into a strength. Take a look at his website to see what I mean. He's playing the hand he's dealt very well. He's selling freaking t-shirts with his name on it. Selling them (not giving them away)!
Going after the Vietnamese market seems like a slam dunk for you (and it'd be a struggle for me). I imagine there are 100 other creative ways you can turn your language 'weakness' into a strength, and in the process stand out from all of us boring-sounding native English speakers.
Nam, buy and read the book "Mehdi: Nothing is Impossible" by Roy Alexander. Mehdi Fakharzadeh was in much the same situation as you are and he became one of the all time greats in insurance sales.
Frank, my reading comprehension is fine, thank you. Why so testy? Somebody pee in your cornflakes this morning?
So far it's consisted of (from what I've read) buying a list of people 67-78 with incomes $12,000 per year and above and cold calling them on the phone. Yes, that's a "marketing plan" - but a pretty one dimensional one. Based on my tests if someone does this and only this - they'll starve.
In addition, your marketing plan can't tell us how many people we'll actually talk to for the number of times we dial. We end up literally flying blind.
Mine can.
We made 2,000 dials to age 67-77, income at least $15,000 per year. Averaged 50 dials per hour, approximately 40 hours of calling. Calls made at different times between 8AM and 8PM, Monday thru Friday. A very good sized sample, here in four counties in and around Tampa Bay. Not selling anything, more of a "survey" approach to determine whether they are on Medicare, and what MedSupp or MA plan they currently have.
Out of every 100 dials, someone will answer the phone an average of 9 times. That means 91% of the effort is wasted!
In addition to the phone, it's essential for someone to have other marketing methods; direct mail, a web presence, centers of influence, speaking dates, seminars and the like.
This statement is just plain ludicrous. Is it really what you mean? If you dial 50 numbers you won't end up talking to more people than if you dial 10?
So you, and only you, knows what works? For everyone? Frank, you don't seem to respect it, but I have just as much experience and background in insurance as you. Maybe more. Every personal line is the same - the challenge I'm sure you'll agree is getting a steady flow of new prospects.
Not all marketing plans are created equal. If people are mailing those tired, old "please provide me with information on changes to Medicare" mailers, I agree the results will be less than stellar.
I believe you tell people not to work the T65 market (nor MA or PDP). I don't think it can be ignored - it's the first chance to grab a new client - which is a lot easier than trying to break an existing relationship.
I've developed a mailer that's currently getting a 4% response to T65s here in the Tampa Bay area. That's not too shabby!
I'm not sure anyone has tried everything. In addition, there are new things coming along everyday!
You bet it does. Not just Med Supps, but MA and PDP too, as well as final expense, LTCi and annuities.
In the future, because of the cost and difficulty in acquiring new clients, it will be even more important to do more per client.
Will cost less than YIO too!
Did someone say that it was?
Can it really be considered free if you have to buy YIO to get it? Somehow that doesn't add up...
Maybe you should. But if you have to buy YIO, are you really giving away information for free?
There is no way to measure how much Frank's training is worth. What I do know, it is worth a lot more than the price of YIO.
Before frank offered to train me, I had decided that the Med-Supp business wasn't for me. I had been to a man's house four times to sell him a new Med Supp. and only made $90 on the advance commission. I had decided to stick with selling final expense and other life products.
When Frank said he would train me,and I think I was the first one, he spent hours on the phone with me teaching me about med supps and Medicare. This knowledge gave me the confidence to speak with people about the product with less fear because "When you know, and you know you know, confidence replaces fear." I sold 8 med supps in the first 9 days. As a matter of fact, Lats week I wrote four apps sitting at home in my shorts and flip flops, because I hadn't had a vacation in 3 years, and I decided it was time.
Heres my business plan:
Year 1 - Write 150 Med Supps. and learn the business
Year 2 - Write another 150 but get paid on 275, I will probably lose a few from the previous year
Year 3 -Write another 200 and get paid on 450 or so
Year 4 - Write another 200 and get paid on 575-600
Year 5- Hire someone to help me, if I haven't already done so, and spend at least 6 months in El Salvador helping the less fortunate and spreading the Word of God and Shalom.
Year 6 - repeat years 1 through 5
After 20 years, retire and move to Florida. Then I will be the greatest agent in Florida and you will be number 2. (Just joking, I hate Florida)
My business plan has me getting up at 7 a.m, being on the phone by 9 and selling 4 or 5 policies a week. I need to learn the business far more than I need to make 100k my first year. You see, the problems I see with your plan:
1. If you are doing 50 dials an hour, you aren't spending enough time with the prospects gathering information for future use
2. If you are talking to 9 people for every 100 dials, then you are calling at the wrong times, or maybe I live in an area where people simply sit around the house all day, but you are way off. I would say that the number should be 20 or so; I will track it tomorrow to see for my self.
3. If you tell a salesperson that he should talk to 9 people an hour then you are setting them up to be discouraged because they may only get 5 an hour for the first hours of dialing, only to give up early, when in hours 6-8 he may speak to 20 people out of 50.
When I was the sales manager for the Honda dealership, I was responsible for the business plan and there is merit in what you say about business plans, and I would never put my eggs in one basket either. As a matter of fact, I spoke with Frank today about a business idea that I thought about, but never have seen mentioned on this forum.
Frank's phone sales techniques are right on the money. In my opinion we can overthink our sales careers. If we work to get customers, and work them like they may be our last customer, good things will come. This business is no different than the car business.
Something else that I can say about Frank's phone techniques, and I have tweaked it to my style just a little; I have never set an Med-Supp appointment using his script and not sold it. My closing ratio is 100%, believe it or not.
How confident am I in my plan? I was going to sell commercial insurance through a local broker as well as what I do now, and I have been appointed with Erie Insurance. I had talked with him when things weren't going so well. I will be calling the broker tomorrow to let him know that I love what I am doing and will be doing it full time. I enjoy working with the seniors, I feel like I am helping them, and to me, that is more important than the pay, although I do like that as well.
...but it's also amazing how we find reasons not to do things we're uncomfortable with. People will avoid cold-calling because they think they sound too young, or they have a funny voice, or because it's the day and they thing they should call in the evening, or because they're shy, or whatever.
I don't know about you but you could have been describing me when I first started selling insurance. I would even dust my office to avoid having to pickup the dreaded telephone.
When I first started as a captive agent, I was given a voter registration list. The manager called it the "leads" they had promised me. It was either learn to use the phone or apply for a job at Wal-mart as a greeter.
It is amazing what one can do when faced with virtually no other alternatives. I made a lot of mistakes initially but learned from them. I almost look forward to picking up the phone to make those calls now. I have made it enjoyable as well as very productive.
Your suggestion that he market to Vietnamese is excellent. I have a client in California who is fluent in two languages besides English and has teamed up with two other agents who's native language is not English. They specifically target people who's language they speak and she said they are "making a killing" selling health insurance.
Just wanted to add my 2 cents here. I have a great deal of respect for Frank's knowledge on Med Supps as well as the fact that he is (from what I can see) the only agent that has ever posted on this board that makes 100% of his insurance income from Med Supps. That gives him a ton of credibility.
I disagree with M&M about the low hanging fruit (my words) being people turning 65. Yes, they need to buy a supp but everyone and their brother is offering them basically the same product at the same price. By the time they turn 67 or older, they are ready to learn they made a mistake.
I would really like to see M&M's ebook and hope he'll autograph a copy for me. But I hope that reinventing the wheel is worth the trouble.
Rick
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Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
If you approach them with the same old crap in the same old way, then yes, you'll just be "one of the crowd".
Agreed, but from my experience, the better sale is to those who have been on Medicare for at least 2 years. You can differentiate yourself by helping them "see the light."
Agreed, but from my experience, the better sale is to those who have been on Medicare for at least 2 years. You can differentiate yourself by helping them "see the light."
Oh I agree Rick, but it's a whole lot easier to cherrypick when you've got a 10, 20 or 30 year book of business...
I don't think a new agent, or someone building a senior book, has the luxury of not pursuing T65s, Medicare Advantage, PDP and the like.
They've got to grab new clients any way they can. When you leave out the above...there ain't much left!
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