Cold Calling Versus Networking

[insurehound]

I've been thinking a lot about the effectiveness of each prospecting method. Of course both have their advantages and disadvantages.

I do a fair amount of networking and have done "OK" at it. But now that I am cold calling more, it will be interesting to see the differences in results.

The problem I found with networking is that most of the time, you are in a room with 20+ people looking to sell you things. Even with this, I still managed to do fairly well selling to these people.

Then I thought the way around this for me was to get on a couple of Boards and join various committees of one or two local Chambers/Associations. I soon found out what a "good ol' boy network" meant. I ended up doing a lot of the leg work for the group with little benefit to me. Usually, I found there was a resident insurance pro in the group who had put in their time (and money) and was the go-to person for insurance.

In the end, I think you need to do both. There's never just one full-proof method of prospecting. It's clear that networking takes time to build trust where as cold calling is more about finding people with more immediate needs that can be filled. I'm not saying you can't build trust and establish rappore through cold calling but networking seems to me to be a better method of doing so.

What is your experience? How much of each do you do?

I better get back to the phones...

 

[Cory]

I thought you'd have more responses so will give my two cents. I think networking is great... as long as you're networking at events where your target product demographic is located. Otherwise, it might be a waste of time. Find where your prospects are and go to them. I completely understand the good'ole boy mentality. I've used telemarketing predominantly and prefer it as it's more personal, more flexible, more responsive and you're often times generating exclusive leads. Networking does not show an immediate return...most times. You can do both and I've done both... just depends on your expectations.

 

[ewilkins]

What about social media for prospecting? Have you tried it at all? I'm launching a social media campaign for myself to see how it goes. I've started a blog, Twitter and of course a FB page. I've learned too that you don't want to make it all about insurance. You want to offer people useful tips, news or whatever to catch their interest; something to make them think about you when they need your product or know someone who does.

 

[Cory]

My only question... is your targeting specific enough. Are you hunting for fish in a barrel or fish in the Pacific Ocean? How are you targeting a specific demographic or are you throwing something out there hoping it sticks? Can be done... if done right.

 

[ewilkins]

Hey Cory, that's what I'm working on figuring out right now...which demographics to hit and yes...how to target those specific demographics.

The wheels are turning my friend. I still plan on calling you by the way. My ADHD has been getting the best of me lately though. I need to sit still long enough to call you!

Right now my blogs and posts are all over the map. I know I need to be more specific: https://www.facebook.com/pages/Farmers-Insurance-Group-Agency-Producer-Evin-Wilkins/259535757501948. I've heard if this is done right, it can really be hugely effective.

 

[insurehound]

Yes, we have a FB page and I think I need to do more of it. We also just installed a blog as well. Funny thing, I find that when I posted pictures/comments of more personal things about us, we received more response and interaction.

 

[ewilkins]

Yes, we have a FB page and I think I need to do more of it. We also just installed a blog as well. Funny thing, I find that when I posted pictures/comments of more personal things about us, we received more response and interaction.

I almost think this is probably because it makes you appear more human versus another faceless business card out there.

 

[Cory]

Insurehound...I think what you're doing is great! So many people whether businesses, customers or employees some times treat people as numbers and not faces. At times you have to do that, but I do like to support small business and I feel better when doing so. HUGE valid point...love it!

 

[NCAgent]

I think telling some opinionated things is better at times for blogs than just information. Giving examples, telling stories, etc. is better for people because it is easier to understand than the different accounts found in a UL policy.

I'm also very opinionated on a lot of things, and it sometimes gets me in trouble.

 

[Cory]

NCAgent...living in this great country gives us the right to have opinions. It's "how" one presents his/her opinions that counts that tells others what kind of person you are... I think you're doing a fine job.