I want to gear up for 2008, which I hope to be a big 2nd year as an Independent broker. My questions is, what are others of you going to do, or would you suggest, to increase sales and revenue for 2008?
I plan to make more outbound calls, buy more leads, do more follow ups, etc but does anyone have a specific plan of attack for '08 like number of calls per day, leads purchased, as well as other marketing ideas?
I generate income from about a half dozen sources. Each quarter, I closely examine the ROR and subsequently increase my spending on the highest source. I adjust my allotments each quarter and it seems to work.
Similar to re-allocating assets in a portfolio on a timely basis.
This system may not work if you spend more than 4k per month on marketing.
Do everything you can to cultivate referrals. Participate in local events, send newsletters & thank you notes to clients (and near clients). Keep people in the loop who know you. Let them know about new things going on that can affect their lives, not just limited to the insurance field.
Bob the insurance guy does probably as good a job as anyone in cultivating relationships. Read his stuff. Heck, contact him. I am sure he would be glad to share.
I have also read a lot recently about periodization. This is where you are changing the value of time. You are making each year last about 3 months. (I am not sure about the tech on it) but basically each day represents a week and so on.
The benefit of this is that you are able to re-start several times per year, and create goals for each period that may be more achievable.
I have noticed that because of the soft market this year many of the Agents that I know are not doing good. They are all talking about 2008, and everyone is sick of 2007. That negative thinking hurts your production.
I am not sure if it would work for everyone but it is worth checking out. There is info on it on advisortoday.com.
PS, I have posted about this site a few times lately. I am newer to forums (this is the first one to which I have posted) I am not affiliated with this site at all, but if it is not ok for me to reference please just let me know. I would not think that it is a issue as it is a great reference.
I have also read a lot recently about periodization. This is where you are changing the value of time. You are making each year last about 3 months. (I am not sure about the tech on it) but basically each day represents a week and so on.
The benefit of this is that you are able to re-start several times per year, and create goals for each period that may be more achievable.
I have noticed that because of the soft market this year many of the Agents that I know are not doing good. They are all talking about 2008, and everyone is sick of 2007. That negative thinking hurts your production.
I am not sure if it would work for everyone but it is worth checking out. There is info on it on advisortoday.com.
PS, I have posted about this site a few times lately. I am newer to forums (this is the first one to which I have posted) I am not affiliated with this site at all, but if it is not ok for me to reference please just let me know. I would not think that it is a issue as it is a great reference.
NWInsurance
Referneces and Links are great! If Al has a problem just send him to me and I'll take the heat!
Offer to speak at local libraries, YMCA's and civic organizations, regarding health insurance in general. Do not get company or product specific. Have a sign in sheet. Use FREECRM.com to follow up and keep prospects/clients in the hopper
Network with Financial Analysts. They HATE talking health insurance to their clients, and you can become their "health" guy. Keep in touch with them every two weeks. Just drop by their office, and in five to fifteen minutes, give them an update on how you might be able to save their client some money. Keep doing it, even though you don't get immediate gratification. All of the sudden, you will get calls from people you don't know.
Get on the phone:
Get lists of new companies, or go to Business Wise or Reference USA, and telemarket, just to find out what they have now, and if you can "throw your hat in the ring at renewal time". You will be pleasantly surprised at your results.
Sponsor a Job networking group for unemployed people:
Go to a church, and ask if, as an outreach to the community, if you can lead this up. Make this in the morning, for about 1 to 1 1/2 hours. Every time they give their 30 second commercial, you give yours. Hand out STM brochure/applications. Invite speakers to come. Partner up with a Financial Advisor to give a "financial stress" workshop, with the option to meet with you, and the financial planner to adjust their current portfolio to meet their needs, now that they have no stream of income.
Don't buy leads
Don't hire telemarketers
Don't place ads
Don't send mailouts
You're better off sending me that money, and letting me flush it down my toilet.
BTW, as a personal note: A truly talented singer/songwriter/performer passed on Dec. 16th. It was Dan Fogelberg. A man who I look into, and who's tenets I live by. He never changed to appeal to the masses, and yet he kept a truly strong following, and wrote some of the most beautiful music ever heard. One message he harped on, ever and ever, was to be true to yourself, and not to change to satisfy others. Ref: the songs PHOENIX and TELL ME TO MY FACE.
He was underappreciated, underrated, and underrewarded. But you will never attend a wedding without hearing LONGER. A December nor January will pass without hearing SAME OLD LANG SYNE, and every Kentucky Derby they play RUN FOR THE ROSES as the backdrop. (he wrote that song in one day, travelling to attend the race, per a request from Roone Arledge, the then president of ABC sports - not bad for a day's work, huh?)
I am with Bob, his are the easiest, cheapest and most gratifying ways to get leads.
These are the things I did to build my P & C business. Now I am building the 2nd Arm of the business the Health Insurance.
My only commitment in 2008 is I set 2 lunch appts a week with a fellow business owner or community leader in my area. I always ask one question, "How did you end up owning XYZ company?" I ask because I truly am interested, I love to hear people talk about why and how they got to where they are. They are so passionate and I don't think they get asked very often.
I don't peddle product or hammer them for anything. Most of the time at the end of the lunch, they are asking me what I do. Then they tell me where their pain is. I have the luxury of having the P & C and the health. But, if they don't ask, neither do I. I always send a card after I have lunch with them.
For some reason I find this more fun then calling someone to tell them they didn't win an Ipod. LOL
1. Why am I in business
2. What is my business
3. Who is my customer.
Why you are in business will provide the inspiration on Thursday evening at 8 pm when you still don't have any business and need to make one more call.
What is your business will tell you who to market to, providing financial protection to small business owners with products such as health insurance, life insurance and annuities. (example)
Who is your customer will tell you how to target market and what type of leads to buy, if you do, small business owners in a specific county or zip code that have been in business for 1 year or longer with an annual gross revenue of 500k or more and 29 or less employees. (example) Start with your nitch market, what industry did you work in previously, start making a list of all businesses that service that industry, there you will have commonalities to start a conversation with and build your confidence.
Next would be to put together an activity plan that you will work everyday. When do you want to know that your activity is not going to produce results, Thursday at 8pm or Monday at 3 pm? Your activity plan is what YOU are going to do, not someone else, phone calls, walk & talk (collecting business cards from small business), putting out take one boxes etc. Network with center of influence as you work, P&C agents, car dealers (commission salespeople don't have group insurance), etc. Ask for referrals on every call, not "who do you know that is interested in insurance or that I can help", attach a behavior to a request and you'll get a name, "what is the name of the owner next door, what is the name of someone you golf with, just got married, bought a home, enrolled a kid in school, just got married." ect. Buy a profile list and do a direct mail campaign, mix internet leads and telemarket leads. Don't judge them, go to the door and make your pitch in addition to calling. Use Monday to call leads and set your appointments for the week, use all other contact and marketing to fill in as you run your appointments. The mistake most agents make is they "go prospecting", you may consider "prospecting as you go."
Lastly review your results each Wednesday and Friday, if you have the same behavior Thursday and Friday as you did Monday and Tuesday you will have the same result, is that what you want? If you have the same behavior this week as last week you will have the same result, is that what you want, same principle monthly and quartly.
You can't expect what you don't inspect.
Focus on activity and making presentations and the sale will come.
Marketing plan for 2008?
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