If my goal is to sell 1 a day minimum (Med Supp & Final Expense)...
How do I need to manage my time in regards to marketing?
How many names do I need on a Turning 65 telemarketing list for appointment setting? How many calls will I need to make daily to setup the needed number of appointments for desired end results? What time of the day and for how long should I be cold calling for appointments? When should I set my appointments? How long should I give for an appointment?
Is it feasible to spend one day calling for appointments and 4 - 5 days working appointments?
The guy I worked with made his appts on Monday. Ran them T-Thursday and submitted paperwork and Fridays. Done by noon. He kept a pad in his car. If his goal was $400 for the week he would subtract the monthly premium from it. Figure backwards what you need each month. $15K a month divided by 12 divided by 4=$313 a week. Sometimes he would go out with his leads and knock doors. Whatever works.
Jiggawhat? Can you 'splain that to me again? I must be missing something. If I want to make $1000 a week then I subtract the monthly premium and then what? What monthly premium? For one app or the total apps in a week? Where did that $15K per month number come in?
To make 1 sale per day, you will need 4 appointments per day. To get 1 appointment, you may need to make to 25 calls (you won't get through to everyone). So, the math comes out as:
100 calls > 4 appointments > 1 sale
Thus, your weekly numbers will be:
500 calls > 20 appoinments > 5 sales
Therefore, your call list would need 500 names just to schedule one week.
These numbers are very conservative, and can be improved by working on your cold calling and closing skills. I suggest taking a day (Monday or Saturday) and spending a few hours just setting appointments. Then spend the rest of the week running the appointments.
Seniors maintain earlier schedules than most people, so 8AM - Noon is a good time to catch them. They're also more apt to let you in if you knock on the door, so knock on a few doors in between appointments.
Ok if you want to do $15000 AP (annual premium) per month. Divide that by 12. (12 months in a year to get monthly premium) Divide that number by 4. (4 weeks in a month) This will tell you what you need to sell each week. $313. If you sell a $20 a month policy subtract that from $313. $293 is what you have left to sell. I used $15000 because most of the agents I know do that in a month. Use whatever you do a month. Make your goal a little higher. The agent I was referring to also did a 1000-2000 lead drop per week.
Out of a list of 250 I can usually get around 20 apt's or 4 sales plus spouses. So I'll say 6 on average out of the 250 list supplied by lead company. Those 6 apt's would be MA or Supplements, I tend to be able to get 1 to 2 other sales in the Final Expense add on.
After that those sales of 4 go into my LTC column, now usually one may show interest in LTC Policy but all 4 households get a letter of LTC and get but on my Newsletter as a service, really as a attempt to get referrals. Most MA Plans provide for a free annual membership to various gyms, such as Curves, Rush, Gold's and others, if you have one locally that have a Senior program you can contact them and run seminars at the gym. The gym gets the first shot of signing up your clients and recieving the yearly membership fee from the Carrier.
Generally speaking when doing MA Plan selling I spend two hours a day on the phone which should give you 4-5 apt's. Out of that you should get at least one sale on average or 5 a week. I figure 1 hour apt's, some may run over but most will not. The app's are fairly simple on the MA plans. So basically you spend two hours on phone between 9-11AM, run 4-5 apt's between 11-4 or you can spend one day and attempt to fill up your next three days. Yet I like calling and going the same day, I generally avoid trying to set apt's outside of 24 hours.
Go to your senior centers and offer free seminars to review the products. Tell them that it is an educational seminar, and that no enrollment will take place. That will get your foot in the door. Then have them fill out a form with their name address and #.
While you are at the senior center, check out other events taking place and ask if you could be there. I have done about 6 events like this. All I had to do was ask! If they will not come to you, go to them!
Team up with someone who works the senior market but not what you offer. Financial planners are a good source for this. They normally do not mess with the health side, only financial. Offer referrals back and forth.
Get friendly with doctor offices and pharmacies. One of the Wal Mart pharmacies gives me about 2-3 leads a month.
P&C agents. They can normally audit their book of biz and filter the 65+ people.
Any tips on how to generate lots of business Nov 15 to Dec 31?
Well I thought that is what was being discussed but the MA is where it starts. The Part D is a 30-50 dollar sale, yea I'm going to gear up for that.
James,
Don't discount the $50 sale. I used it as a loss leader this past year and took in about $500k in investment dollars. Of course I'd prefer to sell an MA plan over Part D, but if I can get the other sales, I'm willing to take the chance.
I managed to work out a booth at one specific Pharmacy where someone previously dropped the ball. Thankfully this pharmacy is in the middle of Seniorville and should be a goldmine for lead generation.
That's what I like about Part D. While it may be tedious, without the highest commissions, it's a killer lead generator.
If you can learn it forwards and backwards and take time to help a Senior understand it, you'll really earn their trust and have an easy in for other higher paying products. I'm sure most of you already understand this, but it amazes me how many med supp agents don't want to fool with Part D because of the low commissions and tedious work. Those agents are basically giving their clients away in my opinion.
This all can be, but if you're in front of them why not lead off with the MA? Plus last year there seemed to be a bit of a problem with Part D and the government being able to keep up with it. Lost several MA's over the confusion so I decided why risk my MA or other sales for the 50 dollars of the Part D. Now I hope the government has a better way of delivery of the Part D service. I can write it, that is easy enough but if its screwed up I just assume to send them to their pharmacy.
This all can be, but if you're in front of them why not lead off with the MA?
Well, let's say your prospective client is a retired teacher or government employee (federal or state). They generally have a group medical plan as part of their retirement package. Most of the group medical plans for retirees hiked the premium for those that kept the prescription portion of the plan. That's why they only want part D. To get prescription benefits and reduce their medical premium. And what do these retirees with a pension have, 401k's & 403b's. I'll gladly spend an hour or so with them if I have an opportunity to earn their trust and get a shot at the investment dollars.
Honestly, I'm not a big fan of the MA. I prefer the med supp. I've truly only seen one MA in my area that I would feel very comfortable offering and that's Scott & White.
However, I am currently investigating Coventry's MA plan.
This all can be, but if you're in front of them why not lead off with the MA?
Well, let's say your prospective client is a retired teacher or government employee (federal or state). They generally have a group medical plan as part of their retirement package. Most of the group medical plans for retirees hiked the premium for those that kept the prescription portion of the plan. That's why they only want part D. To get prescription benefits and reduce their medical premium. And what do these retirees with a pension have, 401k's & 403b's. I'll gladly spend an hour or so with them if I have an opportunity to earn their trust and get a shot at the investment dollars.
I tend not to market to this demographic so I don't run into that many. Even though many of your retired people on Private Group need additional coverage and the MA seems to fit that bill nicely. Then you have those on VA with no other coverage, these people are in great need of the MA, so go down to your local Veteran's Administration and talk to the people there.
Marketing to Seniors
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