There are various sales techniques out there and there are tons of books to prove it. Visit any book store and there are entire sections on sales. Closing the sale, cold calling, selling specific products and the list goes on. The rules have changed somewhat with the various types of leads available to sell. One rule is always consistent with selling, we have to focus on who we are selling to, and keep at it.
Most insurance agents buy online leads and approach them the same way as they would any other client. That is where we are going wrong. Insurance Agencies have worked with referrals, call in's, and networking. With all those methods, the prospect is actively at your attention at the moment of contact. Online leads change the game. The average online lead is sold four times. Some are sold to national carriers, some are sold only to individual agents, but agents must ask the questions first off to know who they are in competition with.
First, create a varied process for contact and stick to it. When prospects walked in your door, or called you on the phone, you knew their preferred method of communication. In today's day and age, that is not necessarily the case. Some people will prefer to do business by email, some by phone, so multiple exposures in both venue's are essential. Most agents make three phone calls maximum over the course of the first five days. After that time, the lead dies on their desktop or in some file folder.
Multiple emails over the course of thirty to sixty days are essential. Some prospects start hunting far in advance of their renewal. Some are looking because they are "thinking" of buying a product. Staying in contact both by phone and email allows the agency's and the producer's name to be repeatedly brought to the attention of the prospect. This will increase changes of the sale further down the road. Most agents think of email and phone calls as an opportunity for a sale, but it is marketing as well. Until a prospect tells you they have bought elsewhere, email them and call them to insure good customer follow up.
Second, assume the sale. Use words about how you look forward to talking with them soon and how your companies deliver A rated service by AM Best or about the services your agency offers. Your email or phone message can be the entire reason someone calls you back. If you are associated with a larger company to have name recognition, make sure to supply that information as well. Deliver a great message in your voicemail or email with positive expectations and positive words can be the key to someone returning your call!
Third, return phone calls and provide information on time. This seems like common sense, but a lot of agents just drop the ball. Good follow through is essential. Prospects need to know that their agent takes the responsibility of protecting their assets seriously. Insurance is seen as a requirement by banks and law enforcement officials, not as protection for a lifestyle.
By taking the perspective that insurance is to protect the lifestyle that the prospect is working for, agents are showing their prospects that they are valuable as well. People are unfortunately accustomed to being treated with less than superior service, by doing what you say you will do, agents can exceed expectations easily and secure the business.
Finally, create multiple marketing exposures. Agents are paying anywhere from eight to fifteen dollars per lead. These prospects have provided a lot of information and 92% of all agents never make a secondary attempt at selling after the initial renewal date has expired. If we look at the raw numbers, most leads are approximately ten dollars per lead. At 10 leads, close ratios are around 20%. Eight leads are then going dormant and never contacted again. If producers can call at renewals down the road, send post cards or market to these prospects again, the close ratios will increase dramatically. Agents fully utilizing the AgencyIQ System generally see a 35% close ratio when utilizing multiple auto responders, consistent phone calls, and secondary marketing opportunities.
Selling insurance is hard work, but stick by these five principals and watch your success grow tremendously. No business can survive without prospects and online leads are just one way of developing your business, but they are a venue that is here to stay. Mix up your marketing and your approaches, and make 2008 your best year yet!
Teresa Kitchens
VP Operations of Net-Lead, LLC, the creators of the AgencyIQ System
Teresa is one of the co-founders of the AgencyIQ System and a proud owner of her own successful insurance agency.
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