Prospecting Ideas

Posted: Sun Jan 21, 2007 09:35 am Post Subject:

hi nique,

I am happy this insurance agent forum has been added. At least we can discuss more on insurance selling. This can really help most insurance agents. By the way, about the prospecting thing, we are told that before going into selling, the first thing that needs to be done is to write those 100 prospects that you really know. Supply their complete name, address and contact number. The next thing is to qualify each prospect based on the need for it. This is the basis of who should be approached first.

Making this list is hard at first because most of us who are new to the job would tend to qualify first if that person really needs an insurance policy, which is wrong. Making the list should be first before qualifying the prospect. Am i right? :)

After the qualifying process, these people should be called by phone to set an appointment. Setting an appointment by phone is somehow advantageous for it can help the agent save some time and effort before going to the prospect. And this can also assure that the prospect knows what you are intended to do.

The very important rule that i have remembered is not to sell on the phone. Most people would not entertain agents when they know that they are selling insurances. I don't know why, but i know this is common.

I don't have much to say now. I'll just come back from time to time. I know i can learn more from this.

Thanks!
Joven

Posted: Sun Jan 21, 2007 03:06 pm Post Subject:

Joven:

You are right..and I am jealous I had to have a list of 200 people! lol
Anyway...yes you should just make a list of everyone you know and you can group them in different ways if you want to. This sometimes helps as well. Such as people you know well, aquantances etc.

You are also correct in saying that you should not A) assume that what you have is what the client needs, and B) you should not sell anything to them over the phone.

Think of it this way...how can you sell someone something if you have no idea what they have and and what their goals are? You can't. The entire purpose of the phone call is just to get an appointment to meet with them.

When you meet for the first time you should not be selling either. You should just be gathering information, what do they want to accomplish, what do they currently have. Look at what they already have, find out their goals. And then you can make a recommendation if they even need anything.

Some people will not need anything at this time..this does not mean they will not in the future. Follow up with these people every year. Ask them if they have any changes in thier lives, new job, new home, new child, etc.

Keeping records or a data base is key.

Now this is important...just because you meet with someone and a) they dont have a need or b) they dont want to buy does not mean they cannot help you further your career. Ask for referrals, and who they know and if you can use their name! Referrals! Yes you dont have to sell something to everyone. Ask them if they know anyone that might be interested in meeting you. Not to sell them something just to meet them and again...gather info.

If you look at it this way..just getting info, meeting with people you will soon learn some people need things and others dont. You cannot go out there assuming you are going to get the sale. Some people are just not good prospects, but they may know someone who is. And by doing this you will A) earn peoples trust and b) the pieces will fall into place, the sales will happen naturally.

People do not like to be sold...especially me..i am a tough sell...so i know...i have to have a need and really want it but Ill tell you what if I can smell commission breath I am not going to buy from you doesnt matter what your selling it is just not going to happen.

Hope this helps!

Posted: Sun Jan 21, 2007 07:04 pm Post Subject:

“Center of Influence” now this is a good exercise, sit down and right down all your friends, family and associates. Now when I did this I came up with about six hundred contacts then I added my wife's and other family members that were willing to participate. In the end I came up with well over a thousand names, telephone numbers and addresses and employment. Now when I sat down this is what I found, 40% were in the medical field that is including computer programmers and other professionals that work in a medical environment. 35% were self employed which in some percentage overlapped the medical list of names but in total counted for 60%, obviously I'm rounding off numbers here. Now if someone different is doing this exercise they'll come up with differing professions and expertise within the list. Next I sent out the letters, I knew most so this wasn't an introductory letter but a letter explaining my new enterprise and an explanation of the newsletter that I included. Yet then I added to some (those I didn't directly know) a small note of who I was and whom it was that directed me to them. I received quite a few calls, mostly well wishers yet though I did write a few off the bat via the letters and newsletter. Mostly term, yet something I learned over at topgunproducers.com (not like I learned anything from my short stay with NAA) is that if the policy is so old or not (say a term contract written by NYL) that it's generally cheaper just to buy a new term contract for a higher amount, in several cases it was cheaper than what they had in place at the lower amount.

Now asking friends for contacts that I can send out my newsletter too, of course with a promise that I never use there friends and family as a cold call list but only as a newsletter subscriber. I've built my newsletter up to about 10 thousand names, all within a 20 mile radius or a good percentage. Yet though I found one thing out real quick, an insurance newsletter tends to be boring! So I seek out others that had a similar need to prospect to those I'm prospecting to with the same need to a similar demographic. My best partnership in the newsletter that will become a Journal this year is Bob the Gardner. In fact since he has came onboard with the newsletter and of course he and one other are now sharing in the cost is he gets the lion share of interest or leads. Yet though, they add in their contacts or “Center of Influence” and all of a sudden the list is huge! In fact, even though I have some nifty printers that can kick production and the quality is great I can no longer keep up without having at least a month advance to start printing so this year I'll move production over to a printer, of course a local printer that will defer some cost in exchange of being in the newsletter/journal, or at least that is what I'm attempting to do now. In other words one should consider taking their Center of Influence and then apply Networking with other professionals that share in the need to contact a similar base of demographics.

Now you have your Center of Influence and Networking combined one has to as some say “Give Back” to the community. All this takes time, just as in charity work. Find a Charity or Charities you believe in and go to work donating your time. Don't ever use it as a contact finder, believe me they'll ask you what you do and they'll let you know what they do. Just keep it friendly and concentrate on the charity, it'll pay huge dividends! Plus it adds to your Center of Influence, something I've been doing since my early days of Photography Fund Raising. Going back some years, back when I was a younger person and there have been many times that my contacts via charity work has aided me greatly in many lines of endeavors and “Situations”.

Now I admit all this takes time, effort and cost. So obviously you have to find other avenues of marketing to create cash flow while you are creating your center of influence and networking plus the newsletter. I've found that offering health or supplements is a great little money maker. When I do health, I call or walk businesses as John suggested in a friendly “Hey you want a quote” type of way. I offer limited plans such as John Alden & Assurant and Celtic, if it fits it's great if not or they have special needs I simply recommend them to a person that does Health specifically. Same with Supplements, I've sign on with Sterling Life Investors (not sterling that offers MA's that I once was a captive agent for) and I have the Advantage MA, I find it a piece of cake to make appointments and create the quick buck that adds up! Yet though I do have some short comings when it comes to telephone work, while I can offer a free quote or offer an appointment about Supplements I haven't the same ability to get life appointments on the telephone.

Posted: Mon Jan 22, 2007 12:50 am Post Subject:

Rick I absolutly agree that it is much easier to open the door with other services such as home, auto or health...rather than Life insurance. That's why I say real good life insurance prospecting ideas are rare. I also put together a newsletter well I am working on it, and I too found it boring. I may run with your idea of getting some other industries involved in my newletter that is a really good idea and it would help cut the costs on my end as well. Hey Rick do you think I could see a copy of your newsletter? Do you send it out quarterly or monthly? I am just curious to see how you are doing yours. Where are you from? Just curious! Thank you for all your great ideas....I really think this is going to be a great place for us agents to swap ideas and learn from each other.

Posted: Mon Jan 22, 2007 12:29 pm Post Subject: Thanks

Its good to see you guys coming in here and sharing your knowledge and experience.
Thanks once again nique1221, for coming up with this idea. This forum can really help the agents, I guess.
BTW, Rick its nice to you see you back in the forums after quite sometime.
Thanks,
Lakemen

Posted: Mon Jan 22, 2007 12:44 pm Post Subject:

Hey Rick, I see your birthday coming up this week.:) When is it actually? Please share your birthday with us here,
http://www.ampminsure.org/pub/about2369.html
Thanks,
Evan

Posted: Mon Jan 22, 2007 02:43 pm Post Subject:

Hi everyone,

I think your ideas are absolutely correct. It does not mean that agents who are in the life insurance industry should concentrate only in selling life insurance and finding people who are in need of it. Having other kinds of product can provide vast services to the clients. If the prospect feels that he or she needs a health insurance more than life insurance, it is better as an agent to cater that need. If we come to think of it, agents are there to help and not to sell. The major role of agents is to help people and cater all their needs and this should be done not for the value of money but for the value of service. Proper service would lead an unlimited number of prospects and would also lead to a good stream of income.

The major downfall of most agents is that they would focus on the amount of money that they can get and not to the service that they want to extend. This is the reason why proper insurance selling does not stop on selling the product and getting commission, but it should be continued to an after sales service.

Thanks for the great ideas guys..

Until next time!

Posted: Mon Jan 22, 2007 07:56 pm Post Subject:

No problem Lakemen I think this will be a great place for people to share.

Joven you are right. It is good for an agent to be diverse. Also it is very important to service your clients. because if you don't the next guy your competitor is right around the corner waiting to take your place.

Posted: Tue Jan 23, 2007 07:27 am Post Subject:

celebration!

Posted: Tue Jan 23, 2007 07:38 am Post Subject:

celebration!