Has anyone had good luck with purchasing life leads? Just curious.
Total Comments: 40
Posted: Tue Jan 23, 2007 11:18 pm Post Subject:
I never brought leads but I know some that swear by them, esp. internet leads. This is the shake down and it seems viable but you have to keep records to understand how some do it succesfully.
Fist thing is everyone I know and most are on the health side of the business but the math and contacts all seem to work the same. First you don't pay the extra cost of "exclusive leads", there isn't any in reality because the same person the hit site X more than likely visited site A and B. So the first thing to do is to visit the online sites you are thinking of using and submitting a lead using yourself, than see who calls, in this you know exactly who you will be up against in competition. More than likely you may not even have local competition which is a good thing, IMHO that is.
Okay now you know what site you will be using and who your competition is, the next thing to understand is how many leads on average you must buy to accomplish one sale. Now this takes some testing and a learning curve, most state you have to be the first to contact and that contact has to be basically a friendly "Let me send you a quote" type of contact, in other words don't oversell. Plus this is where being a captive NYL agent may get in your way as I don't think NYL has a good online application process? I may be wrong I really don't know just guessing, I can use several companies that will accept online application where I can walk the people thru over the telephone and it just take minutes to get it started. Yet the face to face sale is only good but many internet buyer may not be looking for that, in which case brings us to the paid telemarket lead purchase. Yet though let me play this out, now we're basically buying leads and selling thru the internet, we now must learn how many leads one needs to close. Once you figure that out, lets say its twenty $8 dollar non exclusive leads. That would total $160 dollars, lets say your average sale is about $500 dollars for a good solid 10 year term contract (which if you are with NYL may be the only thing you have that is competitive in price) that is easy to write, now this is what I refer to as many the "Sell Term Convert Later" strategy. In other words build up the client base with term and than market directly to them for better more stable solid life products. So using the math we see that a $160 investment brings in about $500, a $340 profit margin minus other expense you may have such as a visit or better have them come to you if you have a nice office to work from if possible.
Now we know all that is needed to be succesful, yet there is another problem for new agents that have financial concerns. There is an obvious learning curve in internet leads or telemarketed leads and there is a lag of buying the leads to when you see commission checks to come in. If you have a lag of say two to three months to achieve a steady commissions coming in you will have to be able to finance the paying of the leads before you start getting paid which may or may not be a problem, I would think for some that would be a problem plus a risk. I mean what if you don't sell none during the learning curve? I would think one would be smart to have about 5 grand saved up to be earmark in paying for the leads before one even thinks about playing in this toybox. Plus have expierence in selling over the telephone which isn't impossible by any means, at least for the average Term Product.
Posted: Tue Jan 23, 2007 11:40 pm Post Subject:
Now if you are thinking of using a telemarketing service there is a contact I can give you that some brag about. They say she is good at business telemarketing for small voluntary group type of sales. Yet this is an obvious market, the small business owner of say less than 10 employees as this group is overlook by the Group Market sales people and than you have the single self employed person that for the most part is totally overlooked by much of the market. Most charge about $15 dollars an hour and have a minimum of twenty hours a week but they generally guarantee you about 2 leads per hour or more depending on your market. If anyone is interested I'll look up the contact information and send it upon request. Yet I bet ya you can do it yourself if you are new to the business, or find someone local do to it for you, personally I like to keep things local and find it easy to find telemarketers such as a stay at home mom that would like to earn a few bucks on the side to help out the family.
Posted: Wed Jan 24, 2007 03:32 am Post Subject:
Rick I like your telemarketing approach...esp about keeping it local. I think I may look into this and see what I can get or who I can get. I would also like to have the name of your contact just in case I cannot find someone local....thanks for your advise. I am looking into various ways to prospect that are going to be profitable. I had 2 appts today and both went well. I got apps on both so that was good...but I just got home and its 10 and Im beat!
Ok thanks for your great info..I appriciate it...
Posted: Wed Jan 24, 2007 06:35 pm Post Subject: Norvax/ProspectZone works
I've been using Prospectzone for 1.5 years - they do ind. health, group, and life. i average about 15% close ratio - pretty good for internet leads. If you call them, tell D.J. that PaulK sent you, and that you're a buddy of mine, he may hook you up with some free leads.
I've been using Prospectzone for 1.5 years - they do ind. health, group, and life. i average about 15% close ratio - pretty good for internet leads. If you call them, tell D.J. that PaulK sent you, and that you're a buddy of mine, he may hook you up with some free leads.
D.J. - 866.466.7829 X 8239
Thanks for the Tip I will give him a call next week when I get back from Vacation! Thank you Paul!
Posted: Sun Feb 18, 2007 03:03 pm Post Subject:
Hi, I just realized as a new member here I should introduce myself. I got into insurance 2 years ago, started captive, realized it wasn't the way, went independent in health selling Assurant, World, Golden Rule, learned about the new way insurance agents get paid in the industry so joined UandIWin last October, now have about 16 companies I can sell, making more earnings than I ever dreamed possible, selling health, life, annuities, EIUL, Senior Products, guaranteed issue, supplemental, wow.
The averge agent who produces and recruits in Uandi Win will earn 37% on health and 142% on life when you add commissions and bonuses. I received two awards yesterday at the first NEastern rally, for my efforts in personal sales and in recruiting. I have a lot to share will all of you and hope I can help you what ever you sell. With UandiWin you can sell what you already sell! and you can add additional lines through them if you wish.
Jen
Posted: Sun Feb 18, 2007 03:06 pm Post Subject:
I have developed a better way. I use a script and pay people who work from home to solicite leads. It works. Also, the free training I get every week on UandIWin webinars really has helped me. Knowing your products makes helping others much easier.
Posted: Sun Feb 18, 2007 03:16 pm Post Subject:
Hi InsuranceGal,
Welcome to the forums. Looking forward to your active participation.
Thanks,
Lakemen
Posted: Fri Mar 23, 2007 10:54 am Post Subject:
What are the opinions on leads as far as shared vs. exclusive? Some people SWEAR by shared leads because of cost, but I'd think your sucess ratio on a shared lead would be a lot lower?
Posted: Tue Jan 23, 2007 11:18 pm Post Subject:
I never brought leads but I know some that swear by them, esp. internet leads. This is the shake down and it seems viable but you have to keep records to understand how some do it succesfully.
Fist thing is everyone I know and most are on the health side of the business but the math and contacts all seem to work the same. First you don't pay the extra cost of "exclusive leads", there isn't any in reality because the same person the hit site X more than likely visited site A and B. So the first thing to do is to visit the online sites you are thinking of using and submitting a lead using yourself, than see who calls, in this you know exactly who you will be up against in competition. More than likely you may not even have local competition which is a good thing, IMHO that is.
Okay now you know what site you will be using and who your competition is, the next thing to understand is how many leads on average you must buy to accomplish one sale. Now this takes some testing and a learning curve, most state you have to be the first to contact and that contact has to be basically a friendly "Let me send you a quote" type of contact, in other words don't oversell. Plus this is where being a captive NYL agent may get in your way as I don't think NYL has a good online application process? I may be wrong I really don't know just guessing, I can use several companies that will accept online application where I can walk the people thru over the telephone and it just take minutes to get it started. Yet the face to face sale is only good but many internet buyer may not be looking for that, in which case brings us to the paid telemarket lead purchase. Yet though let me play this out, now we're basically buying leads and selling thru the internet, we now must learn how many leads one needs to close. Once you figure that out, lets say its twenty $8 dollar non exclusive leads. That would total $160 dollars, lets say your average sale is about $500 dollars for a good solid 10 year term contract (which if you are with NYL may be the only thing you have that is competitive in price) that is easy to write, now this is what I refer to as many the "Sell Term Convert Later" strategy. In other words build up the client base with term and than market directly to them for better more stable solid life products. So using the math we see that a $160 investment brings in about $500, a $340 profit margin minus other expense you may have such as a visit or better have them come to you if you have a nice office to work from if possible.
Now we know all that is needed to be succesful, yet there is another problem for new agents that have financial concerns. There is an obvious learning curve in internet leads or telemarketed leads and there is a lag of buying the leads to when you see commission checks to come in. If you have a lag of say two to three months to achieve a steady commissions coming in you will have to be able to finance the paying of the leads before you start getting paid which may or may not be a problem, I would think for some that would be a problem plus a risk. I mean what if you don't sell none during the learning curve? I would think one would be smart to have about 5 grand saved up to be earmark in paying for the leads before one even thinks about playing in this toybox. Plus have expierence in selling over the telephone which isn't impossible by any means, at least for the average Term Product.
Posted: Tue Jan 23, 2007 11:40 pm Post Subject:
Now if you are thinking of using a telemarketing service there is a contact I can give you that some brag about. They say she is good at business telemarketing for small voluntary group type of sales. Yet this is an obvious market, the small business owner of say less than 10 employees as this group is overlook by the Group Market sales people and than you have the single self employed person that for the most part is totally overlooked by much of the market. Most charge about $15 dollars an hour and have a minimum of twenty hours a week but they generally guarantee you about 2 leads per hour or more depending on your market. If anyone is interested I'll look up the contact information and send it upon request. Yet I bet ya you can do it yourself if you are new to the business, or find someone local do to it for you, personally I like to keep things local and find it easy to find telemarketers such as a stay at home mom that would like to earn a few bucks on the side to help out the family.
Posted: Wed Jan 24, 2007 03:32 am Post Subject:
Rick I like your telemarketing approach...esp about keeping it local. I think I may look into this and see what I can get or who I can get. I would also like to have the name of your contact just in case I cannot find someone local....thanks for your advise. I am looking into various ways to prospect that are going to be profitable. I had 2 appts today and both went well. I got apps on both so that was good...but I just got home and its 10 and Im beat!
Ok thanks for your great info..I appriciate it...
Posted: Wed Jan 24, 2007 06:35 pm Post Subject: Norvax/ProspectZone works
I've been using Prospectzone for 1.5 years - they do ind. health, group, and life. i average about 15% close ratio - pretty good for internet leads. If you call them, tell D.J. that PaulK sent you, and that you're a buddy of mine, he may hook you up with some free leads.
D.J. - 866.466.7829 X 8239
Posted: Thu Jan 25, 2007 05:22 am Post Subject:
Hi PaulK,
Please introduce yourself to the community.
Thanks,
Evan
Posted: Thu Jan 25, 2007 05:24 am Post Subject:
I've been using Prospectzone for 1.5 years - they do ind. health, group, and life. i average about 15% close ratio - pretty good for internet leads. If you call them, tell D.J. that PaulK sent you, and that you're a buddy of mine, he may hook you up with some free leads.
D.J. - 866.466.7829 X 8239
Thanks for the Tip I will give him a call next week when I get back from Vacation! Thank you Paul!
Posted: Sun Feb 18, 2007 03:03 pm Post Subject:
Hi, I just realized as a new member here I should introduce myself. I got into insurance 2 years ago, started captive, realized it wasn't the way, went independent in health selling Assurant, World, Golden Rule, learned about the new way insurance agents get paid in the industry so joined UandIWin last October, now have about 16 companies I can sell, making more earnings than I ever dreamed possible, selling health, life, annuities, EIUL, Senior Products, guaranteed issue, supplemental, wow.
The averge agent who produces and recruits in Uandi Win will earn 37% on health and 142% on life when you add commissions and bonuses. I received two awards yesterday at the first NEastern rally, for my efforts in personal sales and in recruiting. I have a lot to share will all of you and hope I can help you what ever you sell. With UandiWin you can sell what you already sell! and you can add additional lines through them if you wish.
Jen
Posted: Sun Feb 18, 2007 03:06 pm Post Subject:
I have developed a better way. I use a script and pay people who work from home to solicite leads. It works. Also, the free training I get every week on UandIWin webinars really has helped me. Knowing your products makes helping others much easier.
Posted: Sun Feb 18, 2007 03:16 pm Post Subject:
Hi InsuranceGal,
Welcome to the forums. Looking forward to your active participation.
Thanks,
Lakemen
Posted: Fri Mar 23, 2007 10:54 am Post Subject:
What are the opinions on leads as far as shared vs. exclusive? Some people SWEAR by shared leads because of cost, but I'd think your sucess ratio on a shared lead would be a lot lower?
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