Sales_Hacks_eBook

Presents

CONTENTS • Internet Leads • Don't Find a Vendor—Find a Partner • Spend Real Money • Automate Your Sales Process • Know When to Call • Increase Your Presence, On and Offline • Track Your Success

INTRODUCTION As an insurance agent, you know how important it is to keep prospects in the pipeline. As nice as it would be to have a steady stream of eager new clients knocking at your door, this notion has always been more of a pipe dream than anything else. However, thanks to the massive proliferation of the internet over the past decade, this “dream” is inching closer and closer to becoming a reality. Today, empowered insurance shoppers are going online to conduct their own research and compare all of the options before making a final purchasing decision. In fact, 80% of consumers are actively looking for insurance information online, and 71% are ready to buy. For agents, this represents a huge opportunity, so long as they are able to identify the right tools and tactics for capitalizing on the expectations and preferences of these empowered consumers. And let’s face it: in today’s competitive insurance sales landscape, agents should be looking for a leg up whenever and wherever they can get it. So without further ado, here are seven insurance sales hacks that will help you maximize your sales numbers with minimal effort and investment.

1 BUY INTERNET LEADS Put simply, investing in internet leads is an absolute no- brainer. Just think about it: the companies that sell leads are running enormous marketing campaigns that reach millions of consumers every single day. What makes these companies so successful is that they’re capitalizing upon existing consumer trends and expectations—in other words, they give insurance shoppers easy access to that variety and ease of choice they expect: ready-to-buy shoppers request a quote online, and are immediately directed to agents that can help them buy exactly the kind of coverage

1 - BUY INTERNET LEADS they need. They get more options while you get more highly-qualified leads—in other words, it’s a win-win. So why not just launch your own digital ad campaigns and generate your own leads? Because running a successful program is, in itself, a full- time job. Between keeping on top of the steady stream of updates, keyword search volume fluctuations, and evolving best practices, you could easily employ an entire marketing team and still struggle to stay on top of your game. Moreover, every minute and dollar you spend on your Google Adwords or paid social media campaigns is a minute you’re not making calls and closing deals. A better idea is to avoid hiring that “team” altogether and reallocate the $30,000 to $100,000 towards a qualified lead generation service instead.

2 DON’T FIND A VENDOR— FIND A PARTNER When choosing a lead generation service, it’s important to research the providers you’re considering in advance. Many companies offer leads, but the quality, cost, and customer service can vary dramatically between one service and the next. While it’s tempting to focus solely on price, savvy agents will want to look deeper. Experience should be a key consideration—choosing a lead provider with at least 10 years in the business will ensure they have a track record long enough to make informed decisions and offer a high quality product.

2 - DON’T FIND A VENDOR—FIND A PARTNER Agents should also seek out providers that offer dedicated account management as part of their services. Strong account managers do far more than just troubleshoot technical issues with the lead delivery system; they should be a jack of all trades—someone who can provide guidance on everything from troubleshooting to follow-up strategies to your sales pitch. The real advantage of having a dedicated account manager is that you can leverage their years of practical experience in order to get more out of your investment. Seasoned AMs have seen it all, and are a veritable treasure trove of knowledge when it comes to lead management technologies, agent-tailored tactics for boosting individual success, and the art of the pitch as it pertains to different lead types. Don’t forget that insurance is a relationship business. It’s likely that your rep is speaking to between 10 and 50 agents every single day, so chances are you’ll be able to pick up a sales trick or two. Even better, developing a close, personal relationship will likely give you a leg up when it comes to special promotions, pricing, and other insider benefits.

3 SPEND REAL MONEY When it comes to internet leads, a lot of agents complain about quality, low contact rates, and poor closing ratios, among a bevy of other concerns. It’s worth mentioning that the vast majority of those agents who experience a low rate of success are the ones buying less than five leads per day. When it comes to insurance sales, there’s definitely some truth to the notion that you have spend money to make money.

3 - SPEND REAL MONEY Anyone who’s spent any amount of time as a producer knows that there’s a natural rhythm to insurance sales, particularly when it comes to personal lines. When there are only a few leads coming in each day, it’s difficult to settle into a groove, and all of a sudden, a new sales prospect popping up in your inbox can actually start feeling like a distraction. Instead, try buying between 10 and 15 leads per day, 3 to 4 days per week (assuming your budget allows for this level of investment), and focus your efforts on calling, emailing, and working each one of those leads in accordance with sales best practices. Your conversion rate will increase and your cost per acquisition will go down, which, at the end of the day, means a better ROI and more money in your pocket. If you simply don’t have the time to handle follow-ups yourself, consider hiring a trainee/part-timer to call your leads for you. Within the course of a 2-3 hour shift, they should be able to make approximately 100 calls, leave messages, send follow-up emails, and even perform some administrative tasks in between. While the additional investment may be a bit of a hard pill to swallow up front, a little free time can go a long way.

4 AUTOMATE YOUR PROCESSES When it comes to insurance sales success, timing is everything. The odds of contacting a new lead within the first five minutes after it’s generated are 100 times higher than in the first 30 minutes, and the first agent to make contact is 40% more likely to close the sale than those who arrive thereafter. However, the average company takes 46 hours and 53 minutes to respond to a lead, and the

4 - AUTOMATE YOUR PROCESSES average sales representative only calls a lead 1.3 times when the optimal number is actually closer to nine or ten. Much of this failure to follow-up in accordance with best practices isn’t a result of negligence; rather, it stems from overextension. As the leads begin to pour in, agents often struggle to stay organized and things begin to slip through the cracks, which of course leads to inefficiencies and lost sales. There’s a huge number of lead management and automated sales platforms out there that can have a significant and near-immediate impact on your close ratio. Of course, not all of these platforms are created equal, but with so many options at so many different price points, it’s definitely worth investing in something—regardless of your budget. The reason is simple: automating the contact strategy portion of your sales process allows your people to focus the majority of their energy on closing new deals, rather than get bogged down by administrative tasks. Many of these platforms will automatically send out emails to new leads the moment they’re delivered, automatically remind you when it’s time to follow-up with each lead, track the number of follow-ups that have been made, and even administer quotes, referrals, and cross-sells. When it comes to increasing your sales numbers, you’ll likely find that a little bit of organization and free time goes a long way.

5 KNOW WHEN TO CALL In a competitive industry like insurance sales, agents need to make sure they’re capitalizing on every strategic advantage they can get their hands on—no matter how minor it may seem. Maintaining a healthy profit margin largely depends upon your ability to run your sales program efficiently, and running your sales program efficiently demands an understanding of when your chances for making contact are at their highest, and when you’re likely wasting your time.

5 - KNOW WHEN TO CALL Best days to make contact: Wednesdays and Thursdays Worst days to make contact: Mondays and Tuesdays Best times to call: between 4-5pm or 8-9am Worst times to call: between 11am and 2pm If you’re still struggling to make contact, consider expanding your current internet lead investment to include nights and weekends. Contact rates are typically higher because consumers are home from work, meaning they tend to be more readily available to speak with agents. Moreover, night and weekend leads are typically shared among fewer agents, which reduces the overall level of competition and makes it easier to make first contact and boost your close ratio.

6 INCREASE YOUR PRESENCE, ON AND OFFLINE If you’re part of an independent agency, you know that the competition has never been higher than it is now. You’re competing against other local agencies, national and multinational carriers with DTC insurance shopping platforms, new insurance apps and robo-advisors, and more. Thus, you need to do everything you can to build your brand and name recognition—and that means optimizing your visibility, both on- and offline.

6 - INCREASE YOUR PRESENCE, ON AND OFFLINE Of course, there will always be a place in any comprehensive marketing campaign for traditional media buys and ad placements, building referral partnerships with local businesses, and even hosting or sponsoring local events and charities. But as the reach of the internet grows, it’s critical for agencies to develop a solid digital presence. These days, it’s pretty safe to assume that the first thing someone is going to do when they see an ad for your agency or receive a voicemail from one of your agents is perform a Google search. What pops up when they do so could be the difference between a new client and a lost sales opportunity. Invest some time and energy into your online brand and search engine optimization—build a highly informative, keyword-heavy website to boost your search rankings and credibility; add your contact details to major online directories like Google My Business, Yelp, etc.; and develop a steady stream of content and share it with your existing contacts in order to bolster peer referrals. Developing an active presence across all major social media platforms is also a great (and free!) way to boost engagement with members of your local community.

7 TRACK YOUR SUCCESS It’s true that every lead is important, but the best agents are always thinking in terms of the big picture—always track your success rates and experiment with your current processes and sales tactics. Do certain types of leads give you better close ratios? Do you have better luck with certain demographics, client histories, or locations? Along with the quantity, be sure to track the quality of plans you sell. Three short-term, limited policies are never as valuable as one lifelong umbrella plan.

7 - TRACK YOUR SUCCESS As you gain more experience and work with different kinds of leads, you’ll naturally discover your own strengths and weaknesses, and you’ll alter your strategy accordingly. But above all, remember that leads are people—long-term success requires working closely with your clients in order to help them find the best policies to meet their specific needs, not just convincing as many people as possible to sign their names on the dotted line. The more that you can offer your clients real guidance, support, and value, the better chance you have at nurturing lasting relationships with them. Remember, real success means building your book of business, and that means hanging onto your existing clients while bringing new ones into the fold—not starting over from scratch at the end of every fiscal year.