In our previous insurance lead blog, we discuss leads are not just Business Reply Cards (BRCs), but the opportunity to get in front of a qualified prospect. Many seasoned agents will tell you there are better ways to generate leads without spending a dime! What’s the main reason agents look to expand lead methods outside of BRCs and lists? Constantly buying leads can become expensive and have a lower ROI than anticipated. Creating a system of lead generation not only saves money and time, but a sustainable way to grow business all year long. One top producing agent gives us his thoughts on building a sustainable lead program.
First off, one of the best ways to generate leads is making yourself available in public. Being approachable and your ability to strike up casual conversations while standing in lines, sports events, etc., can be a major lead source. A great way to spur conversation is wearing a shirt embroidered with your name, and business name. You would be amazed how many people come up to speak about Medicare when they see you are in the insurance field. Not only did you speak to a qualified prospect, but an insurance lead more qualified than you’d buy on a list. Why? Because they took initiative to speak WITH you and ask you questions. There’s no hard sell needed and you haven’t event spent a dime for that insurance lead.
Another great idea is frequenting the same businesses and developing relationships with the other patrons. Since you are in the senior market you could frequent your local laundromats, senior centers and grocery stores to become a familiar figure at those hotspots. Offer your business cards to new acquaintances or on certain days hand out business cards to every senior at the store. Getting to meet someone face-to-face can go a lot further to develop client-advisor relationship than just a phone call or BRC.
The holy grail of insurance leads is a referral. But how do you get referrals? As an agent in the Medicare field, it’s your job to take away the confusion around insurance. Giving your clients honest and clear product education goes further than any selling tactic. The best agents tend think of themselves as insurance advisors more so than an agent. Solve their problems first and then the sale will come after. However, your job as an insurance advisor isn’t over at the point of sale. For example, say your client gets an incorrect invoice due to a billing error. You should step-in on behalf of your client to service their issue and to correct it. For some agents, going above and beyond is performing wellness checks or helping clients access their mail. Give your clients more than they expect so they will want to refer you.
A few words of wisdom about using Business Reply Cards (BRCs), it is only as effective as you are willing to work it. If you are adamant about using BRCs then you will need to be willing to make repeat calls and interactions. For every $100 spent on BRCs, your return is roughly $300-500 in renewals (not counting life and complimentary products). Most BRC sales are not from the first phone call; in fact 80% of sales are made after the second phone call. Persistence is key, especially when doorknocking from your BRC leads. If you doorknock from your BRCs and they don’t answer then leave a business card or pamphlet. Then drop by again to get a face-to-face meeting with the prospective clients and check CMS guidelines if conversation turns to MAPDs. Again, BRCs are only as effective as the agent is willing to work for the sale.
Each agent advisor has their own preferred magic bullet for developing their insurance lead system and that is OK. The main objective is to develop multiple streams of leads so you have more selling consistency and earning potential. Like building a house, laying the foundation is the trickiest part, but once the foundation is laid everything will go in its rightful place. Your lead system will take time to build, but patience will pay off when you can cut spending on paid leads. Not only will you cultivate higher quality leads, but increase client retention by sticking with your lead generation plans like I have.
Don’t miss our next blog where we will share more examples of self-generating or organic lead sources. We always love hearing from our agents so if you have advice you want to share or feedback, let us know!