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5 Prospecting Methods That Really Work

Posted by www.psmbrokerage.com Admin on Wed, Jun 28, 2017 @ 12:42 PM

5 prospecting methods that really work5 Prospecting Methods That
Really Work

It’s no surprise that prospecting is the No. 1 challenge advisors face, year after year. When, as part of National Underwriter’s recent Independent Producer Study, we asked about the most challenging aspects of selling insurance products, 55 percent of respondents named prospecting as their top trial. It was a landslide winner, in fact, beating such formidable obstacles as clients’ lack of understanding around the need for insurance (34%), negative opinions of insurance products (25%) and product affordability (22%).

As you look to overcome this challenge in the year ahead, keep these five techniques in mind. While there’s no silver bullet to make prospecting a breeze, these are the methods your peers know from experience to really work.

  1. REFERRALS

A steady stream of qualified referrals is the lifeblood of any agency. Eighty-two percent of survey respondents cited referrals as the most effective way to prospect for new business, and for good reason: No other method will provide greater bang for your buck, so to speak. Having a solid referral-generating process in place will ensure not only that you are constantly introduced to new prospects, but that you are constantly introduced to the right prospects — the ones that meet your Ideal Client profile.

Referral expert Bill Cates suggests growing your referral network by being careful to keep referral sources informed about how you are following up on their help. This communicates that you value their insight and advice. Says Cates: “When someone gives you a referral, there are three things you MUST do to keep the referrals coming from that source: a) Follow up on every referral you get as soon as possible; b) Let your source know that you are following up on their help; c) Thank your referral source with a handwritten note and a small gift.”

  1. PARTICIPATION IN COMMUNITY GROUPS, ASSOCIATIONS OR ACTIVITIES

At 34 percent, community involvement was named the second most effective prospecting technique. It’s Branding 101: The more people who associate your name with a positive message, the more clients you will have. Jim Brogan, president and founder of Brogan Financial in Knoxville, Tenn., makes community involvement a cornerstone of his practice, and has seen a boom in business as a result – not to mention a greater satisfaction and sense of fulfillment in the work he does each day. He encourages financial advisors to ask these questions as they consider how to get involved in their community: How many people in your community know who you are and what you do? If they hear the name of your business, what is the brand they associate with it? Is your brand different than any other financial advisor in town? Do you have a unique message and marketing initiative that helps you stand out from the crowded field of financial advisory firms?

  1. LOCAL EVENTS OR SEMINARS

Leading a seminar serves two important purposes: First, it establishes you as a thought leader in your area of specialty; second, it puts you in front of a group of prospects that have already expressed interest in your product line. Twenty percent of our survey respondents cited this as an effective prospecting technique – and while it may be tried-and-true, there are plenty of ways to tailor your seminar approach for today’s buyers.  Industry coach Kerry Johnson suggests shunning the somewhat dated dinner seminar and instead holding a Social Security seminar designed purely to educate prospects. The overhead will be lower and, in many cases, the conversion of prospects to clients will be higher.  Johnson notes: “Since you have taken away the motivation to get a free meal, the attendees are left with solving retirement problems. This is your retirement planning sweet spot.”

  1. COLD CALLING

It may sound old-school, but cold calling can still work according to 15 percent of our advisors. In fact, picking up the phone beat out sexier methods such as social media (7%) and advertising on the radio or television (5%). Coach Kelley Robertson acknowledges that cold calling is tough, but asserts emphatically that it is not dead. To see results, you must put in the time you would with any other prospecting technique — and, of course, have thick skin. Robertson’s advice to agents: “You need to make a lot of dials. You need to target the right companies. You need a compelling opening. And you need to speak to the right people.”

  1. DIRECT MAIL

Just under 15 percent of respondents cited direct mail as an effective prospecting technique — and J. Ryan Parker, general manager of Element Financial Group thinks the number of agents that prospect this way may actually be much higher, while also noting that it should not be a stand-alone prospecting method. Says Parker: “I think a lot of prospecting still revolves around direct mail — more so than people realize [because] seminars are powered by direct mail. This is obviously not the most cost-effective way of marketing yourself; you can probably spend a lot less money doing this on the Internet. But the clients producers are looking to reach, the seniors and the boomers, just aren’t as prone to go to Google and look something up. This is why more of your successful planners are still using direct mail. That said, online needs to be part of every producer’s prospecting strategy because it streamlines the business process.  If I get a lead from the Internet, it automatically enters into my CRM, and we can follow-up from there. Internet is absolutely critical for today’s producers.”

Source - http://www.thinkadvisor.com/2013/11/06/5-prospecting-methods-that-really-work?page_all=1

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Tags: closing sales, Sales Tips, Sales Leads, Sales Strategies, Prospecting new clients, Lead Generation, prospecting

Effective Ways to Grow Insurance Business (infographic)

Posted by www.psmbrokerage.com Admin on Thu, Apr 16, 2015 @ 04:54 PM

 

 


http://media.lifehealthpro.com/lifehealthpro/article/2015/04/13/grow-your...

 

Source: lifehealthpro.com

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Tags: Building Client Relationships, insurance companies, Sales Leads

The 5 biggest challenges agents are facing now

Posted by www.psmbrokerage.com Admin on Thu, Feb 26, 2015 @ 09:24 AM

blog pic Selling insurance is important but challenging work. In a competitive industry that’s changing rapidly, the obstacles are many. But knowledge is power, as they say, so in Retirement Advisor’s recent Advisor Survey we asked your peers to name these obstacles directly. The answers ran the gamut from specific product concerns to looming legislation worries to straightforward sales hurdles that would resonate equally with those who sell houses or medical equipment or tax planning advice.

Following are the five obstacles that independent insurance agents say are the most significant they’ll face this year, along with suggestions for how to meet them head-on.

  1. Lead generation (50.59%)
  2. The economy (44.71%)
  3. Health care reform (35.29%)
  4. Industry legislation (20.0%)
  5. Cap rates on indexed annuities (20.0%)

 


http://www.lifehealthpro.com/2015/02/25/the-5-biggest-challenges-agents-are-facing...

 

Source: lifehealthpro.com

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Tags: health care reform, Sales Leads, sales advice

2015's 50 best ways to generate leads

Posted by www.psmbrokerage.com Admin on Thu, Feb 05, 2015 @ 09:55 AM

blog pic As you start looking for new business in 2015, you need fresh ideas for generating leads. LifeHealthPro.com has compiled the 50 best lead generation tips from submissions by readers and industry leaders, that can help you have your most successful year yet.


  • Pick a niche. Pick a niche and focus on it 100 percent. It can be a health issue like multiple sclerosis or an occupational risk like helping pilots. Lots of agents are taking this approach and seeing fantastic results.
  • Find 25-year-old health insurance prospects. Chasing the elusive Millennials as they are about to age off their parents' health plan at age 26? This is a highly desirable insurance risk, and a competitive market segment.
  • Use Facebook to generate leads. Create a group targeting a very specific audience. Since Facebook has so much data on its users, you can access that data as an advertiser. Take this a step further and create a niche website targeting that audience, too.
  • Stop asking CPAs for referrals. You want leads from CPAs? Then stop asking them for referrals and instead focus on helping them deliver more value to their clients by allowing them to offer proactive and holistic advice.
  • Network strategically. Networking should be limited to two types of groups and events: (1) Where you can interact with prospective clients and, (2) Where you can interact with professionals who work with your prospective clients.

http://www.lifehealthpro.com/tag/50-best-ways-to-generate-leads?utm_source...

 

Source: lifehealthpro.com

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Tags: Sales Tips, Leads, Sales Leads, sales advice

Follow these lead generation tips for more business in 2015

Posted by www.psmbrokerage.com Admin on Thu, Jan 08, 2015 @ 11:50 AM

blog picWith so many strategies and schools of thought out there on how to generate new (and returning) clients, building one’s book of business can seem like a daunting task. Lead generation is not just about investing time and effort while providing as much value as possible—it’s also about making sure your value is conveyed up-front. Otherwise, your message is falling on deaf ears. Take a look at how these three advisors have generated more business by investing in their current clients, covering all the planning bases, and partnering with pivotal centers of influence.

Retention brings acquisition

For Michael Morrow, CFP, of Morrow Financial in Ontario, Canada, focusing on current clientele is the best way to keep his business growing. Ninety percent of his efforts go to looking after his clients, which he says keeps his retention rate high and brings in referrals. “If I improve my client retention from 97 percent to 98 percent this year,” Morrow says, “that means I lost 1 percent fewer clients this year. In 10 years, that is 10 percent fewer that I didn’t need to replace.”

The holistic picture

While holistic planning means different things to different advisors, Jeff Warnkin, CPA, CFP of Avon, Ohio, says it involves integrated planning so that “the clients don’t have to go to four or five different professionals and get all sorts of potentially conflicting advice.” Warnkin, alongside his colleagues at The JL Smith Group, offers tax preparation as well as Medicare Supplement assistance to his clients, which in turn creates leads for his retirement and financial planning practice.

Adding value and influence

When it comes to Warnkin’s value-add events, what used to be lunch-and-learns are now dinner-and-learns. “I’ve found that almost all of my retirees are busier when they retire than when they were working,” he says. “We were getting the same people to lunch-and-learns, only about 12-15 people total. Once we switched it to an evening dinner-and-learn format, it immediately jumped to 30-40 people. These dinners are first and foremost client appreciation events where we give back and let them know we appreciate their loyalty and trust,” Warnkin says. “One of the things that suffers when people retire is their social interactions. Here, clients make connections with each other, and that’s going to translate out into the community, as well.”


http://www.lifehealthpro.com/2014/12/31/follow-these-lead-generation-tips-if-you-want-more

 

Source: lifehealthpro.com

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Tags: Sales Tips, Sales Leads

10 Great Ways to Generate Sales Leads

Posted by Guadalupe Cantu on Fri, Oct 25, 2013 @ 07:52 AM

Medicare Supplements Every successful advisor has one thing in common that continue to keep their business growing. They ensure to keep a healthy stream of leads flowing into their pipeline. How do they do keep the influx of leads coming in? Is it a “secret” they keep safely guarded? Below are great lead generation tips successful advisors use to stay on top of their game.

  1. Network. Join a network within your industry and stay active in local business chapter. Become involved in local seminars that speak to potential prospects. Focus on quality of the network and not the quantity. Concentrate on developing referral partners to work with.

  2. Build referrals partners. Build a professional relationship based on trust and reputation with fellow professionals. Ask for recommendations for referrals. Return the favor and see your referrals gain grown.

  3. Build your reputation as an industry leader. Get involved and join a local service association that you may enjoy; such as, the local Chamber of Commerce, insurance professional association or even a church. These may not be immediate sales leads, but can be a great source for the long haul.

  4. Ask your clients. Ask your existing clients to introduce you to one or two people who fit your client profile. Your client may be your most valuable lead generating asset.

  5. Build a foundation. Focused on your goals and develop your personal brand identity: a trusted, well recognizable brand will lead to prospects.

  6. Develop and maintain an online presence. Sign up and make good use of social media outlets like Facebook, LinkedIn and Twitter. Be consistent and post valuable information and promote benefits. Tell prospective leads what you can do for them.

  7. Learn from your competitors. Look at what they are doing and what has been working for them. Implement those methods onto your own organization.

  8. Focus and target your audience. Identify what their needs are. Once this has been determined, then the marketing message and campaigns can be tailored accordingly. Do the same to the other product lines, identify, categorize, customize, and so on. Soon, your hard work will pay-off, and you will see leads building up.

  9. Commit and stick to a plan. Commit...Commit…Commit… It can’t be overemphasized. Always stick to your plan and don’t drift away. Advisors can always build life insurance leads through website, emails, telephone calls, and referrals program.

  10. Invest in lead programs. Invest in Customer Relationship Management systems (CRM) that help manage an organization current and future customer sales leads.

Please give us your feedback!
Question: What steps have you taken to build your sales lead? How has it changed your business?

 

Source: LifeHealthPro

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Tags: Referrals, Leads, Creating Value, Professional Networking, Advisor, Sales Leads

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