of this series discussed how the health insurance industry offers greater opportunities for entrepreneurs and self-motivated individuals. We will now delve into the first two tactics for higher lead conversion and expanding your business one lead at a time.
Tactic No. 1: Speed kills.
By this, I mean that your speedy response to new leads can overwhelm the competition. Procrastinators, on the other hand, will never be top producers. The saying "you snooze, you lose" quickly came to mind when I discovered these two recent findings:
- Leads are 22 times more likely to convert when you make contact within five minutes of lead generation.
- Nearly 78 percent of prospects convert with the company that contacted them first
These two statistics reinforce the importance of fast service. If you're looking for an easy way to increase your lead conversion, this is it. Make sure you contact all new leads immediately. After all, why would agents make their potential clients wait?
Unfortunately, too many agents ignore this simple principle. They figure that they have the lead data and assume that the prospect isn't going anywhere. They're dead wrong.
With the Internet revolution, individual health insurance shoppers literally have thousands of agents to choose from at nearly every hour of the day. And, when you don't call a new lead right away, your chances of converting that lead into a client starts falling by the second.
1. Prioritize: Make new leads a top priority.
Tactic No. 2: Get and give quality.
2. Automate: Use an auto-responder to immediately send a welcome e-mail to new leads that enter your system.
3. Control: Turn off your lead flow when you're not available.
From my frequent discussions with top producers, I've come to the rough estimate that converting leads is 57 percent lead quality and 43 percent sales quality.
You can have the most prepared prospect on the phone, but if your sales process isn't ready to meet their needs, chances are you'll lose that prospect to someone else.
Similarly, you can be the best agent in the state, but if you get a low-quality or invalid lead, you'll just be wasting your time -- and your time is money because every hour you spend chasing low-quality leads is time you could instead spend on guiding qualified clients into submitted applications.
1. Quality leads: Look for the highest quality leads your budget can afford. Make sure that your leads are genuine shoppers who weren't bribed with incentives to fill out a form. And, to ensure the freshest leads, insist on Internet-generated real-time leads.
2. Sales training: Your licensing class qualified you to sell insurance, it didn't teach you how to sell. To succeed in this competitive arena, you need to take the time to learn advanced sales. Books and videos are a good place to start, but personal or hands-on training sessions are even better.
3. Drip marketing: Not all quality leads are ready to close right away -- even if you are the best agent in the state. That doesn't mean you abandon them, however. You need to make sure that you have a drip marketing program to keep you connected with your "longer-term" leads, while you guide them to a successful closing.
Stay tuned to Producersweb.com as we introduce the remainder of the seven tactics listed below. I recommend applying a single tactic at once, and building on your success throughout time.
- Tactic 1: Speed kills
- Tactic 2: Get and give quality
- Tactic 3: Persistence pays
- Tactic 4: Do stray from the pack
- Tactic 5: Understand what really counts
- Tactic 6: Never stop testing and tracking
- Tactic 7: Automate so you can close more
*For further information, or to contact this author, please leave a comment and your e-mail address in the forum below.