Selling insurance: database prospecting
By Dan Vinal
WebPrez Insurance & Annuity Videos
Database marketing has been proven over and over again to work for every sales professional or business enterprise.
Prospecting should not be a problem for anyone selling insurance. It should be a process. However, prospecting is a problem for most of us, simply because a process can take some time and effort to set up — and even more time and effort before it begins to produce results.
And if you cannot sustain yourself financially while the process is working for you, then you cannot afford to permanently resolve your prospecting problem.
A prospecting process requires a financial investment
Studies have proven that the number one cause of business failure (even a one person business) is undercapitalization — not enough money. To succeed in any business, you need enough money to buy yourself time and enough money to invest in your own marketing.
If you don't have it, then your business will probably fail.
What's the best prospecting system for selling insurance?
If you can sustain yourself financially while your process ramps up, database marketing is the solution. Database marketing is also referred to as drip or passive marketing.
It's used by almost every type of business. And it's been proven to work — every time. Yes, every time. It is not one of those methods or practices that works for some people, but not others. And not just for some products, but all.
Database marketing has been proven over and over again to work for every sales professional or business enterprise. And it is not expensive. It can be done quite readily on a very minimal budget.
Database marketing defined
Essentially, database marketing is simply delivering valuable information or interesting ideas (including innovative products or services) on a regular and continuous basis to a list of people (your database) who meet your target market criteria.
That's it. That's the basic definition of database marketing.
Of course it can be done successfully in various ways. But the most common, easiest and cheapest for insurance agents and financial advisors, is to:
1. collect or purchase the names and email addresses of people who meet your target market criteria;
2. enter that information into an email database system;
3. and send them valuable information or interesting ideas once or twice a month.
Two things will happen:
1. The people in your database will begin to trust you because you are sending them interesting and valuable information;
2. And when people are ready to buy, they will let you know.
Remember, research has shown that people buy for their reasons, not ours. They buy when they're ready, rather than when we want them to. Furthermore, their reasons can change from day to day, and be influenced by occurrences beyond our control.
That's why buyer motivation is a moving target. So instead of trying to hit the target, let the target hit you.
You've often heard the adage, right time, right place? Well, that's how database marketing works. By keeping your name — and the solutions you offer — in the minds of the people in your database, they will most likely think of you when something in their life causes them to think about insurance or annuities.
After all, isn't it easier to work with people who contact us when they are ready to make a buying decision, rather than to try to persuade or convince someone to make a buying decision when they aren't ready?