Working Old Insurance Leads (Is it worth it?) Article 3 In Randy’s Insurance Sales Series.
Hi Everybody,
For those of you I haven’t met,
My name is Randy Mc Arthur
The overwhelming majority of new insurance agents (under one year of experience) do not want to work old leads. I’ve heard every excuse and complaint in the book and tried to make um myself. Stuff like; everybody who was going to buy has already bought, these leads are no good, no one has any money, nobody will answer the phone, no one remembers requesting information, etc.
I’m here to tell you that old leads, when worked properly, will account for 30-40% of your new business. Here’s why;
Assuming that you would not just throw away a $5 bill and two or three $1s (you pay about $7 to $8 per shared leads and on up for exclusives) just because those bills had been in your wallet longer than some of your newly acquired bills, you should have more of the old leads than new leads.
If you worked the old leads properly when they were new, you will know more about the individuals who the leads represent and can learn why they purchased from some one else or did not purchase at all last time out. Furthermore, have you met anyone yet who was absolutely, positively, 100% satisfied with their health care coverage unless they were 100% employer sponsored? You are not going to. If they pay for it themselves, it is at best to expensive, even if the coverage is perfect.
Now, you are ready to call your old leads. You know the person on the other end of the phone either; did not buy health insurance, bought health insurance but is to some degree dissatisfied because he is paying for something he has not used, has bought it and has already dropped it because of a problem. Or, in not enough cases to affect your income, has bought from someone else and is happy.
In short, you are talking to a better informed prospect with an old lead than you are with a new lead.
This better informed more experienced prospect has a more realistic perception of what is available on the individual insurance market and is no longer looking for a unicorn like the brand new person who put his information out there yesterday and bought from the first agent that calls; because that is the way it is with fresh leads. Fresh leads are very time sensitive, but that’s for another discussion. The older lead has specific concerns about his new coverage.
I have developed a system for working old leads. My system includes; specific phone scripts, organizational methods, and closes that work! I’m closing old leads that most agents are throwing away at $5-$20 a pop. As a matter of fact, my largest insurance premium sold ever was from a lead that was more than a year old. I sold it 2 years ago and it is on the books today paying renewal commission.
Working old leads properly is the best way to make more money without spending one more dime. You just need someone to show you how to work them.
Once again, it’s time for me to say goodbye. As always I’m only here to help anyone who asks. Remember it is my mission to; first, only and always, do the right things to help people insure that, through their own choices; they are making the best decisions they can make to guarantee their success in everything they do.
Good luck in all your endeavors. I can be reached at (919)781-2018 or emailed at randymcarthur@ymail.com . Hope to hear from you soon.
Thanks
Randy Mc Arthur
Thanks for stopping by my insurance leads blog.
Cheers
Mac