How to compete in a saturated marketplace?

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PostPosted: Thu Jul 03, 2008 9:15 am   Post subject: How to compete in a saturated marketplace?  

Hello Everyone!



Thought I'd Introduce myself, my name is Michael Thompson (just call me Michae) from Dallas, Texas. I got my GEN1 license in Feb having worked with a company selling Medicare Sub/LTC products. Prior to becoming an agent I worked in IT/Marketing/Sales for IT Server products (HP/Compaq/Dell), and got laid off Sad .



Instead of getting another IT job with guaranteed salary, what do I do? I get an insurance license and shot myself in the foot with it financially, but that's okay, I'm going to finish what I started.



I have interviewed/consulted with a bunch of insurance companies, many of them tiring to recruit me, all claiming to offer the 'best product', NAA, PennLife, NYL, Allstate, Aflac, Aegon, etc... and all those others you never thought existed!; Same with multi appointment ‘Agencies'. I'm glad I did my homework on each organization.



I am independent now have had success working on health care cases for the Senior Market at a new office, and hope to expand my services into variable products in the future.



After sitting with a Top Agent and VP of a Life company, I decided to appoint with them, I'm my own boss; no cost to ‘run my business', excellent product, no quotas, nor questionable Marketing/Sales practices; no manager commission split/pyramid; no weekly ‘conference calls'(its optional); and most importantly, free food: D , that's the way I like it.



So, after doing my first 3 presentations over the week, I suppose I would like to ask about words of wisdom for the new Life Agent about getting clients.



Let's face it, I'm young and so are my friends; my ‘network', though I've had limited success, they are adimate about me not pitching to them or Mommy … after all this time I learned one harsh truth, College Kids and Recent Grads are bad prospects. *Sigh



So its time for me to move on to the next best thing, wear a “I sell Life Insurance” T-Shirt or internet leads,



I have been advised to stay away from InternetLead providers because they are shared. I'm told Exclusive Providers are the way to go if I can afford it. –Just a little background info, most of my success was from Cold Calling and referrals--



I would like to work with an exclusive, but reliable lead service for Term/Whole Life products in Texas.



I've found amongst others Home Town Quotes, Sales Mogol, LeadBot, ABCLeads, InsureMe - each having an attractive looking service on their web page.



I also talked to many sales reps from other companies, Netquote, ProspectZone, and others, mostly offering Free Qualified Leads to sign up, I suppose it's a good thing I did not hand over my account information.



I'd like to start out with one exclusive lead service provider. If I'm going to dish out $20+/lead/ $500 to $800 to them, I would want to expect 20+ qualified appointments for the first month and at least 7+ apps from those appointments; at least that's my reasonable expectation, so far I've closed about 2/3 from referred business, so I would anticipate to at least close 1/4 of exclusive Term/Whole Lead and 2/3 of those refferals.



Can anyone share your success with an exclusive provider (or are they just blowing smoke?)



Thanks For Reading!



Michae

miek07[at]hotmail.com


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PostPosted: Thu Jul 03, 2008 9:39 am   Post subject:   

OT- Why is my picture/icon a woman?!? Is there a way for me to change that?



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PostPosted: Thu Jul 03, 2008 10:31 am   Post subject:   

miek07

miekoo



Welcome...you will find a lot of great advise from some successful seasoned agents on this site...It will be very exciting for you, listen to the sage advise.. Wink There are some pit falls I'm sure that they can help you avoid...



RE: avatars, they are random, but you can download your own that will stay the same..check in 'edit profile'...welcome again!



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PostPosted: Thu Jul 03, 2008 10:35 am   Post subject:   

Welcome to the AmPmInsure Community, Michae. Smile



Quote:
OT- Why is my picture/icon a woman?!? Is there a way for me to change that?


The avatars that you see are randomly generated from a program. If you like you can set your own default avatar by putting one in your profile section.



Hope that helps!



Thanks,

Lakemen


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PostPosted: Thu Jul 03, 2008 1:30 pm   Post subject:   

Welcome to the community. I remember when I was just starting out as a representative for Prudential some 2+ decades ago. It takes time and there's a lot to learn, but stick with it and stay motivated.



As for buying leads for whole/term life - you mentioned some of the leading firms available online. I have worked with InsureMe for more than 4 years now and they are a reputable firm that is genuinely helpful and interested in both sides benefitting from the working relationship.



You have the right idea though, going with exclusive leads, which may give you the edge in increasing your potential conversion rate.



I wish you well and hope you have a great 2008!

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PostPosted: Fri Jul 04, 2008 12:26 am   Post subject:   

Welcome aboard!



I started in life insurance pretty fresh out of university and was very disappointed to find that my peers didn't exactly get in line to buy from me! It was tough. I thought that I would just work harder and smarter than other life agents and it would be a piece of cake. I certainly worked harder but lacked the sales skills that I hope you have.



I worked in two different agency environments over many years before going independent. That experience was very good for me even though I started over when I became independent. I got great product training and sales training. Hopefully you have some sort of mentoring available to you.



Of course you can ask away here and we'll do our best to help!



As for buying leads - hopefully you get enough referrals that you won't have to do it anymore. THat's a tough way to go. Exclusive is the best way to go but still tough.



Seniors could be tough for a young agent. I preferred life, health and disability for business owners. But I grew up in a family business so I understood business people.



Take care!



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PostPosted: Fri Jul 04, 2008 10:57 am   Post subject:   

miek07 wrote:

Quote:
College Kids and Recent Grads are bad prospects.




Not for Short Term Major Medical.



Their Mommy would be VERY interested in finding out how they could provide medical insurance for their recent grad who's coming off their group plan.....and while you're explaining the Short Term Major Medical plan be sure to ask Mom & Pops about their life insurance and if their comfortable with their 401k or IRA money being at the mercy of the day traders playing stocks like a flea market swap meet with their money....they may very well want to consider the safety of an IRA FIXED or IRA Fixed INDEXED annuity.



Business owners (small and large) also would be receptive to offering new employees immediate short term medical coverage during their 30, 60 or 90 day probation period before new employees are eligible for group medical coverage. While your at it ask the business owner if he's ever considered a key-man buy-sell agreement so his family would get the full value of his business if he died rather than have the business go under PLUS that would enhance the key-employee's loyalty to the business.



So......the next time you are talking with your college buddies it is your duty to bring to their attention their medical insurance problem and there's your ticket to talking to Mom and Pops about their financial services needs.



Time Insurance Company (Assurant) offers short term major medical plans.


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