I have a friend that is new to life insurance selling and he ask this question. How can he market himself to be effective in insurance selling. He feels that it seems he lacks potential clients as he stays longer in the industry. The only clients he has are his relatives and friends. I have given him some simple advice but I know bringing this up to the community can help him become a better life insurance agent.
In your opinion, how can a new life insurance agent penetrate a good and potential market and how can he improve his productivity in the life insurance industry. Given the fact that life insurance is one type of policy that is not easy to sell.
Your opinions are greatly appreciated.
Thanks a lot
Posted: 18 Jul 2008 06:14 Post Subject:
There are many things that should be kept in mind and must be followed to become a successful man in field of insurance....
1. You should be hardworking-never run away from the time and energy you will have to invest in your job because later that experience will pay you back
2.Be patient- Never expect that you will start converting your prospects into customers from day 1. 100% conversion rate in not achieved by even the best of marketers.Learn from your experiences and try to incorporate them every next time.
3.Be alert- always be alert while talking to your prospects.keep track of when they are interested in you and try to build up the rest of discussion on that.
4.Come prepared-Be aware of all of your companies policies and schemes. They should be at your fingertips.
5.Enhance your communication skills- make your communication skills effective.Always be confident while talking and nevr hesitate to bring up new topics
Posted: 18 Jul 2008 02:00 Post Subject:
Hi my friend..
When this selling process goes through the telephone then you'd need to remember a couple of things-
* the first 30 secs of your call are truly meaningful, since they are aimed at generating interest of the prospect
* When you're describing the product benefits get slower & let the customer know what the subject is all about (This is the time he should ask Qns..& not anymore later)
* Stress on the right keywords that highlight the benefits of your product
* Remember that the customer is listening to your product knowledge but he would depend on your voice clarity & the your way of presenting it (ie. your tone-modulation)
* Don't hesitate to pop up the big question of charging him for your service (Be positive..here you need to be absolutely confidant!)
* Finally greet him for listening to you (EVEN IF YOU FAIL TO CONVINCE HIM)
Leave with a smile on your face (This smile would show up in the telephone too..)
Thats it from my end!!
Posted: 18 Jul 2008 04:35 Post Subject:
What is more effective? Selling personally or selling through phone? I think talking to the prospect personally is more effective but it also requires investment in time as well as in money.
Posted: 19 Jul 2008 11:01 Post Subject:
Joven, I prefer selling personally (face to face). I have also sold over the phone as it is more time effective.
To be a successful in life insurance sales you need:
- good time management
- a friendly manner
- sales skills
- a commitment to professional development
- no fear of rejection
Those are the key elements that come to mind at the moment.
Hope that helps
Posted: 20 Jul 2008 07:12 Post Subject:
You are right,Joven222...
Personal or face-to-face selling is much more effective although it requires more time and money investment.But I personally think that this does not matter much in your campaign because the return you get through personal selling.
While selling through phone, keep a list of you strong points about your firm besides you which you can use while you are talking to your prospect.
Phone to Phone selling can be time saving but disconnect connection could leave a negative and an unwanted impression.I prefer direct selling and will advice you the same
Posted: 20 Jul 2008 02:12 Post Subject:
I think selling face to face vs. selling over the phone is different for each potential client. Each situation is different some clients know exactly what they want to purchase vs the client that needs to be hand held.
Expense wise selling over the phone is the better choice.
Posted: 21 Jul 2008 11:29 Post Subject:
Just don't limit yourself to one type of marketing. B2B, call, advertise, and network. By themselves you only get limited results but when you have all four working together you can get much better results.
Posted: 22 Jul 2008 06:05 Post Subject:
Yes, I will advice you not to restrict to only one kind of marketing.As Mr.Beatuplunchbox says, always keep applying yourself to various marketing styles and strategies because if you limit yourself to one kind of marketing style, the profit earned will be far less than applying all styles.
Posted: 22 Jul 2008 06:07 Post Subject:
And I will like to tell you one thing more....
Only go for selling over phone if you want to save time and make sure that the connection will not interrupted or disconnected in between....
Posted: 22 Jul 2008 07:36 Post Subject:
There has to be the right apportionment of time & man power over all of these types as mentioned by you!
Which ones do you thinks demands the most of it??
I believe B2B is only precious when it is converted (while we could be rest assured that converting one such lead is an uphill task!) So, do I presume lesser attention for this one & more on advertising & network!
Posted: 24 Jul 2008 04:12 Post Subject:
Actually the opposite is true as far as ROI (return of Investment).
B2B and calls have the best conversion rates and require less monetary investment but a heavier time investment. As far as selling over the phone, I do not do that.
Face to face appointments allow me to properly explain policies and allow me time to answer the customers questions. This results in a higher retention rate and better comissions. This also provides me with much more referrals.
Networking and advertising are costly but require a low time investment.
Networking consists of doing favors in return for favors, and advertising costs serious real world money.
But with all of them working together, It creates great revenue for me. :D
Posted: 29 Jul 2008 07:12 Post Subject:
a cost effective way to attract new business is over the internet. Many agents are reticent to move into the world wide web realm and are continuously drawn to the conventional methods of marketing like cold-calling. tell your friend to research methods of internet marketing to attract new, qualified leads. there are may books and many places on the internet to learn about marketing this way.
Posted: 31 Jul 2008 06:11 Post Subject:
Well, whether you do your marketing business on phone o face to face depends a lot on how much profit or ROI(Return On Investment) you are expecting. Marketing through phone is cheaper but it also gives less return on investment. Face to face marketing requires both time and money but you can expect much better ROI.
Posted: 31 Jul 2008 03:21 Post Subject:
tusharagg87, you're certainly right about the plusses and negatives of both phone and face-to-face marketing. but there are an abundance of other methods of marketing that are quite cost effective that do not require making cold calls or going door-to-door. i think it's all about trial and error and creativity, finding out what works best for you and always seeking ways to expand and increase your bottom line.
Posted: 03 Aug 2008 12:53 Post Subject:
A successful agent has to do and be a lot of things. One of the most important is the ability to learn and adapt.
I started in this business in 1985 using cold calls to find clients and then meeting with them across their kitchen tables. Now I use the Internet to find clients, or more accurately to allow clients to find me. I've learned SEO, some web design and a couple of programming languages in order to do this. Not everyone will or should do exactly what I've done.
However, without the ability to learn and adapt, you will be eventually be using the techniques that worked last year instead of the ones that work well today.
Posted: 04 Aug 2008 07:28 Post Subject:
thanks for that piece of advice tenetl.....i hope everybody will be benefitted from it....Good work....keep posting
Posted: 04 Aug 2008 06:43 Post Subject:
I think it is important to study sales and marketing continuously and incorporate what you learn into your selling. Treat your clients well and you will get referrals - especially if you let them know that you accept and appreciate referrals.
Alston - it's great that you are using the internet to get leads to come to you! More and more agents are using the internet.
Posted: 09 Aug 2008 12:21 Post Subject:
In insurance selling, the 2 primary sources of prospects are natural markets and referred leads.
While developing clientele within natural market, a new agent should also start getting referred leads from his friends and relatives. This is to pave way for him to expand beyond his natural market because sooner and later he will exhaust his natural market.
Getting referred leads is one of the most effective ways for a new agent to penetrate a good and potential market.
Posted: 25 Sep 2008 05:15 Post Subject:
Insurance products are intangible. Only agents are visible to the customers. As such, marketing ourselves is important. Agents must first sell themselves before selling the products.
While many people are doing marketing, it is branding that makes one separate oneself from the rest. Branding is more than creating awareness, it is about making people recognize that you have something unique to offer to them.
Branding is about giving people enough reasons to consider getting your products and services instead of getting them from your competitors.
Posted: 20 Oct 2008 02:37 Post Subject: marketing types all agent should have
passive and active.
Passive = advertiseing internet web page, yellow pages,, stuff like that
active= networking, reffreals, cold calls,
you should have at least 3 of each type working for you at all time.
It works for me.
Posted: 24 Oct 2008 01:35 Post Subject:
I believe that the art of marketing yourself as an insurance agent is one of constant metamorphis. For some people some time referal marketing really works, then they may stumble on another idea for potential clients may start working ex... A Television Advertisment.... As the Agent progresses in his/her field, so does the process of getting new clients.
So find something that works for YOU. Then keep experimenting. I currently use direct mail (is old but seems to always work), A television commercial (gets lots of responces, but not pre qualified as to age/income), and drop cards in convience stores.
Some things work well, some not so well sometimes.
Feel free to contact me with any questions.
Posted: 24 Oct 2008 01:47 Post Subject:
How about personality? How well people think of you? People want to do business with people they like - people they respect. If you live your life with morals and ethics - and well, for the most part, you are just a "great" person - people will want to do business with you. They can't help but assume that if you live your life a certain way, you will operate your business and treat your customers the same.