lead conversion secrets of top advisors€¦ · lead conversion secrets of top advisors perfecting...

LEAD CONVERSION

SECRETSOF TOP ADVISORS

Lead Conversion Secrets of Top Advisors

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IntroductionWhen you’re in the insurance business, you’re in the business of selling something that everyone needs: protection for their families and assets. As good a sales proposition as that is, selling insurance can be a challenge - you’re under pressure to stand out from the many competitors who are offering virtually the same product. While industry leaders have implemented the contact methods discussed in this whitepaper, they have also recognized that it’s equally as important to provide superior customer service. Finding a balance of servicing current policy holders and attracting new prospects can be difficult but is essential for insurance agents to succeed. insuranceQuotes agents are equipped with the largest customer service department in the industry and tools to help provide the best customer service to current and potential clients. We provide quality leads to help insurance agents grow their book of business. This whitepaper will review proven techniques from other successful agents to increasing your conversion rates and share lead conversion secrets from our top advisors. We’ll show you:

• What techniques to implement into your process• How to determine the optimal follow up strategy• Effective communication methods Getting to grips with these techniques will help you provide the service your potential customers need and will help set you apart as someone who understands how and when to contact prospects from the very beginning of your relationship with them

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This way to increased conversions.


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Perfecting the ProcessAfter many years, technology has finally caught up with the insurance industry and has created, highly competitive environment. According to a research study performed by IBM in 2011, more than 80% of consumers utilize more than one touch point when making an insurance buying decision; 20% of these same consumers utilize four or more touch points. This growing trend highlights that consumers aren’t simply relying upon the information provided by a single broker or agent in a face-to-face meeting; they are exploring and evaluating their insurance options utilizing multiple digital sources prior to executing a buying decision. It is no longer a seller’s marketplace;it is a buyer’s.

Implementing the following techniques will ensure success:

Send a thank you note immediately after your meeting, whether in person or on the phone. Don’t just send it via email either. In this day and age, a handwritten note mailed to the prospect’s home or business will stand out a lot more. When you send that note, be sure to include some valuable takeaways such as a list of helpful websites where the prospect can find more information about the products they are considering.

Schedule regular phone calls to check in on prospectsIf you don’t hear anything back from the prospect within two or three weeks of your initial meeting and touch points, pick up the phone and give them a call. When you get the person on the phone, be forward. Don’t simply ask if they have made a decision yet. Tell them you had a note on your calendar to call today to take care of the paperwork for getting their policy into effect. If the person is still on the fence when it comes to making a decision, this may be just the push they need. Be diligent with your note-taking and share this with the consumer. Asking how their recent vacation was or how their child is doing at baseball shows that they are more than just another sale.

Share your successes with the prospectAnother good follow-up technique is to share case studies with prospects that will show them how you have helped people in similar situations to them protect their families using insurance. If you don’t have any case studies prepared yet, take the time to get list out specific examples of you going above and beyond the call of duty. These can be invaluable tools not just for getting new business, but encouraging existing customers to purchase new policies.


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Contact StrategyWe all know how important it is to be quick to respond, but considering the fact that up to 50% of certain leads are not contacted more than once, it’s not surprising that those who are persistent see a better ROI. Consider this report by Velocify.com, an independent lead management site.

By analyzing over 20 million leads that came to them from agents across the industry, they were able to confirm a few critical things about contacting leads. From their research, this chart shows the importance of making multiple contacts. Just by making a second call, the chance to contact over the first call increases 87%. Velocify has also identified the number six as the golden number for attempts.

Contacting a prospect within a minute of lead generation can increase your likelihood of conversion by nearly 400%, as presented in The Ultimate Contact Strategy by Velocify. This graph demonstrates the rapid drop off of conversion as your contact times become longer.

The Impact of Speed-to-Call Conversions

The Ultimate Contact Strategy, Velocify.com

The Value of Multiple Contacts

*Courtesy of Velocify.com


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Effective CommunicationIn every aspect of insurance, consumers are turning to the internet for quotes, customer service, and even reading user reviews regarding particular companies. According to the 2012 comScore Auto Insurance Report, “69% of consumers shopping for auto insurance in the past year got an online quote”. In this digital age, it's critical that insurance agents connect with these faceless customers. To grow your insurance practice, you must proactively work to get closer to customers. You must connect on their level and where they are: online.

Making a sale is a delicate task – any agent knows that. If you know how to make a great pitch, strike up a good relationship with a prospect and follow up with that person effectively, you also need to know how to tell when a client is ready to close the deal.

Let’s be realistic: It’s highly unlikely that a prospect will ever come right out and say “Sold!” to you. It’s your job as an agent to be able to read into what a client is saying and tell whether they’re giving you an “in” and when they’re saying “yes,” even if that specific word isn’t coming out of their mouth.

1. Crafting Yourself as a Diamond in the Virtual Rough.While statistics have shown that the first agent to contact insurance leads typically has the best chance of closing the sale, there are ways to differentiate yourself in such a way that even if you are not the first contact, you will be the one that is remembered - and ultimately gets the sale. Whether you are contacting a prospect for the first time, or you are following up, here are 5 tips that can help to make a more lasting impression.

2. Open With a Warm Introduction. If you're working with an online insurance lead, allow them to tell you about themselves first. Rather than pitching products, find out what their goals are and lead from there. Whether you're doing this over the phone or Skype, it can help to add that human element where your customer connects with you (and ultimately feels more comfortable giving you referrals, by the way). Don't make the pitch about you- make the pitch using information you've gleaned from the conversation as a way to find solutions for their concerns.


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3. Be THE Expert. While you may be familiar with the ins and outs of deductibles, policy riders, and living benefits, the truth is that most non-insurance people are not. By crafting even a simple report that explains the features and advantages of the plans that you offer, you will be one step ahead of the competition. In other words, rather than talking about what insurance is, help the contact to easily understand what it actually does.

4. Respect Potential Clients' Time. Although it may seem like potential clients are waiting by the phone (or computer) for more information, the reality is that they will be ready when THEY are ready. Therefore, ask prospects to provide you with a time that may be most convenient for them to communicate with you.

5. Offer Something Valuable for Free. In a sea of competitors, it is those who offer real value that will eventually rise to the top. With this in mind, go the extra step and offer your potential clients valuable information on just exactly how the insurance policies you offer can benefit their lives.

6. Be Available. One of the biggest concerns that people have when they purchase products or services online is the seemingly impersonal nature of the transaction. So, while obtaining quotes and other pertinent information online may be convenient, when it comes time for a prospect to make a buying decision, it is important that they know someone is there to address any questions or concerns that they may have throughout the process. Given this, be sure that you offer insurance prospects an easy way to get in touch with you - even if they won't be purchasing right away.

Keep in mind that while one of the most ubiquitous business communication tools is also one of the most common personal communication tools: email. But if you think that what you write to your aunt or your old college roommate is the same as what you would send to a client, think again. You need to do some strategizing before touching your keyboard. Professional emails are in a category of their own, particularly when you’re using them to drum up more business.


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Here are some dos and don’ts when it comes to writing effective emails:

Don’t ignore grammar and spelling. Getting your prospect’s name spelled correctly is step one. That might sound obvious, but misspelling someone’s name is a quick way to kill a deal before you even get started. Watch out for run-on sentences and sentence fragments; try running your emails through a quick grammar and spelling check before hitting “send.” Think of this as a résumé to get a job, you certainly would not submit a bio of your work experience laden with spelling errors.

Do keep it concise. Rambling is only going to bore your prospect, and once you’ve lost his attention, you’ve lost his business. Be straightforward so that the client knows what you’re asking of him.

Don't use 10 words if 5 will do.Don’t get “creative” with fonts. Using bold, italic or all caps makes your email look pushy and amateur. Stick to a simple, easily readable font (like whichever one your email program defaults to) and don’t bother with colors. The appearance of your email should be as straightforward as what you write. A pink script font might get you points with the local dog groomer but will surely make your clients wonder what your business is really like before speaking with you.

Do speak on the customer’s level. While being immersed in the insurance business makes any agent highly literate in reading acronyms and jargon, don’t be fooled into thinking that the average customer will have any idea what they mean. Imagine that you’ve never heard those industry-insider words before, and then work to construct your emails without them.

Don’t let texting culture creep into your emails. Ending an email with “thx” or “ttyl” is about the same as ending it with “Don’t call me.” Taking the time to write out words and sentences makes you look professional, rather than juvenile. Always resist the urge to use emoticons.


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Do utilize mobile email signatures. This is a subjective one but worth noting. These days, as people are on the go and frequently away from their office, a mobile email signature is becoming more acceptable to announce that you are, in fact, not in your office and are responding accordingly.

Do always include your contact information. You want your prospect to be able to get in touch with you in several ways, so give him all the tools he’ll need to do so. Create a signature that goes on all of your emails, with your phone numbers, email address and office address. This is another one of those commonly overlooked strategies. Far too often we see shortened email signatures (mobile devices) or ones that make you feel like a retina scan will follow to verify that you are in fact the "intended recipient".

If you’ve had previous conversations with a prospect, incorporate details you’ve talked about before to make the email feel more personal. Creating that connection can help a client feel more comfortable with you – and more willing to give you his business.

Above all, before you send an email, check, re-check and check once again to make sure that you’re sending a message that’s coherent, professional and friendly.

We hope that you find the information provided to be helpful in reaching your goals and for starting out on the right foot with your potential customers. The conversion secrets explained in this whitepaper have proven to work for some of the most successful insurance agents in the industry and we believe they can work for you too. You may find that some techniques are more effective for you than others. Experiment with the various hints to create your perfect sales process and together, let's increase your contact rates, improve your sales and grow your customer base. For more excellent hints and tips which will help your grow your business and your influence, please check out our regularly updated blog at www.blog.insuranceagents.com .


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About insuranceQuotesinsuranceQuotes is the complete insurance comparison shopping site for consumers andthe premier customer acquisition platform for insurance agents and carriers.

Our mission is to demystify the insurance shopping experience, so that shoppers can simply andeasily find the coverage that’s right for them, and providers can inform, educate and secure newcustomers through a marketplace that’s comprehensive and trusted.

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lead conversion secrets of top advisors€¦ · lead conversion secrets of top advisors perfecting...

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