I used to play baseball when I was a kid. I can recall one time when we had all the bases loaded and I was just about to come up to bat. It was a sunny, hot day in Houston. The pitcher was facing the sun so I was looking up to see him. My coach said something to me just before he pitched. It was a lesson that would stay with me for the rest of my life.
For my own pride, I won’t tell you the story, but I will tell what brought that memory back to mind. While working with a long-standing client, I came across an interesting discovery which jogged my memories. We had a long-standing conversation about the economy as we were discussing some of the issues within his agency.
We spoke a lot about the latest financial moves and how they would affect Allstate, Farmers, and “good neighbor” agents. While we discussed the companies, was much more important to the street agent.
A hardworking individual who doesn’t mind working for a living but isn’t afraid of getting out there and working. But, he doesn’t want his wheels to go on forever.
We talked with my client about a number of things, but one thing kept coming up repeatedly: it is easy for entrepreneurs to slip back into the business-as usual, survival mentality in slow times. It’s not easy to focus on building a highly successful agency when there are so many other things.
This may not seem like an important discovery but it was incredible to discover that the opportunity to “take your eyes off of the ball” is available in all industries and fields, not just insurance. My most successful clients have always responded the same way: they use better processes to keep and get clients, and they don’t waste money on what doesn’t work.
These are the top tips that these agents used to market their products:
1. Print a few ads and mail them to people. A postcard that is well-written can bring in a lot of leads at a low cost. You can also mail the same number as postcards to find the best ad. This will increase your chances of getting new leads and help you spend your print advertising dollars more efficiently.
2. You can send a second offer right after a client becomes a client. This could be a thank-you call or handwritten note allowing them to have a meeting with you to discuss financial products and giving them a Starbucks gift card.
3. Newsletters. A sale to a new client can cost up to six times as much as a sale to an existing client. Newsletters can be used to build relationships with clients. You can also include a sales letter to sell them multiple financial products or policies. This will greatly increase the client’s loyalty to your agency and your profit. While print newsletters are best, e-newsletters can be a great alternative.
4. Seminars and open houses have been a tradition in the financial services industry for a long time. This is how nearly all financial planners expand their practice. A client event is a great way for clients to meet face-to-face. It also gives you the opportunity to introduce prospects to your practice, either through marketing efforts or by referring clients. If there are enough reasons for clients to attend, they may even be able to bring a friend. To give the impression that you are valuable, limit seating and require people to RSVP. “Come and Go As You Like” is not a good way to position yourself and can often limit turnout.
