Is telemarketing still a viable source of insurance agency marketing leads? Does there exist an elasticity between appointment efficacy, volume, target market and commission opportunities? It all depends on the approach, methodology, target market, and tools. Although telemarketing still has its benefits, agencies are still able to achieve impressive results. However, these campaigns should be called appointment-setting campaigns and not traditional telemarketing campaigns.
A complimentary eMarketing or web seminar component is not required for appointment setting campaigns. However, it’s a good idea to add the latter two. It is essential to use highly skilled and experienced callers for dedicated appointment setting campaigns, even if they do not include an eMarketing component or a webinar component. This will ensure that the agency’s value proposition is clearly and succinctly communicated to the prospect.
Telemarketing for insurance agencies is not a static process. Campaigns that focus on meetings with high-ranking contacts at large organizations might result in only 6-8 appointments per month. This is sometimes called whale hunting. Although it may not be politically correct, it is a fairly accurate metaphor. This type of campaign requires that the appointment setter be knowledgeable and experienced.
Other telemarketing campaigns for insurance agencies that focus on commissions targets between $5,000 and $10,000 depending on the niche and industry might result in 15 to 20 appointments per month. This will yield a higher opportunity volume but lower renewal premiums. The middle target, which is appropriately named, is the middle market, where insurance agency commissions range from $20,000 to $50,000. This requires approximately 12 to 14 appointments per months to achieve effective results.
Telemarketing for insurance agencies, or, as we have discussed, appointment setting for insurance agencies, can still produce impressive results. To be successful, it must be done correctly. This means agencies shouldn’t hire part-time college students who don’t know much about insurance or a bullpen solution that is based purely on quantitative results. Appointment setters may be motivated to book more appointments than they would if they were to consult. This can lead to a negative effect. A long-term approach is better for appointment setting. Approach is an important concept. A dedicated appointment setter will often record the best results for a campaign. This is because it is not the first or second attempt that might result in the right contact at the right time. This opens the door to a compelling opportunity to the broker or agency. Appointment setting is best when it’s accompanied by professional insurance agency eMarketing or web seminar program. This helps prospects to become more familiar with the agency name and makes them more open to hearing the “pitch” for setting an appointment.
Insurance agents can supplement the above-mentioned methodology with communication and qualification. They may find that appointment setting campaigns can still be beneficial to their pipeline building process. It is important for producers to use a consistent and simple qualification process when prospect qualification. To help them measure their prospects, those who are yet to establish a simple and measurable qualification process should use a prospect scorecard. The prospect scorecard can be used to determine whether a prospect is in the profile and then to identify key elements that will increase the probability of a sale. Finally, the communication between the appointment setting agency (assuming that it is an outsourcing organization) and the producers of insurance agencies should be easy and continuous. This handshake allows both parties to work together on the lead generation process for insurance agencies, which results in a better close ratio.