Did you earn a degree as an advertising professional when you decided to market your product to clients or to insurance marketers? You probably haven’t done much research about insurance advertising. Most likely, your prospecting strategy or sales message is based on what others in your industry have done. Asking for advice from an insurance company will only result in methods that are profitable to them, not you.
Extraordinary Response This trick has been tried by some marketers and insurance agents. With their sales message, they add a $1-$5 bill. The message tries to communicate the idea that the seed money will help them start the idea of money rolling in, if they use the offered services. It ends up being a McDonald’s dollar menu purchase. It is rare that the increased cost to the marketer or agent justifies the additional expense.
You can buy curiosity At some point in your life, you’ve been to a trade show, exhibition, or arena where there are thousands of people. There are many booths begging for your attention, all vying to grab your attention so you can stop by and get some information. You won’t be able to get in unless you have printed information and celebrities. These methods of obtaining leads are rarely successful and waste the time of salespeople working in the booths.
Attractor extractor You will see a long line of people waiting near the traffic-free booths. You can see that they give away a free gadget to everyone who looks ahead. As you are already sweating, you let go of your tie and get swept into the line. You will get your gift in 20-30 minutes. You simply need to fill in your name, address, and email. Your 98-cent gadget will be sent immediately. The lure of something free was too tempting for you to resist, and you were just being snagged in.
The majority of insurance tricks are superficial. How stupid are some agents who try to get prospects or insurance marketers? Their mind is the same as the sales director of an insurance company. This man is 20 years old and out of touch with the real world. He has degrees in psychology and business. Agents have the chance to win an all-expenses paid trip for their client in a drawing that includes entries from all agents across the country. Insurance marketing agencies offer the opportunity to win a trip, resort or convention for top production.
Only a fool would be that foolish Have you ever worked with an agent or an insurance marketer? Do you think you will be the big winner? They think you are foolish for believing that you are so stupid. This method can they buy your lead answer? They don’t even know your requirements or if they have the right qualifications. They are more skeptical if they have never done business with your company before. This is especially true when large prizes are offered to obtain their responses. The basic rule of selling would be ignored by insurance executives, insurance marketing professionals, or insurance agents. Review “Insurance Sales 101”, Chapter 1, Line 1. You must demonstrate how your product will benefit him immediately to get his true interest.
Comfort Zone Insurance advertising that is too extreme for potential clients can cause a negative reaction. As a new independent agent you make $45,000 to $65,000 and are presented with an advertisement that states, “Many our producers earn over $200,000 annually, some more.” This company will not get a reply. If the ad mentions a cruise or trip, this producer will not respond. If the ad claims that many of our brokers have doubled their income within 12 months of joining us, it is not true. To become an independent broker, it took 5 years. Your income has increased by 20% in the past year and you are proud to be a part of what your career has become. This advertisement is immediately thrown out. The insurance advertising “executives” need to understand the difference between career building step-by-step and career leaping. Few people are willing to sacrifice what it takes to make a leap.
Realistic Enticement Now that you have heard the negative aspects of reward or income enticement, it is time to demonstrate what is. You can think of what could work, but you should look at how a semi-independent broker or agent sees it. For him or her, an increase in income of $14,000 would be a fantastic and practical goal. The producer now thinks he can do it by writing $12,500 more life insurance premium and finding a company that will pay him 10% more commission for his term products. It may be necessary to sign at least two contracts to open the doors. He is unlikely to be interested in anything else.
Realistic Opportunity If you convince him that your term product is as good as his current one, you might get all of his term cases. You can offer 10% more commission. You make $1,500 per year as his term insurance broker. Another life insurance broker may contract him. He will write $10,000 of his cash-value life premium and return a $2,000 override. Think about what it would take to get the producer to respond and not a competitor.
Your Way in To ignite many agents’ engines, a realistic incentive would be to give a gift to all who respond. A $10.00 instant redeemable gift card for gas cards or fast food places may be all it takes. It would surprise you how many marketers won’t take the $10.00 extra to obtain this agent’s overrides in the next three years. Vacations and cruises are more costly and rarely get the return on investment from NEW producers.
A Bonus A sensible temptation can build excitement and also be a great way to get more response. This could add 15 to 35 leads for new producers, on a mailing of 5,000 agents.
Don Yerke is a published author who likes to focus on the things you don’t know and what no one else dares print. It’s okay to tell it as it is.
His new paperback book will be available on Amazon in the spring. This book is full of great information about insurance marketing and recruitment.
