Selling insurance is by and large a numbers game. If you’re reading this, you’re looking to increase your sales, which means little more than the fact that you need to meet more people. While you still need to have your digital game in order, we also have some tips about how to make sales by interacting with prospects in person. Yeah, it’s unheard of these days -- but the old-fashioned route of shaking hands works like a charm for many insurance agents.
The following are some proven ways you can find and approach your target demographic.
1. Word of Mouth Advertising
Word of mouth advertising is kind of like gaining street credibility, which is always a plus. Basically, this is the most effective form of advertising. Think about it, which scenario is more liable to get you to buy an insurance product, if an agent you know nothing about calls you or would you go with the agent who saved your friend a pile of cash? This is why streamlining your referral program and expanding the volume of referrals is so important. You want to keep the process as simple as possible to get each and every customer to refer you. Your referral prizes should also be valuable. Think of it as buying leads.
2. Buy Leads
Buying insurance leads is the new normal. The fact of the matter is that unless you’re one of the fat-cat agencies, you have limited means with which to generate an effective marketing campaign. In buying leads, you can pick your target demographic too. Leads are affordable and they yield results when treated like any other organic lead. Not all lead companies generate the best leads, so use SmartFinancial, especially for property and casualty products. Remember that bought leads are not a sure thing. If they were, they’d be much more expensive. What they are is contact information or live transfers of highly active insurance shoppers looking for free quotes. You can bait or lose them within a few minutes. That all depends on how you approach this shopper, what rates you’re offering, and how persistent and helpful you are. Even when you don’t make a sale, you may win a referral. A large percentage of rejections are based on an existing policy rate you simply can’t beat. When this happens, be friendly and offer your personal information regardless. You never know when a friend needs insurance.This is another form of word-of-mouth advertising.
3. The Elevator Pitch
Always be ready to offer a stranger a quote. Insurance is a funny thing in that no one wants to buy it but everyone in all walks of life needs it. You never know when a benign conversation can turn into a sale, which is why it’s called an elevator pitch. So next time you’re left alone with strangers, let your pitch sing! Yes, give your elevator pitch to just about everyone you meet at any given time. As long as you’re being clever, friendly and not at all pushy, this is a legitimate and free way of marketing yourself. Just make it quick and painless, convincing and compelling. Spend some time perfecting this quick sell, which should show off your personality and your desire to help people. You are your best representative so let everyone know it!
4. Be Visible
Unfortunately being an insurance agent and being an introvert are mutually exclusive if you want to maximize sales. Hopefully, you went into the business because you’re a social butterfly. And if that is the case, there’s no better reason to get active in the community than to meet prospective clients. Did you know that most moms pay the bills, not the husband? That means that you’re often targeting moms when you’re selling insurance or convincing people to change insurers. If you can somehow infiltrate mommy circles you are in huge luck. This strategy could be a huge game changer for you. Volunteering is also another prime way of meeting all the mothers in your community. Botox parties, tanning parties and nail salons beware!
5. Joint Ventures
Come up with a small list of local businesses that you think are doing a good job and which are not your competitors. Approach each business owner with a strategy for how both of you can benefit from working together. For example, go to the popular pizza parlor in town and ask the owner if he wants to partner with you. Just think: You’ll only pay for half the marketing costs if you make flyers or advertise with a partner, and hopefully, everyone who eats at the local pizzeria may soon be your customer too -- and vice versa. All you have to do is offer every client who signs up with you a prize--a pizza pie, maybe? Think of the cost as another way of buying a lead.
Yeah, you keep hearing that you need to do this and you dread it. But why? The more people you know, the more insurance you’ll sell. Plus, there’s always the free booze. Just go, don’t be self-conscious about approaching strangers and smile a lot. Whenever possible bring two or three people with you. You always want to be the connector. People do nice things for people who connect them with their circle of friends and associates: For instance. they reciprocate. So, yeah, block off one night a week for networking and you’ll start selling more policies faster and easier. Make it a point to meet the organizer, who is the equivalent of an influencer. Make good with this creature and you’re in.
7. Hit the Grocery Store!
They say this is the perfect place to meet a future spouse. We’re not sure about that but it’s certainly a great place to make casual conversation with strangers. Don’t be creepy about it though. Only do this if you’re actively shopping and try a straight-forward conversation opener after you introduce yourself: “Hey, I’d love to give you a free quote.” You’d be surprised how many people on a lazy Sunday are willing to give you 10 minutes to see if they can save some money.