1,500.00 for marketing

[patch36]

Hello,

If you were new to the p&c and life business and you had 1,500.00 for marketing, how would you spend it to maximize your ROI. Seasoned Agents, your thoughts would be greatly appreciated.

Thanks,

Brent

Well you got a few good answers and a few self indulgent pontifications. Here comes yet another self indulgent pontification. Take your pick.

The best sales strategies always involve direct communications with the client. Spend your money in a way that gets you in front of potential clients. If that is telemarketing for appointments, or Introductory lunches with friends who bring friends who share common needs and interests, or knocking on doors of businesses and homes, the key is to get in front of people. So how you SPEND your money is important if all you have budgeted for that EXPENSE is $1500. The more you do it and the more you spend it will turn into an investment, but I think your immediate concern is making money now and planting seeds for the future in one fell swoop. That can happen automatically as you market yourself, products and services.

Some of your efforts will pay off now, some pay off later, and some are a total waste of time. If you knew which ahead of time then this business would be too easy. If you expect perfect answers from guys who have the time to hang out here, lower your expectations.

 

[BrentC]

Lots of good info. Thank you all for your insight.

 

[The Rabbi]

If I only had $1500 to invest into my insurance career to get started I'd:

1. Make sure I installed a phone line with unlimited local calls. Use your home phone to start. Zero $

2. Develope a good phone sales script. Zero $

3. Coffeemaker. Use your home one to start. Zero $

4. Purchase 1000 professional looking business cards. $49

5. Purchase stationary, envelopes, and postage for Thank You notes. $75

6. Let your fingers do the walking. Yellow Pages Zero $

Take the $1376 left over, and put it in the bank for next months mortgage payment.

Repeat step 6 daily

Where does next month's $1500 come from now that he has wasted his time?

 

[The Rabbi]

Go B 2 B and save your money. Business card exchanges, Chamber meetings. Join a service club, become active in your community.

 

[moonlightandmargaritas]

If I only had $1500 to invest into my insurance career to get started I'd:

1. Make sure I installed a phone line with unlimited local calls. Use your home phone to start. Zero $
2. Develope a good phone sales script. Zero $
3. Coffeemaker. Use your home one to start. Zero $
4. Purchase 1000 professional looking business cards. $49
5. Purchase stationary, envelopes, and postage for Thank You notes. $75
6. Let your fingers do the walking. Yellow Pages Zero $
Take the $1376 left over, and put it in the bank for next months mortgage payment.

Many who start in business (not just the insurance business) make this common mistake of building the infrastructure before they have the demand.

Not having stationary and envelopes is not going to cost you a single piece of business. It's like putting the cart in front of the horse.

Use your capital and expertise to build demand first. Then build the infrastructure to support it...

 

[The New Guy]

You guy's are absolutely correct. I must have been out of my mind when I suggested he start cold calling, and perfect a script before he dives into the real world of spending money.

Shame on me for suggesting business cards and thank you notes.

 

[moonlightandmargaritas]

You guy's are absolutely correct. I must have been out of my mind when I suggested he start cold calling, and perfect a script before he dives into the real world of spending money.

Glad you saw the light.

 

[Alston]

Use your capital and expertise to build demand first. Then build the infrastructure to support it...

Therefore deal with things before they happen;
Create order before there is confusion.

Tao De Ching
- chapter 64

 

[moonlightandmargaritas]

Therefore deal with things before they happen;
Create order before there is confusion.

Tao De Ching
- chapter 64

Spend money on systems before demand - go broke quick!

moonlightandmargaritas
- chapter 1

 

[Alston]

Spend money on systems before demand - go broke quick!

moonlightandmargaritas
- chapter 1

If buying business cards and the other low cost items mentioned, will blow Brent's start up budget, he may want to postpone getting into the business.

The list of items with a cost is pretty short.

I'll grant you that stationery isn't an essential unless you are sending mail to clients.

If his early marketing plan includes sending mail to clients, to save money Brent can purchase envelopes with two windows. His company name can be printed on his letterhead and designed so that it shows through the top window. He can create and print his letterhead from his computer.

Hopefully, he has a good computer and printer. If not, he may want to use one of his early commission checks to buy these items. I'm so computer focused, I can't imagine doing business without one. I've heard that it can be done .

A computer and a B/W laser printer would be my first and only major start-up purchases if I had to start from scratch again.

Printers are pretty cheap today if you shop around. I picked up a Brother MFC 7420 from Staples for $200 with a $50 rebate this weekend. It prints, copies, faxes, and scans and Consumer Reports likes the model.

Besides filing cabinets, furniture, reference books and consumables like paper and toner, there isn't much else you need even if you have been in the business for a while. The rest is just study, planning your work and working your plan.