I saw this and thought I would share it, its from Monumental Life.
The Case Of The “Cold Call” Versus The “Referral”
It’s 6:30 in the evening
You just sat down to eat
The telephone rings
It’s another #@*!~ telemarketer !!!
What’s your reaction?
“I’d be happy to talk to you!”
Don’t think so.
Now picture this – The phone call is from someone who says that your best
friend asked them to phone you because your best friend wanted you to have
the benefit of the product or service they are enjoying. Which call is more
likely to result in a conversation between you and the caller? Undoubtedly
the call that references someone you know.
Selling through a referral process is the most cost-effective, timeefficient,
profitable and enjoyable method you can use.
But, what’s a referral? Webster’s New World Dictionary defines referral as
“A person who is referred to another person.” How do you, a Monumental
Life insurance agent, manage to be referred to a prospect for a sale? This
guide will teach you the Monumental Life referral process.
How do we know that selling through a referral process is so powerful? A
study that demonstrates the effectiveness of referrals in the life insurance
business was conducted by Chris Faicco of Northwestern Mutual Life
Insurance Company. The study tracked the outcome of contacts on 5,640
qualified suspects. Cold calls (direct contact without referencing a mutual
acquaintance) turned 2,240 of the qualified suspects into prospects. Those
2,240 prospects yielded 56 sales for a closing ratio of 11%.
Compare this - 3,400 of the suspects were converted into prospects by
referrals. From those 3,400 contacted via a referral process, 452 sales were
made for a closing ratio of 40%.
That is an interview ratio 4 times greater than when a cold call approach
was used. Which method would you rather use?
Monumental Life Insurance agents experience the same degree of success
when they use a referral process. An agent in New Jersey Office reports that
when they ask for and receive referrals, their closing ratio is over 50%.
What is that agent’s key to successfully obtaining referrals that result in
sales? Unparalleled service to their policyholders resulting in a
relationship of trust and respect.
When you complete this guide you will know how to form relationships of
trust and respect with others and how to leverage those relationships for the
benefit of both parties through the Monumental Life referral process.
Therefore, of the 508 closed sales, 89% were from referrals while 11% were from cold
calls!
The Case Of The “Cold Call” Versus The “Referral”
It’s 6:30 in the evening
You just sat down to eat
The telephone rings
It’s another #@*!~ telemarketer !!!
What’s your reaction?
“I’d be happy to talk to you!”
Don’t think so.
Now picture this – The phone call is from someone who says that your best
friend asked them to phone you because your best friend wanted you to have
the benefit of the product or service they are enjoying. Which call is more
likely to result in a conversation between you and the caller? Undoubtedly
the call that references someone you know.
Selling through a referral process is the most cost-effective, timeefficient,
profitable and enjoyable method you can use.
But, what’s a referral? Webster’s New World Dictionary defines referral as
“A person who is referred to another person.” How do you, a Monumental
Life insurance agent, manage to be referred to a prospect for a sale? This
guide will teach you the Monumental Life referral process.
How do we know that selling through a referral process is so powerful? A
study that demonstrates the effectiveness of referrals in the life insurance
business was conducted by Chris Faicco of Northwestern Mutual Life
Insurance Company. The study tracked the outcome of contacts on 5,640
qualified suspects. Cold calls (direct contact without referencing a mutual
acquaintance) turned 2,240 of the qualified suspects into prospects. Those
2,240 prospects yielded 56 sales for a closing ratio of 11%.
Compare this - 3,400 of the suspects were converted into prospects by
referrals. From those 3,400 contacted via a referral process, 452 sales were
made for a closing ratio of 40%.
That is an interview ratio 4 times greater than when a cold call approach
was used. Which method would you rather use?
Monumental Life Insurance agents experience the same degree of success
when they use a referral process. An agent in New Jersey Office reports that
when they ask for and receive referrals, their closing ratio is over 50%.
What is that agent’s key to successfully obtaining referrals that result in
sales? Unparalleled service to their policyholders resulting in a
relationship of trust and respect.
When you complete this guide you will know how to form relationships of
trust and respect with others and how to leverage those relationships for the
benefit of both parties through the Monumental Life referral process.
Therefore, of the 508 closed sales, 89% were from referrals while 11% were from cold
calls!
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