Anyone Making A Living Coldcalling?

[Full Throttle]

Going "as earned" is worth the short term pain in my opinion. I like getting a big check as much as the next guy, however, the stability of it being spread out and not having to worry about charge backs. Getting advances is like scratching an itch, it feels good at the moment, but right afterwards it starts to itch again and you're right back where you started.

Disclaimer: I do realize I opened myself up to some smart ass comments with that analogy, fire away.

 

[YouGotMyMoney]

lol.....

I know what you are saying.

But I don't pay interest on any of my health advances.

And as-earned doesn't excite me.

And I only write good business.

Now, if you already 5-10k a month coming in as earned, I could see you're POV, but I've only been in the biz for over 9 months as an independent agent.

Now if I were with AHCP, or any agency that charges interest I would probably want to go as earned very quickly.

 

[benseattle]

I think we can agree that "cold calling" is just ONE of many methods of prospecting. The main advantages are that you can do it from home (thus sparing the expense of an office) but even more important, the prospector can attempt to make MANY contacts on a daily basis. Sure the "failure" rate is usually high but if you make 100 dials, talk to 10 business owners and make two apppoints, one of which could pay you, say.... $1,000 to $5,000 in commissions, wouldn't that be worth the effort, the rejection, the heartache and necessary psychotherapy? (Joke!)

If you're not succeeding AT ALL, then you need to revise your script, target market and/or telephone skills. There are a number of books and audio programs that can help in this area. I'd also suggest practicing first with a Tape Recorder..... how do you REALLY sound?

 

[justing]

I would be interested in learning about what they are calling on, and who you use to get aged leads. This sounds like something I could make good use of.

Thanks.
Justin

I hate to cold call....Did it when I first started. I will not do it anymore. I would rather bang my head against the wall and get dizzy.

I have also tried every other "trick" in the book. Here is what works for me:

1. Put in ad in Craigslist looking for an EXPERIENCED TELEMARKETER. Hire two of them - part time, one to work from 9-1 and one to work from 1-5. Pay them what they are worth. $10/hr is a good starting point. DO NOT LET THEM SELL, ONLY ASK IF THEY WOULD BE INTERESTED IN TALKING TO AN AGENT. Once a client is interested, all they say is "great, our agent will call you later today, or tomorrow". No pressure, no rush.

2. Get Mojo, and buy a list of small business in your state.

3. Order "aged" leads from one of your vendors. Negotiate and get a good price...$.25-$1.00 each.

4. Let the telemarketers make all your calls. Have one work Mon-Friday from 9-1 and the other work 1-5. Let them use Mojo to call the aged leads and cold call leads. They should average you about 2 leads an hour. Again, I dont want them selling or making appts, I can handle that.

5. You only deal with these "exclusive" leads they give you. You should close at least one a day.

8 hours of telemarketing costs $80 a day. Average 15 leads a day, that is $5.33 for an EXCLUSIVE lead. Or you can buy/waste your money and pay $20 for them from a vendor, and of course they are not exclusive. Anyone with basic phone skills can sell one out of 15 exclusive leads. Use web sharing software, never leave your house/office.

4 sales a week will gross you around 2500-3500 a week.

Run the numbers, and go for it...all the way. Dont half-ass it, jump in and go all the way!

Once your system is tweaked, you can make a ton of money while helping people out.

The key, find good telemarketers with experience. This is what is working for me. Best of luck to you all!

 

[gregfurlong]

I sold 2 med. supps in December that were cold-calls, one was in May and the other was made in June. I had sent them one of my magnet cards and they called me because they were losing their PFFS plan.

I also have 16 T65's that I am determined to get this year that I cold-called in 2009 and have stayed in contact since.

The goal of cold-calling is of cousre a sale, but it is a great way to fill you pipeline for the future.

I just signed a business up yesterday for their workers comp, general liability, business auto, and I insured all of their properties. The AP was almost $13000.00 which means my renewals per year is at least $1950.00. IT WAS A COLD CALL USING THE MOJO DIALER. If he keeps it 10 years that is $19500.00 in commissions from 1 cold call.

My point is, COLD CALLING WORKS!!! It's not for the lazy that's for sure. I have cold called as much as 8 hours in a day to get 1 sale in med. supps, but how many agents are averaging 1 sale per day. You can't cold-call 1 to 2 hours a day, and expect results.

I would be glad to share with agents how I do it, or call Frank, he can hook you up.

It works....my first year selling estate planning I did 900,000 in annual premium and 40 million in face amount of life insurance.......all of cold calls!!!!!! Successful people have formed the habit of doing things that failures do not like to do.

 

[Frank Stastny]

If you're not succeeding AT ALL, then you need to revise your script, target market and/or telephone skills. There are a number of books and audio programs that can help in this area. I'd also suggest practicing first with a Tape Recorder..... how do you REALLY sound?

Spot on!

Most agents don't like to do it because they don't know what to say or how to say it. Not only what they say is important but the specific words they use are extremely important to their success.

The initial phone call is the single most important part of the sales process. It doesn't matter if it is a totally cold call or a "lead". If one does not have it absolutely perfect selling becomes very difficult.

Using the phone effectively is a learned, well practiced art. It is so much more than just reading a "script". I have had many "scripts" read to me and none of them sounded well thought out, smooth and conversational. They all sounded like the agent was reading something off of a piece of paper. (Probably because they were.)

A tape recorder is the agent's best friend when beginning. I can almost guarantee that what the prospect hears is not what the agent hears when he is saying it. Many don't even immediately recognize their own voice when they hear it for the first time. They don't hear all of the pauses, ah's, repeated words and phrases or the choppiness of how they are saying it.

A lot of them don't pay attention to emphasizing important words, making sure they enunciate every word perfectly, speak slowly enough to be understood or keep their statements short and not boring.

Maintaining control of the conversation is imperative. The timing with which the agent says things will enable him to maintain control. Lose control and the agent might as well hang up and go to the next call.

 

[0b1kanobee]

I have had the pleasure of talking to Frank on the phone. From one phone call with Frank, I can see how he would do well on the phone. I wanted to buy a med supplement and I'm not even old enough yet.

 

[Frank Stastny]

I have had the pleasure of talking to Frank on the phone. From one phone call with Frank, I can see how he would do well on the phone. I wanted to buy a med supplement and I'm not even old enough yet.

You could write me a check now and I will hold on to it until you are.

 

[bourbonlegend]

You have to pay your telemarketers minimum wage + a commission split to get maximum productivity. We've tried the $10 an hour bit and they get crushed by my commission only callers.

Medicare supplement is probably the best market to cold call if you're one agent working a fairly large area. The worst part of medicare supplement cold calling is the do not call list.

Call businesses to get in the door with supplementals. This is the only way to run a call center IMO.

 

[bedlamins]

I sell health insurance as a side venture and I exclusively cold call. It's extra income ffor me so my sense of urgency isn't what others would be. I haven't spent one penny on leads but do spend plenty of time in the evening manually setting up call lists. One good one is thomas register. Totally free list of manufacturing companies that give you revenue and employee head count. One guy here said look at companies that have 1-9 employees because it is easy to get to the trigger puller and he was spot on. I sell mostly individual policies calling on this market.

The only trick I use to cold call is to use some cliche or business euphemism. "Are you open to letting another guy throws his hat in the ring..." "What is the state of the union regarding your health plan."

90% of cold calling is just finding the guy who was already looking. You're not splitting an atom. There are a handful of guys that you can turn through some slick dialogue but for the most part you catch the guy who was already thinking about it anyway. Hate the term but it's true...numbers game.