Best "Sales" Books

[moonlightandmargaritas]

This is interesting but the three points below are quite inaccurate when it comes to health insurance.

Many people (IHIAA members) are having great success cold calling. Actually getting one qualified buyer per hour (average).

Since health insurance is an ever present concern, and many consumers don't know where to turn, a cold call can work very well.

And with premiums dropping, HSA plans available, you can gain an interest through educating the client.

An awful lot of fallacies in your post Rob. Not personal, I think you're a good guy personally...but I hope this isn't the stuff you're teaching in your training.

Pounding the phone for one qualified buyer per hour? So what? How much premium are they getting issued? How many dollars are they making? How many new clients are they attracting?

Ever consider people could have even greater success (not to mention less aggravation to them and the potential client) by actually doing some marketing?

Some people just can't "let go" of that old, tired "cold-call" paradigm.

Health insurance an "ever present concern"? Are you serious? It's one of the places with the highest degree of apathy going!

When people are dissatisfied enough to make a change...they're generally off to the internet!

Educating on HSA? Building interest?

Educating can be very expensive for the agent. As for interest, there's all kinds of broke, uninsurable people that are interested. They'd love to have some information and education!

Bottom line: why on earth would anyone cold call, looking for a "needle in a haystack", take the time to try to build "interest" and then hope they have solution, when you can do some marketing - the prospect has already done the preliminary steps - and they are ready for a solution, and to apply?

Is there some reason you prefer the hard way over the easier and more effective way?
- - - - - - - - - - - - - - - - - -

Get me on a dialer for 3 hours a day and put me head to head against an agent buying 10 leads a day - see who comes out with more profit.

I would welcome that challenge. You're on. How do we set it up?

 

[Guest]

Hmmm . . . where to start.

An awful lot of fallacies in your post Rob. Not personal, I think you're a good guy personally...but I hope this isn't the stuff you're teaching in your training.

I will teach this (as addendum training) if it's necessary for someone to cold call. Not fallacies, it's your perspective based on what you do. Let's say you had no book yet and not too much in the marketing dollars area, what would you do, give up? Or would you try to succeed at whatever the cost?

Pounding the phone for one qualified buyer per hour? So what? How much premium are they getting issued? How many dollars are they making? How many new clients are they attracting?

They are initially surviving and/or making money, enough to then expand their business.

Ever consider people could have even greater success (not to mention less aggravation to them and the potential client) by actually doing some marketing?

Yes, and this is a form of marketing, with minimal resources, is it not?

Some people just can't "let go" of that old, tired "cold-call" paradigm.

When you know how, and it works, there's no reason to stop. How about people learn to cold call instead of embarrassing themsleves, stammering through a call, that's when cold calling sucks.

Health insurance an "ever present concern"? Are you serious? It's one of the places with the highest degree of apathy going!

Yes, people don't want to spend money, they want to save it, maybe they don't know they can save money on their insurance.

When people are dissatisfied enough to make a change...they're generally off to the internet!

That's what you think, however, about 50% of the people cold called at business' don't even have the internet. So where are they off to? And why does this cold calling work?

Educating on HSA? Building interest?

Educating can be very expensive for the agent. As for interest, there's all kinds of broke, uninsurable people that are interested. They'd love to have some information and education!

Yes, that's where qualifying comes in, you know this stuff.

Bottom line: why on earth would anyone cold call, looking for a "needle in a haystack", take the time to try to build "interest" and then hope they have solution, when you can do some marketing - the prospect has already done the preliminary steps - and they are ready for a solution, and to apply?

Because they have to do it, you (Paul) don't have to nor do you want to, but rather than go out of business, some choose to or have to cold call.

Is there some reason you prefer the hard way over the easier and more effective way?

I didn't say I preferred it but it's possible to do it and strive at it. You don't want to work that hard, but others have to.

 

[somarco]

if they know they have options, then an interest can be aroused.

Is the topic still health insurance?

 

[Guest]

Hysterical

Is the topic still health insurance?

 

[Delta76]

70% of my business still comes from telemarketing, although that number is dropping slowly as I develop more referral sources. There is no doubt that a referred lead or a lead calling you no matter what the source is a shorter sales cycle and easier sale than a telemarketed approach.

That being said, I'm still amazed that cold calling works even though I do it virtually every day and get the majority of my business from this method. For starters:

1. I have never bought anything from a cold call I have received. As I type this, I found my local life brokerage from a cold call, so almost nothing.

2. I hate receiving them and quickly say no. Although, I believe the approach of the telemarketers themselves are to blame. Absolutely horrible amateurs that have no clue.

3. I catch a lot of people who are not remotely thinking about health insurance when I call.

Even with those obstacles, I'm suprised how many clients I've found and how easy it is to generate leads via telemarketing. I believe a lot of it is my approach, very few people get upset with my call as I'm personal, direct, and give them an out to get off the phone immediately if they don't want to talk. Many people who have no interest say thanks for calling and "I wish more people would take your honest approach".

The downside of cold calling is a lack of credability. It takes a few extra steps to develop trust and sometimes more time. I get their email address and usually send them a three sentance intro with two links: one to a testomonial letter of someone else I work with in their area and one to my "about me" page on my website. I also meet most of my prospects face to face and that breaks down the trust barrier most of the time (although not all of the time).

Bottom line, cold calling is not as efficient as other marketing methods, but it still works extremely well. In my market, 3 1/2 hours per day on a predictive dialer will yield five placed apps, an accomplishment for most agents. What I have realized through John's association is that the big hitters aren't cold calling as there are only so many hours in the day and they have the marketing budget to outsource most of the lead generation through internet leads. Telemarketing is great, but you eventually reach a ceiling, although many people would be satsified with that ceiling. If you want to get beyond it, you need other lead generation methods that are less labor intensive. I'm finally starting to get to that point, although I wouldn't be there without telemarketing.

 

[Crabcake Johnny]

An awful lot of fallacies in your post Rob. Not personal, I think you're a good guy personally...but I hope this isn't the stuff you're teaching in your training.

Pounding the phone for one qualified buyer per hour? So what? How much premium are they getting issued? How many dollars are they making? How many new clients are they attracting?

Ever consider people could have even greater success (not to mention less aggravation to them and the potential client) by actually doing some marketing?

Some people just can't "let go" of that old, tired "cold-call" paradigm.

Health insurance an "ever present concern"? Are you serious? It's one of the places with the highest degree of apathy going!

When people are dissatisfied enough to make a change...they're generally off to the internet!

Educating on HSA? Building interest?

Educating can be very expensive for the agent. As for interest, there's all kinds of broke, uninsurable people that are interested. They'd love to have some information and education!

Bottom line: why on earth would anyone cold call, looking for a "needle in a haystack", take the time to try to build "interest" and then hope they have solution, when you can do some marketing - the prospect has already done the preliminary steps - and they are ready for a solution, and to apply?

Is there some reason you prefer the hard way over the easier and more effective way?
- - - - - - - - - - - - - - - - - -


I would welcome that challenge. You're on. How do we set it up?

Pick any 10 Netquote leads and we'll start Monday

 

[Delta76]

In my market, 3 1/2 hours per day on a predictive dialer will yield five placed apps

That should read 5 placed apps per week. I'm still experimenting, but the last two months I have been hunting for group business instead of IFP during the busy season. I expected my IFP apps to drop off, but it hasn't at all. What I'm finding is that shifting my calling list from 1 to 4 employee businesses to 5 to 30 employee businesses is uncovering more group plans as expected, however, my IFP app count hasn't plumited as I would have expected. In fact, it's actually higher! The reason, each week I find two to three prospects who have three to six employees with IFP plans that the business reimburses them for 100% and they want me to look review the policy options. If this continues, I may not go back to calling the 1 to 4 employee businesses, but time will tell.
- - - - - - - - - - - - - - - - - -
Getting back to the topic, the book that helped me the most was the one Rob already suggested:

"You can't teach a kid to ride a bike at a seminar"
David Sandler

I have gotten to the point where I internalized this system and it has my selling career much more enjoyable. The binding on my copy is just about ruined from being used so many times. I like you also started as a complete newbie to the business world and sales when I hopped into the insurance business.

 

[moonlightandmargaritas]

Pick any 10 Netquote leads and we'll start Monday

Nice try. I don't use Netquote...MostChoice ONLY!!!

 

[Crabcake Johnny]

In that case I can take three weeks off and win.

 

[moonlightandmargaritas]

Let's say you had no book yet and not too much in the marketing dollars area, what would you do, give up? Or would you try to succeed at whatever the cost?

They are initially surviving and/or making money, enough to then expand their business.

You don't want to work that hard, but others have to.

Hard work isn't the magic. It's necessary, but it's not the magic.

If someone is doing the wrong things - they could be doin' 'em 25 hours a day - and it isn't gonna add up to a hill of beans!

Over the course of the last twenty years, I have seen hundreds of agents that I've worked with/learned from/managed come and go - in both captive and brokerage situations.

There are some common threads among the both the successful, and unsuccessful ones...

THE most important element a new agent MUST have in order to be successful is a marketing plan.

Doesn't matter how much product knowledge, or sales skill they have, if they don't have prospects, they're like the guy that knows a hundred different positions to make love in, but doesn't know any girls!

"Survival" has nothing in it for the agent - it benefits managers, associations, carriers, trainers, IMO/FMOs, agencies, etc. THEY make money until the agent can't take any more, and drops out of the business, and the cycle starts all over.

If someone's "marketing plan" consists solely of cold-calling because they're too broke to do anything else - good luck - they've got a mighty tough road to hoe! Not impossible mind you, but chances they'll be able to go long enough before they burn out are as they say, "slim and none - and slim left town."

Why not let 'em know up front?

Look, the fact of the matter is this: if someone doesn't have, or can't beg, borrow or steal some "start-up" marketing money, they don't belong in the business. Why do you think agent turnover/washout is so high?

Low-turnover insurance sales organizations like State Farm, Allstate, et. al. are that way for two reasons:

1) They insist candidates have some financial wherewithal, and...

2) They insist the candidates have a marketing plan...and it isn't cold-calling.

Everybody's a "hard worker", and everyone wants to "do well", and it would be nice if it were that simple, but it isn't.