Critique My Cold Calling Stats (Newbie)

[westone]

Not enough records to call. They way you do projections is off of 100 x-dates in the window of 30-120 days out you will set 15 appointments closing 3 accounts. This is assuming you go through that list of 100 3 times.

So if you need to do 3-5 closes a month to make ur $ do the math

Eugene,

That makes sense, so it would be helpful to have more x-dates to call to get a realistic projection. I go through my cold calls 8 times before moving on, what do you think of that?

 

[EugeneM]

Honestly man I wouldnt bother wasting another second with cold calling. Its such a waste of time in comparison to X-dating. But I understand you dont always have the resource available as you would want ahahhahahaha so make sure as you are cold calling and when people decline an appointment/quote you ask "WHEN DO YOU RENEW" start saving data on your calls and over time you will build your own database of workable leads. So next year when the new insurance season comes you already know when to contact these companies and who to ask for who their carriers are etc... then call off your own x-dates for appointments hands down the best way.... Or spend $500 on an x-date list refined by SIC and Employee counts. very wise investment

by the way you should hardly ever need to touch a cold call record 8 times. Unless your not asking for the renewal date. Get the expiration month find out when to call before their renewal and move on.

 

[westone]

Honestly man I wouldnt bother wasting another second with cold calling. Its such a waste of time in comparison to X-dating. But I understand you dont always have the resource available as you would want ahahhahahaha so make sure as you are cold calling and when people decline an appointment/quote you ask "WHEN DO YOU RENEW" start saving data on your calls and over time you will build your own database of workable leads. So next year when the new insurance season comes you already know when to contact these companies and who to ask for who their carriers are etc... then call off your own x-dates for appointments hands down the best way.... Or spend $500 on an x-date list refined by SIC and Employee counts. very wise investment

by the way you should hardly ever need to touch a cold call record 8 times. Unless your not asking for the renewal date. Get the expiration month find out when to call before their renewal and move on.

Oh got ya, thanks for the tips. Just so I'm clear, I'm not talking with them 8 times, I'm calling them 8 times before I move on if I can't get ahold of them, and it's mostly personal lines. I just started calling on small businesses this week and have only made 100 calls.
- - - - - - - - - - - - - - - - - -

All that matters is time spent and what you make - and what other marketing activity would you be doing instead that would produce better results.

At 1,000 dials you're connecting with 100, quoting 10 and writing 3. So the questions you have to answer is:

1) How long does it take you to dial 1,000 numbers
2) How much do you make on 3 polices.

In case anyone else was thinking the same thing from my orrigninal post, I'm not writing 1 policy for each quote. I'm working P&C. I meant I close 30% of households I quote and which could be anything from 2-10+ policies written per household.

 

[nyc2phi]

30% of quotes bound is typical for a captive.

Why don't you try warmer sources like purchased leads? If you captive is good at homeowners focus on buying those and try to cross-sell the auto.

 

[EugeneM]

my "input" is strictly for commercial. by touched 4 times I meant called 4 times not contacted. For personal Lines warmer lead sources are probably the way to go. Less calling a bunch of homes :(

 

[Josh]

I've just started in P&C under a captive agent a few months back and have been cold calling almost exclusively. I put together a spreadsheet and found that I roughly dial an average of 200 people a day, conect with 10% of them, quote 10% of those i connect with, and write 30% of those I quoted.

Does anything seem abnormal for anyone thats experience in the ratios in this business?

Those numbers are about right. Best thing for youto increase your efficiency would be to get on a dialer. I offer one and there are several other companies that do as well. You could easily double the number of calls you make that way which would make much better use of your obvious talent of creating leads.

 

[EugeneM]

I agree with Josh man get what is known as a "predictive dialer, or at least a crm to manage your contacts. Technology is your best friend. By the way Josh can you send me info on what you use? I use five9

 

[JosephWilson86]

Honestly man I wouldnt bother wasting another second with cold calling. Its such a waste of time in comparison to X-dating. But I understand you dont always have the resource available as you would want ahahhahahaha so make sure as you are cold calling and when people decline an appointment/quote you ask "WHEN DO YOU RENEW" start saving data on your calls and over time you will build your own database of workable leads. So next year when the new insurance season comes you already know when to contact these companies and who to ask for who their carriers are etc... then call off your own x-dates for appointments hands down the best way.... Or spend $500 on an x-date list refined by SIC and Employee counts. very wise investment

by the way you should hardly ever need to touch a cold call record 8 times. Unless your not asking for the renewal date. Get the expiration month find out when to call before their renewal and move on.

Where can I buy this kind of a list? Gonna start calling probably tuesday.

 

[Josh]

I agree with Josh man get what is known as a "predictive dialer, or at least a crm to manage your contacts. Technology is your best friend. By the way Josh can you send me info on what you use? I use five9

Sure thing. Just shoot me an email, [email protected]. Going to be having some big things happening with it soon, but the Five9 is much more comparable to what I offer than some other solutions. Feel free to add me on linkedin too!

 

[EugeneM]

Where can I buy this kind of a list? Gonna start calling probably tuesday.

[email protected] email me I will give you some companies that provide these lists