First day cold calling a FLOP

[Frank Stastny]

I got into UGA and was told to buy leads. I had a little cash but being new I didn't think draining what money I had was the wisest way to spent it.

I said I'd just go BtoB - the office response to that was "it's a complete waste of time."

4 months later the "it's a waste of time" agents were calling their leads. I was on the beach in Cabo after winning the Quick Start contest for the country with $220,000 in issued business over 12 weeks.

But remember, cold calling doesn't work.

I think those of us who are professional agents know that cold calling can and is a very effective way of securing new clients whether the agent is new and just starting out or a seasoned, successful professional.

Cold calling, the way I do it, is the most successful, least time consuming, most profitable way for me to market Med Supps.

Close minded agents who think that there is only one right way, their way, to market can get a little annoying after a while.

If there was only one "right way" of being financially successful selling insurance everyone would learn it and the world would be full of millionaire insurance agents.

 

[HomeService]

I know a guy who cold calls for med supps, he does very well, in this certain office I am thinking of...

 

[OHInsAGNT]

"We will send you some medicare supplement leads, for free"

Mike...are you willing to offer some individual health leads for free? It would be a great opportunity for you to clear your name from all of the bad press your company has recieved.

Make that same 30 lead offer to 3-5 brokers on this Forum and the results will be published. It is a risk. But the potential reward is substantial.

Mike, I'd be interested in finding out the results of such a test. I called your company today to sign up, but I can't get on board with the per lead cost and the cancellation process. I know it is the marketing system you push with the price, but I've been burnt to often to spend my money testing it without a referral reference.

If three to five senior members of the forum try it and 2 or 4 recommend it, I'll buy the program.

 

[moonlightandmargaritas]

Close minded agents who think that there is only one right way, their way, to market can get a little annoying after a while.

Frank, while I certainly respect your long-term success at this game (as I do all producers who can stand the test of time - the sternest test of all), this comment strikes me as textbook "pot calling the kettle black".

Cold-calling is the "status quo". I don't mind testing that for better ways - and I'm the one that's not "open minded"?

The new agent failure rate in this business, is, and has been astronomical for the almost twenty years I've been around. Is the problem all of "them", or could there be an institutional "disconnect"?

I don't doubt that you can be successful selling Medicare Supplements in rural Missouri, Iowa, Texas or wherever by making cold calls. But a generalization that an approach will be successful whatever the geography, product, etc. is naive at best.

Either we get in front of, and embrace megatrends - or we get run over by them!

As baby boomers age, and the internet becomes an even more commonplace thing - med supps will be sold online - just as major medical has morphed over the last five years or so.

We always have a choice - get with the times, or risk becoming a dinosaur - and we know what happened with them, right?

The fact of the matter is that cold calling is losing more effectiveness every single day. Whether it's cynical consumers, busy people, amazing levels of competition the internet or whatever - it doesn't work like it once did.

Ask yourself this - when was the last time YOU bought something as the result of a cold call?

 

[Crabcake Johnny]

The method of marketing is not the determinant factor regarding success. Failure rate for agents buying leads out of the gate? Abysmal.

 

[moonlightandmargaritas]

The method of marketing is not the determinant factor regarding success. Failure rate for agents buying leads out of the gate? Abysmal.

Oh, I have no doubt that that's true.

ANY method is one leg of a stool. You need a multi-legged marketing plan to have any shot at being successful.

My point is this; to assume that what worked yesterday will be successful tomorrow is a mighty dangerous assumption. Just ask General Motors...

 

[Crabcake Johnny]

what agents need is all the information - all available marketing systems with realistic expectations.

Leads, BtoB, mailers, flyers, chamber of commerce, etc..all of it. Then the agent can decide which marketing methods to employ.

The problem with our industry is agents generally speak to one "manager" who says "this is the way it's done." No...that's the way he does it.

 

[Frank Stastny]

Paul,

You have taken this thread way off of the intended topic. Jody stated that he was working the senior market and looking for help. Although your comments are contain a lot of good advice they really don't relate well to the senior market.

You obviously either don't work the senior market selling Med Supps or have very limited experience with them. My comments are specifically directed to his questions.

I don't doubt that you can be successful selling Medicare Supplements in rural Missouri, Iowa, Texas or wherever by making cold calls. But a generalization that an approach will be successful whatever the geography, product, etc. is naive at best.

If you would take the time to read my posts and not "skim" them you will see that I am only talking about Med Supps. I did not mention other products, those are your words. Nor did I indicate that the method I use would work equally as well selling other lines of insurance. They do, however, work extremely well when selling Med Supps in rural areas.

The fact of the matter is that cold calling is losing more effectiveness every single day. Whether it's cynical consumers, busy people, amazing levels of competition the internet or whatever - it doesn't work like it once did.

This is your opinion as it relates to the products you sell. I sense that you have never learned how to utilize cold calling and honed it to the extent I have and most probably are not all that familiar with selling Med Supps.

You are the one making blanket statements. I not only know how to sell Med Supps I know the way that currently is the most successful for agents to use. To follow your suggestions would dramatically decrease my production and substantially decrease my ROI.

I keep up with changing trends and will continue to do so as necessary. However, my method not only works for me, it is working extremely well for agents who I have trained. If in the future a different approach becomes a better alternative I will be in the forfront of that as well.

 

[GreenSky]

Mike, I'd be interested in finding out the results of such a test. I called your company today to sign up, but I can't get on board with the per lead cost and the cancellation process. I know it is the marketing system you push with the price, but I've been burnt to often to spend my money testing it without a referral reference.

If three to five senior members of the forum try it and 2 or 4 recommend it, I'll buy the program.

At the risk of repeating myself, I would advise you stay away from MostChoice. This is simply based upon my personal experience. You can do much better elsewhere.

You are afraid of getting burned. Your fears are well placed.

Rick

 

[jody108]

Alright, sold my first policy today ... thanks to Frank ... Frank Statsny that is ... he hooked me up!!!!! By the way Frank, I love your Organizing software ... I showed it to my boss and he thought it was top notch!! If any NEWBY or unsuccessful agent needs some direction, Frank is your go to man ...