Getting Started: My Plan

[OhioInsurance55]

Hey guys....well basically finished with the interview process and upon completion of a couple tests I'll be starting at Northwestern Mutual on May 23rd. I have spent countless hours researching through these forums and can honestly say I have gained so much knowledge. It has really helped out especially since my dad who is big in the insurance industry as been so busy these past couple weeks. I'm planning on attacking prospecting and lead generation in a few ways and here is my plan:
1. Warm Market: I know NWM teaches this and luckily I have already have between 3-5 people/policies in my warm market interested and in need of life insurance so this should supplement as a good confidence booster and start for me
2. Refferels: I know that these are what will drive my business and plan on trying to gain them anywhere I can. My question is has anyone had luck offering gift cards(gas, restauraunt etc) when asking for refferrels. I feel like it would be a great way to not only get the refferel but also keep you in the mind of your customer.
3. Small Business Walk in: My mentor said that when he started as an intern he did this and it was very effective. I plan on going with 0-5 employee type places. Anyone have favorite business types they go after?
4. Website: I will be making a website and also using facebook and twitter. This has to be company approved and all content must be run through NWM but any tips on generation traffic would be greatly appreciated.
5. Aged Leads: I know there are a few good sites such as stellarprospects.com. I was wondering how people go about calling aged leads. How many to buy? Do I absolutley need a dialer?
6. Cold Calling: Hey, if I have time why not make some cold calls, it cant hurt right?

*I plan on 50+ hrs a week between marketing, appointments, and meetings.

Basically guys I'm really excited to get started, ive grown up around the business with my dad and I am eager to show that I too have it in me. Im using NWM as a great training because my dad says he will financially back me reopen another agency(dad had one for 10 yrs while working in SR management at USF&G). He cannot reopen right now because of the company he is at (National Interstate) has strict non compete. I really just want to show him that I have what it takes so eventually 5 years or so down the line I can go indy and hit the ground running.

Sorry for the long post but I am excited and ANY help or advice would be appreciated. Can't thank everyone enough for all the help I have received already!

 

[Josh]

Considering the type of sales model you should be using with them I think you'd be foolish to use aged leads. Aged leads work great *if* you can work entire states and have plenty of carriers to work with. If your goal is to generate leads near you to build a face to face client base, then you really should consider real-time leads or cold calling on a modeled list.

You probably would do well to find a focus and work a specific market. Back to the dialer question, you probably need one if you plan on spending more than five hours per week on the phone. Aside from moving through numbers quickly, it helps you stay focused and track your numbers. Mojo plus a list that will keep you as busy as you want for an entire month would be less than $449.

 

[OhioInsurance55]

Thanks for the quick advice. I'm in the Cleveland, Ohio area and can really work a market anywhere in the Northern half of Ohio. Any ideas how to go about getting a good modeled list? How much does mojo cost? As I said I have a 1000 dollar stipend and with the few policies I should sell at the start I will have some money to spend on these things.

Also was wondering when cold walking into small business how do you go about opening when trying to sell life, health etc.

 

[Josh]

The problem and the advantage of NWM is that it is a situation where you want to sit down, build a relationship, and market yourself as an advisor vs simply selling life insurance.

Mojo (mojosells.com) is $149/month for an unlimited plan and I have never heard anyone have a negative thing to say about them, except the price. Salesdialers.com also is a service I know a lot of folks have success with, but that has been more hit and miss and they have experienced some growing pains. Dollar for dollar I think mojo is a safer bet, but that's not to say that salesdialers wouldn't work as well.

With respect to lists, I'm biased because I resell from the folks I've been working with for almost three years so I think I offer pretty great lists at a pretty great price, but there are other companies that offer them.

I've never personally done the walk and talk with businesses, but have cold called in on health insurance and actually had reasonable success using a very targeted script and approach. I've also had folks call about life insurance, but the results on that seem much less predictable. Personally I like the individual financial products market more than business, but that's just me. There are plenty of agents that do well with both.

 

[VolAgent]

You might want to hold off on your website, facebook and twitter as well. I seriously doubt NWM's compliance has approved these methods. They will almost certainly want you to get a 6 or 7 and subject yourself to their B/D. As a general rule, most B/Ds, particulary old line mutual ones, prohibit using any form of social media to advertise.

But good luck with it. Just realize now, you are not going to win many battles with NWM's term. Where you will have success in using their term is with people who like you and aren't going to price shop, or where you have really built up the value of conversion. However, they do appear to have some great smoker rates, so you might want to take advantage of that.

 

[Larry Tew]

There are plenty of tips and tricks you can get from this forum, but the one I offer is from a wider perspective. First... congratulations for making an informed decision to enter the financial services industry.

The Kool-Aide runs deep and sweet at NWM. There will be much talk of "Mom, America, Apple Pie, and... THE NORTHWESTERN MUTUAL. My point is this... early on I suggest you find a way to communicate to your prospects and clients that you work for THEM, not NWM. Have a conversation ready that conveys to them that THEY are who you serve, and you choose to align with NWM because of the service they provide to YOU in helping you serve THEM. You may not need to actually have the conversation very often, but it is the conversation you need to have with YOURSELF... and you need to believe it.

I tell clients all the time that the insurance companies I use all love me, but they tend to show it only when I send them business.

Have the mindset that YOU work for the CLIENT and NWM works for YOU.

 

[OhioInsurance55]

Great advice guys and I agree and know that I will be working for the CLIENTS and not NWM. Personally I don't feel its a good sales strategy to just sell anything and everything. If you sell someone something that is a good fit for them they will be more likely to come back for more business and also give quality refferals.

 

[Icando]

Great advice guys and I agree and know that I will be working for the CLIENTS and not NWM. Personally I don't feel its a good sales strategy to just sell anything and everything. If you sell someone something that is a good fit for them they will be more likely to come back for more business and also give quality refferals.

I agree and you have communicated your point like a true sage. However, you must remember that the only arrows in your quiver have NWM imprinted on the shaft.

 

[VolAgent]

I agree and you have communicated your point like a true sage. However, you must remember that the only arrows in your quiver have NWM imprinted on the shaft.

That isn't true. NWM does have a brokerage arm. Now, how much access a new agent has to it depends on the GA. Also, the financing plan and career contract is definitely geared towards producing NWM business. If you find yourself sending more than just impaired risk and termites to the brokerage arm, then you either need to reexamine how you do business or find another home.

 

[OhioInsurance55]

Guys my mentor at NWM also let me know that we can broker anything if their products don't work out best for the client. Trust me I know that NWM has expensive term but I do feel that their WL product is rock solid and pays a nice dividend.

As far as internet marketing I am aloud to use Facebook, Linkedin, Twitter but content must be preapproved.

Again thanks for all the help, I understand that this won't be easy and its going to take a lot of work but I am ready and willing. I sure have the motivation to do so and reading information on here gets me even more amped to go.