Health Insurance Marketing

Discussion in 'Getting Started Selling Insurance' started by michaelvega, Oct 23, 2007.

  1. michaelvega
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    michaelvega New Member

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    I understand that even though you may be captive (you still basically work for yourself) you only get out what you put in and would like some advice on what others have done that has worked for them when it comes to prospecting and/or generating new business. I have just ordered business cards, pole signs, magnetic car signs, signed up on a couple websites for leads, made flyers, do walk and talks, put a sign along with flyers in a truck stop, and thinking of ordering pens and refrigerator magnets to pass out and thinking of direct maling, a website and possibly a 20-30 second radio spot. Not sure what works and more importantly what does not work as far as my ROI (return on investment).Thanks.
     
  2. somarco
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    somarco That Medicare Guy

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    Business cards are a mini billboard if done right. They are a throw away if not.

    Telephone pole signs, yard signs, have got to be the worst marketing idea ever.

    Flyers work if hand delivered, not if placed under windshields. I do know people who have gone out in the early AM and affixed flyers to the front door of businesses.

    Radio, TV is expensive with low return.

    Pens, magnets, etc are fine but you can probably get more bang for your buck in other ways.

    Internet leads require a lot of skill & picking the right company. You might want to avoid that until you have the cash and ability to make it work for you.
     
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  3. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    Perhaps one of the best marketing tools is free...

    [​IMG]
     
  4. MIBizInsurance
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    MIBizInsurance Guru

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  5. The New Guy
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    The New Guy Guru

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    That, plus "Thing", from the Addams Family, and your golden.
     
  6. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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  7. djs
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    djs Super Moderator Moderator

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    Shhh, I'll let you in on the secret to prospecting..... many spend years to learn what your going to find out, for free, right now.

    Are you ready????

    If you go to the grocery store, you can't find a box of 'prospects'. Not generic, not namebrand. I've checked the hardware store, not there either. I've went to a few specialty stores, not in stock there.... You can find some on websites, but the quality and consistency just isn't what you expect.

    Bottom line is, there is no secret place for finding prospects. Heck, you listed more than most people try. For some reason, people do not line up somewhere to be sold insurance. I don't know why not, but I think Hillary has promised to fix this if elected president.

    Find 2 or 3 things that your comfortable with, that fits your level of knowledge, and work them. Don't spread yourself so thin you can't deal with the business or tell what is working and whats not (or nothing will be working). For instance, radio spots might work (doubtful, but maybe) but you would have to be prepared for 10 lines to ring all at once, and then nothing. Nope, they won't leave a message. If you answered one call, that's all you would get out of the spot. Don't even think about tv commercials.

    Somewhere else I had posted a list of things that I've done (or tried to do) to prospect, everything from network groups to little league sports events. You can do a lot of things for very little money, or you can spend a lot of money and do very little, your pick.

    I've seen people fail in this business for lots of reasons, but 2 primary ones.... they don't work hard enough (2 hours a day doesn't cut it) OR they spend so much money up front they have to quit to get a job to pay their bills. Be frugal, don't spend a dime unless you can see how you will get your money back.

    Think about it.... pole signs - when was the last time you saw a pole sign and thought to yourself "Hmmm, I gotta call and find out how to make money selling houses" or "Hmmm, I gotta call and get me some affordable health insurance"? (sorry arnguy, bad grammar). The ones that do call, call for the wrong reason. Can you get business? Sure, it's been proven, but I've also seen people get heavily fined because their signs weren't permitted properly with the city (ooops, people forget to mention that part).

    Think about why you do what you do, what would make you respond to yourself and use those 2 or 3 things until you can do them extremely well. Add another, and then another. Never have more than 5 marketing programs going at once, you'll kill yourself. Always have 2 or 3 (i.e., internet leads, network groups, cold calling).

    There are no secrets to success in this business, to many people have been doing it to long. The way to success is through disciplined hard work, with a vision, and a plan to achieve that vision.

    Dan
     
  8. The New Guy
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    The New Guy Guru

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    Well said.
     
  9. TXINSURANCE
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    TXINSURANCE Guru

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    I have ran extensive radio and t.v. ads and found both to have very low conversions, extremely high cost and radio in particular brought out a bottom level of society I have never experienced before.

    While radio and t.v. might be viable with a multi million dollar budget of an insurance carrier - for the broker who simply gets a small rake - I am not sure I could recommend it as an affordable marketing tool.

    -Buy Internet Leads , low cost, return on bad ones, low cost of acquisition

    -Maybe hire a telemarketing company? We have one that works for us real cheap - it is not our primary lead source but we don't have a lot of money into it either

    -Find a 'NICHE' whatever that might be and run with it... We have about 10 industry associations we belong to and while we are not buried in leads when we get them they are the best leads we get and close rations are through the roof.... Need ideas? Think about your hobbies or what you like and just about everything these days has a club or association you can get your message out to real cheap - never hurts to have something in common with your audience either.

    just my two cents..
     
  10. HomeService
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    HomeService Guru

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