Is Anybody Making Real Money Out There?

[DecisionMan]

I started to call clients of 3 years or more and requoting,

Well done!

Which is also the benefit of having stuck it out in the early years, and, pounding the pavement and phones in the early years and building the book!

In April 2020 (last year) during beginning of the lockdowns I just sat at my home office and called almost every client just to check in and see how they're doing. You know what? The client eventually turned the conversation to my business and I ended up writing more business in 2020 than I did in 2019!

About 20% of that new business was from referrals!

Lesson: Economies don't make salespeople. Salespeople make their own economy.

 

[fostever]

You may need to go for a captured position with one good company who can get you started with their lead program or existing orphan book. Marketing on your own when starting can be overwhelming because you are competing with other seasoned agents on shared leads, etc.

 

[Travis Price]

You might be surprised. When I jumped into insurance I left another commissioned job where I made $75,000 consistently PLUS had a free vehicle, free gas, free insurance, and a lot of perks and that was in 1996 dollars which went way further.

I replaced that income my 1st year but not the extra benefits. By the 2nd year I did over $100,000 after all expenses and by the 3rd year $145,000. If you work it as your main gig and give up the safety net, it doesn’t take long to replace that income. And the benefits of answering to no one but yourself are priceless.

Well, I can't speak to what you did in 1956 (geezer, ) The way I run my business is 100% different that you did. Melt because of technological changes.

To recover the 100k year 1 I'd need to sell probably 4k a week after before expenses. I don't sell life insurance, so on average I'd need 11 cases a week. That's a tall order, consistently.

As I noted, I like being able to say no when it's not a good fit. Furthermore, I'd be sure that you didn't start at absolute zero either.

Not marginalizing what you're saying.. because it's definitely valid... Just not the way I want to do business.

I'm okay with a slow, but consistent build.

 

[vic120]

Well, I can't speak to what you did in 1956 (geezer, ) The way I run my business is 100% different that you did.

To recover the 100k year 1 I'd need to sell probably 4k a week after before expenses. I don't sell life insurance, so on average I'd need 11 cases a week. That's a tall order, consistently.

As I noted, I like being able to say no when it's not a good fit. Furthermore, I'd be sure that you didn't start at absolute zero either.

Not marginalizing what you're saying.. because it's definitely valid... Just not the way I want to do business.

I'm okay with a slow, but consistent build.

it is also a dif time, In 2006 or so it was easy Because the leads were much better. When I went independent it was harder but still much easier than today

In the last 2 or so years, it has been hard to make it on leads I have made from referrals

Had I not had a foundation and started 2 years ago I don't know if I would have got over the hump as I did start with little budget


Seen another discussion saying a lead is a lead and don't blame the leads I say that is far from the truth yes there many do blame leads and shouldn't


However, if the leads are not good (low intent ) then it makes a huge difference

Do keep in mind high intent is not nessasarly ready and able to buy

 

[Travis Price]

it is also a dif time, In 2006 or so it was easy Because the leads were much better. When I went independent it was harder but still much easier than today

In the last 2 or so years, it has been hard to make it on leads I have made from referrals

Had I not had a foundation and started 2 years ago I don't know if I would have got over the hump as I did start with little budget


Seen another discussion saying a lead is a lead and don't blame the leads I say that is far from the truth yes there many do blame leads and shouldn't


However, if the leads are not good (low intent ) then it makes a huge difference

Do keep in mind high intent is not nessasarly ready and able to buy

I full on agree..

Some leads do really suck.. that's why I don't buy them. I generate my own they're only high intent. They have to take a significant step to talk to me or fill out my lead form, on my site.

I pay more, but I control the process.

The only way I'd work non in-house leads is for them to not cost me anything.

That's me... But again, that's why I'm willing to spend on my lead development plan and grind referrals like nobodies business.

Which is literally me saying, "Don't keep me a secret" and using promotional items with my high intent leads and sales.

I'm not knocking the traditional way at all... Buy leads, visit people, etc...

I just don't see that as freedom when it compares to my job, which is really flexible, to either grind or drown.

 

[shonceman]

The other big shocker is that,"

• Of agents who make $200,000 or more per year, 80.95% said their #1 lead source is referrals or word-of-mouth.

Granted this is not just FE producers but many are.. It is interesting they do not depend upon buying leads.. There are some that say it can't be done but this indicates differently.

I don’t make anywhere near $200k, but I will say that I had the second best production year of my career last year (it was actually within a few dollars of my best). I didn’t work a single lead. Other than a couple cases I got from about 3 hours total of cold door knocking, and a handful of home office orphan leads, everything has been from existing client add-ons or referrals.

I’m not saying I’ll never buy leads again. I just haven’t needed them in quite a while. (To be honest, one big benefit of working a debit is repeats and referrals. But other agents can replicate that experience just by keeping in regular contact with their clients.)

I also thought it was interesting to see the article drawing a correlation between income and number of clients. I’ve never kept track of how many clients I have, but I’m confident it’s somewhere between 500 and 1,000. If I think back a little, production started getting a lot easier about the time I reached 500.

 

[somarco]

Had I not had a foundation and started 2 years ago I don't know if I would have got over the hump as I did start with little budget


Seen another discussion saying a lead is a lead and don't blame the leads I say that is far from the truth yes there many do blame leads and shouldn't

Experienced agents have to constantly shift their efforts to keep leads coming in. It doesn't matter if you are cold calling, using DM, internet, buying leads or whatever. We are in the age of information overload mixed with a LOT of misinformation.

Consumers are confused and repelled by most of the marketing ploys used by insurance agents. It gets more difficult every day.

Fortunately I have enough renewals and clients willing to give referrals that I don't have to scramble to get new clients. I can wait for them to come to me.

My self generated leads are internet based. Some personal challenges have impacted my efforts to create new content and get it published so I have had "gaps" over the last 2 years. Organic leads came in but not at the pace I would have liked.

But income continues to climb and for that I am thankful. I made $12k more in 2019 vs 2018 and $14k more in 2020 vs 2019.

I am not so foolish as to think I can do nothing and my income will continue to rise. Perhaps this year will be such that I can work a full 12 months vs 6 to 8 months.

If experienced agents like those who have posted here had to make adjustments then I can imagine how much more challenging it is for someone just starting out.

Work smart AND work hard.

Illegitimi non carborundum.

 

[Travis Price]

Bob was kind of an inspiration in the way I approach this business. Initially, I was going to do the telemarketer and in person thing...

However, I also do better over the phone.. and frankly I'm more efficient.

Furthermore, I just like people calling me than me calling them from a lead card. It proves to me that they're engaged.

Do I get a lower response rate? Absolutely. Do I miss some sales, probably. Am I profitable? Yep. Are they more engaged? Absolutely.

 

[Lawsonhj1]

In 1978, at age 26, I quit my job as the GM of a local Bowling Center. I was working about 60 hours per week making $22k/year. Living like a king! Had just bought a brand new 1979 Chev Z28. My first year in the Ins business? I made $8000. Selling 100% life. Sometime in about 1983/84, I pivoted to Med Supps, Under age 65 health, and, group health. I sold my last life policy in 1991.

Someone looks like me bought an 8 lane bowling alley in a hick town shut it down so free about 50,000 pounds scrap metal available must disassemble can't make that crap up.

 

[helgaemines]

The lead simply gives you an opening for an approach. You have to produce the results. It sounds as if the problem isn't the leads but that you need better training..

Hello!
It is what I think... I need to know how to close leads