Lead Closing Ratio

[moonlightandmargaritas]

I know what I can produce and who I can help to achieve what success the wish to have by keeping an open mind. It would do some of you on here a bit of good to try the same.

If I had a nickel for every "one-year wonder" I've known in this business, I'd be retired already. Come back and see us when you're dry behind the ears - in five years or so. At this point, you don't even know what you don't know.

I post what I know and what I've done. However it's understandable that only a small portion of agents, even senior agents cannot accept success above what they have reached themselves. That would be admitting failure.

Nice. You've achieved for what, one year? There are many on this board (myself included) who've been successful in this business for twenty, thirty years or more. Come back and tell us how wonderful you are when you've built an actual track record.

The test of time is the sternest test of all - just ask the Rolling Stones, Bruce Springsteen or Aerosmith.

 

[Guest]

Are you including residual income? If so that's unfair.

I know an agent who was #7 for a well known agency her first year and last year did about $950,000 in premium. All with wet ears!!!!!

And again, anyone who posts their success gets attacked, "it can't be possible" "they must be full of crap." Well hey, there has to be Top Producers in the 10% club!! (as it's not 80/20 IMO)

It's a different ball game old timers, get with the program!!

(not all of this is directed at sman)

Not impossible, but highly improbable. I'm not bragging, but I know what income I make and I'm willing to bet it is greater than almost any one year veteran.

I'm not saying he isn't successful, I said he's one year in the business and writing more than all of us.




Trust me, I know I don't know everything. That's why I ask questions. Four years ago I didn't know a whole lot about Med Supps. At that point I had been in the insurance business about 17 years. Unfortunately I didn't have a forum like this to teach me anything. I read and asked questions of FMO's and just ran with it. Twelve years ago I didn't know a whole lot about the securities business. But I was willing to do what it took to pass the required tests and study investments like crazy and continue getting educated so I could be successful with that part of my business (incidentally, that's where the first several Med Supps came from).

Prior to that, I made a living selling mostly life insurance. Had to learn that as well. I also had to learn the individual and group health business many years ago. I have "mastered" (if you can call it that) a certain part of the business and then added another. I don't know what's next, but I'm sure if I'm around another 20 years, I'll need to add another market to what I do. But for now, I'm pretty busy AND content.

As for "rockin" lead sources, my only lead source at this point is referrals. I rock those pretty well. Virtually 100% close ratio and the ROI is pretty good as well.

 

[ins.dave]

The test of time is the sternest test of all - just ask the Rolling Stones, Bruce Springsteen or Aerosmith.

Oooooo, that's a rock'n analogy.

 

[COInsguy]

FYI, I never claimed I make more money than anyone on here folks.... Simply shared what my "Track Record" is with closing a internet lead. (Sold one from 4 months ago today who called me) but you all probably think that's improbable too (happens usually once a week)

With your time in the industry it can be very tough to admit that I may have a skill that is accomplishing a better result than yours I know that can be tough to swallow.

I've been in management and training roles in my various careers before I found my home with Insurance. I learned this: The greatest skill a manager/mentor/trainer can have is being able to learn from those who you have the opportunity to be teaching. In fact, as the teacher you get the opportunity to learn from a greater number of people, which by utilizing this opportunity, makes you an even better teacher.

Just some food for thought for those "Veterans with a track record"

Again, 20% + is capable with the right combination of ingredients, just to get this off of the "A rookie can't do that" kick.....Yes they can, in fact I need to get that up to a higher percentage I'll let everyone know when I'm up to 30%!!!

 

[moonlightandmargaritas]

With your time in the industry it can be very tough to admit that I may have a skill that is accomplishing a better result than yours I know that can be tough to swallow.

You've got a skill that is accomplishing a better result than mine?

My renewals - without selling a single new policy this year -will be over $80,000. In addition, I'll write 100-150 new applications.

My skills were superior to yours back when someone was still wiping your ass.

How 'bout you? Wanna compare 1099s?

Yeah, it's real tough to swallow.

 

[sman]

(Sold one from 4 months ago today who called me) but you all probably think that's improbable too (happens usually once a week)

Oh I believe it to be possible. Just had a lady call me yesterday that I talked with in September (not a lead - I don't buy leads anymore - this was a referral). Sold both her and her husband. I think my oldest "lead" that I've ever sold was a person who came through one of my investment seminars. He called me two years after the fact to let me know he was retiring and wanted to transfer his 401k.

With your time in the industry it can be very tough to admit that I may have a skill that is accomplishing a better result than yours I know that can be tough to swallow.

Since I don't buy leads and haven't for several years, it's not hard for me to admit at all. However, when I was buying internet leads for Med Supps, I had about a 4 month period where I was closing 40%. Of course, that wasn't the norm, but 25% was.

Again, 20% + is capable with the right combination of ingredients, just to get this off of the "A rookie can't do that" kick.....Yes they can, in fact I need to get that up to a higher percentage I'll let everyone know when I'm up to 30%!!!

I don't doubt it at all. Of course, I don't know what kind of leads you are buying, but I would expect nothing less than 10% if I were buying health leads and if I weren't getting closer to 20% I'd be disappointed.

 

[COInsguy]

You've got a skill that is accomplishing a better result than mine?

My renewals - without selling a single new policy this year -will be over $80,000. In addition, I'll write 100-150 new applications.

My skills were superior to yours back when someone was still wiping your ass.

How 'bout you? Wanna compare 1099s?

Yeah, it's real tough to swallow.

Wow! Ummm did you read my post like.....at all before you went on the I'm better than you so there rant? Just wondering. Your Renewals are over 80k thats it? If you've been in the business so long that seems kinda crappy to me...Just my thoughts. 100 cases a year...thats 8 apps a month I write 6/wk on average so who the hell cares about 8 apps/month that's weak and not even the damn point.

You've obviously missed the point and think a pissing contest of who made more money will make you feel better. when you actually address the points I made then we can talk

 

[ksigmtsu]

These numbers are probable, if you only count leads you contacted. The problem is if you factor the math correctly out of the gross lead volume, you end up with like 20% of 20% before you credit leads. It may just be a simple difference in how he's doing his math. I close around 25% of my CONTACTED leads, I could say I close 25%. If I start throwing in the stats from the bad leads, impossible to contact leads, ect though, you end up with a 10% or less sale rate. Hell if I REALLY wanna make the numbers look stupid, I could divide the number of policies I sold by the number of leads I contacted, last month I had 33 policies sold on 28 contacted leads, that a 118% close rate!

The real number last month was 77 total leads, 11 leads sold. A lot of medicare in there. That's 14%, which I figure is damn near astronomical. This month down significantly. 4 sold, 114 total leads, 79 total good leads, with 31 pending quotes. I increased my lead volume, a lot, because I was sitting bored last month a lot.

This is probably just a difference in stats. Its barely possible to contact 20% of the leads without a 6 stage autoresponder and 3 phone calls over 10 days. My connect ratio is still sitting at 70% but I'm really really really on top of it.

A new person starting out, feel good if you connect with 20% and sell 20% of those. Make sure to track and report your bad leads, so the ROI doesn't bend you over and violate you. On medicare only you can close almost 40% of the ones you connect with as long as you have a good med supp provider, and even get a lot of multi policy sales.

 

[djs]

My hat is off to anyone with a 20% close ratio on internet leads. I gave up on them when my contact ratio fell below 20%, so there was no way to get to a 20% close ratio.

Now, here's the thing, I don't doubt the 20% close ratio. The response you get is very geographically based. You won't do this in the San Francisco Bay area, but in other areas, you might pull it off.

When I first started doing internet leads, I did VERY well with them. Over the years, several things have happened to make them less successful, to the point I have given up on them. If you can find niche markets, you can still do well.

Remember, in big markets, for core products, you market against:

- Automated dialers, calling MANY times very quickly.
- A minimum of 8 other agents (maybe only 4 for exclusive leads, I gave up buying exclusive when everyone still complained about how many calls they got)
- Prospect being redirected to a site to buy the product without having to answer his phone
- Prospect was never actually in the market for your stuff, just wanted the free ipod/laptop/whatever.

Now, the other thing I learned is people measure differently, especially when it comes to ROI. Somebody might measure closing ratio in the first week, others might measure it after 6 months. Some might exclude all leads submitted for credit, whether credited or not, etc.

Also, the other big question is how many leads are you working a day or week? If you are working only a few a day, then having a closing ratio in the 20% or higher range is easier than if you are working 15-20 a day.

Until just a little while ago, I could buy 'DUI' leads and close probably over 20% of them. You don't get many, but the ones you got where pretty much exclusive with someone really shopping for coverage. 2 things happened on this. 1 - the lead companies figured out my angle and suddenly more leads needed an 'sr-22'. 2 - I posted this method on the forum a few times and suddenly there was a rash of agents doing the same thing. These leads are also oversold.

Niche markets are nice, but, they may not last forever.

Dan

 

[sman]

I always measured mine by the amount of money spent on leads versus the amount of money I made on those leads. Seems to me that should be the only measurement for ROI. My investment in dollars versus the amount of money I made on those dollars. In the end, that's all that really matters, right?