Market Survey - First Interview

[lemerle]

Hi,

I had an interview today with a sunlife financial director. Now I need to do a IM-100 (100 people I know) and talk with 35 of them to see what they could need and to get at least 50 referral.

The way she was talking is that the best way to find clients is by referal and that its the only way, everything else is not very good ( cold call ).

I'm having a hard time to complete all the 100 names and I dont fully like the idea to sell to people I know (friend, family etc).

what do you think ?

 

[FL P&C Broker]

It's a good way to lose friends.

 

[Question]

Well what im experiencing with getting referrals is :

"I will get them to call you" <---Never happens

"Yea, but my son's friend is an agent/relative is an agent/etc"

"I don't really know anyone"

I know you are supposed to ask specifically for their friend's names, etc but they always say "I will talk to them first" or "I will get them to call you" but nothing ever happens. They never want to release their details so i can call them directly.

On that note of not wanting to sell to friends/family, keep this in mind, by the time you do get around to selling to them, they may just tell you that they had bought a policy a few weeks ago from some other guy and you should have talked to them earlier.

 

[moonlightandmargaritas]

I'm having a hard time to complete all the 100 names and I dont fully like the idea to sell to people I know (friend, family etc).

This business ain't gonna be for you. Better you find out now before you become one of the 95% that wash out.

 

[VolAgent]

Well what im experiencing with getting referrals is :

"I will get them to call you" <---Never happens

"Yea, but my son's friend is an agent/relative is an agent/etc"

"I don't really know anyone"

Let me tell you what this really means...

While sometimes it is true, it usually means one of two things.
1. You haven't asked me in a way to really make me think of anyone. You put me on the spot and now I am drawing a blank.
2. Even though I just did business with you, I'm still not really sure I trust you. Therefore, while I may take a risk and do business with you, I most definitely am not going to refer anyone to you.

Getting something like you encountered above will happen sometimes, but if it is always happening, you need to take a look at yourself and how you ask.

 

[Question]

Let me tell you what this really means...

While sometimes it is true, it usually means one of two things.
1. You haven't asked me in a way to really make me think of anyone. You put me on the spot and now I am drawing a blank.
2. Even though I just did business with you, I'm still not really sure I trust you. Therefore, while I may take a risk and do business with you, I most definitely am not going to refer anyone to you.

Getting something like you encountered above will happen sometimes, but if it is always happening, you need to take a look at yourself and how you ask.

So how do you ask for referrals then?

 

[Justin Bilyj]

I would never ask my friends or family for referrals or business. They know I am in it, and if they have any questions, they do come to me, but I won't pitch them. Also, I don't think anyone is gonna refer 10 people to a newb, I certainly wouldn't. Thats how these outfits get business, hire 20 agents, have them sell to family and friends, then they quit.

 

[Crabcake Johnny]

A great way to lose your friends when you become an agent is to hit them up for insurance. The good news is your life won't be as busy since you'll have far less friends. Has it occurred to you that some of your friends/family might have conditions that are private? You think your college buddy wants to discuss his case of herpes?

And by the way, once you burn through the list of people you know, then what?

 

[Question]

"I would never ask my friends or family for referrals or business. They know I am in it, and if they have any questions, they do come to me, but I won't pitch them."

Well this assumes your friends/family think about insurance regularly and come to you, which is probably not the norm...most people have bought some policies and think they are covered fully. Often it turns out they bought some random things that doesn't make sense, but all they know is "yea we have some policies from company x already, its cool".

I'm trying to do policy reviews for my relatives because i know that they have no idea what insurance they have, but i'm getting stuck at the wall of "Oh we already have enough insurance, it's okay".

 

[Crabcake Johnny]

It's good enough to let all of your friends and family know that you're now an insurance agent. Let them come to you...and they will if they're interested.