My First Day

[moonlightandmargaritas]

I'm going to have to learn to deal with people who seem like hot, hot prospects suddenly and inexplicably cooling off and turning away.

Phone cold calling will drum up many who are "interested." Problem is that they've got to be way more than "interested" to be a good prospect...a large percentage are time-wasting strokers.

To avoid wasting time, you've got to qualify them - ruthlessly. Critical first step: find out why they're interested.

Are you doing any marketing or just cold calling?

 

[Guest]

That's right, it actually gets better the more you do it and it seems like you've got a great girl there too!

Congrats!

My second day went a little better than my first. I nearly doubled my call volume, just from having a better idea of how things would go and extra motivation to get through my list and find the diamonds in the rough. I'm going to have to learn to deal with people who seem like hot, hot prospects suddenly and inexplicably cooling off and turning away. I think that's a reflection on my inexperience in sales and my personal failure to keep them warm, and something I'll be able to fix soon. I've had my fiancee (a real estate agent who's no stranger to cold calls) sit in and listen to a few calls, and her advice is already helping me to keep people on the line longer and get them warmer. "No just means 'not yet.'" I think that's my new favorite bit of advice.

When the calls go poorly, it sucks. I feel like a beggar. But every time someone picks up the phone and I can actually help them, I really love it.

I must say, the feeling of writing the first app was very, very nice

 

[Delta76]

When the calls go poorly, it sucks. I feel like a beggar. But every time someone picks up the phone and I can actually help them, I really love it.

Keep at it. If you keep making the calls consistently, you will see your pipeline grow and you will consistently close new business. It does feel really great when you can help someone. I had a new client tell me yesterday, "I wish you would have called me three years ago." I told him, "I probably did."

There is no reason to feel like a beggar. Your mindset has to be that I'm looking for people who I can help AND who want my help. Your simply looking for the few people on your list that fit that category. Let the people who don't want you help go and move on, there are so many people that will do business with you that you don't need to convince anyone that doesn't really want to see you.

Keep at it. If I can help, let me know. I've made one or two cold calls in my career.

 

[souldeux]

Phone cold calling will drum up many who are "interested." Problem is that they've got to be way more than "interested" to be a good prospect...a large percentage are time-wasting strokers.

To avoid wasting time, you've got to qualify them - ruthlessly. Critical first step: find out why they're interested.

Are you doing any marketing or just cold calling?

Cold calling is taking up the majority of my time right now. In the evenings, I'm working on my website (which is in my signature, and as of yet unfinished), compiling a list of local people who could become centers of influence (financial planners, accountants, P&C folks, lawyers) and trying to determine the best way to network with them, looking into local networking groups and events, looking for groups interested in having a speaker discuss insurance, calling back folks from the daytime, working with my graphic designer/branding consultant aunt on developing marketing materials, and eating something every now and then.

 

[moonlightandmargaritas]

looking for groups interested in having a speaker discuss insurance

Bravo. This has been magic for me...very effective.

 

[scottfanli]

hey souldeux,

if you don't mind, what do you usually say when you cold call?

Thanks

 

[souldeux]

My cold calling script needs work. It's a little painful, and a lot too salesy right now.

"Hi, this is Nick Perry and I'm an independent insurance agent in your area. I'm just calling to check on your current medical coverage. Have I caught you at a decent time?"

If yes:

"Great! Now, who do you have your current health insurance coverage with?"

This usually either the name of a company, followed by "and we're pretty happy with them" or "and they suuuuuck."

If they're happy with their current coverage: "Well, let me ask you this: if you were overpaying for that coverage by, say, twenty or thirty percent, how would you know?" They'll either start to stumble and then admit that they're not sure or tell me to go insert something sharp into something tender.

If they're not happy: "You know, I've been hearing that a lot lately. Why don't we take a few minutes to figure out what you'd need in a policy to be comfortable with your coverage?" This usually meanders into a conversation about how much they hate health insurance in general, and I sneak demographic information out of them (kids, birthdates, smokers, etc).

If they were happy and admit that they wouldn't know if they were overpaying, I tell them "Well, that's where I come in. Since I'm an independent broker, I represent most of the major medical carriers in the state. I can shop the carriers and find the coverage you need at the price you're looking for. Why don't you tell me a little about your family and your plan, and we'll find out if the plan you're in is the best fit for you?"

However, this has so far universally degenerated into the following scenario: the prospect seems interested, I can find them a policy that will provide them more coverage at lower premiums (I don't know where some of these people found their policies, I swear), I send the information over (I haven't yet been able to pull anyone into a one-call close because they all want to "talk it over" with their spouse), and then they refuse to pick up the phone when I try to reconnect. Frustrating.

 

[moonlightandmargaritas]

Nick, one of the inherent drawbacks to cold calling is that it produces a low probability prosp...er...suspect.

One-call close? Do you really want them as a client? What happens to your business when the next guy/gal calls?

Why don't you invest in some leads? Even if you only get back $2 for every $1 that you spend, it's profitable, you develop some cash flow to re-invest, and you live to fight another day.

 

[SportsNut]

Sounds like you are doing a lot of selling on the initial call. Working too hard to nail them down. Customers can feel this; it comes thru loud and clear. Try just being a telemarketer and gather data... let them know that someone will be back in touch with them within a couple of day to a week... Kind of like it matters NOT to you. You are just paid to make the calls and gather the info, period. No agent stuff, just dial and smile. Try it.

Then evaluate how receptive they are to receiving a call-back. No pressure - no defenses up.

 

[somarco]

Sampling is a time tested method of marketing. You can't give prospects health insurance samples, so you have to offer up the next best thing.

A quote is a start.

Some agents don't want a quote engine and will not give out a quote without first talking to (an internet) lead. I believe in giving a lot of information in hopes of allowing them to know a bit about me and even run quotes off my site rather than trotting off to eHealth.

When cold calling, the last thing you want to do is come across as a pushy salesman. All you really want is an opportunity to talk to them.

#2 uses the "throw my hat in the ring" approach which is very non-threatening and works well for him.

You may not have a quote engine yet, and if so, don't sweat it. Unless you have the cash flow to support it then it is an unnecessary expense at this time.

But you can still offer quotes by email or fax.

Your pitch sounds like something out of Tin Men. Try to make it a bit less smarmy and you will get more interested parties.

Try to put yourself in their shoes. Think about things to ask where the response should be obvious but still non-threatening.

Concentrate on closed questions (yes or no answer) rather than open questions (where a longer answer is involved).

"Are you happy with your current coverage?" (No one is. If they say yes, they are lying).

A variation is, "Would you change anything about your current coverage?". This may lead them to an expanded answer and that is good but the underlying question can be answered yes or no.

"Are you satisfied with your current agent?" is another. Again, this is yes or no but can open up future conversation.

This is a start. See what you can come up with.