Not sure what your product line is, but in addition to cold calling, I would suggest doing some face to face calls as well. You can order targeted lists from Josh in carrier route mode! A few weeks ago I ordered a list of 1000 names that meet my targeted demographics all within a mile radius! Nothing better than getting out and seeing the people, at least for a change of pace!
My Mentor Isn't Happy
- Thread starter derekgmn
- Start date
- Thread starter
- #72
Thanks Thomas! I think that I also have to give that a try. Especially when I'm going to be going to meetings out of town why not have something that will be a key to helping me prospect and make even better use of the gas I use since I'm out there anyway.
- 1,162
Good thread.
The mentality of warm market referrals or bust, my way or the highway is a big reason why I never signed on with any of the big mutuals, especially NWM and NYL. (I think Mass might have worked out differently but I wasn't quite sure about that either.) I have no problem working within a proven system. Actually, that's my preference rather than reinventing the wheel. But here's an example of what I mean. The NYL manager I was meeting with several years ago seemed to be a nice enough guy. But he found out that I was from an area 3+ hours away and told me he expected me to work that area in addition to the local area. My response was basically "If I wanted to work that area extensively, I'd move back!" This is because his son successfully worked their hometown which was about that far away. But it was clear that he had a much larger warm market than I did. I hadn't lived in my hometown in almost a decade and most of my contacts from back then who would have been in the target market had either moved away, were in nursing homes or else were 6 feet underground. Additionally, the area which I had moved to had a population 5-10 times larger. No doubt, he was probably looking for a way for me to fill my calendar and get some cases under my belt but I knew as many people where I was currently living, if not more. But he didn't seem to want to hear that.
That being said, there are differences between the mutuals and no doubt between offices in the same company. For example, I know that NYL (or at least some of them) are not against cold calling although I doubt that it is the #1 focus for any of them. One of their managers told me about 10 years ago that in addition to one's warm market, they used Sales Genie to generate leads, although I don't know how much of their business was generated that way. I've known of other agents (not necessarily with big mutuals but who worked the same market nonetheless) who would make cold or very lukewarm calls on business owners and other professionals, including F2F calls. I think NWM's system may be more exclusively focused on referral business than some of their competitors but that's just a guess.
Working for the big mutuals is a great career for some, but it's not for everyone. Once upon a time it seems that the big mutuals had a better realization of that. From what I understand, they used to be much more selective and didn't offer to contract everyone who had a license and could pass the background check. Perhaps some of the change is due to a shortage of agents and life insurance ownership being at basically an all time low?
The mentality of warm market referrals or bust, my way or the highway is a big reason why I never signed on with any of the big mutuals, especially NWM and NYL. (I think Mass might have worked out differently but I wasn't quite sure about that either.) I have no problem working within a proven system. Actually, that's my preference rather than reinventing the wheel. But here's an example of what I mean. The NYL manager I was meeting with several years ago seemed to be a nice enough guy. But he found out that I was from an area 3+ hours away and told me he expected me to work that area in addition to the local area. My response was basically "If I wanted to work that area extensively, I'd move back!" This is because his son successfully worked their hometown which was about that far away. But it was clear that he had a much larger warm market than I did. I hadn't lived in my hometown in almost a decade and most of my contacts from back then who would have been in the target market had either moved away, were in nursing homes or else were 6 feet underground. Additionally, the area which I had moved to had a population 5-10 times larger. No doubt, he was probably looking for a way for me to fill my calendar and get some cases under my belt but I knew as many people where I was currently living, if not more. But he didn't seem to want to hear that.
That being said, there are differences between the mutuals and no doubt between offices in the same company. For example, I know that NYL (or at least some of them) are not against cold calling although I doubt that it is the #1 focus for any of them. One of their managers told me about 10 years ago that in addition to one's warm market, they used Sales Genie to generate leads, although I don't know how much of their business was generated that way. I've known of other agents (not necessarily with big mutuals but who worked the same market nonetheless) who would make cold or very lukewarm calls on business owners and other professionals, including F2F calls. I think NWM's system may be more exclusively focused on referral business than some of their competitors but that's just a guess.
Working for the big mutuals is a great career for some, but it's not for everyone. Once upon a time it seems that the big mutuals had a better realization of that. From what I understand, they used to be much more selective and didn't offer to contract everyone who had a license and could pass the background check. Perhaps some of the change is due to a shortage of agents and life insurance ownership being at basically an all time low?
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gordongekko513
Expert
- 26
This is my first post, but ive lurked for months learning a great deal about the business. That being said...
Back in July, I decided to join NWM. I had no experience in insurance, but i did have a series 7 a few years back, so i wasnt completely in the dark as far as financial planning.
My natural market is very large, but i wasnt comfortable reaching out to them right away. Since i parked my series 7 for over two years, i had to get it again, and until i had that and i little experience, i just wasnt comfortable calling them.
In my office there was only two peopoe making money, one was my mentor, the other was the manager. They suggested that i call everyone and do joint work. I had no issues with that, but by september my contract had still not been approved, i didnt even have business cards. For some reason this enhanced my call reluctance, especially to those i know.
I decided to cold call. Big mistake, my mentor right away told me to stop, and to just get referrals. Everyday we have phone hour 9-10am, i kid you not, the is the most silenced awkward time of daybfor everyone. No one picks up the phone to even make a dial. Yet, we have to make 40 dials a day, have 20 appts, etc...
Since i wasnt going to cold call, i thought id wait to get my contract approved, have my business cards, etc, and then with that confidence go and sell. Well after one week, on the VERY DAY my contract got approved, my boss let me go. He said i wasnt working hard enough...
Ive just started with MassMutual, and being let go from NWM was a blessing. The office is ok with anything, they are down to earth. Just wanted to share, if you like NWM and its products, but hate the culture, MM may be a better fit.
Back in July, I decided to join NWM. I had no experience in insurance, but i did have a series 7 a few years back, so i wasnt completely in the dark as far as financial planning.
My natural market is very large, but i wasnt comfortable reaching out to them right away. Since i parked my series 7 for over two years, i had to get it again, and until i had that and i little experience, i just wasnt comfortable calling them.
In my office there was only two peopoe making money, one was my mentor, the other was the manager. They suggested that i call everyone and do joint work. I had no issues with that, but by september my contract had still not been approved, i didnt even have business cards. For some reason this enhanced my call reluctance, especially to those i know.
I decided to cold call. Big mistake, my mentor right away told me to stop, and to just get referrals. Everyday we have phone hour 9-10am, i kid you not, the is the most silenced awkward time of daybfor everyone. No one picks up the phone to even make a dial. Yet, we have to make 40 dials a day, have 20 appts, etc...
Since i wasnt going to cold call, i thought id wait to get my contract approved, have my business cards, etc, and then with that confidence go and sell. Well after one week, on the VERY DAY my contract got approved, my boss let me go. He said i wasnt working hard enough...
Ive just started with MassMutual, and being let go from NWM was a blessing. The office is ok with anything, they are down to earth. Just wanted to share, if you like NWM and its products, but hate the culture, MM may be a better fit.
I think everyone has come across a manager or mentor who is reluctant to change or maybe a new idea. We all can be that way as well. Everything that I have read in this and other forums basically recommend the same thing...do whatever it takes to put yourself in front of as many people as possible as often as possible.
I am a captive agent with an established membership list that I mail to and then follow up with a call. I am planning on incorporating door knocking into my prospecting as well.
Arguing with your mentor or manager is counterproductive. If you put up the numbers, no one will care how you got your sales.
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Good luck and good selling BTW!
I am a captive agent with an established membership list that I mail to and then follow up with a call. I am planning on incorporating door knocking into my prospecting as well.
Arguing with your mentor or manager is counterproductive. If you put up the numbers, no one will care how you got your sales.
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Good luck and good selling BTW!
