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Can u PM me? I tried to send u a message but it says I need 20 posts. Thanks
Overcoming Objections in FE Sales
- Thread starter VegasDB
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Can u PM me? I tried to send u a message but it says I need 20 posts. Thanks
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Yes, I am a marketer, but I am also an agent. If it doesn't work from the agent's perspective, it doesn't work for the marketer either. Why would a marketer want a bunch of agents doing something that doesnt produce volume. Thats crazy. Only the guys that charge a big up front or a monthly fee may not care about production. And, what marketer wants a revolving door?
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Ok I received it and sent u an email, I couldn't reply.
- 19,619
Most of them. You may be different. By reputation you are different, but that doesn't change the fact that telemarketing FE is a failed model.
Very few, and I mean VERY, agents are successful at telemarketing FE. And none of that few got into FE by telemarketing. The few that have success at it cut their teeth face to face and were successful at that for quite some time before they became telemarketers.
And, success at it is relative. The one guy on this forum that claims to be succesful at it will not tell you how much production he does and what he considers success. He will say that he spends $40,000 to $50,000 per year on leads.
I have always said and will still say that telemarketing FE is a marketing gimmick. That, of course, is my opinion. But, it is an opinion forged and tempered by much experience in the FE market as a producer.
I have to believe the chargebacks would be enormous selling FE over the phone. W Clement Stone one of the pioneers in selling insurance said it best when he stated,
"People buy from those they like"
Its a lot easier to get someone to like you in a face to face environment, especially if your a good salesman.
"People buy from those they like"
Its a lot easier to get someone to like you in a face to face environment, especially if your a good salesman.
- 19,619
I would think so, too. But, I know of many face to face agents that have racked up huge chargebacks. One even has a website telling others how to do it.
The FE market is different than almost any other market. An agent that specializes in FE must have a full understanding of that market. I would think that an agent that can do that could sell almost equally as well over the phone as face to face.
That's the rub. How does one get that understanding and experience? I don't believe it's possible to do it by telemarketing.
This is something that's really hard to get a read on. Most of the failed FE telemarketers also failed at other ventures and this was just their last gig that they bounced to.
"The FE market is different than almost any other market. An agent that specializes in FE must have a full understanding of that market. I would think that an agent that can do that could sell almost equally as well over the phone as face to face. "
So it seems, JD, you are suggesting very few agents actualy have a full understanding of the FE market? Or are you suggesting very few agents even try to sell over the phone? Or maybe a little bit of both?
I was in the car business for 19 years and probably 1 out of ten salesmen were sucessful and the vast majority left the business within a year. I would assume the insurance business is even tougher because in the insurance business you have to be able to get up and go to work on your own.
I work on my own and don't report to anybody, and don't even know other FE agents, so I don't have a complete grasp on the FE industry, in terms of turnover. Is there as much turnover in the FE segment as other insurance sales, and if so how does it compare to the average turnover in the auto industrty or even real estate?
Sorry for the long winded question, but I have never worked with an EFES, Equita or the others where you are around other agents or at least get to see thier productin. Is it a revolving door just like the auto industry?
So it seems, JD, you are suggesting very few agents actualy have a full understanding of the FE market? Or are you suggesting very few agents even try to sell over the phone? Or maybe a little bit of both?
I was in the car business for 19 years and probably 1 out of ten salesmen were sucessful and the vast majority left the business within a year. I would assume the insurance business is even tougher because in the insurance business you have to be able to get up and go to work on your own.
I work on my own and don't report to anybody, and don't even know other FE agents, so I don't have a complete grasp on the FE industry, in terms of turnover. Is there as much turnover in the FE segment as other insurance sales, and if so how does it compare to the average turnover in the auto industrty or even real estate?
Sorry for the long winded question, but I have never worked with an EFES, Equita or the others where you are around other agents or at least get to see thier productin. Is it a revolving door just like the auto industry?
- 608
My observation of those agents that fail at FE telesales are:
1. The ones that get 10-20 leads, make no sales and quit.
2. The ones that like the fast money and learn it's not fast money at first.
3. The telemarketing scammers that are just changing products
4. The ones that shoot from the hip and "dont need training"
The ones that do tend to succeed either have FE f2f experience or have deep enough pockets to buy sufficient leads to get the experience. AND:
1. they are willing to learn
2. they are willing to take their time on each call.
3. They are likeable
To name a few traits.
1. The ones that get 10-20 leads, make no sales and quit.
2. The ones that like the fast money and learn it's not fast money at first.
3. The telemarketing scammers that are just changing products
4. The ones that shoot from the hip and "dont need training"
The ones that do tend to succeed either have FE f2f experience or have deep enough pockets to buy sufficient leads to get the experience. AND:
1. they are willing to learn
2. they are willing to take their time on each call.
3. They are likeable
To name a few traits.
- 19,619
Most agents that work the FE market do not have a good understanding of the market. The ones that do are the ones that survive and thrive. You see pikers come into the FE market and you know they are pikers because they are trying to sell term, UL and fully underwritten whole life to the FE mail reply prospects. They have been told by some marketer that selling FE is easy.
As to the FE revolving door, yes, there is quite the turnover. Just withon my group at EFES under Hoosierdaddy we had a meeting in Indianapolis two and a half years ago with that whole team. There are only 2 of us still there, {3 counting Travis}, that attended that meeting.
I don't know how that compare to other organizations. I was with NAA for almost 3 years. We had a meeting in Louisville once a month for all agents in the management team I was on. I went every month. There was always 30 to 40 people there. The last one I went to there was only 2 other guys there that were at the first one I attended.
This is a hard business. I believe the figures are that 90% of agents don't make it more than one year in the business.
A lot of it is pie in the sky promises made by marketers and the illusion they create of easy money. One thing I constantly tell the higher ups at EFES is that they should be more diligent in who they hare and stopping hiring anyone with an insurance license that can fog a mirror.
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