The Reason Why Internet Leads Suck

Discussion in 'Insurance Leads' started by Pangaea, Apr 26, 2010.

  1. Pangaea
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    Pangaea Well-Known Member

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    The Reason Why Internet Leads Suck

    It appears to be the consensus here… Insurance Internet leads suck… And in general it appears to be the same all around… Insurance Internet Leads are not exactly the best leads you can buy on the open market.

    In my experience people contacting people applying online for any service can be extremely rewarding… Financially that is.

    I’ve dealt with companies that receive scores of insurance Internet leads every day and I’ve seen conversion rates as high as 30% and contact rates as high as 80%.

    So why is it that so many people spend so much time hopping from lead vendor to lead vendor in hoping to find that magic bullet?

    Well here are some of the reasons that I’ve come across:
    • The leads that are sold are incentivized… Meaning, the person is filling out the mini insurance application because they’re being bribed to do so. Maybe they’ll get a free iPad or Xbox 360 if they do, who knows and who cares? They’re definitely not applying because they really want insurance.
    • The lead is cross-sold for a need that may not fit underwriting guidelines. Being as blunt as possible (and I know you’ve experienced this before) they’re selling uninsurable leads as insurable leads. And then if you attempt to contact the lead vendor and ask “what the heck?” they’ll respond with something along the lines of “we have clients killing it with mini-meds.”… Now only if you actually asked for those leads.
    • The lead is being sold many, many times. When I say many times, we’re talking anywhere from 5-20 times for one lead. By the time the lead gets to you it’s been abused, churned, and burned. Just think about how many times you call a lead, then multiply that number by how many times the lead may actually be sold… then attempt to not laugh or shudder.
    • The lead isn’t being delivered to you in real time. If you had a form on your website you’d receive the lead within seconds. Now, what if you’re not near your iPhone or computer to receive the lead? Then the lead is aging faster than sweet smelling raw chicken. Now what if your lead has to go through their lead delivery system before it reaches you? If they’re lead delivery system takes any time at all that’s time off of your clock.
    • The lead doesn’t know that you exist. When someone is applying on IWantToGetInsurance4Less.com they’re not expecting your call. They’re expecting insurance for less… period. Or whatever offer was presented. A lead is much stronger when you say I’m calling from the company’s site you applied on? How can I help you?
    • The lead company may have quoted some ridiculous teaser rate. I’ve seen ads running on YouTube for a very popular insurance leads vendor that offered auto insurance rates at $25. I wish I could get those rates and you know what? I’d actually apply. But, the minute I saw that’s not true and people start calling me… I’m going to be pissed.

    There you go, some reasons why Insurance Internet leads suck. My advice to you:
    Learn how to generate your leads. It’s cheaper, it builds brand equity, and did I mention it's cheaper?
     
    Last edited: Apr 26, 2010
  2. markschneider86
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    markschneider86 Well-Known Member

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    I dont know what to say else but I completely agree with you. The only company I have had luck getting good leads at is search 4 Free Insurance Quotes.com. Other then that I get a lot of leads off my local google listing, eventually the website too. My website has a 2 out of 10 only being 8 months old. I am optimizing really slow, because I want to do with out getting thrown off the major index's(google and yahoo).
     
  3. Tampa Bay Rep
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    Tampa Bay Rep Well-Known Member

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    You definately bring up some very good points. As you point out, many of these real time shared intenet leads are sold to as many as 20 agents the same day of the prospect's inquiry and this results in a prospect being bombarded with calls that first week which causes many prospects to not answer their phone at all that week. In cases like that it is better, when you can't reach a prospect, to call those people back 2, 3 or 4 weeks later when most agents have stopped contacting the prospect so you have a better chance that the prospect is answering their phone again.

    If an agent can set up a website and is able to generate some of his own leads in a cost effective way and time efficient manner this is a good way to get some truly exclusive leads.
     
  4. Pangaea
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    Pangaea Well-Known Member

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    That's not the first time I've heard that. Sometimes you can call a shared lead back weeks later and actually help them when they realized they were suffering from analysis paralysis.
     
  5. bourbonlegend
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    bourbonlegend Well-Known Member

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    The best time to call an internet lead (health/medicare) is 11.5 months after you first receive the lead. Most folks who seek online quotes are "shoppers". They should have their rate-increase letters by 11.5 months. The prospect is much easier to deal with when they aren't getting blown up by 8 other agents. I'm at the point where I don't even call the lead when i first get it unless it is local.
     
  6. hockeyday
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    hockeyday Well-Known Member

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    it would be nice if you returned calls, I ' m looking to buy aged leads filled out you little form and and sent a pvt email kinda like working internet leads, no one to talk to
     
  7. Pangaea
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    Pangaea Well-Known Member

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    I didn't receive any messages from you and the toll free forwards to my cell if unanswered in the office. I did crack my nose Weds. and was MIA so I may have missed it then.

    If you don't mind please fill out this form and I'll get your info ASAP and call you as soon as possible. Also my phone pings me when a form is filled out on my website so I'm sure to not miss it.
     
    Last edited: Apr 30, 2010
  8. bcbroker
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    bcbroker Well-Known Member

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    Aged leads are a blessing, I am both a lead vendor and an agency, I use nothing buy aged leads for my agency, We haven't sold a policy from an aged lead for almost an hour! did I mention that I only use 2 agents to make calls in Ohio only?
    late in the day revision, make that 2 sales today from the aged batch.
     
    Last edited: May 3, 2010
  9. publius64
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    publius64 Active Member

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    BC, Where do you get your aged leads? Self generated? I'm looking for aged health leads in TX. Never bought aged leads before, but have invested in a dialer and looking for an aged lead vendor.
     
  10. Pangaea
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    Pangaea Well-Known Member

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