The Thread to End All Internet Lead Threads

[CHUMPS FROM OXFORD]

"you take the good with the bad"

Depends how you define "bad." I don't want to pay for leads that were developed by using unrelated serach terms like "no money to buy insurance." or "free health insurance."

Even if my ROI is solid, it's not good enough to have 4 out of 10 leads that should not be there.

Moot point perhaps since my internet leads purchasing has reduced by 60% and hopefully will end completely within 6 months.

 

[Crabcake Johnny]

Agreed. Most of my leads are generated through my site.

 

[CHUMPS FROM OXFORD]

John...Which site are you referring to? (I knew once, but I forgot).

I didn't realize your site was set up to gather leads. When I googled "Maryland Health Insurance" and related terms, I didn't see it. But maybe I have the wrong site.
- - - - - - - - - - - - - - - - - -
My bad. Now I remember. Marylandquotes.com (Great domain name). But I just don't see it show up for any key searches.

 

[Crabcake Johnny]

It's marylandquotes.com and I use PPC...which is not only turned off on weekends but ads only appear for MD IP addresses.

I'm currently using Dave to implement SEO so my lead generation costs go way down.

As a PPC tip, use HSA related key words - no one seems to be bidding on them so the cost per click is low. Although those keyword phrases don't generate a lot of volume the quality is generally good.

 

[CHUMPS FROM OXFORD]

Dave will be a big help to your website. Although you don't rank high for key words now...he'll change that in a hurry.

 

[somarco]

We have seen people come on this site, touting their new website and how much money it makes. Some examples here and here.

Most of the lead vendors have been raked across the coals in numerous threads, but one in particular was a favorite of mine for several years. I was invited to their home office for a meeting of some of their "top" agents and we had various discussions on how to improve lead quality.

Frankly, I was impressed with the people behind the organization and their commitment to serving the agent.

Sadly, a few months later quality started to diminish and their credit policy changed dramatically in their favor. That was one thing that always separated them from the pack. They were fair and reasonably quick to credit bum leads.

After several months of back & forth we finally parted ways. I don't see much of them any more and they are never discussed on this forum. One of their officers left the company a few months ago and I asked him why he left and what had changed at Hometown Quotes.

He declined to comment.

Do you have any insight?

 

[whatyouwantfinally]

I do not think anything you disclosed here is "new information" to any of us.

My questions are:

-How come I am still able to maintain a $7,$8 or $9 to $1 ratio exclusively using internet leads to build my health insurance book?

-Instead of us all complaining about this issue forever, what can we do to change the way the industry operates?

-Since you are now an expert in the lead business field, why don't you start your own lead company and do it the honest way? I will be your first client!!

As for your first question, I'd have to speculate a bit without having more info. I'd guess you're pretty good on the phone for starters. You may be able to close 1 out of 10 people just approaching them on the street. I'm guessing more than once in awhile you sell someone who wasn't really looking for a quote, got a million calls, etc. That's great; you'd probably do well with any marketing that puts you in touch with people in general. That's unfortunately not the case for the majority; props to you.

Second, I PROMISE you your ratios will go down steadily as companies continue pushing the envelope.

Second question; not much. Like I said, lots of people (maybe even most nowadays) are "sold" on the dream of getting rich selling insurance. As I said before, there isn't enough business for everyone to reach their dream which means demand will always outweigh supply. What happens when that happens? I think you already know.

Why don't I start a lead company? 2 reasons. The first is a non-compete clause that I'm potentially still bound by. The main reason, however, is a "legit" internet lead business may not even be a profitable business model anymore for the reasons I gave above.
- - - - - - - - - - - - - - - - - -

We have seen people come on this site, touting their new website and how much money it makes. Some examples

Most of the lead vendors have been raked across the coals in numerous threads, but one in particular was a favorite of mine for several years. I was invited to their home office for a meeting of some of their "top" agents and we had various discussions on how to improve lead quality.

Frankly, I was impressed with the people behind the organization and their commitment to serving the agent.

Sadly, a few months later quality started to diminish and their credit policy changed dramatically in their favor. That was one thing that always separated them from the pack. They were fair and reasonably quick to credit bum leads.

After several months of back & forth we finally parted ways. I don't see much of them any more and they are never discussed on this forum. One of their officers left the company a few months ago and I asked him why he left and what had changed at Hometown Quotes.

He declined to comment.

Do you have any insight?

As for Hometown in particular, how long ago was this shift? A lot of the smaller companies hung their hat on being good with refunds, which was a good way to compete with the big guys. We all got away from it, well, because the owners of our companies all talk and look for reasons the other guy is more profitable. Plus, as the amount of bad leads increased (which happened with EVERY company) it became less and less reasonable to keep those liberal policies from their standpoint. You can't just have a system that automatically refunds without question, and you can only afford so many man-hours of reviewing each refund request.Agents are at least somewhat to blame for that; LOTS of them are less than genuine in their requests.

It could be your guy was in a position like I was; performance judged by units sold only but forced to constantly deal with customers who were getting more and more irritated. It only takes a shred of integrity for that stuff to get to you.

OR, because the people at the top of most of the smaller vendors are so young, he may have left over some immature squabble. Kids, ya know? But, as far as I know, there were no unique changes at Hometown.
- - - - - - - - - - - - - - - - - -

"you take the good with the bad"

Depends how you define "bad." I don't want to pay for leads that were developed by using unrelated serach terms like "no money to buy insurance." or "free health insurance."

Even if my ROI is solid, it's not good enough to have 4 out of 10 leads that should not be there.

Moot point perhaps since my internet leads purchasing has reduced by 60% and hopefully will end completely within 6 months.

That's where they get ya; if the numbers work for some people, MOST people will keep buying. What I was hearing more and more was the moral issue; ROI or not, I'm not willing to deal with a company that knowingly misleads and waters down.

 

[Crabcake Johnny]

I've posted this before but if you want to run an honest lead company:

Say you want to sell only the leads you generate (no swapping) and sell to a maximum of 4 agents in a given state:

Agent 1: Only wants 10 leads for the week - he's a newbie, untrained a broke so he cancels at week 2 and needs to be replaced

Agent 2: Only wants leads from 9am to 6pm Mon - Fri (what's the vendor going to do with the leads that come before or after those times?)

Agent 3: 5 leads on Monday, then account on pause for 11 days. Account off pause, 3 leads then account on pause at 1pm - has stuff to do. Account active agent on Thursday but on pause after the 4th lead.

Agent 4: Lots of cash, solid training and wants a ton of leads.....of course, only families between the ages of 30 and 55 non-smokers and filtered for health

Sure...go try to run a legit lead company. Those 4 agents, by contract, have that state locked up and you're bleeding money. Now you need 10 or so agents in that state but can only sell to 4 at any given time. So when one agent's account goes on pause another starts getting leads - but that agent's bitching because they "got no leads" until 3pm that day.

Sorry everyone but if you actually want this to work; no swapping, no trickery every agent would have to sign a contract, commit to say 6 months worth of leads at at $300/wk minimum and you get leads 24/7 until you hit your weekly max.

 

[somarco]

HTQ changed their philosophy on lead credits about a year ago. It was mostly young people. The guy that left was maybe 30.

 

[STIBROKER]

I'm currently using Dave to implement SEO so my lead generation costs go way down.

Dave once stepped outside one saturday morning and said aloud ...."It's too hot out here."..... Within the hour, a total eclipse appeared.......