Where did you learn marketing, if you did? (Not selling, SEO or tactics -- strategy)

[Alston]

Most of us who have been in this business any length of time are competent sales people.

However, I've learned through painful experience that selling is only one aspect of marketing. (Of course marketing is only one aspect of running a business.)

I was an early SEO/SEM adopter and my son and I did well until the rest of the world caught up. (AKA, I got lucky.) When that lead source dried up, I suffered and scrambled. Penguin, Panda and ObamaCare combined to threaten my agency at about the same time

Over the years, I've learned enough to finally accumulate a critical mass of clients.

My BOB should carry me through any storm I'm likely to encounter between now and when I plan to retire. (In another words, I'm on track to reach the career goals I set - for - not in -1992.) But I want to learn more.

I accumulated my book by moving from one tactic to another and not because I had a long term view or was grounded in unchanging fundamentals of marketing (or business). I'm just starting to realize that and find marketing a fascinating subject.

I would like to know how you learned the non-sales aspect of marketing and the other stuff that makes the difference between living hand-to-mouth - like far to many agents - and having a career you're satisfied with.

How did you learn the things that separate you from those who dropped out and settled for a real job. And what were those things?

Please don't focus on mindset or working harder. I do believe in both, but that's a different thread.

 

[somarco]

Taught myself in the school of hard knocks and then got my graduate degree in the school of trial and error.

You have to think like a consumer, not a sales person. Then go where they are. Craft a message that appeals to their WANTS.

If you want to win at this game your message has to be all about them, not about you. They don't care about you until you show you care about them.

The biggest marketing challenge is social media. Folks go there to escape, not to buy. You have to find a way to catch their attention.

It isn't easy

Donald Miller has great marketing tips and ideas. Here is one of them.

 

[kstein]

About 8 years ago I called on a t65 insureme lead (at the time I was 90% invested in these leads, calling them while driving on the highway, 7:30 at night, really whenever the phone chirped) and was lucky enough to set an appt. The client had another agent referred by her wealth management firm and she made it known that she wasn't going to buy on the first meeting. No problem. I drive out and knock her socks off, mapd vs Medicare review, had PA forms for her rx printed off, Medicare.gov reviews printed, etc.

She meets with the other referral and picks me. She then introduces me to her wealth management firm which I've never heard of and says I think you'd be wise to call them and introduce yourself. I was 25 or so at the time and had no idea why she suggested the meeting. Fast forward today that wealth management firm is one of the largest in the country and the entire firm (about 300 employees) know my name and what I do. As they have grown and left the mothership, aka moved to other firms, the advisors have taken my name with me and now I'd estimate I have close to 500 contacts at wealth management firms across the country referring to me. I've added many states and basically pivoted my entire marketing strategy to partner with higher net worth firms to be a plus one in their arsenal.

It's a perfect synergy. Medicare/ACA is a pita for the advisor (they don't have the credentials, lower margin), it's one of the biggest hurdles a client faces to get to retirement, and some salespeople use Medicare as a way to snag 401k or other assets.

I would suggest that you consider looking at your higher end clients and ask them who they use and if you can drop their name as a way in. Then have your son warm call the advisor. Also have it become part of your onboarding process. Grab the FA info from all clients and shoot them an email explaining what you've done and see if they would like to meet and learn more. You'll get about 25% or so nibble and that becomes the game.

I will say that I do it all, under 65/kids turning 26, subsidy/income calculations (with the advisor/client on the phone) so if you are just a Medicare guy you might have some issue if you turn away a slug of their clients.

 

[Tahoe Ray]

kstein's strategy works in almost any insurance market and it's great.

Financial planners/advisors mostly DON'T want to do any insurance products (outside of annuities) but recognize that their clients need it. There are also business structures in that market that forbid the advisor from collecting commissions (fee-only businesses).

If you know your stuff, you're carrier agnostic, and treat the referrals really well, you'll find that these clients are some of the easiest to write.

My warmest leads come from financial advisors and although my network is nowhere near as large as hers, I still get weekly referrals.

Her suggestion in the post above is one of the best I know of at getting to know financial advisors. I would only add if you have a local financial planning chapter, join it. They have an "allied professional" membership and normally meet monthly. There are also larger regional and national meetings. Some chapters are much more active than others but if you stay the course, you'll start to have the members referring to you as "their insurance guy". It helps if you have another member touting you too.

COI relationships are attractive but if I had to pick one type, it would be the one quarterbacking the financial relationship. Normally, that's the financial planning/wealth management firm.

 

[Markthebroker]

I came from 10 years of advertising sales, so the marketing and sales end was relatively easy for me. I actually sold my ad agency which partially financed my venture into commercial insurance sales.

When I started, I ran ads in Craigslist and did direct mail, the rest was old school door knocking and cold calling. Craigslist got me business, but the customers were crap. The direct mail was towards apartment building owners, so the call rate was low, but the sales were big enough that it more than paid for itself. I started with a crummy photo on the postcards, and every time I improved the photo (in my mind, at least) on the postcard the response declined. This is with 10 years experience in advertising, mind you.

About 5 years ago I started developing a very specific way to ask for referrals that has been very effective and have since cancelled all advertising and cold calling.

 

[somarco]

Did you wear the cape when you were knocking doors?

Asking for a friend . . .

 

[Markthebroker]

Did you wear the cape when you were knocking doors?

Asking for a friend . . .

What do you think I am, nuts? I wanted people to buy commercial insurance from me.

Of course I wore the cape.

 

[somarco]

FWIW you didn't have to wear the cape.

But if you aren't going to, you apparently need to carry a record player with you.

 

[Markthebroker]

Most of us who have been in this business any length of time are competent

Based on some of the posts on this forum, I'm going to have to go ahead and disagree with you.

 

[DHK]

Of course I wore the cape.

NO CAPES!!