Why don't IMO's promote referrals?

[Thedude]

first off, who is "real dude" ...i'm the real dude!

Second, Ben what CRM do you use?

 

[Realdude]

You be THE dude. I just be hangin out in the background.

 

[bboman23]

Strike me if I'm wrong, but I always thought that word-of-mouth sates (i.e. referrals) were the supreme lead with a superior close rate, hence social media, and worth their weight in gold. Is that wrong thinking?

I think it is better to get referrals from clients that you are helping with a policy.

Many agents think that they can just use social media or talk to friends and get enough business. If you have a huge following, that could work. It is best to work some type of lead and go out and get your "guaranteed money" each week. Then gather referrals while you are doing that. If you see something appealing (tons of people in and out, they just bought from Senior Life, etc.) then go for referrals right then. If you are running behind to your next appointment or you have been there a while and do not want to outstay your welcome, then you can plan a referral/visiting day like I mentioned above.

One other problem with Social Media will depend on your age. If you are a senior, then a lot of your friends will also be seniors. If you are 25 years old and are in the FE world, you will get mostly term/UL type of people.

I suggest you go see a dialed in age group (leads). And have a goal set each week. You have to hit that goal from your leads, and everything else is icing on the cake. I also suggest capping a house at $1,000 or $1,500. So say your goal for the week on your 20 DM leads is $4,000. If you go in a house and write a husband and wife for $3,000, I would only count that as $1,000 towards my $4,000 goal. That way you don't slack off and only write one more app for $1,000 to hit your goal and then the $3,000 case calls and cancels.

Again, just my thoughts!

 

[bboman23]

first off, who is "real dude" ...i'm the real dude!

Second, Ben what CRM do you use?

I use Zoho myself but I am not sure that is the best one to use. My CRM is very basic. Name/Address/Phone then a Notes section. I put in the info in the notes...here is an example...

The Dude
123 Main St.
123-456-7890

Notes:
On April 3rd, 2018 I wrote a RNA policy for $10,000 face amount. The monthly premium is $50.00 and due on the 3rd of each month.

The Dude had a small black dog named Harry. He also had chickens in the living room. His grand daughter lived with him (7 at the time) and her name was Dudette.

He really wanted to get $15,000 instead of $10,000 but didn't want to stretch himself too thin. I told him I would check back at a later time to see if he wanted to pick up $5,000 more.

^^^About all I do.

I have agents that really like LessAnnoyingCRM. I haven't tried it though.

 

[Todd King]

Todd, I would really like to get your advice on this, or maybe links to posts.

Sorry, just saw this. Look, I'm not saying what Ben has told you to do is bad...it isn't. I was just questioning the part where you're telling the client why you need them to do this for you. Me personally, I'm not good with that.

I will give you this though...and it IMHO is the most important part of the referral gathering process. I could care less what method you use, but if you just expect a client to start spitting out names (other than the rare occasion), you are in for a shock.

When you ask, you can't simply ask, "Do you know someone that.....". They will tell you they don't know of anyone most of the time. Why? Because you just gave them the whole world to think about and it's overwhelming. It clouds their mind. You have to help them think of people. Like people they go to church with, people they golf with, walk with at the malls, just anything you can think of. Now you are helping them think of certain people.

Try working it both ways and I think you'll understand what I'm talking about.

 

[HoosierLife]

Strike me if I'm wrong, but I always thought that word-of-mouth sates (i.e. referrals) were the supreme lead with a superior close rate, hence social media, and worth their weight in gold. Is that wrong thinking?

Referrals are great. Best lead out there. But unless you spend a lot of time developing referrals, they can be hit or miss. I wouldn't want to survive on 100% referrals.

Plus when you're new, who's going to refer you??

 

[Realdude]

You have to help them think of people. Like people they go to church with, people they golf with, walk with at the malls, just anything you can think of. Now you are helping them think of certain people.

Thanks Todd, good advice.

 

[rousemark]

As I look around it seems most IMO's don't really encourage agents to pursue referrals, why is that? Is it that agents are afraid to ask? Does it cut into the lead-sales cycle? The closest I've seen is the recommendation to "door knock and ask for referrals while you're waiting for your DM leads to start."

"Inquiring minds want to know."

IMOs don't promote referrals because they don't make a profit off them like they do selling leads..

 

[Agentguy5]

I have never heard of an IMO that didn't recommend getting referrals. That would be counter-productive! Sure, some will make money on leads but in the long run, the best sales are usually from referrals.

 

[Realdude]

Referrals are great. Best lead out there. But unless you spend a lot of time developing referrals, they can be hit or miss. I wouldn't want to survive on 100% referrals.

Plus when you're new, who's going to refer you??

Point well taken. Other professions seem to do well with generating referral leads. It just seemed to be put on the back burner, an add-on option, in insurance sales.

Josh, how is ClickFunnels working for you. I remember when they launched on the Warrior Forum a while back.