Why Specialize in FE?

[digfesales105]

In regards to DigFE105's comments

I have never been involved is setting up criteria in regards to the leads I purchase. I have been told they already use the age group of 50 to 80. Do all of the leads fall in that group no, but the vast majority do.

In regards to income I am not sure what they are using and I have never given it much thought because I have alwasy been under the impression the financial data is a guess at best.

In regards to buying FE leads I am under the impression that income is not all that relevant anyway. Most of my business is written with people who are on a very fixed income. And I am not sure I would want it any other way. If I was going to start looking for Anuities I might want them to up the income but I don't plan on doing that any time soon.

Currently when I buy 25 leads 8 to ten normally pan out quite well. What is most tiring is working the other 15 to 17 flakes.

Bottomline for me is I am not 100% sure what kind of criteria they are using when they get me the leads but my thought process tells me if i want an improvement in my production I should be looking more at getting a better sales presentation and less at the quality of my leads.
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Also, Is there something wrong with being a bottom feeder?

Don't get me wrong. If it ain't broke, don't fix it. I was just pointing out that being on both ends(selling and developing telemarketed leads) we used to...let me start over...we upload our own data for our marketers to develop leads on then I send them to my agents....so we used to upload data for income $16K-$50K and ages 0-85. It was fine but when we fine tuned to income of $25K-$75K and ages 50-80...we just found more of a "solid" customer.

That's all. Knowing what I know now...it is only a positive if you requested that criteria as the burden would be on your lead company to get those. It would be a bit harder and might take longer but if you're closing those kinds of numbers off of what you're running, I don't tweaking your script is the key. You might just get that 2-3 more better suited customers is all?

Just throwing it out there is all.

 

[nfl72]

I think what your saying makes lots of sense. I wasn't aware that when informatin like this is fed into the system it is that accurate. But I do confess I know very little about how lead info is gathered and or input into the system.

Most of thee people have no real income. Their income is derived from our tax dollars. When someone lives off of $687.00 per month SS either income or disability; how does that register into the data base? Thats $8400 a year which doesnt seem like it would show up anyware as a valid prospect, yet we all know they buy.

But if your using $20,000 to $60,000 a year as an income qualifier they shouldnt even show up? Their income doesn't meet the criteria? Yet they make up the majority of my leads.

Who makes $20,000 a year? If thats what they really make they most likely bounce from job to job. McDonalds to Quality Dairy to REd Robbins. Where is their income information gathered from?

Don't get me wrong I am not disputing the information. I just don't understand where it is coming from. I live in a nice home with nice cars and nice toys, yet my tax returns make me look like a pauper. Maybe thats why when I buy leads in my area I never get a call!
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When I reread my question a thought poped up. Are you talking about household income? So if both a husband and a wife are on SS their joint income would be $16,000? If so that would make a little more sense; but out of my last batch of 25 leads more than 8 were single moms on SS making less than $700 a month. why and how are they even poping up?

 

[Tearmann]

Who makes $20,000 a year? If thats what they really make they most likely bounce from job to job. McDonalds to Quality Dairy to REd Robbins. Where is their income information gathered from?

Don't get me wrong I am not disputing the information. I just don't understand where it is coming from. I live in a nice home with nice cars and nice toys, yet my tax returns make me look like a pauper. Maybe thats why when I buy leads in my area I never get a call!
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When I reread my question a thought poped up. Are you talking about household income? So if both a husband and a wife are on SS their joint income would be $16,000? If so that would make a little more sense; but out of my last batch of 25 leads more than 8 were single moms on SS making less than $700 a month. why and how are they even poping up?

20K a year could from any number of reasons - mostly its from taking a partial benefit or someone who left the work force early in life and never got back in.

Most lead data that focuses on income level goes from 15K or less, 25K or less or 50K and less. If there telling you its a range their not being honest which is why you're getting some very low income leads.

Lead data is better when they focus on housing cost instead on income. You'll have better control over the prospects.

 

[digfesales105]

Yes...it's household income. And Tearman is correct as far as usually data will go on "income ranges". So like what we use we go $25K- $29,999...$30K- $49,999 etc. Ages will go something like 0-18, 19-25 etc... A lot of the incomes will start at $0 - $16K then up. So if they hit that level to generate...you WILL have more lower income folks AND in a lead generator position if I did that income level...we would develop A LOT more leads a lot easier.

We don't do anything under $20K BUT we still will get folks that get only $800 or so a month. Why...? That I don't have the answer to.

 

[PaperHanger]

my rough guestimate is that the type of data that is in this sort of report:
http://www.policymap.com/samples/IRSTaxReport.pdf

Is cross refrenced with individual home values, to come up with a guestimate of individual household income range.

I've often thought about buying a 60-85yr list in my areas, just so I'll have an idea of who else was mailed that round. If an appointment noshows, I can 'cloverleaf' the houses next door and already know that it's "Ms Jones" and her income is <$50k. That way I can say "we *did* mail this card to you recently, did you send it in? No? Great, that's why i'm here..."

Maybe they'll recognize the card and let me in. Save that lead $$.

I've actually been to a few houses with an older card, and they had a new card on the table waiting to be mailed in again. I was in the area because of a new cycle of cards being sent out to that area, caught up with an older lead who was about to turn in a NEW card from the most recent cycle. If they'd sent it in, I would have had to pay for it (after 90 days since the first card), so that's actually happened a few times. Whether you sell or not, make sure to grab that other card and throw it away ;-P
I've even had current clients send in a new card.

I've revisited current clients to find out they've actually bought from some other card for Starmark or AARP or some crap like that, since buying from me. I always razz those folks, but it's actually my fault for not keeping up with them.

 

[ScottB]

I buy telemarketed leads and most of them come from fairly poor neighborhoods. Most of them have very little money and its all they can do to just pay for FE. They can't pay for an annuity or critical illness policies. From what I hear med sups don''t pay all that well.

I have sold FE for 4 years and in that time have sold two term policies and two traditional whole life policies. I try to avoid anything but FE. Not saying it's right or wrong its just how I prefer to work. Some people would suggest I am leaving money on the table but most people that know me think I am doing pretty good.

I like leaving a home knowing they are approved, which might also be why I am not enthrawled with Americo. There are many different ways to make money in this business. Some people cross sell. I don't. I like things to be as simple as possible. If I go on the road for two days I expect to sell 4 to 8 FE policies. My brain is too small to clutter it with med sups, universal lilfe, term life mortgage insurance etc. If they seem to have a need or a want for FE I will work the hell out of them anything else and I lose interest.

nfl72,

May I ask where you purchase your telemarketing leads?

Thanks!

 

[digfesales105]

my rough guestimate is that the type of data that is in this sort of report:
http://www.policymap.com/samples/IRSTaxReport.pdf

Is cross refrenced with individual home values, to come up with a guestimate of individual household income range.

I've often thought about buying a 60-85yr list in my areas, just so I'll have an idea of who else was mailed that round. If an appointment noshows, I can 'cloverleaf' the houses next door and already know that it's "Ms Jones" and her income is <$50k. That way I can say "we *did* mail this card to you recently, did you send it in? No? Great, that's why i'm here..."

Maybe they'll recognize the card and let me in. Save that lead $$.

I've actually been to a few houses with an older card, and they had a new card on the table waiting to be mailed in again. I was in the area because of a new cycle of cards being sent out to that area, caught up with an older lead who was about to turn in a NEW card from the most recent cycle. If they'd sent it in, I would have had to pay for it (after 90 days since the first card), so that's actually happened a few times. Whether you sell or not, make sure to grab that other card and throw it away ;-P
I've even had current clients send in a new card.

I've revisited current clients to find out they've actually bought from some other card for Starmark or AARP or some crap like that, since buying from me. I always razz those folks, but it's actually my fault for not keeping up with them.

Heck, if you're looking for a list like let me know. I can whip one up fast and cheap? Up to 5K records is $25. 5-10K is $50. I can usually generate, upload and email you the list within 15-30 mins.

 

[senior-advisor-indiana]

Heck, if you're looking for a list like let me know. I can whip one up fast and cheap? Up to 5K records is $25. 5-10K is $50. I can usually generate, upload and email you the list within 15-30 mins.

Sounds like a good deal....

 

[nfl72]

Because it was asked of me. I have bought my leads almost exclusively for the past few years from PHR. While I have worked mailers on a few occassions, in my mind I much prefer telemarketed leads. Fresh is best

 

[hardworker]

Can I get some info on PHR in case I decide to go that route. Winter gets awfully cold around here and I may not feel like knocking on doors in January. Any help would be greatly appreciated.