Worst Advice you ever got in Insurance Industry?

[PrivClientSG]

I think "buying leads" in certain marketplaces is the norm. It can be very profitable. Like any marketing effort, there are good ones and bad ones, and they can be profitable or not. In my marketplace, I never bought leads, but I did have a marketing person who I used for a variety of reasons, initiatives, etc. A few times, she target marketed in one specific company after I secured a client there. However, I did that along with getting introductions (not referrals) to others within that company.

People do different things, until they find one or more that work, and then they keep doing it...until it doesn't work any longer. Not so hard, LOL.

 

[Jccwell]

I think "buying leads" in certain marketplaces is the norm. It can be very profitable. Like any marketing effort, there are good ones and bad ones, and they can be profitable or not. In my marketplace, I never bought leads, but I did have a marketing person who I used for a variety of reasons, initiatives, etc. A few times, she target marketed in one specific company after I secured a client there. However, I did that along with getting introductions (not referrals) to others within that company.

People do different things, until they find one or more that work, and then they keep doing it...until it doesn't work any longer. Not so hard, LOL.

In FE, buying leads is a must for 99% of agents. Advising agents against buying leads would be advising them to kill their chances of success.

And many FE agents can buy leads, set their own appointments, and sell on their own. They don't need a setter or a marketer to do those things for them.

 

[DonP]

95% of our agents pay $36 or less for their leads. Two or three agents pay higher.

Not that it matters as long as your selling but that just reiterates rgi is getting higher response targeting serial responders to get return rates up or using tricks to superimpose duplication ( I've personally suspected this ) . $36 a led or $360/1000. It costs a vendor more than $360/1000 to mail . Lead concepts and need a lead charging $580-$600/ 1000 to mail . Talk to any fe agent who drops his own mail . Few few get over 1% or $58-$60 a lead . No rocket science in this . All the good vendors use the exact same lists . Most all these vendors resell anyway . Go look at Chris weirshouse and car . $200 k car and $5 mil house . He sure as hell ain't got that on making a shitty $130 /1000 gross override . I've caught many of these so called respectable vendors reselling . Knock on a door " she died a yr ago " . Lead business dirty. As I said I've talked to some of your agents in the past bitching about getting tons of duplicate leads .

 

[PrivClientSG]

In FE, buying leads is a must for 99% of agents. Advising agents against buying leads would be advising them to kill their chances of success.

And many FE agents can buy leads, set their own appointments, and sell on their own. They don't need a setter or a marketer to do those things for them.

Don't know a thing about the FE marketplace, which is why I didn't speak to it specifically. I know one very successful producer in the marketplace and he told me leads and marketing are the key to his business. Without it, he said he'd have little to nothing. I can see that. I am sure as much as it's mandatory in that marketplace, it would fail in other marketplaces. What works is market specific I am sure.

 

[Newby]

Not that it matters as long as your selling but that just reiterates rgi is getting higher response targeting serial responders to get return rates up or using tricks to superimpose duplication ( I've personally suspected this ) . $36 a led or $360/1000. It costs a vendor more than $360/1000 to mail . Lead concepts and need a lead charging $580-$600/ 1000 to mail . Talk to any fe agent who drops his own mail . Few few get over 1% or $58-$60 a lead . No rocket science in this . All the good vendors use the exact same lists . Most all these vendors resell anyway . Go look at Chris weirshouse and car . $200 k car and $5 mil house . He sure as hell ain't got that on making a shitty $130 /1000 gross override . I've caught many of these so called respectable vendors reselling . Knock on a door " she died a yr ago " . Lead business dirty. As I said I've talked to some of your agents in the past bitching about getting tons of duplicate leads .

Sounds like you have it all figured out.

 

[Deborah Armstrong]

If you don't keep track of what they produce, you get 14% of what?

The CRM system keeps track of all closed sales. There is no getting around that. You can't skirt it to hide it.

I would make a hell of a lot more money if I were producing, but I do not have time for that. I have a lot of things going on right now. This works best for me.

 

[Deborah Armstrong]

I think where you are confusing everyone is you say agents shouldn't buy leads (unless they sell FE) but then you say your main job at your agency is to generate leads for the producers.
When asked how much annual sales you produce without leads (your earlier post) you sad you don't personally produce. OK but the follow up question is, how much DID you produce when you were a producer with the "no lead" system?

I will be happy to answer your question after I say this: I have noticed that Insurance Forums attracts people that like to find fault with comments from others. Not everyone, but it is something I noticed. It can create a very negative forum in the eyes of new people. I would also like to add I have learned a lot from very good comments. Some of you have given me great ideas. I hope I can do the same for all of you.

Let's start with what you first said quoting me about buying leads. It is not a contradiction. I do not like leads. I bought leads years ago when I first started LegalShield 22 years ago. I got nothing from the 100 expensive quality leads that I bought when I was new. I had better luck with my warm market. I am not talking about friends or family I am talking about business connections that I had.

I started in the insurance industry in 2014, with a captive agency. I continually made appointments and I knew how to get appointments. It was often said if you are having trouble getting appointments give it to Deborah, she knows how to kick open doors. I did this without buying leads. I had and still have a very huge warm market. Why buy leads when I have a large warm market that I can nurture and the warm market keeps growing? There is no reason. Everyone should be building a warm market so they do not have to buy leads.

I didn't consider FE because I do not work in that market. I can see that you might have to buy leads for FE because most of these potential clients are older and do not use social media. They are people who are using their phone the old fashion way and calling to ask about FE.

It is also wise to door knock for these potential clients. However, I would go to a 50 and older community. A possible issue with these communities is that there are no soliciting signs. You wouldn't want to get into trouble. I would go to the person in charge of the community and offer a free seminar with free dinner for the residents at their clubhouse so they do not have to travel. I would give out questionnaire cards asking them what is most important to them or concerns that they have when they die. I would give out these cards prior to the seminar and I would also give them out at the seminar for those that think of questions during the seminar that can be addressed after the seminar. I do this to control time.

I would focus on creating a presentation based on answering their questions. I want to give a presentation that resolves what they care about most. At the end of that presentation, you should have resolved everyone's concerns and the product solved their problem. The potential client now has the solution.

As far as how much I produced? I really do not know why I am being asked that. It serves no real purpose. I could say I was a superstar and I would be accused of lying. I could say I was an average producer and be accused of not doing any better than anyone else for someone that doesn't buy leads. Regardless of my answer it will be scrutinized by someone. In the same sense I could ask everyone here how much they produced and I am sure many would not be telling the truth. The best answer for what agents or brokers produce can be found in the Bureau of Labor Statistics.

The question is about leads. Why pay for leads when I can generate my own from my warm market that continuously grows. Why aren't you generating leads through growing your warm market? You can also get referrals from your warm market. Keep growing your warm market and you won't have to buy leads.

 

[Newby]

I will be happy to answer your question after I say this: I have noticed that Insurance Forums attracts people that like to find fault with comments from others. Not everyone, but it is something I noticed. It can create a very negative forum in the eyes of new people. I would also like to add I have learned a lot from very good comments. Some of you have given me great ideas. I hope I can do the same for all of you.

Let's start with what you first said quoting me about buying leads. It is not a contradiction. I do not like leads. I bought leads years ago when I first started LegalShield 22 years ago. I got nothing from the 100 expensive quality leads that I bought when I was new. I had better luck with my warm market. I am not talking about friends or family I am talking about business connections that I had.

I started in the insurance industry in 2014, with a captive agency. I continually made appointments and I knew how to get appointments. It was often said if you are having trouble getting appointments give it to Deborah, she knows how to kick open doors. I did this without buying leads. I had and still have a very huge warm market. Why buy leads when I have a large warm market that I can nurture and the warm market keeps growing? There is no reason. Everyone should be building a warm market so they do not have to buy leads.

I didn't consider FE because I do not work in that market. I can see that you might have to buy leads for FE because most of these potential clients are older and do not use social media. They are people who are using their phone the old fashion way and calling to ask about FE.

It is also wise to door knock for these potential clients. However, I would go to a 50 and older community. A possible issue with these communities is that there are no soliciting signs. You wouldn't want to get into trouble. I would go to the person in charge of the community and offer a free seminar with free dinner for the residents at their clubhouse so they do not have to travel. I would give out questionnaire cards asking them what is most important to them or concerns that they have when they die. I would give out these cards prior to the seminar and I would also give them out at the seminar for those that think of questions during the seminar that can be addressed after the seminar. I do this to control time.

I would focus on creating a presentation based on answering their questions. I want to give a presentation that resolves what they care about most. At the end of that presentation, you should have resolved everyone's concerns and the product solved their problem. The potential client now has the solution.

As far as how much I produced? I really do not know why I am being asked that. It serves no real purpose. I could say I was a superstar and I would be accused of lying. I could say I was an average producer and be accused of not doing any better than anyone else for someone that doesn't buy leads. Regardless of my answer it will be scrutinized by someone. In the same sense I could ask everyone here how much they produced and I am sure many would not be telling the truth. The best answer for what agents or brokers produce can be found in the Bureau of Labor Statistics.

The question is about leads. Why pay for leads when I can generate my own from my warm market that continuously grows. Why aren't you generating leads through growing your warm market? You can also get referrals from your warm market. Keep growing your warm market and you won't have to buy leads.

What you say you don't care for about this forum is what keeps it real. This forum is known to not allow people to come on a give bull sheet advice that they "think" might work as real tried and true and proven methods of successfully selling insurance. This is not Facebook where everyone is fake it till you make it but hardly anyone makes it.

Your post right here is a perfect example. You start out saying you are a very good appointment setter and lead generator but instead of giving us your favorite appointment setting or lead generating tips you go into speculating on how you think you would approach selling FE which you have never sold. Why would you do that? You're talking on here to agents that are selling $4,000 to $10,000+ of Final Expense every week and many have kept that pace going for YEARS. Why in the world would you think they want to hear your theories about what you think might work in a post like this. That is like going to the world's top medical college and telling them your theories on curing cancer.

As far as people calling out BS on anything you say about your successes, just give them factual info that they can't argue with. Companies have leaderboards. Companies have conventions. Companies have presidents club. MDRT does verifying of production. Agencies have producer rings or other awards. There are ways to show that you are a credible resource of how to sell insurance.

This forum is one of the best resources on the internet for insurance agents. The reason for that is the very problem you have with it. We call you out if you aren't keeping it real. Agents who are here to learn, love it. But it's just noise to have someone mixing nonsense that they think might work in with proven advice.

Welcome to the forum. Approach it the right way and you will love it.

 

[Jccwell]

What you say you don't care for about this forum is what keeps it real. This forum is known to not allow people to come on a give bull sheet advice that they "think" might work as real tried and true and proven methods of successfully selling insurance. This is not Facebook where everyone is fake it till you make it but hardly anyone makes it.

Your post right here is a perfect example. You start out saying you are a very good appointment setter and lead generator but instead of giving us your favorite appointment setting or lead generating tips you go into speculating on how you think you would approach selling FE which you have never sold. Why would you do that? You're talking on here to agents that are selling $4,000 to $10,000+ of Final Expense every week and many have kept that pace going for YEARS. Why in the world would you think they want to hear your theories about what you think might work in a post like this. That is like going to the world's top medical college and telling them your theories on curing cancer.

As far as people calling out BS on anything you say about your successes, just give them factual info that they can't argue with. Companies have leaderboards. Companies have conventions. Companies have presidents club. MDRT does verifying of production. Agencies have producer rings or other awards. There are ways to show that you are a credible resource of how to sell insurance.

This forum is one of the best resources on the internet for insurance agents. The reason for that is the very problem you have with it. We call you out if you aren't keeping it real. Agents who are here to learn, love it. But it's just noise to have someone mixing nonsense that they think might work in with proven advice.

Welcome to the forum. Approach it the right way and you will love it.

Well said!

 

[jdeasy]

I will be happy to answer your question after I say this: I have noticed that Insurance Forums attracts people that like to find fault with comments from others. Not everyone, but it is something I noticed. It can create a very negative forum in the eyes of new people. I would also like to add I have learned a lot from very good comments. Some of you have given me great ideas. I hope I can do the same for all of you.

Let's start with what you first said quoting me about buying leads. It is not a contradiction. I do not like leads. I bought leads years ago when I first started LegalShield 22 years ago. I got nothing from the 100 expensive quality leads that I bought when I was new. I had better luck with my warm market. I am not talking about friends or family I am talking about business connections that I had.

I started in the insurance industry in 2014, with a captive agency. I continually made appointments and I knew how to get appointments. It was often said if you are having trouble getting appointments give it to Deborah, she knows how to kick open doors. I did this without buying leads. I had and still have a very huge warm market. Why buy leads when I have a large warm market that I can nurture and the warm market keeps growing? There is no reason. Everyone should be building a warm market so they do not have to buy leads.

I didn't consider FE because I do not work in that market. I can see that you might have to buy leads for FE because most of these potential clients are older and do not use social media. They are people who are using their phone the old fashion way and calling to ask about FE.

It is also wise to door knock for these potential clients. However, I would go to a 50 and older community. A possible issue with these communities is that there are no soliciting signs. You wouldn't want to get into trouble. I would go to the person in charge of the community and offer a free seminar with free dinner for the residents at their clubhouse so they do not have to travel. I would give out questionnaire cards asking them what is most important to them or concerns that they have when they die. I would give out these cards prior to the seminar and I would also give them out at the seminar for those that think of questions during the seminar that can be addressed after the seminar. I do this to control time.

I would focus on creating a presentation based on answering their questions. I want to give a presentation that resolves what they care about most. At the end of that presentation, you should have resolved everyone's concerns and the product solved their problem. The potential client now has the solution.

As far as how much I produced? I really do not know why I am being asked that. It serves no real purpose. I could say I was a superstar and I would be accused of lying. I could say I was an average producer and be accused of not doing any better than anyone else for someone that doesn't buy leads. Regardless of my answer it will be scrutinized by someone. In the same sense I could ask everyone here how much they produced and I am sure many would not be telling the truth. The best answer for what agents or brokers produce can be found in the Bureau of Labor Statistics.

The question is about leads. Why pay for leads when I can generate my own from my warm market that continuously grows. Why aren't you generating leads through growing your warm market? You can also get referrals from your warm market. Keep growing your warm market and you won't have to buy leads.

Blah, blah, blah to say you don't produce.

Now you ask why does it matter. It mattered in this thread because we were talking about getting bad advice and almost all of the bad advice comes from people that don't and haven't produced.

You want to give advice in that context. So it is important to know how the advice you give works for you.

Your advice to not buy leads is terrible advice. maybe it fits into the worst advice category?

And that is backed up by the fact that you do not produce by taking your advice.

And you know nothing of the FE market but go ahead and just to one of those senior centers and prove me wrong.

Year in and year out successful life agents are getting leads somehow. And paying for those leads with time or money.