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6 Common Mistakes Agents Make When Buying Insurance Leads Online
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Buying online health and life insurance leads is the way of the future, and the online lead generation industry is growing exponentially as more agents realize the important role lead generation companies play in their growth. Working with a company that sells leads can help you grow your business and provide a steady stream of prospects.
Of course, the best way to profit from leads is having a good process in place before you begin. Here are six of the most common mistakes insurance agents make when buying their leads online.
1. Waiting too long to respond to leads
All too often, agents put off contacting their new prospects, usually because there isn't a system in place to handle leads as they come in. It's best to contact a prospect within 5 minutes of receiving the lead, as you are about 100 times more likely to make contact if you call or email quickly rather than waiting thirty minutes. Remember: consumers are usually contacted by numerous agents, and each one will be eager to sell a new policy. A fast response will increase your chances of making that sale.
2. Only attempting to contact a lead once
If you don't succeed in making contact the first time, try again! When you buy life or health insurance leads, it's common to not make direct contact the first time. One study by Leads360 found that 50% of leads are never contacted again after the first try! With a good follow-up procedure, you can avoid letting these valuable leads slip through your fingers. Contact immediately after receiving business leads will give you a higher contact rate, and follow-up calls should be made between 4:00 and 6:00 pm on Wednesday or Thursday. At least six attempts at contacting a lead will give you the maximum possible contact rate.
3. Only using one method of contact
Make sure you try to contact prospects through phone and email, or even text message. Many consumers prefer one contact method over another, so you may be letting contacts ready to by slip away from you if you only stick with one method. If the prospect responds, make sure you follow-up with the same contact method.
4. Giving up too soon
Unfortunately, many agents simply give up too soon, buying a batch of 20 health insurance leads, having a low close rate and quitting. It will definitely take more than 20 or 30 leads to perfect your process and learn how to measure success.
You will need to make a conscious effort to invest in online leads, as it will become a major marketing strategy to grow your business. Still, it won't happen overnight and there is no magic strategy. Practice leads to perfection so start by gaining experience and refining your process.
5. Assuming all leads are perfect
Not all health or life insurance leads will be perfect. While great lead providers work hard to weed out the poo quality leads, they can't catch them all. If you buy a lead with a bad email address, try the phone number. If you notice the street address is not right, try Googling it. It may be possible to save a prospect and get a sale, especially when you consider most agents won't take the time to research. If the lead is absolutely bad, most providers will also give you a credit.
6. Having unrealistic goals
Finally, you need to have realistic goals when you buy leads, especially the first batch. Most new agents have a close rate of only 5%, which gradually rises with practice and a great process in place. Still, even with a close rate of 5%, the numbers may work when you consider the cross-sell, policy renewal and referrals.
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