It’s not a secret that capital is hard to come by these days, especially for independent insurance agents with little collateral. Credit remains tight for industries like insurance agencies whose business model banks may not understand.
Banks can pick and choose what industries and businesses they like. Insurance agencies aren't one of those, agents tell us. Banks prefer to make loans to entities that don't "need" the money, and there aren't many agencies with lots of cash lying around.
As a capital provider for insurance agents, sharing best practices to get the greatest ROI is part of our mission. John Doerr, president of the Wellesley Hills Group – a management, consulting and lead generation firm, discusses several lead generation mistakes agents commonly make which result in losing marketing dollars. Generating qualified leads can be an art -- which makes it difficult for those who don’t have the time or money to master.
Below are five ways agents can best utilize their marketing dollars when generating leads:
- Offer incentives for prospects to become clients
People don’t like to be sold to. They could care less how many times you’ve been named top producer or how many speeches you’ve given at various events. They want to know how you can provide a solution to their problem and what benefits they will receive if they buy your product. Offer whitepapers, case studies, articles or even books to educate your prospect about their needs and your solutions.
- Include a call to action
Don’t assume that a prospect will contact you after reading your article just because of how well it was written. Hold their hand, tell them when to take the next step to reach out to you and how. Some examples include, “If you are interested in learning more about saving for retirement, contact me now."
- Market to a target audience
Marketing campaigns can be a waste of money if your message isn’t reaching qualified and interested people. When attending tradeshows, placing ads or articles in printed materials, or even when cold calling, make sure the audience you are reaching out to is relevant to the product or service you provide. You can run an ad in a local newspaper or popular magazine, but if the 30,000 people who read it aren’t your target audience, then your ROI will be poor.
- Use cross-channel marketing
Combining different tactics such as an article instructing the prospect to visit your website, or a direct mail piece offering a phone consultation, provide options for prospects to choose their desired form of communication and build a relationship.
- Implement a lead nurturing process
Just because a lead contacts you for more information, doesn’t mean they are ready to close the deal. By implementing a process for tracking and following up on leads, you can maximize your marketing dollar by knowing when to continue selling and when it’s time to close the deal.
Although your access to capital may be restricted by others, what you do with it once it’s obtained is up to you. By avoiding the most commonly made mistakes when generating leads, you are able to get ahead of the competition by obtaining market share that others are missing out on.
Interested in learning more about obtaining capital in order to increase your lead generation? Click here for a free, no-obligation valuation or call 877.894.2785. To read testimonials from past clients, click here.