Well, we got our Time trip packet in the mail yesterday and my wife's thrilled - going crazy choosing the events and planning our trip. This will be my 3rd insurance trip in 4 years in the biz - Assurant only does trips every other year.
I thought it would be fun to compare the Time Manhattan trip to the UGA (Mega Life) Cabo trip. Very interesting comparisons that really tell you a lot about each company:
Airfare
Time - free
UGA - I paid
When we Landed
Time - Limo waiting for just me and my wife
UGA - everyone got on a "beer bus" and drank until we got to the hotel
Hotel
Time - St. Regis in Manhattan
UGA - Hilton
Activities
Time - Paid for 2 activities of our choice from a list of 6
UGA - paid for no activities - we laid around the pool all day
Dining
Time - one night at NBC's infamous Rainbow Room, one night at the Stock Market Exchange, one night gala ball (tux mandatory) at the St. Regis
UGA - buffet's at the hotel - all the pasta you can eat
Special Event
Time - Dessert cruise to the Statue of Liberty then launched fireworks while tenors on the boat sang opera
UGA - took us to Sammy Hagar's Cabo Wabo club and everyone got trashed
Telling - isn't it.
Saturday, February 16, 2008
Friday, February 15, 2008
HSA telemarketing pitch
Sorry about having to move the webinar but I had a prospect move up a HSA webinar presentation. Very good presentation too - 54 year old lady, great health paying $390 through Carefirst and I can save her over $100 a month and lower her liability.
Initially she expressed a concern over paying more for her deductible - she has $750 deductible now with BX. However, what she didn't know was she also has a $2,500 OOP 80/20.
She tried to argue that point, standing firm that $750 was all she had to pay. Thanks to technology and desktop sharing I pulled up the Carefirst site and showed her she has $750 + $2,500 = $3,250 in liability.
She says "wow...I never knew that." So now she has less liability and over $1,000 a year in savings. Her only concern is her annual and I convinced her that a repriced annual is no where near $1,000.
Should be signing her up on Monday. I take my time with people and it hits when it hits. I am very uncomfortable "closing" people when they're not ready to sign up - and everyone's 6th sense tells them when they're talking to someone who's not quite there yet.
Good move to make? Crank out a "nice talking to you" letter and highlight some points you made. I mail prospects all the time. I really don't know if it has a direct effect since when I sign people up I don't ask "hey, did my letter make a difference?"
My theory is it's professional and goes far towards legitimacy. If I'm spending a lot of time with someone I can cough up the cost of postage.
I was back in the dialer today and tried a HSA script - great success. In fact, I like the HSA script far more than the "save you 30% script."
My pitch was pretty basic:
"Hi, this is John Petrowski with Maryland Health Plans. I'm calling because we're currently heavily promoting HSA health plans through the top carriers like Carefirst, United Healthcare and Time. On average they are 50% less expensive then traditional plans and I like to email you the information and rates."
When you're making calls the intro needs to be short and get to the point. If not you'll have a lot of people cutting you off - which sucks.
After a "yes" then it's time to slowly get more and more info:
- I just need your age and zip code to work up the rates
- Have you heard of HSAs before?
- What do you currently have now?
If they're unwilling to give me their age and zip it's pretty much over. But as you can see, I did just over 2 hours of calling today with 7 solid HSA leads.
This is cool. First of all, it's cool to have this CRM system where I'm talking to so many people I get a chance to play around with scripts. Secondly, I really enjoyed talking about HSAs to people today.
What made me feel the best was displaying to knowledge of HSAs. I pretty proficient on them, but not a total expert - need to do more research to get into some intimate details.
Webinar reschduled for Monday at 1pm
I have to reschedule today's webinar until Monday at 1pm. I have a HSA presentation to give today at that time.
Everyone who emailed me - I'll shoot you out the link on Monday. Time again:
Webinar
Monday the 18th
1PM EST
Info@marylandquotes.com to join
Everyone who emailed me - I'll shoot you out the link on Monday. Time again:
Webinar
Monday the 18th
1PM EST
Info@marylandquotes.com to join
Thursday, February 14, 2008
Webinar tomorrow and reality
We'll be having another shoot the shit webinar tomorrow:
Friday at 1pm EST info@marylandquotes.com if you want to attend
Even if you've attended past webinars I still need you to email me if you want to attend.
Now, a reality check. I got a great email from Al, a friend of mine out in CA saying he loves my blog but would like more reality about the ups and downs. I'm great about posting the ups, almost never post the downs.
First of all, here's what I got yesterday from Assurant. Yes, that's an unusually good week and I also have renewals in there.
However, my typical day is getting my ass kicked from morning 'till afternoon. I get blown off, stood up (for phone appointments) said "no" and anything else you can think off all day.
I'm on the phones in the morning calling past leads and following up. Almost all of my calls end up in:
"We haven't had a chance to look at the information but we'll call you back when we do."
"I think I'm gonna just stick with what I have now, but thanks."
"You got me at a bad time but I have your caller ID so I'll call you later."
"This all looks great but I really need to look it over and think about it. Can you give me a week or two?"
"It looks like we're gonna do this, but I don't have time right now."
That's over 90% of my calls. The truth is simple; 10K a week at 20% is six figures and 10K is only 3 deals a week. How many agents are actually making six figures? Dunno - not many.
IF you're ethical, IF you're doing a thorough pre-screen and IF you're only dealing with people where you're bettering their position 10K a week takes a LOT of work.
Don't pay attention to these agents you see doing "50K a week" selling online. Overwhelmingly they are slam artists, not agents.
Because agents avoid getting told "no" and because they avoid that they strive to speak to the least amount of people a day instead of the most amount.
I don't care what your lead source is - overwhelmingly 90% of your phone calls will end with no submitted application. A lot of people simply can't handle that and when they just start to realize those numbers they do something wrong:
They start looking at "what am I doing wrong" and second guess everything they say to prospects. And when you think what you're saying is wrong of ineffective it's a fast downward slide from there.
There's not too much you can say wrong to people who are buyers. They either really want coverage or really want to change what they have. I do far most listening them talking with people I close.
In fact, I pretty much know I don't have a deal when I'm the one talking. There's not an agent in this country closing better than 1 out of 10 leads from any source. Again, you pick up the phone and have a 90% chance of not getting the deal.
A lot of new agents look at senior agents and think we have our presentation so well honed that we get far more "yesses." No, we've simply learned to deal with high volumes of no's.
Today I have 6 people to call back to go over rates and quotes. 5 of those 6 won't go anywhere.
Friday at 1pm EST info@marylandquotes.com if you want to attend
Even if you've attended past webinars I still need you to email me if you want to attend.
Now, a reality check. I got a great email from Al, a friend of mine out in CA saying he loves my blog but would like more reality about the ups and downs. I'm great about posting the ups, almost never post the downs.
First of all, here's what I got yesterday from Assurant. Yes, that's an unusually good week and I also have renewals in there.
However, my typical day is getting my ass kicked from morning 'till afternoon. I get blown off, stood up (for phone appointments) said "no" and anything else you can think off all day.
I'm on the phones in the morning calling past leads and following up. Almost all of my calls end up in:
"We haven't had a chance to look at the information but we'll call you back when we do."
"I think I'm gonna just stick with what I have now, but thanks."
"You got me at a bad time but I have your caller ID so I'll call you later."
"This all looks great but I really need to look it over and think about it. Can you give me a week or two?"
"It looks like we're gonna do this, but I don't have time right now."
That's over 90% of my calls. The truth is simple; 10K a week at 20% is six figures and 10K is only 3 deals a week. How many agents are actually making six figures? Dunno - not many.
IF you're ethical, IF you're doing a thorough pre-screen and IF you're only dealing with people where you're bettering their position 10K a week takes a LOT of work.
Don't pay attention to these agents you see doing "50K a week" selling online. Overwhelmingly they are slam artists, not agents.
Because agents avoid getting told "no" and because they avoid that they strive to speak to the least amount of people a day instead of the most amount.
I don't care what your lead source is - overwhelmingly 90% of your phone calls will end with no submitted application. A lot of people simply can't handle that and when they just start to realize those numbers they do something wrong:
They start looking at "what am I doing wrong" and second guess everything they say to prospects. And when you think what you're saying is wrong of ineffective it's a fast downward slide from there.
There's not too much you can say wrong to people who are buyers. They either really want coverage or really want to change what they have. I do far most listening them talking with people I close.
In fact, I pretty much know I don't have a deal when I'm the one talking. There's not an agent in this country closing better than 1 out of 10 leads from any source. Again, you pick up the phone and have a 90% chance of not getting the deal.
A lot of new agents look at senior agents and think we have our presentation so well honed that we get far more "yesses." No, we've simply learned to deal with high volumes of no's.
Today I have 6 people to call back to go over rates and quotes. 5 of those 6 won't go anywhere.
Tuesday, February 12, 2008
one shot one kill
I normally don't for for one-call closes but again, my phone rang today - even forgot to ask where she got my number but looking for coverage, one med, currently has Mega and anxious to get off.
I did a GoToMeeting and used the live desktop tool, showed her GR quotes, did the app online and it's done. Not a huge premium - $145 a month but from A to Z it took about 25 minutes. Tomorrow I'm gonna call her back and ask where she got my number.
I'm getting quite busy - I've had little ads out for months now - always put the flyers out anytime I'm out and about and I think my redesigned flyer for '08 is starting to pull. I have yet to actually go BtoB with them - just been leaving 'em in strip plazas when I'm running around.
I am very very excited about this year. I could increase my earnings by 100% if I keep tracking the way I've been going.
When it's all said and done, by April it'll be:
I'm sorry I haven't updated my Feb spreadsheet yet. I will. I use a much broader Excel sheet to track my leads and have to import only certain columns for privacy reasons and because you wouldn't be able to view it all at once. My spreadsheet has a lot of columns and I have to scroll over to see them all.
I did a GoToMeeting and used the live desktop tool, showed her GR quotes, did the app online and it's done. Not a huge premium - $145 a month but from A to Z it took about 25 minutes. Tomorrow I'm gonna call her back and ask where she got my number.
I'm getting quite busy - I've had little ads out for months now - always put the flyers out anytime I'm out and about and I think my redesigned flyer for '08 is starting to pull. I have yet to actually go BtoB with them - just been leaving 'em in strip plazas when I'm running around.
I am very very excited about this year. I could increase my earnings by 100% if I keep tracking the way I've been going.
When it's all said and done, by April it'll be:
- Telemarketing - 8 to 10 hours a week
- Flyers at all businesses when I'm out and about
- Local events
- Redesigned quote page and work on my website for more traffic and quotes
- Mailers
I'm sorry I haven't updated my Feb spreadsheet yet. I will. I use a much broader Excel sheet to track my leads and have to import only certain columns for privacy reasons and because you wouldn't be able to view it all at once. My spreadsheet has a lot of columns and I have to scroll over to see them all.
Monday, February 11, 2008
Flyer
Here's the flyer I use:
http://www.savefile.com/files/1373381
Fyers can be used many ways:
For me, I don't do much formal BtoB since I' not new - already have renewal income. I'll go out if I'm bored but I'll also hit a strip plaza when I'm out and about. Takes literally minutes to walk into a few store and leave a flyer at the counter.
I also changed my flyer - actually many times to see if what was written had any affect on the results. It does - and dramatically. A poorly designed or mis-worded flyer will not pull hardly at all. You'll think it's the method that sucks when it's actually the flyer.
As can see, I'm advertising to call for quotes. This is because I'm tired of the web-submitted junk. There are obviously great leads through a website - those are also the same people who would have called you.
It's working well. It's cool for my phone to ring. I also have a factor that's specific to MD - MHIP. I can put anyone who's uninsurable on that program in 2 weeks - pays me $100. Although that's not huge money it at least means I can help anyone who calls and it at get some payment.
http://www.savefile.com/files/1373381
Fyers can be used many ways:
- Going BtoB
- Bulletin boards
- Hand outs at events
For me, I don't do much formal BtoB since I' not new - already have renewal income. I'll go out if I'm bored but I'll also hit a strip plaza when I'm out and about. Takes literally minutes to walk into a few store and leave a flyer at the counter.
I also changed my flyer - actually many times to see if what was written had any affect on the results. It does - and dramatically. A poorly designed or mis-worded flyer will not pull hardly at all. You'll think it's the method that sucks when it's actually the flyer.
As can see, I'm advertising to call for quotes. This is because I'm tired of the web-submitted junk. There are obviously great leads through a website - those are also the same people who would have called you.
It's working well. It's cool for my phone to ring. I also have a factor that's specific to MD - MHIP. I can put anyone who's uninsurable on that program in 2 weeks - pays me $100. Although that's not huge money it at least means I can help anyone who calls and it at get some payment.
Sunday, February 10, 2008
35K!
I had a fantastic week - just over $35K submitted with 7 deals. 3 of those deals were new from telemarketing, 2 were calls from flyers while and 2 were referrals. Only 3 of the 7 were telemarketed deals - the other 4 were people who picked up the phone and called me.
And by the way, this was an unusually high week. If I put in 35K a week every week it would be insane. I average $700,000 a year in volume which is only 13,000+ per week.
It's the 2 referrals I'm impressed with - I'm really trying to build a local name and it's just starting to pull results. Again, my goals have still not changed and I think there's enough people in my locality looking for health insurance to make a great living.
Telemarketing is a means to an end. I do not plan on telemarketing for years and years. It's a tool to use to get into your local market and start getting known.
Advertising without a reputation, as I've already seen, pulls low results. However, over time advertising my agency and website - as people see my name over and over and over pulls more and more and I'm just starting to see that.
I think the final key to all of this is participating in local events. Not only will that generate leads but also really get my name known in the community.
I'm more into having my phone ring then generating web traffic - which is more expensive however higher quality and a much better closing percentage. When you advertise your website "get free quotes" you're advertising for shoppers. I know that from my PPC campaigns.
However, when you're advertising to save money off your current plan you're advertising for buyers. You're also not advertising to people who currently don't have plans.
I switched my "free quotes" flyers and my website to "save money" flyers with my phone number. Web traffic obviously down, phones calls up and closing is up.
Really, my theory is kind of simple:
Put an ad out: "Maryland Health Plans - Get Free Quotes....blah blah blah"
- lacking results. No established name. No established reputation.
However:
Same ads placed every month
Doing all chamber of commerce functions
Mailers to all local small businesses
Showing up at all local events
Now someone sees that ad and it's "Oh, there's all over the place - just saw 'em at the last festival" and they now contact me.
I've been talking to a few agents lately about mailers, why most don't pull and mistakes people make when sending them. Turns out I'm a violator of everything I shouldn't have done with mailers.
I've been talking to one agent who's been pulling 1.5% which beats my typical .05%. He even admits that it's one arm of a local marketing campaign and mailers alone won't sustain an agent's income. Nice to talk to honest people instead of "here's my secret system to making a ton of money without working."
But even at 1.5% return is relatively low ROI:
1,000 mailers X 50 cents = $500
3 cents per record X 1,000 = $30
1.5% return = leads
I really hate to guess the closing out of that - 1 to 2...three would be a gift. I'd need two to make it really worth it.
They key to this of course is dumping profits back into all forms of local marketing so over time I become a recognized name.
There are things I'd like to do but I really don't know if the cost would be justified. I could pay anyone $10/hr to simply plaster businesses with flyers. They'd just leave a flyer but also be required to take a business card. So not only do I know they've actually placed the flyers but I can follow up by email or phone.
The math is impossible though; 50 flyers placed per hour X 4 hours a day is $40 a day or $160 a week with 1,000 flyers placed per week. Return? Again, low - 1% probably or 10 leads. However, $160 for 10 leads is $16 per lead - exclusive and local. These are also "phone ring" leads since my web address is just a small footnote on my flyer. Most web leads are junk.
However, does that beat mailers? 1,000 mailers would be $500+ - this would be $160.
And by the way, this was an unusually high week. If I put in 35K a week every week it would be insane. I average $700,000 a year in volume which is only 13,000+ per week.
It's the 2 referrals I'm impressed with - I'm really trying to build a local name and it's just starting to pull results. Again, my goals have still not changed and I think there's enough people in my locality looking for health insurance to make a great living.
Telemarketing is a means to an end. I do not plan on telemarketing for years and years. It's a tool to use to get into your local market and start getting known.
Advertising without a reputation, as I've already seen, pulls low results. However, over time advertising my agency and website - as people see my name over and over and over pulls more and more and I'm just starting to see that.
I think the final key to all of this is participating in local events. Not only will that generate leads but also really get my name known in the community.
I'm more into having my phone ring then generating web traffic - which is more expensive however higher quality and a much better closing percentage. When you advertise your website "get free quotes" you're advertising for shoppers. I know that from my PPC campaigns.
However, when you're advertising to save money off your current plan you're advertising for buyers. You're also not advertising to people who currently don't have plans.
I switched my "free quotes" flyers and my website to "save money" flyers with my phone number. Web traffic obviously down, phones calls up and closing is up.
Really, my theory is kind of simple:
Put an ad out: "Maryland Health Plans - Get Free Quotes....blah blah blah"
- lacking results. No established name. No established reputation.
However:
Same ads placed every month
Doing all chamber of commerce functions
Mailers to all local small businesses
Showing up at all local events
Now someone sees that ad and it's "Oh, there's all over the place - just saw 'em at the last festival" and they now contact me.
I've been talking to a few agents lately about mailers, why most don't pull and mistakes people make when sending them. Turns out I'm a violator of everything I shouldn't have done with mailers.
I've been talking to one agent who's been pulling 1.5% which beats my typical .05%. He even admits that it's one arm of a local marketing campaign and mailers alone won't sustain an agent's income. Nice to talk to honest people instead of "here's my secret system to making a ton of money without working."
But even at 1.5% return is relatively low ROI:
1,000 mailers X 50 cents = $500
3 cents per record X 1,000 = $30
1.5% return = leads
I really hate to guess the closing out of that - 1 to 2...three would be a gift. I'd need two to make it really worth it.
They key to this of course is dumping profits back into all forms of local marketing so over time I become a recognized name.
There are things I'd like to do but I really don't know if the cost would be justified. I could pay anyone $10/hr to simply plaster businesses with flyers. They'd just leave a flyer but also be required to take a business card. So not only do I know they've actually placed the flyers but I can follow up by email or phone.
The math is impossible though; 50 flyers placed per hour X 4 hours a day is $40 a day or $160 a week with 1,000 flyers placed per week. Return? Again, low - 1% probably or 10 leads. However, $160 for 10 leads is $16 per lead - exclusive and local. These are also "phone ring" leads since my web address is just a small footnote on my flyer. Most web leads are junk.
However, does that beat mailers? 1,000 mailers would be $500+ - this would be $160.
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