Well it's been quite a while since an update on this blog but I'll get back to updating it a few times per week.
It was a very tough transition for me from selling health to working on the association full time. I did not expect the rapid growth - guess I'm by far not the only one who's looking for a positive environment.
With the members we currently have it's interesting now to talk about lead sources. We started out recommending 4 shared lead source we thought were at lead decent - not over-sold.
Results? Agents simply do not do well directly competiting against other agents and it's largely a failed concept. The agents who say "it works" needs to define what "works" means. If it means hunting people down day after day week after week so they can land 1 out of 15, to me that is not "working."
We are now only recommending exclusive lead sources or recommending agents generate their own leads from local marketing efforts - choice is theirs.
We do have one shared source left standing - quite a good source: http://leads4agents.com 100% search driven and non affiliates. If you want shared - there's your source.
The same members we have who were doing either poorly or "so so" with shared and doing great with exclusive. We also have another exclusive source coming to the table.
Exclusive leads run around $18 a pop and 90% are indeed exclusive. Simply put, only 10% go onto other lead sources.
Closing is working out to 1/6 which means $108 returns $700 commission on average with a fraction of the headache of working shared.
You can even get to 1/10 and $180 returns $700 which is ugly but still at $520 profit, you actually have a life and you only need to work 40 leads that week to net just over $2,000.
If you want the three exclusive sources we use - contact me.
Downside to exclusive? Volume can be an issue if you want a small area. You need to be prepared to take the entire state and you need a budget. It's not a program for the income challanged.
On the telemarketing front, we have demoed now with three agents a voice mail campaign BtoB - so it's DNC compliant. When the owner answers they hear a message asking if they would like to receive quotes on health insuance. If yes, press 1, to be removed, press 2.
So far a 10,000 call campaign had resulted in between 18 to 22 leads with the campaign costing around $300. That's around $15 for a live transfer. Now - that's not qualified or health filtered but 1 out of 10 is $150 to return $700 and again, your phone rings.
Kamis, 05 Juni 2008
Kamis, 01 Mei 2008
Association as main job now
After yesterday's Norvax webinar my main job now will be running and managing the IHIAA. To me, the number of members is amazing and I greatly appreciate every member.
This industry has so many flaws I can't even count....but let's try:
This industry has so many flaws I can't even count....but let's try:
- Horrible lead sources agents stumble across - waste hundreds/thousands of dollars
- Between lacking to no training on products or the correct products to sell and why
- Zero training about writing apps relating to the claims review process
- No community atmosphere
- No unbiased source of info - we're an association - do not make overrides so we don't need to "steer" agents into selling for any particular carrier
- Agents trapped into bad contracts - can't escape
- Agents trapped in bad agencies - can't escape
- Taught "kill it and grill it" methods of writing business - write an app - onto the next kill
- More of a "just get the deal" - less focus on "career agent"
Selasa, 22 April 2008
Complete automation
Man, I don't know how health insurance was sold 20 years ago but at this point my system is fully automated.
Technology is simply amazing. First of all, let's cover this first - I'm a fan of getting leads as exclusive as possible however generating exclusive leads takes at least 3 hours a day. That's 3 hours I don't have anymore with running the association.
But for brand new agents who have literally never written a single deal - to mirror this - just remember to have a big budget, product knowledge and closing skills.
Ok, so I'm getting shared leads from three different sources and they all get fed to LeadPod. LeadPod is transferring around 26% which is fantastic since on my own I only got a hold of around 12% since my follow-up skills are lacking.
I'm closing 1 out of 4 transfers so let's do the math:
Lead cost: $7 on average
4 transfers: $40 ($10 per transfer)
17 leads to get a deal X $7: $119
Total: $159
Average Commish: $700
Net Profit: $541
Just remember that if you want to budget this out:
20 leads a day X 5 = 100 leads per week X $7 = $700
26 transfers X $10 = $260
Total: $960
That's why I'm saying that this is an advanced system.
This means all I do is feed 17 leads a day into LeadPod and it's $2,700 per week net. Not bad for never having to make an outbound call.
When they transfer a prospect I qualify then take them right to infiniteconferencing.com/join. I like the fixed address - now I don't have to email an invite. I just give them the participation code and there's no download for them to log in.
I start a desktop share and take 'em to my Norvax site - line up a few plans side by side and they choose. I don't do hardly any "first call closes" but we go over the plans, compare them then I email the plan from the Norvax site that we discussed so they can review it.
To me it's all a bit insane:
Do I really get paid to do this?
Also, webinar today at 1pm EST to go over association benefits: www.ihiaa.com
Technology is simply amazing. First of all, let's cover this first - I'm a fan of getting leads as exclusive as possible however generating exclusive leads takes at least 3 hours a day. That's 3 hours I don't have anymore with running the association.
But for brand new agents who have literally never written a single deal - to mirror this - just remember to have a big budget, product knowledge and closing skills.
Ok, so I'm getting shared leads from three different sources and they all get fed to LeadPod. LeadPod is transferring around 26% which is fantastic since on my own I only got a hold of around 12% since my follow-up skills are lacking.
I'm closing 1 out of 4 transfers so let's do the math:
Lead cost: $7 on average
4 transfers: $40 ($10 per transfer)
17 leads to get a deal X $7: $119
Total: $159
Average Commish: $700
Net Profit: $541
Just remember that if you want to budget this out:
20 leads a day X 5 = 100 leads per week X $7 = $700
26 transfers X $10 = $260
Total: $960
That's why I'm saying that this is an advanced system.
This means all I do is feed 17 leads a day into LeadPod and it's $2,700 per week net. Not bad for never having to make an outbound call.
When they transfer a prospect I qualify then take them right to infiniteconferencing.com/join. I like the fixed address - now I don't have to email an invite. I just give them the participation code and there's no download for them to log in.
I start a desktop share and take 'em to my Norvax site - line up a few plans side by side and they choose. I don't do hardly any "first call closes" but we go over the plans, compare them then I email the plan from the Norvax site that we discussed so they can review it.
To me it's all a bit insane:
- Leads from the internet
- Leads fed into Leadpod - only transfer prospect with interest and time to talk
- Desktop share
- Norvax comparisons
- Email quotes
- Online applications
Do I really get paid to do this?
Also, webinar today at 1pm EST to go over association benefits: www.ihiaa.com
Jumat, 18 April 2008
Time Change
I'll be running webinar to go over membership benefits on tomorrow, Saturday at 11am EST - not tonight at 6pm. Info is below and on the website www.ihiaa.com
Trying to keep up with updates
Sorry all - trying to keep up with updates and I'm falling behind. Right now I'm still on LeadPod - absolutely love them.
Basically, all of my leads gets fed into LeadPod and they simply make the calls for me. In my particular situation it's a Godsend since most of my day is the association yet I still need to write some business.
This automates my business and frees me up to do other things during the day.
The association is doing extremely well - much better than I thought it would without any formal advertising.
I just started uploading courses online: www.ihiaa.coursehost.com
Right now I have over 30 courses to upload - it's a fantastic format since members can punch into any course and everything is indexed.
I'm also going to do my 1st live webinar this week about membership and I'm sorry if I have not replied to your email or called you back yet regarding questions. Between current members and writing business I'm behind on answering some questions.
Tonight at 6pm EST just go to:
www.infiniteconferencing.com/join
Code: 2101012
Call into: 712-432-1699 code: 449228
Basically, all of my leads gets fed into LeadPod and they simply make the calls for me. In my particular situation it's a Godsend since most of my day is the association yet I still need to write some business.
This automates my business and frees me up to do other things during the day.
The association is doing extremely well - much better than I thought it would without any formal advertising.
I just started uploading courses online: www.ihiaa.coursehost.com
Right now I have over 30 courses to upload - it's a fantastic format since members can punch into any course and everything is indexed.
I'm also going to do my 1st live webinar this week about membership and I'm sorry if I have not replied to your email or called you back yet regarding questions. Between current members and writing business I'm behind on answering some questions.
Tonight at 6pm EST just go to:
www.infiniteconferencing.com/join
Code: 2101012
Call into: 712-432-1699 code: 449228
Jumat, 11 April 2008
Everything
Well, I had a goal this year to finally hit 1 million in business - 20K a week, which I've never done before. I've always been over $700K a year but never hit my ultimate goal.
This year, however, I'm tracking 1.4. Why? I have basically everything in place:
I spent a lot of years in sales and not too many days pass when I don't really appreciate what I'm doing for a living. Let's compare this to other sales jobs:
This year, however, I'm tracking 1.4. Why? I have basically everything in place:
- Flyers to businesses
- Flyers plastered up on community bulletin board
- Norvax quote site
- Shared leads
- LeadPod
- Referrals (I'm staying in touch much better with clients)
- Constant Contact following up with old leads
I spent a lot of years in sales and not too many days pass when I don't really appreciate what I'm doing for a living. Let's compare this to other sales jobs:
- No credit checks - which normally kills most sales (car, home improvement, etc...)
- No driving to see clients - totally unique to insurance sales
- Can sell all available products unlike other sales were you represent one company
- Renewals - totally insane. The 8th wonder of the world is compound interest - renewals are just like that. Name me a sales job outside of insurance were you continue to be paid on past business
- Economy proof. Check out the out-of-work real estate agents and mortgage brokers. That industry collapsed. However, when the economy tightens more people need a rate reduction. I'm doing more business now then ever. Everyone needs to save.
- This will never go away (despite for the "universal" people may dream about)
- You are truly helping people
- Six figures is relatively easy if you don't pack it in too soon and give yourself a chance
- Almost no start-up costs compared to running other businesses
Kamis, 10 April 2008
Norvax - sometimes you don't know what you're not getting
Of course I always knew Norvax existed but never really gave them too hard of a look before. I was in the "if it's not broke don't fix it" mode - been making great money without it so why mess with it.
Also, as any other biz owner, I'm always trying to maximize profits and minimize costs. However, in this case it not what I was making it's what I was losing. Obviously if you're making $500 by spending $100 more you can make $1,000 it's a no-brainer.
I've now had Norvax for two weeks and it's an amazing and noticeable difference - absolutely increased business and easier. My site's www.mdhealthquotes.com - if you want to run a quote just enter "test" as your name and a MD zip code - 21113 will do. Put in your real email.
Now I can do company side-by-side comparisons - which I've done so far for every prospect and absolutely amazes people. They also get an email shot out with quotes and the auto responder keeps in touch by email at times you set.
I use to follow up by Constant Contact or simply manually sending emails - now it's set for me. Follow-up is crucial in this biz and it's one less thing I have to do.
Norax also alerts me by email when someone's in my site playing around and also shows me the specific plan they're looking at. Basically, when I give prospects my web address and go over some plans the shopping stops. They can now play around in my site on their own and look at plans - which they do.
I bought it since it's a tool and from running the association I'm basically comparing all tools and lead sources. I want to see what's a waste of money or "fluff" and what's legit.
Norvax is one of those things where if you don't have it then it's not what you're saving, it's what you're losing.
You'll pay what I pay - it's $75 a month for the engine/broker office and $50 if you want auto-responder - so it's $120 if you want both which is a $100 per month discount if you're a member. If anyone wants any details just contact me.
Also, as any other biz owner, I'm always trying to maximize profits and minimize costs. However, in this case it not what I was making it's what I was losing. Obviously if you're making $500 by spending $100 more you can make $1,000 it's a no-brainer.
I've now had Norvax for two weeks and it's an amazing and noticeable difference - absolutely increased business and easier. My site's www.mdhealthquotes.com - if you want to run a quote just enter "test" as your name and a MD zip code - 21113 will do. Put in your real email.
Now I can do company side-by-side comparisons - which I've done so far for every prospect and absolutely amazes people. They also get an email shot out with quotes and the auto responder keeps in touch by email at times you set.
I use to follow up by Constant Contact or simply manually sending emails - now it's set for me. Follow-up is crucial in this biz and it's one less thing I have to do.
Norax also alerts me by email when someone's in my site playing around and also shows me the specific plan they're looking at. Basically, when I give prospects my web address and go over some plans the shopping stops. They can now play around in my site on their own and look at plans - which they do.
I bought it since it's a tool and from running the association I'm basically comparing all tools and lead sources. I want to see what's a waste of money or "fluff" and what's legit.
Norvax is one of those things where if you don't have it then it's not what you're saving, it's what you're losing.
You'll pay what I pay - it's $75 a month for the engine/broker office and $50 if you want auto-responder - so it's $120 if you want both which is a $100 per month discount if you're a member. If anyone wants any details just contact me.
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