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“How To Significantly Reduce Your Lead Costs,
While Increasing Your Sales!”
With all of the bad news people are seeing today, are you
getting fewer and fewer responses (leads) from your current sales letters? Has
the response rate dropped from your Ads in the newspaper? Has the attendance to
your dinner seminars gone down dramatically? Are you getting fewer referrals
from your current clients? Are you having a harder time setting appointments
from the few leads and referrals you do get, and from your dinner seminars? Are
you closing less and smaller sales with the few people you are able to get in
front of?
For the past several months, our phone has been ringing off
the hook with calls from insurance agents, financial advisors, financial
planners and investment brokers who are looking for more, or better ways to
attract new prospects to them. Or, they’re calling us because they are
contemplating getting into an entirely different market. The lead generation
system they’ve used for years isn’t working, as well as it has in past years.
Unfortunately, the bad publicity, recession, home foreclosures, soaring gas
prices and the losses in the stock market are really taking a toll on their
business.
Are you having many of the same problems?
You
have several choices if you want to increase your leads and sales…
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You can spend a lot more money to generate the
leads you need. You can send out more sales letters, run more Ads in the
newspaper, and send out more invitations for your dinner seminars.
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Or, you can spend your time and money learning an
entirely new sales approach, and pray things will be better in a new or
related market.
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Or, you can buckle down and become a better
marketer… (And, actually cut your lead generation costs, while
increasing your sales)
Contrary to what most people would like to believe, there are no quick or magic
prospecting solutions to overcoming the abundance of problems we are currently
experiencing in the insurance and financial services industry. No matter what
you are being told there ISN’T a terrific, low cost, incredibly simple
sales, lead generation or marketing idea that is going to get people to beat a
pathway to your door.
And, just throwing more money into your current lead
generation program, doesn’t mean it will solve your problem. (Even if you do
have the money to do it.)
The most effective option for you to increase your leads
and sales is to become better at marketing. And, if done properly you can
actually significantly reduce your lead costs, while attracting more prospects
to you and closing more sales.
If you’d like to become a better marketer, it starts by
understanding the following six fundamental marketing
principles.
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People prefer to work with either people they
already know and trust, or a referral from someone they know and trust.
Most people do not readily trust strangers, someone they have never heard
of. And, why should they?
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People Buy for Their Reasons, Not Your Reasons.
People want to know how they’ll benefit from working with you. People are
looking for real help with their financial problems. They want an advisor
not a salesperson. And, remember… “People don’t buy what they need! They buy
what they want!”
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Repeat Business is More Profitable than New
Business. Finding and attracting new prospects costs 5-10 times more
money than getting your existing clients to buy more from you. The longer a
person remains as your client, the more they are likely to buy more from
you. You must pay special attention (Keep in touch) to make sure that your
new clients become repeat customers.
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Some Customers and Prospects are More Profitable
than Others. “You get 80 percent of your business from 20 percent of
your clients.” You need to spend the time to analyze what the top 20 percent
of your clients have in common with each other to determine how you can find
and attract more people like them.
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Differentiation is Your Key Competitive Advantage.
You have to be able to help your clients and prospects to see and
understand why they should buy from you instead of from your competition.
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Perceived
Value is Your Key to Increasing Your Profitability. You must
define your target market carefully. Work on delivering high value services
to that market, and then keep telling your clients and prospects about it.
Applying
the above six fundamental marketing principles…
By properly
applying the above six marketing principles, you can dramatically decrease
your lead generation expenses, while significantly increasing the
amount of prospects you will attract to your business. Here are some ideas we
routinely use to help agents, advisors, planners and brokers to grow their
business…
If people prefer to work with either people they
already know and trust, or a referral from someone they know and trust, then you
must find ways to help them to get to know and trust you. One of the best
and most cost efficient ways to accomplish this is to get attorneys,
accountants, P&C agencies, civic organizations, churches, friends, relatives and
clients to invite the people they know to a free educational workshop you are
offering. Educational workshops are a great way to help people to get
to know you, see the type of work you do, and trust you! You don’t have to
provide anything but coffee, sodas and snacks. You can hold your event in a
library, conference room, hotel meeting room, or civic center. And, the total
cost of the event will be less than $200.
Remember, people want to know how they’ll benefit from
working with you. People are looking for real help with their financial
problems. Accordingly, the educational workshop should not be about you,
your companies or your products. The topic of your workshop should somehow
relate to improving their financial situation. Topics of interest for your workshops
could be… ‘Reducing and Eliminating Consumer Debt,’ ‘Reducing Income Taxes for
Retirees,’ ‘Living Debt Free and Truly Wealthy,’ or ‘Avoiding The Hidden Income
On Social Security Income.’
Also, remember repeat business is much more profitable
than new business. So, don’t forget to invite your existing clients to your
education workshops. The cost of admission is to bring a friend.
And, because some clients and prospects are more
profitable than others, you’ll want to make sure you are inviting people that
are most like your most profitable clients. Again, you need to spend the
time to analyze what the top 20 percent of your clients have in common with each
other and then invite people who most resemble those clients!
Defining Your Competitive Advantage. If you act
like a sales person, and are always pushing insurance and investment products,
then you are a sales person in the prospects mind. And, you are the same as
every other insurance agent, financial advisor and financial planner out there.
If you want to attract people to you, instead of them going to your competition,
then you must clearly show people how you are different. And, how you are
different, is how you can help a specific group of people, (Your Niche) to solve
the specific financial problems they face. (Your Specialty)
The Key to Increasing Your
Profitability is Getting People To Respond To You. Once you have defined the
specific group of people you want to work with, (Your Niche) and you have
determined the specific problems you want to solve for them, (Your Specialty)
then you must continually deliver that special message to those people in
everything you do. You want people to see you, as the foremost expert in that
area. Perception is reality!
That’s why you need to... Send out client newsletters every
month. Be a guest speaker on a
local radio or television show. Offer a
free report in all of your correspondence. Get your articles published in the
local newspaper. Send out public service announcements to the local newspaper.
(About your upcoming free educational workshop) Send out press releases. (About
the success of your free educational workshops.) Send your press kit to local
civic, religious and business organizations to get speaking engagements. The
more people see and read about you, and begin to understand how you can help
them, the more they’ll respond to your offers!
Everything we are talking about here doesn’t cost very
much money to do. Using these fundamental marketing principles you will
dramatically improve your current lead generation and sales results within just
a few weeks. The more you help people to get to know you, the more they’ll begin
to trust you and want to meet with you. And, soon you’ll be spending
significantly less money on expensive direct mail, newspaper Ads, and dinner
seminars. You’ll be seeing more of the right people and be closing more sales
and larger sales.
By Lew and Jeremy Nason
“The Nine Out Of Ten Guys”
© 2008 Lew Nason, RFC, LUTC Graduate - All rights
reserved
Lew Nason, with his sons Jeremy Nason, RFC, and Will Nason,
RFA, are the founders of the Insurance Pro Shop and the creators
of the… Found Money Management™ Advanced Life Insurance
Sales System… The most endorsed and successful Life Insurance
prospecting and sales system available for today’s insurance professional!
Lew has been helping agents and advisors to achieve long-term success in
financial services industry for over two decades. His unique perspective, on how
to truly help clients, has enabled scores of agents and advisors reach the top
levels of their profession. Visit his web site at
www.insuranceproshop.com or call him toll free @ 877-297-4608.
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