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As I talk to sales professionals each day, one thing that continues to astonish me, is that the majority of them expect to find the mother lode of prospects, simply by rubbing a magic lamp.
Most sales people think that "million-dollar" producers just got lucky. They seem to believe that "million-dollar" producers have found 'Aladdin's Magic Genie' and every month they have 100's of great prospects begging them for an appointment.
Unfortunately, it rarely happens that way.
Prospecting is a series of continuous, planned actions. It's not just one thing - it's a complete system: a system that you need to develop in order to maximize your sales and income.
Most of the sales people I talk to, don't have several sources of prospects; and that is why so many of them continue to struggle in sales.
'Prospecting isn't some Golden Goose giving you 100s of golden leads every month. You must have a complete system and have at least 3 or 4 ways to get new prospects that will constantly feed you more business.'
Let's talk about how you develop a fully integrated, turnkey, automatic, prospecting system that will put you in front of interested, high quality prospects everyday. Isn't that what you want?
Annual Reviews
This is the most overlooked and yet the most profitable of all prospecting activities. Annual Reviews with your existing clients, will cement relationships, retain business, create repeat sales and generate high quality referred leads.
While I was in sales, annual reviews accounted for 40% to 50% of my new sales income every year, and that isn't counting the sales income I got from referral leads.
If you aren't scheduling regular annual reviews, you are missing a great sales opportunity. And, if you conduct annual reviews regularly, these people will be clients for life.
Starting today establish an automatic system of seeing you're 'A' and 'B' clients at least once a year.
Critical: Be sure to let them know that you get paid two ways: "Anytime they invest money, you get paid a commission, but more importantly you're paid by them referring you to new clients."
Referred Leads
There is no question among the "million-dollar" producers that referral leads are one of the best prospects you can get. However, the majority of agents I talk to are frustrated with them and aren't using them.
Why? The main reason most sales people have trouble with referred leads, is they haven't made themselves referable! People are not going to refer their friends, relatives, or associates to just another sales person.
If you want people to give you referred leads, you must earn the right to receive them, by providing ongoing service, following through on your promises, and establishing a relationship of credibility and trust.
After only two years in sales, 98% of all my sales came from annual reviews and referred leads.
The best time to ask for referred leads is after you have sold a client and cemented the relationship.
When you have a satisfied client, you can simply ask for the names and addresses of people that are like them. Ask them who they golf with, travel with, bowl with, etc..
Critical - When you ask for referrals you must have your pen and paper in hand, and be poised to write so they know you mean business. Check out our Referred Lead System.
Joint Venture Endorsement Marketing
Can you imagine have a doctor, attorney, accountant or other professional endorsing your services to all their clients? How much credibility and trust would that immediately give you? How easy would it be to get an appointment or have them attend a workshop?
Critical: The joint venture must be with someone who has your ideal prospects as their clients… Read Joint Venture Endorsement Marketing
Monthly Newsletters (Or Information Articles)
It really surprises me that most agents are not in regular contact with their clients and prospects.
"Out of sight, out of mind" is a deadly mistake!!!
There is no question, people prefer to do business with people they know and trust. And, assuming you're trustworthy, that should be you.
By sending a newsletter to your friends, relatives, neighbors, and clients, you are reminding them of what you do (or in some cases who you are) in a very non threatening way. It's non threatening, because there's no pressure to buy anything. You're also demonstrating your expertise in the best possible way; building more trust, confidence and credibility. You're showing them, you know what you're talking about, without you're needing to make a grand claim to your professional expertise. It's strictly a win-win combination.
I highly recommend sending newsletters to all your clients every month. You can easily print mailing labels out from your data base.
Also, take a look at the prospects that you're currently romancing and you would like to do business with. Put these people on your newsletter mailing list so that your name is in front of them at least every 2 or 3 months. Eventually, something will come up; there will be a life-changing event that will spur this person to want to meet with you. These people may face an inheritance, retirement, hit the lottery, get married, get divorced, etc.
Critical: You must send out a newsletter or article every month to all your clients. Check out our Personalized Client Newsletters.
Client Appreciation Nights
This is a totally overlooked area of prospecting. You can gain many new clients by doing an occasional client appreciation night. Have a client dinner at the Country Club or a nice hotel with a choice of shrimp or swordfish, or you could just have desserts and gourmet coffee.
It's very important at client appreciation nights to keep it non-sales and low-key.
Remember, it's their night. Invite all your best 'A' clients and maybe some of your 'B' clients to round out your attendance. Be sure to tell them to bring a friend, "that's the price of admission".
Client appreciation nights will cement the relationship, but more importantly it keeps your name and your face in front of your clients all the time. By doing this, you're going to be able to get lots additional business from the clients that are attending.
Critical: At a client appreciation night, you're not going to talk about any products, this is their night for fun and you could do a number of different things to entertain them, including a live band or a D.J. Other nice touches include nametags and flowers on the table, etc.
If You're Doing All The Above Well,
And You Still Need More Prospects,
Or If You're 'New' In The Business,
Then Consider Some Of These Other Prospecting Methods
Direct Mail Sales Letter
The most valuable single sheet of paper in all of direct marketing is still a strong sales letter. Sending a well written, benefit laden, sales letter, to a well defined niche market can warm the coldest of customers, pave the way for an easy entrance to a tough-to-get-a-hold-of client, and soften the hardest entrance barriers to allow you the opportunity to make a sale.
An effective letter will warm up lots of cool prospects for your phone call, while the best ad, or even the best brochure, will still leave most prospects cold.
The primary objective of a sales letter is to generate a phone call, rather than selling a product. It is quite difficult for a single letter to sell directly without involving further contact or human intervention.
Critical: The secret of a successful direct-mail letter is to soft sell the benefits of the product, and sell the phone call hard.
Free Information Reports Or Booklets
A big mistake agents often make is they try to sell themselves directly in every communication they produce. And, as a result, they generate huge amounts of "prospects" that lead to little or no business. They end up dealing with a lot of people who are merely curious but never serious.
As we are now in the "information age". Giving away a free report, or free booklet is a great way to make your target market come to you. It's the "try-before-you-buy" approach. Done right, the people who come forward, have been indirectly screened and are qualified prospects for your products and services.
For example, let's say you're a financial planner. Your product involves investments, mutual funds, stocks, savings plans and mortgages. Rather than place an ad that directly markets these services, you could advertise a small classified ad promoting a free course, seminar, report or booklet on helping people save money.
Critical; the free information is never about products, it is providing information that will enhance your prospects life.
Workshops & Seminars
Many sales people have found workshops an easy way to get in front of high quality prospects.
The invitation is the biggest key to the workshop, but beyond that you need to be promoting your workshop constantly. This means faxing out public service announcements to all the radio stations, TV stations, magazines, and newspapers in your area. They're going to promote it for free, so why not!
Secondly, every doctor's office, dentist's office, or job placement facilities that you're at drop off copies of your invitations. Require your staff to carry these invitations with them to post up at grocery stores.
If you hear of a company closing or downsizing, get a hold of the Human Resource Director and be sure to mail him or her your invitation.
At every one of your workshops you need to carry with you several copies of next month's invitation. This is important because if these people like what they hear, and like your free dinner, etc., they will undoubtedly tell their friends about it.
Critical: Let existing attendees attend the next workshop, but tell them that they have to bring a friend for the price of admission. This is a great way to get referred lead.
Continuing Education Workshops For Your Existing Clients
It's important to occasionally supplement your workshops with continuing education workshops. This would mean that every 3 or 4 months you would invite all of your 'A' and 'B' clients.
Continuing education workshops are nothing more than having a couple wholesalers pay for hors d'oeuvres or a light dinner and giving them a brief chance to speak to your best clients.
When I say, "brief chance", I mean, 20 minutes each. You don't want to put your attendees to sleep.
Continuing education workshops could have topics such as: "estate planning", "why tax-deferred annuities can save money over the long haul", "growth mutual funds", "tax-free mutual funds", etc.
Continuing Ed workshops are an easy way to get 50-80 of your clients in a room and also have them bring along their friends. By doing this, it increases your clients' awareness of your products and also cements the relationship.
Critical: When a new prospect comes to your workshop with one of your clients, both of them should fill out a registration form. This gives you a chance to call the prospect they brought with them and invite them in for a free consultation.
Using 'Door Openers'
Many agents use health insurance, Medicare supplements, dental programs, trusts, etc. to get into the prospects door. When done right it can be very effective.
Critical: If you are going to use a 'door opener' you must only use it in your target market and you must have a way to transition into the sale you really want to make. Too many sales people end up selling only the door opener.
Lead Lists
Lead lists can be a great help, if you get the right list. It's important to know who you are contacting.
Make sure they fit a really defined target market.
If you use a lead list, you'll want to establish a multiple contact system to get the best use out of list.
Critical: When you buy a lead list, get the rights to use them over and over again. Remember, the majority of your sales will be made after the fifth contact.
Purchased Leads
A quick way agents use to increase their activity, is purchased leads.
The problem is the good leads are very expensive and generally they are not really qualified prospects. Very few of them will lead to a good sale. You'll end up dealing with a lot of people who are merely shopping price or have health problems.
Critical: Make sure any leads you buy are 'exclusive', for your use only.
Summary
What we've done here, is given you a quick overview of some of the ways you can use, to put yourself in front of people on a favorable basis. The question is, once you are in front of these people, how do you use the situation to your best advantage, to generate lots of new sales and get referred leads.
Think about it for a moment, just going out to see your client every year and reviewing their current policy is not necessarily going to generate a new sale or referred leads. Getting a referred lead, is no guarantee that you'll get an appointment and make a sale.
However, there are some proven techniques you can use, that will greatly increase the likely hood of your getting the positive sales results you're looking for.
That is where we can help you.
If you want more sales; if you want to make larger sales; and you want to work less hours; then you must learn how to capitalize on your best prospects - your existing clients.
Call me today, I will show you how!! Call toll free 877-297-4608
Lew Nason
© 2005 by Lew Nason, RFC, All rights reserved
Lew Nason has been helping agents to achieve long-term success in insurance sales for over two decades. His unique perspective, on how to truly help clients, has enabled scores of agents 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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