In the insurance business, some persistence is often necessary to interest people in insurance because it is not a high ticket, instant gratification type of item. Thus second and third calls often produce results where first calls failed to produce a conversion. For this reason aged leads are often a good idea when selling insurance.
One little known fact about aged insurance leads is that they may not have been contacted more than once. This means that they are essentially fresh, especially in the insurance industry where persistence if often required anyway. Some aged leads may in fact not have been contacted at all, since sometimes sales people do not get around to calling a prospect before more leads are purchased.
The sales cycle in general often an initial introduction to a product, the customer giving it some thought, and then finally showing interest. Often the initial contact produces a rejection or what appears to be a rejection. Sales prospecting involves follow up and this is a widely recognized fact. It applies to the insurance industry as with any other type of sales, perhaps more as noted above.
The following are some other reasons to consider making aged leads part of your business’ sales prospecting strategy:
They are Economical
Aged insurance cost less than fresh ones, so they are an economical prospecting approach. They are a way to potentially as good or better return on a business’ marketing efforts while investing less of a company’s financial marketing resources on getting prospects. The sales cycle is also a financial or investment cycle for the business, so economization is an important concern.
When people have had some time to think about an insurance product after their initial introduction to it, this can help conversions. People may feel pushed by the timing of the first contact. That is to say, they might feel that the time frame is too short – that they are pressured to make a decision right away. After having had some time to think about the issue, they tend to feel relaxed and are often much more ready to purchase an insurance product.
Different Sales Approaches
Since your style as a salesperson will most likely be significantly different from that of the first salesperson who contacted a prospect, yours may work where his or hers did not. People do not respond only to the literal product being offered. They often respond to the way the salesperson presents it at least as much or more.