For insurance agents looking to maximize their ROI and stand apart from their competition, working aged leads can be a smart business investment. Whether you want to work exclusively with aged leads or compliment an existing fresh leads strategy, it’s possible to get a great return on your investment.
But how do you make sure you get the most apps and sales you can from your aged leads? It turns out there are three keys to being successful. You’ll need:
- The right tools.
- The right process.
- And the raw materials to do the job right.
If you’re going to work with aged leads, you owe it to yourself to give it your all. In this case, success comes down to this: Anything worth doing is worth doing right.
Use a Dialer
Manually calling potential customers can feel tedious when you’re working through dozens of real-time leads. It can feel downright unworkable when you’re staring down a list of several 1000 aged leads. To make a healthy profit, you’ll need to work through a high volume of leads each month. The more contacts you make, the more sales you’ll close.
Luckily, there are some great inexpensive tech tools out there that can help.
A predictive dialer is a high-tech type of auto dialer. They come in two forms: a standalone piece of hardware and a software application that connects you to a call center.
Predictive dialers let you dial up to three leads on your list at the same time and screen out all the busy signals, no-answers, answering machines, and disconnected numbers. With a dialer, you can talk to more prospects and really focus on closing that sale with a real person.
Considering other key investments you’ve made in your business, dialers are very affordable, with prices in the range of $60 to $150 per month depending on features and options. Some even offer open-ended contracts and unlimited use.
If you’re going to be successful working with aged leads, you’ll need to use the right tools. A dialer is essential.
Commit to a System
In outbound phone sales, 95% of the people you speak to aren’t interested. That means you have to reach and convert that remaining 5% of people into customers. To do that, you need a system.
If you try to work your aged leads without a system, you could spend too much of your time looking for that 5% of interested customers. You may even unintentionally skip over a lead that could have been a sale.
Using a dialer is the first step you can take to create a system for yourself, but there are other things to consider.
Working aged leads has to be methodical. Your system needs all these pieces in place:
- Develop a script and stick to it. That’s not to say you can’t refine your script over time, just that you shouldn’t abandon it in the moment. When you’re speaking to a potential customer, you have to be confident what you’re telling them is the best thing you can say. Don’t second-guessing yourself!
- Commit to working through these leads. That means devoting 3–4 hours a day, 5 days a week to working through your list. Like many tasks, consistency is key.
- Call through the list multiple times. At least 5 times. Did an interested customer miss your first call? Make sure you’re leaving no stone unturned.
- Use a CRM to keep track of every contact you have with those interested customers.
It’s especially important to have a system for following up with people you’ve spoken to. Take notes on their current insurance coverage, their needs, their questions, or other details they mention.
If you’re able to mention such details in a later call, your credibility goes way up. This person will be much more likely to trust you with their business now, making you that much closer to the sale.
Your system makes you seem more professional and your professionalism will make you more successful.
Buy Enough Leads
It takes a certain amount of raw materials to build any business. Keep this in mind when deciding how many aged leads you need to purchase.
Your leads are going to be the raw material you use to build your business. If you don’t have enough aged leads to start with, you won’t be able to build the business you want to build.
A good plan is to purchase 2000 aged leads to get started.
Many agents make the mistake of buying too few leads, encounter a less than predictable ROI, and get discouraged. Stats on the number of aged leads you can expect to app are based on the performance of larger pools of aged leads.
Sometimes you’ll send out 10+ applications per 1,000 leads and sometimes you’ll send out 3. One batch of leads may be a wash, but the next will make up for it.
This is called variance and it’s a part of any pool of leads. The key to beating the variance of an aged lead pool is to buy in bulk. The variance will even out once you have worked enough leads. And the low cost of the raw materials makes it sustainable.
Remember, the best investment you can make for your business is setting yourself up for success. Make sure all that hard work and careful planning pays off. Give yourself the right dialer tool, a commitment to a lead-working system, and a healthy supply of leads, and you’ll be on track to a successful aged leads business.