Let’s face it: Selling insurance can be a roller coaster ride.
One day you’re on top of the world, but the next you’re struggling to sell a policy and wondering how to get back on track.
Insurance sales in 2023 are different from any other time in the past. The world is still crawling out of the shadows of the pandemic, technology is growing at a rapid pace, and economic difficulties have consumers second-guessing every purchase.
As an insurance salesperson, the right sales and marketing strategy can be the difference between success and failure. Let’s look at five things you need to know as you prepare to sell policies for the months to come.
Skip ahead: Target ideal prospects with high-quality aged leads
1. Customer service remains priority #1
Current and potential customers want to feel like you have their best interests in mind. They want to know that they can trust you. And of course, they want to know that you’ll be available to answer their questions and provide support when they need it.
Treat every lead with respect. Assume that every lead will eventually purchase a policy from you. When customer service is at the center of everything you do, it’ll pay off by way of making better connections with your audience.
2. It’s possible to spread yourself too thin
You want to experiment with cold calling. You want to send cold emails. You’re intrigued by the idea of using direct mail to reach local prospects.
All of these are good ways to connect with and engage your audience, but there’s something you need to know: you could spread yourself too thin.
As a general rule, choose one or two marketing tactics to master before adding more to your mix. So, if cold calling and cold emailing are what you’re best at—double down, track your results, and only move on when it makes sense to do so.
If you spread yourself too thin, you may become a “jack of all trades, but master of none.”
3. Buying leads can accelerate the process
The sooner you get your hands on high-quality leads the sooner you can connect with interested consumers.
The problem that many people face is time. It takes time to generate leads through cold calls and cold emails. These tactics work, but they require a slow and steady approach.
Buying leads positions you to accelerate the process.
Purchase leads in bulk online and start calling them within minutes.
Imagine you’re a car insurance agent in Pittsburgh, Pennsylvania. A quick search of leads that are 15 to 85 days old in local zip codes turns up 2,226 leads. What do you think about that? You could purchase a small portion of these and still keep yourself busy for several days.
If you’re looking to accelerate the lead generation process, buying leads online is likely to be the best approach.
4. Consumers are using more caution
In 2023, consumers will be cautious with their money due to a variety of factors, including economic uncertainty, high levels of debt, and a volatile job market. The COVID-19 pandemic, which began in early 2020, continues to have a significant impact on the economy, with many industries struggling to recover from the economic downturn.
Subsequently, many consumers are choosing to save more and spend less, to build up their financial safety net and prepare for any future uncertainties.
This trend towards caution is particularly evident in the insurance industry, where consumers are looking for policies that provide comprehensive coverage at an affordable price.
One reason for this cautious approach is the high level of debt that many consumers are carrying.
According to a recent survey, the average American household has over $96,000 in debt, including mortgages, credit cards, and student loans.
Even with a solid and steady income, this debt can create a sense of financial insecurity. And when it does, consumers are more hesitant to take on additional expenses such as insurance premiums.
Be mindful of this as an insurance agent. Doing so allows you to sell policies despite consumer concerns.
5. Your reputation has never been more important
Forget about the year for a second. Nothing will ever change the fact that a good reputation is essential to your success.
In an era where consumers are more cautious with their money, and more likely to research options before making a purchase, having a solid reputation can be the difference between making a sale and losing a potential customer.
And remember, there’s more to your reputation than offering the best policies or the lowest premiums. It’s all about building trust with your customers and establishing yourself as a reliable and reputable provider of insurance products.
A good reputation can help you attract new customers, retain existing ones, and build a loyal following of satisfied clients. It can also help you stand out in a crowded market, where competition is fierce and customers are bombarded with a constant stream of marketing messages.
If you have a good reputation, don’t change anything. Conversely, if your reputation is less than stellar, consider the many changes you can make for the better. A minor improvement can have a massive impact on your business.
2023 insurance sales—conclusion
Selling insurance in 2023 will present many unique challenges, but the opportunity for great success remains.
With the knowledge above, you’re on the path to implementing a sales and marketing strategy that matches your style and the wants and needs of your target audience.
At Aged Lead Store, we make it simple to buy high-quality leads in an instant.
Photo by LinkedIn Sales Solutions on Unsplash
