Marketing gurus have traditionally placed a lot of emphasis on the importance of making contact with a lead as soon as possible. In spite of this advice, insurance agencies are learning that aged leads can be just as profitable, if not more profitable, than brand new leads.
Practice Makes Perfect
First, while it is true new leads are more likely to convert than aged leads, it is also true that aged leads are much less expensive to purchase. This means you can recoup your investment with a far lower rate of closures. This means that an agency can afford to take a few risks, such as using aged leads to experiment with new ideas for marketing campaigns and training sales staff with aged leads.
Aged Leads Are Still Quality Leads
Second, many people equate “aged” leads with leads that are out of date. This is inaccurate. When you purchase a set of aged leads, all of the contact information should still be good. Most lead generation companies will credit your account for leads that have outdated or incomplete contact information.
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How Leads Age
There are several reasons why a lead might be considered aged. In spite of the best efforts of sales staff, some new leads simply fall through the cracks and are never contacted. These people are often still looking for insurance and will often be very receptive to contact with your agency.
Another reason why a lead might age is that some people take longer than others to make up their minds about major purchases. Some agencies do not have the time, the staff, or the patience to nurture leads through a long decision-making process. By the time you get the aged lead, the prospect has had plenty of time to think about his or her options and may well be ready to purchase an insurance policy.
Finally, the prospect may have been ready to purchase insurance but was not impressed by the agencies that initially responded to his or her query. If you can step into the picture with a policy that suits the prospects needs, you have an excellent chance of closing the sale.
If your agency has been bypassing aged leads, you might want to consider making a trial purchase. The number of conversions may surprise you.