For insurance sales agents, few things are more important than your sales process. But not just any sales process will work for any lead. Real-time leads are popular with many agencies, but the cost can be prohibitive and the competition fierce. Leveraging aged leads in your sales process can offer you a better value, less competition, and increased ROI.
However, there’s a number of misconceptions about aged leads, as well as how to work them. Let’s set the score straight about this fantastic business opportunity and answer some frequent questions about how to best leverage these leads.
What Are Aged Leads?
Aged leads are leads after their first initial inquiry, up to 30, 60, or 90-plus days after a quote request. But ultimately, these are all “hand raisers,” folks that have reached out and said, “Hey, I need help with my insurance.” They are interested in taking your call, although you’ll find that for many you’ll catch them after they’ve been overwhelmed by a wave of sales calls. This is important to keep in mind.
Yet at the same time, it’s likely they’ve since been neglected as leads. They may be dissatisfied, and in the elapsed time, their needs may have changed, as well. So there’s a lot of opportunity here to explore. In short, these folks are ripe prospects in need of services and ripe to respond to a professional, like yourself.
The Economics of Aged Leads
As for the economics of aged leads, a typical lead purchase will buy me a small number of real-time leads and get me a small number of deals. But due to the Law of Large Numbers, I can buy exponentially more aged leads for the same amount of money, and end up with far more prospects and more closed deals as well. However, it does take a system to work a large number of age leads, due to the intensity required to find those opportunities.
It’s also important to understand that when a consumer comes into process, fewer than 25% are ready to consider buying. So the majority of these folks are doing an initial inquiry, shopping around, researching, and so on. In fact, only 2% – 5% of leads close in this first initial contact — but that’s only half the story — because given time, HALF of all those consumers inquiries will eventually close. And this is where your aged leads come in.
Aged Leads and Followups
Now for real-time leads there are systems that work to capture those 2% – 5% of sales-ready leads. But these are not the kind of systems that will work for these leads as they age past that initial inquiry.
Your real-time agency competition is not following up with these leads. Only a few are qualified, agents suffer from burnout, there’s often a lack of process, and even a lower level of accountability. A shocking 48% of leads only get one phone call. another 25% will get two calls, and only 10% will get three or more calls. Yet the average inquiry needs 5 –7 contacts or touches to close. So your competition is giving over a lot of opportunity to aged leads agents like you who will follow up. And there remains a near-consistent opportunity within those leads to close within the following weeks and months. Of course, that is if you have a sales process in place to hand them.
What Sales Process Do You Need for Aged Leads?
The system an agent needs to really leverage aged leads must do two things: build towards a strong database and allow you to automate lead contacts over time. This is going to mean getting the right tools, namely a customer resource management (CRM) system and an autodialer. For the volume and intensity of lead work you’ll be doing, your email inbox and a spreadsheet program will let you down. They just don’t scale. So make a modest investment in the right tools for working with aged leads. You won’t regret it.
With these two simple pieces of technology, you’ll be able to create templates, automate alerts and email followups, and build a system of automation, that will let you make contact with many more leads than you could manually, and with far greater consistency, which is key. So you’ll be able to then build a call system, email system, nurturing system, direct mail system, if desired, and importantly a healthy web presence.
These can be set up as parallel systems. Start with and continue calls, but add email or direct mail. And have a web presence where leads can go and find out more about you on their own. You will start off getting across your name and brand. Then, on followup and with frequency, you will build a relationship as they again hear your name and brand. There’s often a subconscious sense across these channels that you are more professional and more engaged in their needs than your competition.
How Can You Buy Aged Leads?
When it comes to purchasing aged leads, there are many options. But I’m happy to say some of the best leads you’ll find are here at The Aged Lead Store. Most of our leads start off their life as real-time leads, as long-form internet-generated quote requests.
Many agents prefer to work within a particular area, and so of course in our self-service lead platform you can filter by zip code, area code, city, county, state, radius within a zip code, and so on. In fact, The Aged Lead Store is the only site of its kind that allows agents to filter leads by a number of factors before they buy so they only get the leads they want, and then get their leads delivered instantly 24/7 via a CSV or spreadsheet file. We have a great system that tracks inventory such that it will never send an agent the same lead again. In terms of lead quality, The Aged Lead Store leads are validated beyond the competition. Another beauty is that we are aggregating leads across much of the industry, such that it’s a one-stop shop with no duplications.
As time goes on, the argument for aged leads gets better and better. Better technologies mean that agents can work even larger volumes of leads. In a sales process that is a long game, aged leads are a great tool to take your business to the next level.
Start your new year off right with a fresh supply of high-quality aged leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, mortgage refinance, or solar installation.