In my line of business, I get two questions more than any other. And they always come as a pair: “What is an aged lead?” and “Why on earth would I want old insurance leads?”
Both of these are fair questions, and they’re coming from people who are generally not familiar with aged leads and may be very new to sales themselves. So, let’s answer these questions. Afterward, I have a feeling you’ll have a very different opinion of aged insurance leads.
Aged Leads are Just a Little Bit Older
Aged leads are leads that are just a bit older. These are discounted leads that are 30, 60, or 90+ days old. Whereas a single real-time lead might cost you as much as $35, aged leads are often available in bulk for less than a dollar per lead.
An aged lead represents a real request for a quote from a real prospect, just like a real-time lead. This is someone who was interested in buying, but for one reason or another hasn’t yet.
Ninety-five percent of internet leads are not ready to close on the first contact — yet amazingly, 95% of the lead-buying insurance sales market’s attention goes to these fresh, real-time leads.
Yes, you read that right. Ninety-five percent of leads aren’t ready to buy when they put in for a quote. Only about 2–5% are ready to buy. Yet the vast majority of sales agents are all fighting for the sale from this tiny pool of ready-to-buy leads. An amazing 95% of agents never call a lead after the first week.
These Leads Are Overwhelmed
As you could imagine, an everyday person who puts in for a quote receives a lot of attention from that 95% of agents, almost immediately and all at once. And if they haven’t bought in this high-stress environment after a week, all the calls stop.
Well, for an ordinary shopper not used to the sales world, this can be very off-putting. The more calls and sales pressure she receives, the less this lead may feel like buying — even if she had a genuine interest before.
Fact: Most Leads Aren’t Sales Ready
It’s a common assumption that real-time leads cost more because they’re ready to buy. But this is only true for some of those leads. In reality, about 75% of these real-time insurance leads are not ready to buy.
The rest have questions, concerns, or needs that can’t be sized up in a single phone call. Some are anticipating the loss of coverage, considering a home or auto purchase, comparing rates or coverage, considering adding coverage, or just feeling frustrated in the moment with their current carrier. But they’re not buying yet.
Fact: Half of All Leads Will Close
But just because they’re not buying today, doesn’t mean they aren’t going to buy. In fact, half of all web leads do eventually close. So where are those sales?
As many as 2–5% are those ready-to-buy leads that everyone is chasing. The other 45–48% of sales are in aged leads.
When you consider the percentage of closed sales, the return on investment, and the lack of competition, aged leads start to look pretty good — and they are.
Why You Should Work Aged Leads
Aged leads have helped countless insurance agents take their business to the next level. Whether you’re just starting your first book of business, you’re looking for an injection of new prospects into your pipeline, or you’re interested in perfecting a higher volume sales pipeline, aged leads are a great investment.
These leads are a bit older, but as I’ve noted, that’s not a negative, it’s a plus. Around half of these age leads will eventually buy, and most will need a bit of time and lead nurturing to close. The other sellers just aren’t focused on that kind of lead, which creates a great opportunity for sellers that are focused on aged leads.
How to Get Started With Aged Leads
Of course, working with aged leads differs a bit from working with real-time leads. You’ll need the right system and the right tools to come out on top. You can find out more about the perfect aged leads system and the best tools for aged leads agents in the Aged Lead Store’s latest ebooks.
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