5 Simple Steps to Improve Your Results in 2008
Step 1 -- Beyond the First Call
While it's important to call the consumer quickly, it's just as or more important to develop a consistent process that includes both calls and e-mails. Here are two ideas on follow-up from our most successful agents:
Tracking sales by marketing channel or specific source can help identify where you should increase or reduce your marketing budget. Most agents think it takes just too much time and effort to do; however, the agents ahead of the curve realize it's pretty easy and can save a lot of money. Here are some quick ideas:
If you pass your leads to a producer or CSR, do you know what they are doing with them? If not, you could be throwing money away. Ensure they have the process down, that the message is crisp, and that they are doing what they tell you they are doing.
Step 4 - Redefine Success
Often, the first question is - well, what should my close rate be to know if a program is successful? While close rate is important, there are other critical factors in understanding a marketing program's value - including cost and profit. Here is an example:
Example Return on Investment (ROI) for Auto Leads
So, as you can see, it's important to look at the total profit for a policy and the amount you spent to get it. Because, even though a 10% close rate may seem low, the addition of cost and profit is what tells the true story!
Step 5: Don't Forget the Cross Sell
When you close, let's say, an auto policy, don't forget to sell ALL the potential insurance products relevant to that customer. While it's not free money - since you had to pay for them to come through the door - you can greatly increase your total return on that marketing campaign by getting a higher commission and increasing the life of the policy through additional product sales.