In house lead generation can often prove to be a difficult system to effectively set up, plus it can be quite costly as you find the right rhythms and approach that will be successful for your organization in the long term. Building a useable list of contacts that are able to provide high quality and actionable leads for your sales team can prove extremely difficult. Outsourcing to a third party service provider can be more effective and cost efficient, especially for those who are new to the game and need an instant return on their investments to push forward and grow as a business.
All companies need to generate new B2B leads and many do it through telemarketing as the easiest and cheapest staffing option. It is not always successful and if you do not have the means to effectively produce the results yourself then why not take the option of a third party provider who has expertise in this so crucial field. You have to be in a position to retain as many of your prospects as possible, both with that initial sale and retaining them as a longer term client. By using a company that can provide you with detailed analysis of prospects they have acquired on your behalf you will be surer of gaining a positive response once you make contact.
If your expertise is away from the sales side of your business then you would be foolish to try and use it within sales. By letting someone else generate your leads you are in fact saving time, money and opportunities. You can focus your energies towards improving the business in the areas that you have knowledge and practice. Internally there can be a streamlining of operations towards greater effectiveness, always looking to improve the business the best you can.
The outsourcing of your lead generation will lead to a decrease in your financial outgoings towards the sales department of your business.
But let us get down to the fact of the matter. A qualified outsourced B2B lead generation team will provide you with prospects that are more likely to bite. Using these more qualified sales staff will lead to a much higher conversion rate than should you try to take on the lead generation yourself. There will also be a faster conversion rate and an accurate response to your requests for a specific and targeted prospect audience.
Wednesday, June 29, 2011
Capturing Leads: The Power Of 3 Insurance Sales Management Systems
Most insurance industry experts agree capturing leads is the cornerstone of a successful insurance sales training program and the insurance sales management systems employed to ensure an producer's success in generating those leads is pivotal to the overall success of the company's business marketing strategy.
These three insurance sales management systems are all good systems in their own right, designed to capture leads and create sales opportunities, but when taken together, and in the order described, they guarantee an inexhaustible supply of prospects and a high probability of success.
The Referred Lead Card System is designed to generate good quality leads through referrals. It begins on the initial sales call when an producer interviews a prospect to assess needs and determine whether or not a sales opportunity exists. Before the interview begins, the producer sets out three pre-printed referral lead cards right alongside his/her laptop. At the end of the interview, whether this customer buys or not, the producer asks for three referrals. Using pre-scripted questions, like "Mr. _____, I know you know a lot of people. Who would you want to tell about the products, services and ideas I shared with you today?" and handling objections, like "I don't like to give names out" with responses, like "I can understand that, but I have found from past experience that many of my referrals were very interested in the products and services I offer and appreciated seeing the type of work I do."
The producer then completes a card on each referral -- a perforated card with all the relevant contact information on top (which the producer then keeps as a filing and phone call reference card) and with a pre-scripted note signed by the customer making the referral on the bottom. This card is then mailed to the new prospects. Five days later the producer calls the new prospect to schedule an interview.
Advocates of the Referred Lead Card System strongly attest to its success and believe it is the single, most significant resource they have in training their insurance producers to sell. Not one of them recommend buying insurance leads. Research shows that only one out of every 13 cold calls results in an appointment. However, two out of every three calls made to qualified lead referrals result in one. Better yet, producers who use the Referred Lead Card System close 80% of the business generated from those referrals.
Quality lead referrals generate sales prospects for the producer. As the list of prospects grows, a sales pipeline is created. It is in the pipeline where gaining trust and creating actual sales opportunities begin. A sales pipeline or "funnel" is typically a series of emails sent to prospects at pre-determined intervals. These emails all pertain to a particular topic of interest and are written with the expressed intent of slowly building a relationship between producer and prospect. Prospects or "subscribers" receive the emails at a comfortable pace with ample time to digest the contents.
The best and most versatile system an insurance company or agency can employ to enhance an producer's selling experience and ensure operational efficiency of the producer's pipeline or "funnel" is an Auto-Responder System. This piece of software resides on a mail server that holds, tracks and sends pipeline or "funnel" emails out in an organized fashion to all pipeline prospects on a pre-set schedule. Regardless of when they subscribe, prospects receive the same series of emails that all other subscribers receive, but on their own schedule.
A key advantage to using an Auto-Responder System is that the information and products sent to the prospect are done in a way that brings their understanding and experience level up gradually. However, if prospects are going to stay subscribed, value will be key -- value in the form of highly relevant and useful information as well as free products or services that lead the prospect to buy something. The more value added to the sales pipeline, the easier it is to monetize. When adding value or when making product or service recommendations, though, make sure the products and/or services being recommended are reputable ones than can be authenticated. Reputation is everything here.
Prospects stay in an producer's pipeline for as long as it takes the producer to sell them a product or service. While they are in the pipeline and as they increase their knowledge base and experience level about the products and services being offered, they may elect, with an invitation from the producer, to subscribe to an E-Newsletter. New and long-established customers can also subscribe to this.
E-Newsletters allow producers to add any and all relevant, quality information about product offerings, cutting-edge developments in the industry and any additional material for customers with advanced or experienced product knowledge. They are generally a key component of the insurance company's or agency's Internal Marketing System. As prospects gain a greater understanding of the products and services being offered, or if their experience level becomes greater than the information contained in the sales pipeline, the E-Newsletter proves to be the better option for them. The same is true for new and existing customers.
Proponents of the Auto-Responder System and the E-Newsletter recommend using both but recommend keeping two separate lists -- one for prospects and one for customers. By using both systems, and keeping their respective lists separate, there is no overlap between them. Prospects sign up for the Auto-Responder to bring their knowledge base and experience level up to speed slowly. Once they have completed the Auto-Responder Series, they can sign up for the E-Newsletter and begin forging a lasting professional relationship with the producer or insurance company. Prospects who take this route tend to be more loyal and profitable to the company. Additionally, they are not overwhelmed by information and their inbox is not overrun by constant emails which can drive them to unsubscribe. New and experienced customers can skip the Auto-Responder Series and simply sign up for the E-Newsletter. That way, they can begin receiving advanced product information and product offerings immediately.
These three insurance sales management systems are all excellent stand-alone systems for capturing leads, and when taken together and in the order listed, they are a dynamic and proven powerhouse of tools, methods and strategies designed not only to capture leads, but create sales opportunities that virtually guarantee the success of every producer and insurance company who uses them.
These three insurance sales management systems are all good systems in their own right, designed to capture leads and create sales opportunities, but when taken together, and in the order described, they guarantee an inexhaustible supply of prospects and a high probability of success.
The Referred Lead Card System is designed to generate good quality leads through referrals. It begins on the initial sales call when an producer interviews a prospect to assess needs and determine whether or not a sales opportunity exists. Before the interview begins, the producer sets out three pre-printed referral lead cards right alongside his/her laptop. At the end of the interview, whether this customer buys or not, the producer asks for three referrals. Using pre-scripted questions, like "Mr. _____, I know you know a lot of people. Who would you want to tell about the products, services and ideas I shared with you today?" and handling objections, like "I don't like to give names out" with responses, like "I can understand that, but I have found from past experience that many of my referrals were very interested in the products and services I offer and appreciated seeing the type of work I do."
The producer then completes a card on each referral -- a perforated card with all the relevant contact information on top (which the producer then keeps as a filing and phone call reference card) and with a pre-scripted note signed by the customer making the referral on the bottom. This card is then mailed to the new prospects. Five days later the producer calls the new prospect to schedule an interview.
Advocates of the Referred Lead Card System strongly attest to its success and believe it is the single, most significant resource they have in training their insurance producers to sell. Not one of them recommend buying insurance leads. Research shows that only one out of every 13 cold calls results in an appointment. However, two out of every three calls made to qualified lead referrals result in one. Better yet, producers who use the Referred Lead Card System close 80% of the business generated from those referrals.
Quality lead referrals generate sales prospects for the producer. As the list of prospects grows, a sales pipeline is created. It is in the pipeline where gaining trust and creating actual sales opportunities begin. A sales pipeline or "funnel" is typically a series of emails sent to prospects at pre-determined intervals. These emails all pertain to a particular topic of interest and are written with the expressed intent of slowly building a relationship between producer and prospect. Prospects or "subscribers" receive the emails at a comfortable pace with ample time to digest the contents.
The best and most versatile system an insurance company or agency can employ to enhance an producer's selling experience and ensure operational efficiency of the producer's pipeline or "funnel" is an Auto-Responder System. This piece of software resides on a mail server that holds, tracks and sends pipeline or "funnel" emails out in an organized fashion to all pipeline prospects on a pre-set schedule. Regardless of when they subscribe, prospects receive the same series of emails that all other subscribers receive, but on their own schedule.
A key advantage to using an Auto-Responder System is that the information and products sent to the prospect are done in a way that brings their understanding and experience level up gradually. However, if prospects are going to stay subscribed, value will be key -- value in the form of highly relevant and useful information as well as free products or services that lead the prospect to buy something. The more value added to the sales pipeline, the easier it is to monetize. When adding value or when making product or service recommendations, though, make sure the products and/or services being recommended are reputable ones than can be authenticated. Reputation is everything here.
Prospects stay in an producer's pipeline for as long as it takes the producer to sell them a product or service. While they are in the pipeline and as they increase their knowledge base and experience level about the products and services being offered, they may elect, with an invitation from the producer, to subscribe to an E-Newsletter. New and long-established customers can also subscribe to this.
E-Newsletters allow producers to add any and all relevant, quality information about product offerings, cutting-edge developments in the industry and any additional material for customers with advanced or experienced product knowledge. They are generally a key component of the insurance company's or agency's Internal Marketing System. As prospects gain a greater understanding of the products and services being offered, or if their experience level becomes greater than the information contained in the sales pipeline, the E-Newsletter proves to be the better option for them. The same is true for new and existing customers.
Proponents of the Auto-Responder System and the E-Newsletter recommend using both but recommend keeping two separate lists -- one for prospects and one for customers. By using both systems, and keeping their respective lists separate, there is no overlap between them. Prospects sign up for the Auto-Responder to bring their knowledge base and experience level up to speed slowly. Once they have completed the Auto-Responder Series, they can sign up for the E-Newsletter and begin forging a lasting professional relationship with the producer or insurance company. Prospects who take this route tend to be more loyal and profitable to the company. Additionally, they are not overwhelmed by information and their inbox is not overrun by constant emails which can drive them to unsubscribe. New and experienced customers can skip the Auto-Responder Series and simply sign up for the E-Newsletter. That way, they can begin receiving advanced product information and product offerings immediately.
These three insurance sales management systems are all excellent stand-alone systems for capturing leads, and when taken together and in the order listed, they are a dynamic and proven powerhouse of tools, methods and strategies designed not only to capture leads, but create sales opportunities that virtually guarantee the success of every producer and insurance company who uses them.
Goal Setting - Make It a Winning Proposition
Picture this - You lead a relatively new sales team for a Multinational. Budgets are frozen at the Regional Headquarters and it trickles down to you. Your organization's fiscal quarters do not map one to one with the country's financial setup: however Quarterly linearity is globally decided at HQ. Sales teams carry a significant variable component in their compensation plan and are expected to maturely plan their sales achievement to maximize salary. And yet, cannot forecast below quarterly budget. Sounds familiar? If you are a new manager, how do you manage goal setting in such an environment?
Welcome to the real world of negotiation - executed with one limb tethered to the management pole and the other swaying to head winds of employee motivation, retention, volition and satisfaction. If there is anything called elasticity of balance, this is it - a single degree of freedom for one hand (or half is it,
since it only moves upwards?) and unlimited for the other.
Here is where your leadership matters the most - Whether you are Participative, Authoritative or Delegative, the quota setting time for sales reps will seriously test your ability to carry your team along. If you are the kind who will lose sleep over employee happiness, here are 5 steps that you could do to manage this process smoothly:
1. Get sales buy-in early on in the year reinforcing expected growth rates for the coming year and set a target for a rolling pipeline. Growth rates need to be dependent on a mix of several macro-economic parameters viz, GDP growth, sectoral investment, market maturity etc and not just visible pipe.
2. Get your market information correct. Present to the management your closest take on the competitor sales figures and sales teams, market size (from estimated primary and secondary sources), SWOT data, historical analysis of average deal size and what is required to increase quarterly transaction volumes etc and thereby work out the most appropriate growth. You may still be cajoled into accepting a higher budget, but at least you made an effort towards a realistic forecast.
3. Fit to a curve. Avoid applying uniform growth rates to all reps in the team. Your star performers will be more than willing to take on a higher growth. If your organization permits flexibility in the variable pay mix, offer to increase the accelerator earnings for higher performance.
4. Weed out the suckers. Howsoever lucky you may be, there will always be noisy cribbers in the team that won't align with your reason. Assist them this year with a possible re-alignment of territory, sectors or products. If the situation persists next year, get them out-placed. If you possess even one star performer in your team, it is absolutely imperative to continuously churn out the low energy reps - that is the only way to build an all-star team that will give more than expected growth year after year.
Welcome to the real world of negotiation - executed with one limb tethered to the management pole and the other swaying to head winds of employee motivation, retention, volition and satisfaction. If there is anything called elasticity of balance, this is it - a single degree of freedom for one hand (or half is it,
since it only moves upwards?) and unlimited for the other.
Here is where your leadership matters the most - Whether you are Participative, Authoritative or Delegative, the quota setting time for sales reps will seriously test your ability to carry your team along. If you are the kind who will lose sleep over employee happiness, here are 5 steps that you could do to manage this process smoothly:
1. Get sales buy-in early on in the year reinforcing expected growth rates for the coming year and set a target for a rolling pipeline. Growth rates need to be dependent on a mix of several macro-economic parameters viz, GDP growth, sectoral investment, market maturity etc and not just visible pipe.
2. Get your market information correct. Present to the management your closest take on the competitor sales figures and sales teams, market size (from estimated primary and secondary sources), SWOT data, historical analysis of average deal size and what is required to increase quarterly transaction volumes etc and thereby work out the most appropriate growth. You may still be cajoled into accepting a higher budget, but at least you made an effort towards a realistic forecast.
3. Fit to a curve. Avoid applying uniform growth rates to all reps in the team. Your star performers will be more than willing to take on a higher growth. If your organization permits flexibility in the variable pay mix, offer to increase the accelerator earnings for higher performance.
4. Weed out the suckers. Howsoever lucky you may be, there will always be noisy cribbers in the team that won't align with your reason. Assist them this year with a possible re-alignment of territory, sectors or products. If the situation persists next year, get them out-placed. If you possess even one star performer in your team, it is absolutely imperative to continuously churn out the low energy reps - that is the only way to build an all-star team that will give more than expected growth year after year.
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