JAN 19, 2015 | BY LIFEHEALTHPRO STAFF
Advisors need great leads to generate new business. Follow these tips to make 2015 your best year.
The number one challenge advisors have is generating new leads — strong, qualifed, warm leads. It doesn’t matter where the advisor is in his or her practice. Lead generation is that one issue that never goes away.
In response to that challenge, the team of Lifehealthpro editors has once again leaned on you — our readers — to provide us with the most effective lead generation strategies and techniques. These are ten tips to help make 2015 your best year ever.
1. Nurturing relationships
The best way to generate quality leads is to nurture our existing relationshipswhile building an image that allows for people to see you as the go-to person in your markets.
With all of the tools we have today, there are more opportunities than ever to do this and our reach is unlimited.
– Mindy Lamont, founder and CEO
2. Pick a niche and focus on it 100 percent
The best tip I have that resulted in the most business for me in 2014 was niche marketing. Pick a niche and focus on it 100 percent. It can be a health issue like multiple sclerosis or an occupational risk like helping pilots.
These are two examples of websites that are bringing agents full-time incomes and they’re only targeting a specific niche. How can you market to these niches? You can write content that ranks in Google or write content for blogs and resources within that niche about securing affordable life insurance factoring in their risk. You can advertise in that niche’s resources, forums or newsletters. You can laser target where these people are and get in front of them cheaper than going after everyone. You can cold email and cold call influencers in this niche and develop centers of influence. Lots of agents are taking this approach and seeing fantastic results. – Jeff Root is host of the “Modern Life Insurance Selling Podcast” syndicated on iTunes, Stitcher and his website SellTermLife.com
3. Database goldmine.
Advisors spend thousands of dollars ondatabases when much of what they’re paying for is available free at their library website.
Each year, the library systems purchase databases worth hundreds of thousands of dollars (like Reference USA, census, Gayles Association listing, Morningstar, etc.). Schedule an appointment with your librarian to learn what each database is and how he/she suggests it might be used to grow your practice.
Evaluate how each database can help you determine what networking groups to join, organizations to cold call for speaking engagements, or create your own cold calling or direct mailing database. Best of all, you can use a library database from the comfort of your office. — Maria Marsala, CEO, Elevating Your Business
4. Take the client’s point of view.
You have to approach everything from the client’s point of view. If I come to you and say, ‘I’m really trying to grow my business. Who do you know who recently got married, has a need for this service, etc.?’ Then I’m posing it as ‘you need to help me.’
What I’d rather do is be there when you’re trying to help your friend. Nowthe client is helping their friend, instead of their advisor. — Michael Morrow, CFP, of Morrow Financial in Ontario, Canada
5. The holistic picture
Integrated planning is key. Clients don’t have to go to four or five different professionals and get all sorts of potentially conflicting advice. At our practice we offer tax preparation as well as Medicare Supplement assistance to our clients, which in turn creates leads for our retirement and financial planning practice. To have a holistic practice, I got my securities license, got my insurance license, and started bringing in attorneys to review legal documents.
Our main lead-generation sources are the Medicare and tax portions of the practice. With Medicare open enrollment running October 15 through December 7, we send out approximately 1,500 direct mail cards to leads, and usually see 8 percent to 10 percent filled out and returned. After following up with those prospects, we make 40-50 appointments. Our closing ratio is 80 percent and out of those appointments, we’ll end up with 30-40 new Med Sup policies. That in and of itself covers the marketing cost.— Jeff Warnkin, CPA, CFP with The JL Smith Group, of Avon, Ohio
6. Events with added value.
Hosting get-togethers that provide value to clients is a great way to do more than just a quarterly phone call or lunch. We organize topical events which encourage clients to bring others who could also benefit from the information. For example we have put on Medicare and Social Security seminars for clients who will soon turn 65. That’s a business line we really have no interest in, and there’s no product necessarily associated with it, but it’s something that matters to everyone in that age group—and it’s the market we’re trying to reach.— Ari Fischman, CFP, Southfield, Michigan advisory firm, Fischman Insurance Group
7. A simple question
When asked who I am and what I do, I give a brief description of what long-term care insurance (LTCI) is.
I then ask my new acquaintance, “So, who’s your LTCI with?” If people tell me they own LTCI, I tell them, “Buying LTCI is one of the smartest business decisions you’ve ever made.”
Chances are, however, that the people I’m talking to don’t own LTCI. This has been a very good conversation starter and lead generator.— Honey Leven,LUTCF, CLTC, LTCP, is an independent long-term care insurance agent.
8. 25-year-old health insurance prospects
Chasing the elusive Millennials as they are about to age off their parents’ health plan at age 26? This is a highly desirable insurance risk, and a competitive market segment that bloomed under the Patient Protection and Affordable Care Act (PPACA). Now labeled “parental age-offs,” they communicate with Smartphones, average 110 texts per day, and seek information through social networks. But when it comes to health insurance, it’s Mom and Dad that get the call. (Or text!)
Tip: Look at your current book of business and identify clients carrying a family plan that have children over age 25. Next, put a strategy together to get in front of the parent decision-makers with educational information and a range of benefit options for their most important assets…their kids. Don’t have a big book of business? No worries. Take the same approach by targeting parents of Millennials with compelling education-based content and an easy-to-use “quick start” guide on what they need to do, along with options you can provide, to make sure there’s no break in coverage for their children. You’ll be a hero.— Lindsay R. Resnick is the chief marketing officer at KBM Group: Health Services,which is part of the Wunderman Network.
9. Connect with members of your networking group individually
Trying to develop rapport with another member of your networking groupwhen your interaction is limited to your attendance at meetings is very difficult.
Invite members you’d like to get to know better—who might make good clients or be a good source of referrals—out for coffee, breakfast, lunch, a drink, etc. Focus on them: their business, their life, referring business to them. As Dale Carnegie advised, be impressed, not impressive, and business will come. — Sandy Schussel, LLC, sandyschussel.com
10. The Breakfast Club
Create an exclusive breakfast meetingand invite 5 of your favorite clients who have something in common (i.e entrepreneurs; CEO’s; same profession). Tell them their “price of admission” is to bring someone you don’t know but who shares their issues. Ask another professional to speak – someone you want as a center of influence for cross-referring opportunities. Make sure to know what the speaker will talk about.
Have the breakfast at the nicest hotel that offers a buffet. Eat first so everyone gets comfortable with each other. Have the presentation for 30 minutes – tops! Now you’ve created a positive, close knit experience for your best clients. You’ve met 5 more prospects who are just like your best clients. You’ve introduced another local professional to 10 prospects. And now you have a big IOU from that COI. Win-win-win. And not a lot of money. — Gail B. Goodman, president, ConsulTel. Inc., Bedford Hills, N.Y.