Close Close

Life Health > Running Your Business

Spinning the wheel of fortune

Your article was successfully shared with the contacts you provided.

Being the star in our own business means we have to be good at spinning the wheel of fortune to keep ourselves in front of prospects. Without prospects that have a need they are willing to spend money on to solve we won’t be very successful in this industry.

The key to a successful week is to take the time to plan your week. Setting up your week is critical to meeting your business goals.

One key to setting appointments is to always book your appointments from the end of the week to the first of the week. Book Thursday first then work backward to Tuesday. This ensures you have a full week and removes the false sense of security that occurs when you have several appointments the first part of the week. Also, book your appointments from the end of the day to the beginning of the day to ensure you have a full day.

Prospecting is our business

That takes us back to prospecting. Prospecting is your business. Getting leads is as important as selling. Once you stop getting leads, you stop writing business. You must learn to prospect in order to be successful and reach your income goals. You will need a constant flow of prospects for business and income growth.

Prospecting support through leads will account for approximately 30 percent of your business while the other 70 percent will come from your own prospecting activities. To maximize your productivity, keep these points in mind:

  • Only sell the appointment; do not get caught in the trap of answering product or premium questions on the phone.
  • Ask for referrals from everyone you talk to, even if you don’t make a sale.
  • Win the communities where you work:
  1. Go to the house or business on each side and across the street of your appointment.
  2. Leave your information with each house or business that you visit.
  3. Collect business cards from each business you visit.
  • Use “I’m not interested” and “I already have insurance” responses as stop-by, meet-and-greet time between appointments. “I’m not interested” may mean that they did not have time, and “I already have insurance” may mean they are just used to what they have. Continue to follow up with these prospects.
  • When you call telemarketer activity, make sure you are speaking with the same person as the telemarketer did. For Internet activity, make sure it is the person who completed the request.

Spokes on the wheel of fortune

Cloverleaf: Introduce yourself to three or four businesses located geographically close to a prospect or appointment. Before seeing prospect A, go next door and say that you are on your way to see [prospect’s name] and that you would like to stop by afterward. Introduce yourself and ask preliminary questions.

Business Cards: Collect business cards from everyone that you meet. Collect the business cards from restaurants that have giveaways. Set out “fish bowls” for a free lunch to collect cards.

Neighborhood Prospecting: Prospect where you pay, where you play and where you pray.

Surveys: Conduct surveys at shopping plazas or malls.

Newspapers: Small print ads, “one-liners” or reader ads in classified sections of local papers, shoppers and programs.

Postcards/Direct Mail: Obtain voter, club, church lists; purchase small business lists or profiled names. Use carrier-approved direct mail.

Fliers: Post fliers on bulletin boards, leave them in doors when people are not home, insert them in local newspapers, or arrange to hand them out at sporting events.

Yellow Pages: Yellow Page books are a great resource to identify small business owners. Pick up a book and start calling or utilize the cloverleaf tactic.

Associations/Clubs: Join the chamber of commerce, obtain lists from local trade groups such as homebuilders, or join clubs such as Rotary.

Professional Referrals: Partner with accountants, P&C agents, financial planners…to obtain referrals for health insurance.

Personal Referrals: Make sure to call existing clients back for referrals and cross sell.

Old Leads: File your old leads that did not buy according to their insurance company. When that company has a rate increase, call the prospects that turned you down before.

  • Direct Mail: 2% response rate
  • Phone: 25% response rate
  • Face-to-Face: 50% response rate

In conclusion, see the people and your revenues will grow.

For more from Lloyd Lofton, see: