You agonize on whether to specialize in Property & Casualty or Health & Life because you’ve been told you can’t do both.You’re full of enthusiasm and filled with piss & vinegar. You’ve never been so sure in your life that you’ve made the right decision and will be making bags of cash in just a few short months. You dive into your state’s insurance regulations and study like a mad man to absorb all the technical insurance information you can as fast as you can. Your insurance license is issued and you’re on your way.
Now it’s really time to kick it into high gear.
You set up appointments with your mom and dad, your brothers and sisters and all of your closest friends. You tell them you really need the practice so they grudgingly agree to listen to you. You even make a sale or two. Is it out of charity or did mom really need that extra life insurance? Who cares! You’re on your way to financial freedom just like the insurance recruiter promised! (There is a better way)
So now what?
You’ve already called everyone you can think of. You even try a few cold calls only to find out that people really don’t want to talk with you about insurance. You spend $300 a month on a yellow page ad with another start up insurance professional and wait for the phone to ring off the hook! After another month goes by and nobody calls, you verify with the yellow page representative that, yes, your ad is in the book and, no, we didn’t make any guarantees.
Then you find a guy on the internet that is willing to sell you "Hot Pre-Qualified Leads" for only $5-8 each. You’re getting low on cash flow but desperate to make some sales. Besides the guy said these are "Hot" leads and are just waiting for an insurance professional like you to give them a call. You buy 100 leads because that’s all you can afford but you know with your insurance knowledge you’ll soon be selling at least 80 of those 100. After all these are "Hot" leads. After you spend several weeks of wasted time trying to get a hold of these people you learn they really don’t want to talk with you about insurance any more than the cold calls you made three months ago. (There is a better way)
Your enthusiasm is draining away at an alarming rate.
You’re getting sick and tired of peanut butter sandwiches morning noon and night! You remember that Uncle John had an assistance manager position open at his hardware store last month. You start to wonder if it’s still available. Maybe paid slavery isn’t so bad after all. You make the phone call to Uncle John. And another one bites the dust!
So why is this story or one very similar so familiar in the insurance industry?
Why do so many individuals start out with a lion’s heart and end up lost sheep? Is the insurance industry really that hard of a nut to crack? Are the huge rewards of being a successful insurance professional a myth or are the ones making all the money geniuses?
There is one very pure and simple explanation. "Marketing!" Or in most cases, lack of proper marketing. Just what is marketing anyway and why do so many insurance professionals fail so miserably at it?
Proper marketing is getting your prospects or customers to come to the conclusion they would have to be an absolute fool to purchase insurance from anyone else but you regardless of price. If your marketing isn’t doing that then it’s not working right and you’ll need to figure it out before you get the bags of cash that are there for the taking.
The solution to these problems can be found in what we call "The Marketing Equation." It’s the backbone of a good marketing system and your strategic marketing plan. It’s the foundation on which everything else is built.
The Marketing Equation has four main components.
This simply is the process of getting qualified prospects to pay attention to your marketing. Simple enough to say, I understand, but a lot more difficult to pull off in real life unless you understand what you’re about to learn here.
Once the prospect is interrupted, it’s critical to give the reader the promise that information is forthcoming that will help the prospect make the best insurance decision possible, or in other words, help facilitate their decision-making process.
Once you’ve interrupted and engaged the prospect, you have to give valuable insurance information that allows them to logically understand how and why you solve their problem. This is accomplished by giving detailed, quantifiable, specific Inside Reality revealing insurance information. This turns the corner from an emotional sale. You interrupted and engaged them based on emotional Hot Buttons to a logical sale. This is easy to do if you just follow the Marketing Equation.
The fourth component of the Marketing Equation is the Offer. Now that the prospect’s been interrupted based on problems that are important to them, been engaged by the promise of a solution, and examine the educational information that makes your solution real and believable, the last step for you is to give the prospect a low risk way to take the next step in the sales process. This is done by offering a free marketing tool, such as a report, brochure, seminar, audio, video, or something to educate them even more to allow the prospect to feel in control of the final decision.
Everything you’re learning today in this article is based on common sense and is built on true principle. So everything I’m telling you is going to ring true to you and cause you to feel like you already know it, but I can’t emphasize enough, you don’t already use this stuff. If you did, your marketing and advertising would look like ours does, it would work like ours does, and it would get results like ours does. You would already have a Profit Faucet in place making you all the money you could stand. If you confuse understanding what you’re reading with thinking you’re already doing it, that will shut down your mental processes and make improvement impossible.