Lead Purchasing Strategies- Get the Most out of Your Spend
A Talent Shortage
Every day it seems as if recruiting top talent is becoming more of a challenge. This can be attributed to a number of factors including but not limited to the age demographics of the existing workforce, “the average age of a US insurance agent is 59. As such, one-fourth of the industry’s work force is expected to retire by 2018.” 1 Second to that there is a generally accepted notion that younger candidates are not as interested in insurance sales as their elders once were. Then, when you consider the amount of product specialization across all insurance and financial investment products and what some see as the need of an agent/advisor to offer multiple product lines or specialties to their client base and a you can see a landscape where a recruiter can get lost in a sea of prospects that are outside of their ideal candidate pool. So what is someone in an insurance or financial recruiter position to do?
Buy Leads and Maximize Your Opportunities
A recent article I read from Velocify2 provided some interesting insight into growth & lead purchasing strategies of companies across a number of industries; including the insurance and financial sectors. In that article they state that “purchased leads accounted for nearly one-third of the total volume of leads for high-growth companies.”2 That article also provided the following best practices to purchasing leads and steps to follow to ensure best possible ROI results:
- Follow up ASAP
- Be Persistent
- Prepare for Duplicate Leads
- Frequently Monitor KPIs (Key Performance Indicators)
- Meet Regularly with Lead Providers
While this is a good list for a reference point, we’d like to add a couple of best practices that are specific to the services we provide. First & foremost immediate, consistent, and on-going follow up is key. We recommend a two pronged lead follow-up strategy. First, the immediate 30 days after receiving a lead should be mapped out to include a specific number of contact attempts by phone and/or email as applicable, but most importantly in a way that will result in a conversation. After 30 days any leads that have not resulted in closure should be followed up with on a regular drip marketing campaign. The list above also references being prepared for duplicate leads (meaning leads that may already be in your pipeline and/or new leads that a vendor provides multiple times). Here are Financial Media Group we offer several lead generation services. Through each of those services we can eliminate nearly 100% of duplicated leads through the use of unique database identifiers, as well as cleaning our marketing lists against your existing house file or CRM system.
Be Prepared with a Good Story
The same way many successful insurance agents or financial advisors (or sales people in general) are benefited by being a good story teller. You as a recruiter need to be prepared with the story of your organization, your product, and the opportunity/future that your organization can provide. You have to set yourself apart in some way, the more sincere and dedicated you are to your organization’s mission and core values the more a prospect will be energized by your opportunity. The clearer the picture you can paint, the better your candidate can see how they will benefit, the better position you will be in. We help clients across the spectrum of insurance and financial sales organizations (RIA’s, Broker Dealers, Carriers, IMO/FMO’s, Brokerages, Service Providers, Fund Companies, and more) build their recruiting and candidate pipelines with warm leads; and regularly encounter recruiters who are not prepared with a strong recruiting story, like the saying goes- Plan your work, and work your plan. If you are ready to ramp up your recruiting or marketing efforts we can help by providing warm leads specific to your industry niche, or provide you the prospecting data to execute your own marketing & recruiting campaigns. Contact Us when you are ready to grow, or keep reading one of these other recommended blogs: online reputation, find your target audience, or tips for using a marketing partner.