Competition in the insurance industry is fierce. Even if your market is large, you’re essentially selling the same products as your competitors, so you have to find other ways to differentiate yourself to your customers and prospects.
A quicker response time to leads could be the edge you need.
As you know, business sales leads are vital to your insurance agency. They’re like gold, and you can’t afford to mishandle or ignore them. And you need to respond FAST, especially if the leads you’ve purchased aren’t exclusive and are being sold to other agents. Every second counts, and how fast you respond can mean the difference between a sale and a lost opportunity. Lead response management research shows that rapid response – in under five minutes – delivers the best results for web-generated leads. That’s how fast customers move these days, and how fleeting a prospect’s attention span is.
Unfortunately, too many agencies waste their precious marketing and prospecting dollars by purchasing poor quality leads, failing to respond to leads fast enough, or ignoring them altogether. According to this year’s annual study of lead response behavior conducted by InsideSales.com, only 23.9 percent of the 696 companies audited responded to a web-generated lead within that high-value five-minute window. 42 percent of those companies responded within the first four hours. On average, sales reps were making their first call to new web leads after 39 hours, and almost 36 percent never responded to a submitted lead during the entire two-week tracking period.
How do you make sure you’re responding to leads within that rapidly closing window?
If you want to be competitive at cultivating and converting leads, you need to arm yourself with advanced insurance marketing tools like professional agency software. The key to improving your conversion rates is to effectively communicate with clients, and the right insurance agency software makes that much easier and more efficient.
With the right agency software, you can receive business sales leads in real time through a portal. The next step is to call . . . quickly! One of the biggest mistakes insurance agents make is letting leads go cold. When you receive leads, there are likely at least a few of them who are ready to buy now. So if you’re not the first to respond, you’ll lose the sale. But keep in mind that a rapid call-back without context won’t be very effective. Your sales calls should also be personalized and relevant for the lead.
Of course, even with the right agency software, you still have to find the uninterrupted time to process your leads. Consider using a call center or appointment setter. With someone else doing the dialing, you can focus on selling.
If you’re struggling to convert your insurance leads into sales the old fashioned way, it’s time to modernize. With the right insurance agency software, you can have a world of options at your fingertips that will help you manage crucial data, customize your responses, and streamline your lead generation and conversion. And that means less time wasted on methods that don’t work and more time spent making sales.
For more information about a successful insurance lead generation process, download our all-new free report, “Why Leads Fail … How to Avoid Three Rookie Mistakes.”