When a prospect needs insurance, who do they think of first, you or a competitor?
That all depends on who owns the most real estate in that prospect’s mind . . . who has the most mind-share. As a rule of thumb, it takes 13 exposures before the average person can remember your business name. But just because they remember your name, doesn’t mean they will buy from you. It means you have “mindshare” and when they have a need for the product or service you provide, you will be one of the agents they will consider.
The broker who gets the sale is often the person with the best sales follow up strategy.
In fact, according to The National Sales Executive Association, repetition and perseverance are key tips for selling insurance. Here are their findings about how much follow up is necessary to close a sale:
- 2 percent of sales are made on the first contact
- 3 percent of sales are made on the second contact
- 5 percent of sales are made on the third contact
- 10 percent of sales are made on the fourth contact
- 80 percent of sales are made between the fifth and twelfth contact!
So how do successful agencies achieve mindshare?
To answer this question, think about your own shopping habits. If you were shopping for insurance, consider the sources you might come in contact with…
- Media. If you’ve heard and seen a company so many times on the radio and television that you can’t get their jingle out of your head, they have mind-share.
- Personal connection. Your sister-in-law the insurance broker? She has mind-share.
- Location. That insurance company you pass by every day on the way to work? They have mind-share.
Of course, if you’re an independent agent, you probably don’t have the deep pockets to afford a media blitz for your business, and your neighborhood prospects and relatives probably aren’t enough to sustain you. But you still need to use insurance sales techniques to find ways to stay front and center with your prospects on a consistent basis. Not with hard-hitting sales pitches, but with useful information that makes their job easier.
How can professional agency software boost your follow up success?
The right insurance agency management software allows you to efficiently collect and manage data, schedule email contacts, and track your results. If you’re not using professional insurance agency management software to keep in contact with your customers and prospects, you’re probably working too hard . . . and falling behind.
Whatever tips for selling insurance you use, remember the rule of 13, and stay in front of your audience with customized messages that fit their needs and their schedule.
Want more great insurance marketing tips and insurance sales techniques? Download our free insurance cross-selling report, “Six cross-selling secrets of top performing insurance agencies.”