When your insurance company is buying leads, a common misconception is that MORE is always better. Although it’s true that more leads can sometimes mean more business, companies need to honestly come to terms with what their shop can handle in terms of pure sales capabilities, and also think about quality over quantity.
Take a good look at your insurance company and its operational capabilities. Be careful not to mistake your closing capabilities with your sales capabilities. Yes, you may have an efficient way of handling leads once they are converted, but does your sales team have the ability to effectively handle sales?
Most likely the answer is that your sales team is inefficient at best, and that means that you are losing money. Wouldn’t it be nice to close the same amount of deals with only half of the number leads you are purchasing now? The fact is, companies that follow the modern approach to lead buying and management are crushing the competition with ease. No longer is it necessary for your small company to purchase as many leads as it can afford, hoping to convert a small percentage of them. Technology and knowhow are readily and affordably available just waiting to be taken advantage of.
Proper Lead Management is a Necessity
Think of leads as perishable products. A gallon of milk left out of the refrigerator spoils very quickly, rendering the milk useless, just as a lead that has been sitting in a sales agent’s mailbox quickly becomes useless. We live in an environment where speed and instant gratification is the standard. Previous sales studies have proven that you are 500% more likely to close a lead if it is contacted within the first 5 minutes. You have an extremely small window to capitalize on these leads, therefore ensuring that each lead receives the necessary attention is crucial. Many of you reading this are thinking that there is no way that your company would be able to accomplish this level of swiftness, but again, with a proper Lead Management System that is capable of intelligently distributing leads, it is.
When purchasing leads, it is common practice to simply stick with what is semi-performing. Many people who are in charge of purchasing leads for insurance companies do not have the time or the technology to easily compare their lead sources and see which ones are truly giving them the most “bang for the buck.” Don’t take a lead providers word for their leads, utilize a variety of different lead sources so you can easily see your ROI. Numbers don’t lie, and with a proper Lead Management System you can confidently purchase leads from sources that perform.
Although each company is different, one thing that is the same for every company is the need for oversight of the sales process. By employing a Lead Management System and ensuring a variety of lead sources, your insurance company will be well on the road to success.
Leads360 is the market leader in web-based lead management solutions. We enable buyers and sellers of consumer internet leads to achieve unparalleled ROI. Our clients benefit from purpose-built technology, success-driven training, highly responsive support and superior lead performance intelligence. We serve competitive business-to-consumer industries including mortgage, insurance, debt and education.
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