Understanding the Sales Qualified Lead Meaning for Insurance Industry

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this was a study that inside sales.com did it was published in the harvard business review they called 15 000 unique internet leads and made over 100 000 call attempts over three years and they have all of the data in this crazy amount of information it's really useful and vital because if this says if they've got over a hundred thousand call attempts and they say you should never call at this day and time but you're doing that you may want to get this again kodiaks.com ebook okay what it says is the best days to make contact and i'm not gonna go through it all but statistically are wednesday and thursday that surprised me there's a 49 difference when it becomes tuesday versus thursday also the best times to make contact okay the second best time to make a call is between eight and nine in the morning the best which kind of surprised me but the best time to make a call between four and six pm that did not surprise me okay best time to call lead between four and six o'clock that'd not surprise me that's my favorite time to call leads if i had preferred calling times by the way if you're calling leads it's or it's it's evening saturday morning sunday late afternoon or evening okay i believe sundays late afternoon early evening are the best times to call leads that's the best time to call leads period most don't utilize it but if you have leads and you paid money for them you got to get in front of them okay so that's the second piece third piece talks about respon actually let me go back to number two when it comes to best times to make contact uh you have a 164 percent difference 164 difference for qualifying a lead in early afternoon versus late afternoon late afternoon you have 164 percent higher chance of qualifying a lead based on that we'll probably none of us will probably ever call leads early afternoon ever again which is good number three response time contacts made from first dials you have a 400 decrease in the odds of qualifying a lead between five and ten minutes if you you you if you call within the first five minutes you have a 400 percent chance 400 higher chance versus waiting to 10 minutes speed delete is super important especially with digital right google et cetera website leads content speed to lead is crazy crazy crazy valuable best time to make contacts within five minutes the sooner the better also persistence here's where a lot of agents fall off the wagon okay persistence chances of making contact you have about a 35 chance on the fir on the first call and then about which actually is high nowadays i would say it's more like 15 or 20 percent but then by the sixth call you have a 90 chance of contact ing to this study that was years ago okay based on that over 30 percent of leads are never contacted at all that means we get a lead and we don't call it it's happened to me too i hate to admit it but i'm sure it's happened to you as well and you got to think if you've got agents and you are giving them leads or you're buying them leads or you're co-opting them leads 30 of their leads they're literally flushing down the toilet you take a whole year's worth of marketing budget that's a lot of money by just making a few more call attempts sales reps can experience up to a 70 increase in contact rates so here's the average call attempts by reps first call second call drops to drops about 10 percent third call drops about 30 percent fourth call you're under 10 action under 10 of reps ever go to the fourth call fifth call five percent sixth call again only two to four percent of reps ever make it to the sixth call but the sixth call has a 90 chance of contact which means we need to get to the sixth call when we're working digital leads i remember years ago i had a manager reach out to me and this is one of the big reasons why i do what i do today okay thank you sir um five minutes yeah thank you i didn't even notice that so thank you um i remember years ago i had a manager reach out to me because i was having some success as an early age and they said hey we've got two agents up in northern missouri their name's greg and hunter they're really struggling they're not making any sales and i would like you to come up and help them okay it was like four four five hours away i was selling myself and i'm like well i don't know how i would help them other than i can physically come up and go door knocking with them okay who's been cold out cold door knocking by the way not leads like legit cold door knocking okay you sir are also insane okay but it works right uh and so i was doing that and i went up and i drove up one morning and and and or one night and door knocked the next day and we door knocked for like probably six seven hours and first door knock knock on the door get in the house and you could tell the agents that were with me were like how did how did that happen how did you just get in the door well i mean i just smiled and said what i say and i got in first door make a sell second door make a sale third maybe third cell was later on what happened is five cells in about six seven hours of cold door knocking i left all the business with them drove back to springfield missouri four or five hours that evening and thought to myself if i can ever do that again if i ever get the chance to help another agent and do that again i want to spend my rest of my life doing that because i got more joy and gratification and satisfaction out of helping them make money than when i personally made sales who can relate to that by the way you're like dude i just love helping others whether it be beneficiaries prospects but also other agents right so for me yeah i was i was a good insurance agent but i never wanted to just be a good insurance agent right like a lot of you have imo's you have call centers you're helping hundreds of agents or thousands of agents around the country right the people that help more agents and more beneficiaries are leaving a greater impact on the industry in the world and are influencing the generations ahead there are hundreds of thousands of agents that are coming in in waves in their 20s and there's no doubt this is the best career on the planet earth i don't care if they're 112 or 12. now they can't get their license at 12 but you know they can intern in my office maybe okay but why do i say that because it's the hardest career on the planet by the way because 92 percent of interest agents fell in the first three years but there are more millionaires in the financial services and insurance industry than any other industry on the planet who realized that by the way more than real estate more than tech more than anything else we are in the right industry we're in the right place and i hope you love it just as much as i do okay i think i got what like two or three minutes okay let me take let me take uh maybe one question really quick any questions okay yes ma'am that's a great question so i remember sitting in my office years ago and one of the objections i got was just stick it in the mail right who else has got that by the way okay just stick it in the mail i said something wild and it worked and i still and now i train on it and we still use it today here's what it is if you're on the phone like hey just stick it in the mail perfect i'd be glad to okay actually you know what i'll be out there tomorrow why don't i just drop why don't i mail it in person okay so so do you think i should drop it off and mail it in person and like in the morning or in the afternoon which is better for you and they're like well can't you stick it in the mail well i need to prove that it's you and actually get you the information that's my job so i'll be swinging through and i can just mail it in person like two o'clock tomorrow will that work for you that's fine that'll work and then made a cell and i'm like the great question by the way i'm like dang dude why am i not doing that more often we give up on objections far too easy 95 of objections are made up they don't mean it i don't believe there's any objections they mean until the very end of the call by the way uh if you're trying to make a phone cell that's different okay yes sir last one single most important thing i've done in my business is to add operational help and people and build teams right we have over 100 staff in springfield missouri amongst all of our companies and i can tell you you can't do anything big alone we'll do 13 million dollars in revenue this year amongst total amongst all of our companies and that's because i'm surrounding myself with people that are better than me real quick do i have 60 seconds i was at a retreat with a gentleman that makes 160 million dollars a year and i was up late at night with him and he's whiteboarding our companies and he's like okay who does this me who does this me who does this me who does this me he said that's your problem he said if you want you can't do with anything big alone he said why are you doing everything in your company a lot of people are by the way most six figure owners are doing everything by themselves he said why do you do everything because because i'm better than anybody else at it he's like well number one your ego is getting in the way and number two he said you want people in your business that are better at certain jobs and tasks than you are so if you don't have people add people scale your company thank you for being here and enjoy the rest of the medsup conference and we'll see at april nation in july of 2022. hey if you enjoyed this i got another one you're gonna love it's right there click on it see you in there what would you say to a struggling agent that's considering quitting that they may end up apart of 92 percent you know the whole thing i was telling about that one guy named hunter who was dead my mom told him he's a shy guy one of the people i was working with is a restaurant owner