How to Generate Leads
For many health and life insurance agencies, growth is the goal. Yet, we’ve found from our yearly technology survey that the #1 challenge agencies face is lead generation.
Many agents are already utilizing client referrals—and those are crucial! In fact, referrals have a 6x higher close rate than other lead sources. It can be as simple as asking your clients, “Hey, do you know of anyone that needs my help?” or using the NPS question, “How likely are you to recommend [my business] to another?”
Today, however, we’re going to talk about four other ways to generate leads that aren’t client referrals.
Paid Online Marketing
Sales and marketing should go hand-in-hand. Marketing generates leads, nurtures them, then passes them on to sales for conversion when that lead is ready. To get them in the first place is where paid online marketing comes in.
BigCommerce Essentials defines paid media (aka paid online marketing) as:
“Paid media refers to external marketing efforts that involve a paid placement. Paid media includes PPC advertising, branded content, and display ads.”
PPC: Pay-per-click or PPC is a model of internet marketing in which advertisers pay a fee each time one of their ads is clicked. Essentially, it’s a way of buying visits to your site, rather than attempting to “earn” those visits organically. Search engine advertising is one of the most popular forms of PPC. The main two search engine advertising hubs are Google AdWords and Bing Ads—however, it’s important to note that Google has the significantly larger market share and use.
Organic Traffic: The term “organic traffic” refers to the visitors that land on your website as a result of unpaid (“organic”) search results. Visitors who are considered organic find your website after using a search engine like Google or Bing, so they are not “referred” by any other website. Basically, they stumble on your website and it’s free for you!
Branded Content: Branded content can include articles, videos, and podcasts that bring relevant value to the consumer. A really good example of this was Dove’s campaign a few years ago where they focused on “what is beauty” while also promoting their products to help women feel more comfortable in their skin.
Display Ads: Display ads or banner ads are a form of online paid advertising that is typically a designed image or a photo and copy. Viewers can then click on the image with the promotion to be taken to the corresponding landing page. These are the images you’d see in banner locations, sidebars, or within the copy itself on different webpages (like news pages or blog posts).
Landing Page: In digital marketing, a landing page is a web page created specifically for a marketing or advertising campaign. It’s where a visitor “lands” after they click on a link in an email, ads from Google, Bing, YouTube, Facebook, Instagram, Twitter, or similar places on the web. Pro tip: A landing page is where you’d put your customizable AgencyBloc lead form to capture your visitors’ information and have the chance to convert them to clients. This can be the homepage, a “quotes” page, or any other page with a specified purpose.
Think of the last time you searched for something on Google, like a new coat. When you search Coats in the search engine, you’ll see different ads pop up marked Ad.
Those ads are paid media.
Same as if you visit Scheels online to buy a coat, you then see Scheels ads in the sidebars and banners of other webpages. Again, that’s paid media.
If you want to start paid online marketing, here are the five steps to follow:
- You create an ad for social media or search
- You set a budget for the ad
- You select your targeted audience (based on gender, age, location, profession, etc.)
- Your ad is displayed to those that target audience
- Each click and impression deducts a certain amount from your overall budget
Now, these types of ads are separate from social media advertising. To get more familiar with that type of advertising, make sure to download our free eBook: Social Media for Insurance Agencies. It’ll discuss in further detail how to set up your social accounts, start using the advertising components on each of the main three social media platforms, and use the social platforms to better connect with your audience and clients.
Partnering with other professionals can help you generate leads each month without having to go in search of them. This happens when both you and the other professional send each other leads.
For example, you can partner with a wealth management company. Then, when they have a client that is in need of your services and fits your criteria, they can send that client your way. You’d do the same when you have a client that needs their services and fits their criteria.
It wholly depends on the type of partnership you set up with the other professional and what the gain is for each party.
One of the biggest parts of professional partnerships is networking. There is a lot that goes into networking, including:
- Attending tradeshows
- Giving presentations
- Joining local associations
- Attending local industry meetings
- Attending national industry conferences
The best part of networking is that it allows you to connect with like-minded individuals in person who could be assets down the road.
These partnerships can be mutually-beneficial and don’t have to fall solely within your own industry. You can branch out to meet other professionals in adjacent industries like P&C, financial products, etc.
You can branch out further, too, and connect with other professionals that could be beneficial for you as a life and health insurance agent. These people might include healthcare providers, specialists, care facilities, in-home care, hospice providers, realtors, etc.
To learn more about how to find partners, set the terms and conditions with them, and foster successful partnerships, check out our blog: How to Get Referrals Without Asking.
If you choose to use this route for generating leads, you need to carefully vet the vendor from which you are buying.
You want to ensure the leads you are buying are worthwhile and open to your services; otherwise, it can be a waste of time and money. Look at the different levels of lead types to decide what’s best for you.
For example, NextGen Leads provides three different levels:
- Exclusive leads
- Shared leads
- Warm transfers
These different levels allow you to find the right fit for your budget while not compromising on quality. This is significantly different than buying a list of cold leads that potentially have never even heard of you or are in the market for your service.
Check with your AMS provider to see which lead generation companies they’ve integrated with. AgencyBloc integrates with ProspectZone and NextGen Leads so our clients can bring the leads they buy from those vendors into our system. You can even set up workflows to alert you when those new leads come in so you can work them instantly.
Hosting Q&A Sessions
Use your network to find where and when to host the right Q&A sessions for your clients and your audience. The biggest benefit of these sessions is that they give you the opportunity to meet with a large group of your ideal clientele face-to-face.
For example, I used to work at a retirement home, and every year during Annual Enrollment Period (AEP) we would have different senior insurance providers come in and hold Q&A sessions for our residents. They’d set up shop, provide snacks, and talk through all different options our residents had available to them. After their 30 minute presentation, they would hang around for as long as needed to answer different questions our residents had.
When you host these sessions, come prepared with a professional presentation and business cards. To help you get started, check out these free resources we’ve put together:
Also include pamphlets, carrier-specific handouts, and a folder to put it all in.
Like we said at the beginning, many agencies identify lead generation as their #1 agency challenge. By incorporating different methods into your lead generation strategy, you’re more likely to raise the number of leads you’re bringing into your book of business.
After that, the importance falls on your nurturing strategy. Regardless of how you acquire your leads, you need to ensure that you are courting your prospects and giving them the attention they need.
Using AgencyBloc’s Automated Workflows, you can nurture your lead from prospect to client and stay top-of-mind with consistent, valuable communication. In addition, track how prosperous each of your lead generation tactics is so you can make more informed decisions in the future with AgencyBloc’s Dashboard Analytics.
Are you courting your online leads?
Learn how to use automation to connect with your leads, nurture them, and increase your odds of converting them.
This blog was originally published on January 10, 2017, and updated on January 7, 2020.