Sales Isn’t Straightforward
No matter what any sales statistics tell you, sales isn’t straightforward. Each individual prospect or lead deserves a personalized approach, but we do know that there are some best practices you can follow. Below are a few sales statistics that can be daunting to some, but we’ve provided some insight into how you can approach each of these to become a better salesperson.
“If you follow up with web leads within 5 minutes, you’re 9 times more likely to convert them.”
We know this is easier said than done, but this demonstrates the importance of having a lead follow-up process in place. Within AgencyBloc, once a lead fills out a web form or comes in from a third-party integration, you can automatically assign an agent for follow-up. The new lead will appear on the agent’s dashboard with the details, due date and priority so a follow-up is never missed.
“The early bird gets the worm. 50% of sales go to the first salesperson to contact the prospect.”
Using a combination of automated email and calling your new leads can increase your chances of closing the deal. Following up immediately can be difficult, like we said, but setting up an automated email campaign to send new leads that says, “Hey, we got your information & we’ll reach out shortly” can go a long way.
“Email marketing has 2x higher ROI than cold calling, networking or trade shows.”
Email is a great way to maintain positive communication with clients, agents and prospects. It’s a powerful prospecting tool when you use it to nurture new leads with educational content and to keep yourself at the top of their mind. When your emails are in front of them on a regular basis, they’ll remember you when they need new coverage.
“80% of sales require 5 follow-up calls after the meeting. 44% of salespeople give up after 1 follow-up.”
It’s very surprising that 44% of salespeople give up after one attempt, but it could be due to lack of organization. This, again, points to having a follow-up process in place, but everyone needs reminders. Having activities or follow-up reminders on your agency management system dashboard allows you to stay on top of your prospecting efforts by using due dates, notes, and priorities. After you make that first attempt and leave a voicemail, write that note down and set the due date back a few days to try again.
“91% of customers say they’d give referrals. Only 11% of salespeople ask for referrals.”
Referrals are insurance agents’ best friend. However, you have to know who to ask—you can’t just ask every single client. To keep a steady flow of referrals coming into your agency, use the NPS survey to ask your clients how likely they’d be to refer you. From there, you can divide out your clients by those to ask for referrals, those to follow-up with for more feedback, and those who need immediate attention because they aren’t happy with your service. For more information on surveying your clients and how to respond to the feedback, read this blog about the NPS survey.
“70% of people make purchasing decisions to solve problems. 30% make decisions to gain something.”
This statistic should show you how to package your insurance coverage options, especially for life and health insurance agents. Life and health insurance are inherently personal, and people often purchase to solve a problem close to their heart, whether it’s making sure their spouse will be ok financially in the event of their death or getting health coverage for a new baby in the family. So, you should sell this way. You should first look to understand their problem and use your knowledge and insurance products to help solve that problem.
“Each year, you’ll lose 14% of your customers. Lesson: Never stop prospecting.”
We agree that you should never stop prospecting, but there are also some powerful client retention practices you can put in place. The #1 reason clients leave insurance agencies is due to lack of communication with their agent. What’s worse, one study found that only 44% of consumers had contact with their agent in the past 18 months. If this sounds like your agency, taking steps towards creating more touchpoints with your clients can go a long way, even if it’s a simple “happy birthday” greeting each year. There are plenty of automated emails you can set up to maintain meaningful communication with your clients.
The Agent's Guide to Creating and Maintaining a Successful Agency
Improving your sales means improvement throughout your agency. Learn more about how you can set the foundation for a successful agency, grow and maintain your agency, and become a better salesperson in that process.