Clickbait title? Not at all. I’m going to show you my best source of leads ever. And the 50% closing rate is no exaggeration.
The source of leads are your dead leads. Those people you’ve spoken to, worked on, then went cold and quiet. Here’s your life pro tip – those leads aren’t dead. They’re percolating and getting ready for you to sell them insurance. But there’s a key component – you need to let them sit 90 days.
Back when I was selling insurance I’d have some leads that I’d speak to, give quotes to, provide info to, and then they’d stop responding. No answers to phone calls, no response to email. Originally I’d just let them go – the horror thinking of all the sales I let slip through my fingers back then. Then I changed that, and these cold contacts became my best source of sales, bar none.
What I did was decidedly low tech but it’s a system anyone can implement. I grabbed three file folders and labelled them September, October, November (or your next three months, since I’m writing this in August). During August, whenever a lead would go cold, I’d print the contact info and put it in the file labelled November – so 90 days hence. The September file would contain cold leads/dead contacts from June.
Now September comes along, and I pull out the September file. And I call every one of those dead leads. It’s crazy. Most of them picked up the phone when I called. I’d just say “hey, we spoke back in June, I just wanted to reconnect one last time.”. And they would invariably respond one of two ways. About half would tell me they’re well and truly cold; they bought insurance somewhere else, they no longer have a need, whatever. But the other half were resigned; they responded with ‘OK, I’ve sat on this long enough, lets just get the application going. Like, right now.”. I don’t want to say crazy, but it was crazy – damn the torpedoes, they wanted the paperwork started right now. (If you’re using a CRM, and you should be, then all you have to do is tag your cold leads with a 90 day followup call).
The 90 days is key. I think what happens is a lot of people don’t quite commit initially. But after 90 days they still recall the need, but realise they’ve delayed long enough and just want it off their plate. The 90 day is the sweet spot for them.
Don’t wait any longer. Set up your three files and start using them. Then go back through your contacts for the last 90 days and seed the system. You’ll be making sales right away.