There’s a lot to be said for perfectly aged cheeses, wines, and even wood. But what about aged insurance leads? Find out if they’re worth the effort.
Age can make a lot of things better. Wood can take on unique characteristics and produce a more beautiful appearance. Wine and cheese need time for flavors to develop. Metals like copper can age and take on a gorgeous patina. Do aged insurance leads also get better with time?
Obviously, aged insurance leads aren’t the same as wine or wood. They can, however, be a valuable source of new revenue for your insurance agency.
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What are aged insurance leads?
There are different types of leads in any sales industry. For our purposes here, we will put them into three categories: exclusive leads, non-exclusive leads, and aged leads.
Exclusive leads are those leads that are exclusive to you. You can generate your own, or you can streamline the process and buy them from a company like HBW Leads, which double-verifies leads. No other insurance company has access to those leads.
Non-exclusive leads are shared among several insurance agents or companies. With non-exclusive leads, you might compete with any number of other agents to get in touch with those leads and complete a sale. Speed is critical here. And while you don’t want to wait too long to contact exclusive leads, you really need to hustle if you want to win over non-exclusive leads.
Aged insurance leads may be exclusive or non-exclusive. There are different parameters, but for the most part, aged leads are 30 to 60 days old. These leads have most likely been in contact with a sales agent, but for whatever reason, they decided to postpone buying insurance.
You can buy aged insurance leads, find them on your own, or go back through the leads you already have to locate potentially good candidates to contact. There’s just one big question:
Is it worth the effort?
If we assume that aged insurance leads have already decided not to buy insurance, is it worth the time, effort, and money to get in touch with them? In short, yes.
There are lots of reasons a lead might decide against buying insurance. It might be the wrong time. They might have some life circumstances that are up in the air. Maybe they’re just shopping around for when they need a new policy. Maybe 20 insurance agents bought their contact information, and the lead got overwhelmed.
In other words, there’s every chance your aged insurance leads might be ready to buy now that they’ve had some time. However, there are some things to be aware of.
If you’re looking at this strictly based on percentages, aged leads won’t give you the same conversion rates that new, exclusive leads will give you. New, exclusive leads are, in many cases, actively looking for insurance. These leads are ready to buy.
Aged leads, on the other hand, have a much lower conversion rate. They may have decided on another insurance provider. They may still be shopping around, or they might have decided to stick with their current provider.
That said, if you buy them, aged leads can be very inexpensive. And though they may have a lower conversion rate, your ROI can be pretty high.
The good news, though, is that you can get aged insurance leads for free. How? Go back through your own records. No doubt you talked with some of the people who were just shopping around or were still figuring out what they needed. These are your aged leads. You’ve already bought them, cold-called them, sent them emails, and started building a relationship.
Dialing software like Call Logic makes this easy. With a built-in calendar, you can schedule a follow-up call right after your initial conversation. Plus, with a pop-out screen, you can review your customer notes before you talk to anyone. So whether your lead is from 30 days ago or 60 days ago, the information is all fresh and at your fingertips.
Ultimately, your best bet is a mix of new and aged leads. Whether you find them on your own or buy them from a lead generation service, mixing the two gives you a chance to tap different sources of potential customers.
One thing is for sure, when you call your leads, the easiest way to stay organized and compliant is to take advantage of software like Call Logic.
Call Logic’s auto-dialer and call management software offers dozens of helpful tools to increase your success and simplify your daily tasks. Call for your free consultation today to learn more!