Lead Closing Strategies Blog

You’ve probably heard about the four P’s of marketing, but have you heard about the four B’s of client retention?

It’s common knowledge that it’s a lot cheaper to keep a current client than it is to get a new one. In fact, business leaders estimate that it costs six times more to acquire new clients than it does to keep existing ones.

Client retention is important for business success, but it’s also an often overlooked principle among health insurance agents and brokers.

Here’s part 2 of this 2-part article…

2. Be Indispensable

Each new client is another opportunity to establish your thought leadership in your market. It’s another chance to build your reputation as the agent that consumers can turn to for the vital health insurance information they need.

To capitalize on this opportunity, top producers now maintain an email newsletter or blog, or both, that keeps clients informed about their health insurance options:

• Answers to common program questions
• Advice on how to expedite claim requests
• Tips for lowering premiums and costs
• New plans now available from your carriers
• Life insurance, annuities and other plans your clients should consider

Email newsletters and blogs are inexpensive to create and maintain. However, it does require a commitment to creating and delivering helpful information. So make sure you have at least a three-month calendar of topics before you launch.

3. Be Brave

Customer complaints and angry clients are part of the business. When a client receives unsatisfactory service from a carrier representative or from a network provider, they may take it out on you.
Sometimes the problem is close to home, such as an unreturned phone call or a file misplaced by your assistant.

Whatever the cause, avoiding an angry client is the worst thing you can do. True professionalism requires having the courage and self-confidence to handle customer complaints and dissatisfaction head on.

You may not resolve every issue, but it does show that you’re someone that prospects and clients can rely on for professional and sincere service.

4. Be Ready

One of the best ways to increase client retention is to anticipate when they’re most likely to start shopping for a new plan.

Many individual health plan consumers typically get that itch to switch plans shortly before their current plan expires. That’s usually when they get a notice from the carrier announcing an increase in their premiums or a change in their coverage.

As they say in the old Westerns, you need to head them off at the pass.

That’s why top producers routinely turn to their BrokerOffice lead management system to keep them on top of current clients, as well as prospect and leads. They can use BrokerOffice’s calendar feature to schedule reminders a couple of months before each client’s anniversary date.

You can then use BrokerOffice’s convenient email program to start sending those clients an invitation to call you for a “health insurance check-up.” Let them know that you can help them review their policies to see if you can find better options for them.

And if your BrokerOffice lead management system is integrated with the Norvax Insurance Quote Engine, your email can even include a link to a personalized health insurance quote. Your prospects can then follow that link to your website and online quote engine to start comparing plans and policy options — that you offer.

By becoming your clients’ shopping advocate, you can continue to help them find the right insurance plan. You’ll also continue to be the person they turn to year after year for their health insurance answers.

You’ve probably heard about the four P’s of marketing, but have you heard about the four B’s of client retention?

It’s common knowledge that it’s a lot cheaper to keep a current client than it is to get a new one. In fact, business leaders estimate that it costs six times more to acquire new clients than it does to keep existing ones.

Client retention is important for business success, but it’s also an often overlooked principle among health insurance agents and brokers.

The Problem

Many producers seem to accept that many, if not most, of their new individual health plan clients will depart for other producers after a year or two.

Brokers and agents have seen it time and again: Cost-focused customers jump ship as soon as they receive the notice of premium increase just as their plan anniversary looms.

Premiums are going to go up. The rising cost of health care has made cost increases inevitable. From a sales standpoint, however, the real problem is that many agents and brokers often put little or no effort toward retaining their current clients.

That’s somewhat understandable when you’re under pressure to work the new leads and tend to those hot prospects who are ready to complete their application.

The fact remains, however, that investing a little more time in retaining your current clients will yield much greater return on investment than putting all your focus on new leads. With the right tools and strategy, you can do both.

Technology and the Internet give you the resources you need to efficiently nurture current clients so that they return to you when they want to start shopping for a new policy. And understanding the four B’s of client retention will help you create a strategy for success.

1. Be Thankful

You may be providing your clients an important service, but they’re doing you a favor.

The truth is that it’s a competitive market out there, and they can probably find someone who can match the service and expertise you provide. That’s why many agents and brokers rightly send “thank you” letters after the application is first approved.

Being thankful helps build trust and nurture your relationship with each client — which in the end will increase the odds that they will stay with you for their insurance coverage.

It also pays to get in the habit of showing your gratitude during the holidays and especially after they’ve signed on for another year. And with email marketing programs like iContact.com and ConstantContact.com, it’s easy and cheap to send customized and professional thank-you emails.

But don’t use your “thank you” message as a cover to cross-sell another product!

A sincere thank-you letter is simple and focused on expressing your gratitude. Trying to sneak in a sales pitch will make you look insincere.

See Part 2…

You have a website. Now you need visitors.

What should you do? Spend a bundle on online advertising? Or get an expensive Yellow Pages ad with your site’s address in big bold letters? Maybe a TV commercial on local cable?

None of the above. Instead, turn to one of the oldest marketing tricks in the book: the press release.

Old-Fashioned Publicity Meets New Technology

The always-insightful research team at Marketing Experiments ran a recent test, using themselves as guinea pigs. In this test they released a series of 7 press releases — some through paid news services and some through free services.

The 7 press releases brought in some welcome publicity, including landing them 6 interviews with journalists. More importantly, the press release campaign created enough interest to bring in 3064 visitors and generate 10,000 incoming links to their site. That’s plenty of opportunities for bringing in new traffic.

The total cost of the 6 month campaign? $990. For that kind of traffic, it’s a bargain.

What’s more, the media coverage that goes with an effective press release campaign can help establish you as a credible expert in your field — and that’s a serious advantage over your competition.

Tips For Writing A Release That Will Make Editors Bite

You can’t just send a send a release to your local news editor and hope for media coverage. Writing good press releases and distributing them effectively takes practice. But here are a few pointers to get you started.

Make it timely and relevant. Your press release should contain something noteworthy that people haven’t heard before. This could be a new service you’re offering, a report you’ve written, or a new feature on your website. Relate your news to things happening in the community-at-large. Remember: for anyone to care, your news has to benefit the reader.

Start with the big picture. Open with the most important piece of information, then add the details. Make it clear what the news is, why it’s important, and why people should find out more.

Keep your language simple. The news media love experts who can explain complicated subjects in simple terms. Save the industry jargon for your next conference or tradeshow.

Make it easy for the media to follow-up. This means including all your contact info — including address, phone number, fax, email, and (of course) your website.

Pick the right distribution channels. Whether you use paid distribution services or send out releases yourself, you need to make sure they’re landing on the desks of the right people. Send it to the major news outlets in your region. Hit all the local and neighborhood papers. And since you want to score some in-bound links to your site, send your release to plenty of online news sources.

The next time you’re considering raising your profile with an expensive advertisement, think twice. For a small outlay of cash and effort, press releases can give big results.

Want to take a crack at distributing your press release? Visit:

www.prweb.com
www.prnewswire.com

Do-Not-Call Numbers Going Up

When you’re prospecting keep these latest numbers* in mind:

1. 76% of all adults have registered for the Do-Not-Call list, up from 57% in 2004
2. 61% have received some telemarketing calls since signing up
3. 18% have received no telemarketing calls

*According to a recent survey conducted by Harris Interactive

Who You Can Call. According to the FTC, if you have an existing business relationship with a consumer, you’re permitted to call. The leads you buy from ProspectZone have agreed to receive your phone call by submitting their application for a quote.

Take It Seriously. All it takes is one phone call to land you in hot water: If you are charged with placing a call to someone on the registry, you can be fined up to $11,000 – and that’s possible per violation!

Make sure when you’re working referrals you take the time to get either written permission for a phone call or check them against the registry. You can access the FTC registry for up to five area codes for free.