Anatomy of a $10,000 Final Expense Sales Week
If you want to be able to sell $10,000 in final expense life insurance in a single week, you need to go in with a plan and a reasonable set of expectations. The fact is, this level should be attainable if you work at it, but it takes time to learn the intricacies of your local market and to get your processes up and running. The first step toward learning how to sell final expense insurance in this kind of volume is studying the tools that someone else used to bring sales up.
Set Yourself Up With Quality Final Expense Leads
Right now, I use 45 direct mail leads per week as my basis. No more, no less. This allows me to focus on making quality calls to those leads and on making sure I have the time to really explain the benefits and the mechanics of any plans they might show an interest in. The biggest mistake that new insurance sales professionals make is working with too few leads. You need to get your name out in front of people before you will be able to count on having consistent weekly sales.
There are more ways than direct mail leads to generate business. If you’re particularly talented at building the networks you need for a wide base of referrals, then that’s a great way to operate. Advertising in community publications can also be a good way to get leads to come through your door or contact you. The right methods to use will vary from place to place, but one thing is certain: You won’t be selling final expense insurance at the highest levels without those leads. That means you should have a way of pulling leads when your other methods don’t work, and that’s why using direct mail leads is such a strong idea.
Maintain an Up-to-Date Schedule Book
One of the keys to staying organized is keeping your schedule full. As you can see from the video, I put together a fairly full week, with 26 meetings/appointments with new clients. Of those, I had 20 actual meetings, and sold 15 applications. That means I managed to convert one out of every three of my leads to a sale. This kind of success comes with practice, but it also comes with the persistence that it takes to fill your schedule and then go out there and make those contacts.You might not convert one out of every three leads when you first start, but since direct mail leads are typically people who have expressed an interest in buying insurance, you have an advantage.
To get to the level of success I have had, where your $10,000 goal is met by midday Thursdayon a decent week, you need to be filling your calendar with those meetings and working them. You can’t help the cancellations and no-shows, but your commitment to providing thoughtful service will eventually contribute to your success.
Planning Your Sales Goals
The key to making sure you get to the right sales numbers is planning for your goals. What does that mean for me? Well, since I tend to do about $55 per sale, I can break it down to see how many sales I need to aim for if I’m going to clear $10,000 per week. In this case, as I state in the video, the number to hit is about 15. If your AP is higher, you’ll need fewer appointments, so you will want to track your average numbers from the recent past to help you make sure your goal numbers are going to put you where you want to be.
Once you know those goal numbers, you also want to look at your average conversion from your leads, both the conversion from leads to meetings and from meetings to sales. This will let you calculate the number of leads you need each week to be able to average the right number of appointments.
When you put it all together, it should be a matter of working this plan:
- Order leads according to your numbers
- Set appointments and work the phones
- Go to appointments and sell with your best techniques
- Follow up on carryover from previous weeks leads
- Figure out your weekly sales numbers
- Adjust the running average for your sale size
- Figure out next weeks numbers to make sure you don’t need to increase your leads
Running through this process each week should set you up for success by giving you a workable program to follow as you learn how to sell final expense life insurance.
The last major point that you will want to integrate into your sales strategy if you are trying to build a strong $10,000 weekly sales routine is your follow-through. People trust you to put their applications into process, and that means you need to be at the fax machine right away as soon as you have signed applications. If you delay processing them, then the people you sold to must wait to get their policy & benefits started, and that can lead to less enthusiasm from your customers. Putting the paperwork through efficiently, on the other hand, helps you to generate referrals, which can add even more business on top of your final expense leads.
Structuring Your Withdrawal Dates
If you want to make good, consistent sales, you need to try to book your payment dates at times that will be convenient to the customers. Withdrawals on the first & third days of the month and the second, third and fourth Wednesday tend to stay on the books better than those that are scheduled at off times.
The key to making this plan for a $10,000 final expense sales week work is consistent follow-through. When you watch the video, you’ll see how I structure my organization to keep myself on track. Developing your own system and working it consistently is the key to success. Good luck as you work on taking your sales to the next level. Don’t forget to keep coming back for more tips here at The Insurance Squad.