Marketing for P&C Starters

[nadylime]

I'm a new P&C agent looking for the most effective best ways to begin marketing.

I'm looking for the methods that will 1) Make the best use of my time & 2) provide the highest ROI.

Obviously I'm going to market to my sphere of influence, but my goal is to market aggressively & grow my book as quickly as possible.

Several of the ideas I've considered:

• Buying internet leads (sounds like that might not provide the best ROI)

• Buy some homeowner lists & telemarket to them for home & auto

• Direct mail

• Doorhangers

I understand if some of you would rather not share the secrets that have made you successful - I'm not looking for specifics, just a general idea of what has worked for you in the past.

What would really be helpful is: Direct mail, 1% respond, close 20% of those, etc.

I do have about $30K to spend & would like to use that to jump start my career.

Thanks in advance for any replies!
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I'm sure somebody does some marketing out there....anybody??
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Can anybody throw a couple ideas my way? Feel free to email if you want to do so in private.

Thanks much!!

 

[1manshow]

Re: Marketing

email me and I'll send you a few programs that have worked very well for me...assuming you're not located in my backyard

 

[nadylime]

Re: Marketing

Thanks so much for your willingness to share - Would anyone else be so kind? I'd really like to hear what works for some of you successful agents.

Feel free to email me if you want to share privately - I'd really appreciate any ideas you could share.

BTW, I'm working a local market in North Central FL in case you're worried about me being too close to you.

 

[agentinnc]

Re: Marketing

direct mail is about a .5 - 1% response. You have to touch a person an avg of 6-7 times before you get a call. Do not expect to get many calls after one touch. I have using direct mail for yrs and would do about 8000 a month in mailers.
do the math: #postcards per month x $0.08- $.20 per post card (i get breakpoints) x 1% response x close 20-30% vs avg premium per car x commission rate x #cars written a month

Internet leads can bring you a quantity of leads to quote, yet the quality of internet leads is generally subpar (not always the best business, but business nonetheless). Referrals are the best clientele usually, but it will take you a while to get those going. Calling will definitely help initially, but about 75% of people are on the DNC.

Take donuts to apt complexes, visit realtors and mortg brokers, go after biiger rpemium (commercial). soem other examples. With everything, consistency is a key to success.

 

[Mark]

Re: Marketing

I don't sell P and C , but have you thought about trying to team up with car salesmen.

I went to buy a car the other day and the sales guy had already given the vin number to a P and C agents , and was able to give me some really fast quotes...

 

[nadylime]

Re: Marketing

Do the math: #postcards per month x $0.08- $.20 per post card (i get breakpoints) x 1% response x close 20-30% vs avg premium per car x commission rate x #cars written a month

Thanks for the reply agentinnc. Here's my math - not sure where I'm going wrong, but this doesn't seem to be a winning combination...


Cards Mailed 10,000
Postcard Cost $0.30
Response Rate 1%
Closing Rate 25%
Commission Rate Per Policy $100

Mailing cost $3,000.00
# of responses 100
# of policies written 25
Total commission $2,500
Total profit after mailing cost ($500.00)
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I don't sell P and C , but have you thought about trying to team up with car salesmen.

GREAT idea Mark - I'll definitely add this to the list. I know it's going to take lots of work to build a book, but there have to be some proven ways of building it quickly.

I'll take more if anyone's willing to share....

 

[Bertolinoins]

Highest ROI is to Market to centers of influence: CPA's, CFP's, title co reps, loan officers, realtors/brokers, bookkeepers, payroll company reps, etc. Those relationships can provide a consistent flow of high quality business if managed correctly.

In my experience, direct mail and Internet leads bring low quality and extremely price sensitive prospects.

 

[Nanci]

If your focus is on commercial insurance you do not need to spend any money on marketing...simply go out to the types of businesses you wish to focus on, introduce yourself, and collect expiration dates.

 

[Justin Bilyj]

Highest ROI is to Market to centers of influence: CPA's, CFP's, title co reps, loan officers, realtors/brokers, bookkeepers, payroll company reps, etc. Those relationships can provide a consistent flow of high quality business if managed correctly.

In my experience, direct mail and Internet leads bring low quality and extremely price sensitive prospects.

Very true. Why hunt a lead, when you can hunt a lead supplier.