Vimo live transfers

[Crabcake Johnny]

Very good post. I guess that's why I'm happy with the Vimo transfers - I'm just not over-thinking it. My phone rings, I answer it. I close the deal or don't and move on with my day. If I make money I'm happy - it's one of 4 different marketing sources I use. There's not too much to think about. You bid and take calls. You can't possible pay more than you think a transfer is worth since you set the price. If call after call is un-closeable then shut it down and move on.

 

[taterpeeler]

Let this serve as a formal request to vimo to post the "20 questions" that will be asked starting monday when credits vanish....

 

[STIBROKER]

I think 20 is excessive myself....I could do it in 10.....

 

[Expat]

Sounds like 1 out of 7 so far for you. I don't know what your bid price is or what you're returning in commish.

What a crock!

Assuming one has an IQ exceeding that of a ping pong ball, the arithmetic just does not make any sense at all.
Just assume that you buy 7 transfers @ $40 per = $280
Assuming (As per postings) 1 sale, Lead cost is $280.
Below is a copy of one of my previous postings.
Lead cost = $7 per lead.
----------------------------------------------------------------------------------------------------------------------------
40 leads GROSS. 30% credits for uninsurable, and bogus leads, bad contact info etc.28 remaining.60% Will not answer the telephone or emails.11 remaining.2 of them will have someone in the family that has leprosy or bubonic plague or weighs around the same as a full grown elephant and is therefore uninsurable. Or they do not have a checking account/any money. I do not send these in for credit, in I try to write the remainder of the family. Not very successfully. 3 or 4 sales net. Occasionally I will write 5 or 6 but this is rare. (I think that there has to be a plague of locusts on the west side of the block for this to happen)

$280 divided by 3.5 sales = $80 per sale. (On a good week only $46 per sale)

 

[Crabcake Johnny]

All true - however there's a price to pay to simply have your phone right with no competition.

Expat - if you put out an ad that cost $500 and it returned $1,500 for your phone to simply ring would you yank the ad?

 

[Expat]

All true - however there's a price to pay to simply have your phone right with no competition.

Expat - if you put out an ad that cost $500 and it returned $1,500 for your phone to simply ring would you yank the ad?

I guess I would be happy (Until I did the math)
3 to 1 is not exactly the ROI that I am looking for.
Buying leads at $7 per with an average lead to sale cost ratio of $80, with an average commission of $700 (assuming policy is issued) my ROI is 8.75.
So assuming I did spend $500 on an advert I would expect a return of $4,375.

That of course is simplistic, some weeks I may sell 5 applications and only come up with a combined total premium of $750 (Total of $1,500 commission)
However that is not the norm. . (I don't hang around in gay bars to get all the singles)

 

[taterpeeler]

god... roi again.... dammit, my head hurts... i was about to turn pro in poker 2 years ago and that game has a strong element of math... my head hurt less doing that than all this roi crap

 

[TXINSURANCE]

This is an interesting discussion about COA and ROI.

If you put $100 into a slot machine would you cash out at $150? 50% return or try for $1000 (1000% return)??? (or sit there and play slow for free drinks...) Anyhow...

COA of $80 to $150 is pretty norm for shared internet leads (simply put you spend XXX in leads divided by apps submitted).

Phone lead COA (not Vimo specifically) in general under $200 per submitted app long term, its not likely sustainable - the lead cost is too high.

I look at a lot of variables - those "shared" down and dirty Internet leads are cheap, but I pay my agents hourly + taxes + benefits + commissions to sit there and chase what amounts to 80% voice mails day in and day out. The typical stay at home agent doesn't factor labor costs, for me this is a big deal.

I believe unless you are a "do it yourself" shop COA under $200 per submitted application is not sustainable anyhow, phone leads or otherwise.

Most major carriers direct sales COA is around $350 to $450 per application. Agents cutting that in half is pretty close.

COA of $50 to $150 in volume is just not happening, phone leads, internet leads, yellow pages, or standing on the street corner in a chicken suit.

Phone leads are not perfect don't get me wrong, and yes you can do $50 to $150 COA in small volume without paying a staff, large volume with staff - its not happening.

Go look at HBD financial report on their website if you want to see how expensive volume is in individual health and how many millions they are losing.

 

[Crabcake Johnny]

If this business were as simple as buying 20 shared leads and writing one deal we wouldn't have a 98% failure rate. The truth is agents - especially new agents - goose egg on 50 shared leads. I don't know many agents at all - even seasoned senior agents pulling 1 out of 20 shared leads anymore. If you do pull one of of 20 you're chasing people down all day.

The truth is quality internet leads = no volume. So you might have a source of legitimately good internet leads but I guarantee you there's no volume. Leads in volume suck and you can easily get 20 of those and be lucky just to have 3 answer the phone - all of which will yell at you, be broke or uninsurable.

Reality for most agents is closing about 1 out of 40 shared leads. If anyone on this board has done any hiring at all go ahead and tell me agents close 1 out of 20 leads. In your dreams.

 

[Expat]

Addendum to my last post: (I must have had a "Senior Moment")

I forgot to subtract the 30% credits I received (for bad info/numbers etc).

This brings my average cost down to $56 per sale.