Information on Group Health Insurance Leads
A steady flow of new qualified leads is the lifeblood of any group health insurance broker. Without a consistent and predictable stream of prospects, your group health insurance business will falter and ultimately cease to generate the commissions necessary to remain in business. Various methods exist for generating group health insurance leads, each with its own pros and cons. While supporters of each lead generation method can provide multiple examples of how and why that particular technique has proved to be the most successful, the process of finding new clients is unique to every insurance broker and only time will reveal which method most aptly suits your business.
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Direct Mail Marketing
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Direct mail represents one of the oldest and most analyzed insurance prospecting methods, but is fast becoming one of the least utilized. The increased costs of postage, paper, ink, envelopes, and labor have contributed to a decrease in the number of health insurance brokers utilizing direct mail. While this technique can be more predictable than others, the sheer volume of mail pieces that must be sent out to acquire new leads is often daunting and difficult to justify when compared to other prospecting outlets. However, leads received from direct mail marketing are often easier to close and are more likely to become clients than most other lead types.
Telemarketing
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Telemarketing is another insurance lead generation method that has been repeatedly tested and analyzed, resulting in a semi-predictable outcome. Similar to direct mail in that a large number of attempts must be made before any positive responses are identified, telemarketing represents a numbers-based approach that may take quite a bit of time before your return-on-investment is profitable. Group health insurance leads obtained via telemarketing may be more like to result in closed business if the telemarketer is experienced and demonstrates superior phone skills while establishing a friendly rapport with prospects. Many group health insurance brokers utilize telemarketing for lead generation because the cost is less than direct mail and the results tend to be comparable.
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Traditional Media
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Traditional media advertising consists of radio, television, and newspaper marketing. Generating group health insurance leads through traditional media may initially appear attractive, but when closely examined is often too expensive and ineffective. On the surface, traditional media marketing models offer extensive exposure to target demographics. However, campaigns require substantial up-front expenditure to create advertisements and commercials, and continued payment of fees for airtime and/or newspaper real estate. Coupled with the fact that consumers have been bombarded with commercials for decades and tend to dismiss, bypass or otherwise ignore advertisements, traditional media marketing is an ineffective technique for generating group health insurance leads. This is further exacerbated by the consideration that a high number of small business owners work extensive hours and therefore spend very little time watching television or listening to the radio.
Internet Leads
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As technology improves and access to previously unattainable information becomes easier, more and more business owners conduct their own independent research using the Internet. Countless lead generation providers attract health insurance seekers with sophisticated advertisements and informational Web sites, then sell lists of interested prospects to brokers. While this notion appears extremely attractive, multiple flaws and risks are present. Many online lead generation companies use deceptive or misleading tactics to entice business owners to provide contact information, which wastes the broker's time and money. Additionally, some Internet lead companies sell the same prospect details to multiple brokers, essentially eliminating the benefit of the service entirely.
Referrals
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By far, referrals still represent the type of group health insurance lead that is easiest to acquire and close, and the only strategy that can be implemented without spending additional money. Simply asking for referrals from existing clients is the most under-utilized prospecting technique in the group health insurance industry. If you begin to consistently request introductions from subscribers to friends and family members who also own businesses and can benefit from your agency’s services, you will meet with leads who have already been pre-sold on your company, and who will also anticipate your requests for referrals.
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References
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