There is no denying the scaling power of finding a solid insurance leads company. Finding the right provider(s) is actually the tough part: there are many companies that sell leads online. For this reason, you don’t want to try the first source you find and assume all others are the same. Instead, you need to test multiple providers to ensure that you are buying the right leads that provide value for your particular product line and location.
There are many steps that go into testing a new lead source. If you don’t know what you are doing, take a step back and try to set some reasonable expectations for your efforts. You’ll need to have some goals in place and be prepared to measure your success with each lead source.
Although there is no hard and fast rule, it makes good sense to experiment with at least three lead services before making a decision on which one is best for you.
Tip: There is also no rule saying that you can only buy leads from one company. You will want to stick with any source that provides a positive return on marketing spend as long as you have the time to work the leads. If time is a bottleneck just go with the most profitable providers.
Narrow The Field
As already mentioned, there are a lot of choices. To get started you’ll probably want to ask other professionals you trust (ideally in your area) about their experiences. We offer insurance leads reviews of companies we recommend as well.
Next, you’ll want to narrow down the list to vendors that match to your particular needs. Below are a few questions for providers to help you determine what you are looking for.
- What product lines do you offer?
- What filters are available? Are they built into the lead price or an additional cost?
- Do you offer any training resources?
- What data fields do you provide for each lead?
- Do you offer any discounts, such as for buying in bulk or for customer loyalty?
- What is your return policy if I find that a lead is “bad?”
- How long do I have to return a bad lead?
- Can I pause lead flow?
- Do you provide leads in real-time?
- What methods of delivery do you offer?
- Can your lead integrate with my CRM/LMS?
- What is the max number of agents each lead can be sold to?
- Do I have to sign a contract or long term agreement?
- Do you have any free or discount promotions for new customers?
Once you have a list of at least three companies that you want to test, you should purchase a batch of at least 25+ leads from each provider. (50-100 is ideally a better sample size but that does require more time and money).
Note: Try to avoid buying all the leads at the same time. If you do, you may find it challenging to track sources consistently as well as contact each prospect in a timely manner.
It is important that you track every move that you make. How many leads were you able to contact? How many converted to a sale? Most lead management and CRM software platforms offer tracking and prospect flow features. For smaller tests, you might want to consider tracking results manually and using our lead ROI calculator.
Free Offers and Discounts
There are many providers that offer free insurance leads or deep discounts to new customers. Take advantage of these! This will help you better understand what a particular company has to offer, without having to put up as much, or any, money.
These offers also represent a company that is willing to stand behind their product. Generating and buying leads is expensive so these providers are taking a loss up front to prove they have a product that agents will want to use on an ongoing basis.
Keep Your Eyes Open
Remember, just because a particular company is best for you right now does not mean this will always be the case. Volume and quality often depend on upstream lead sources as well as your location. Keep your mind open and try to avoid depending too heavily on any one lead source, knowing that you may need to make a change at some point down the road.
Your goal is to always purchase the highest quality insurance leads at a price allows you to be profitable. If this means making a change from time to time, so be it. You must do whatever it takes to ensure that your marketing dollars are being spent wisely.
Resist the temptation to rush ahead, buying a large number of leads from a company before you know what they are all about. Instead, take the time to compare multiple providers.
Soon enough, you will know which company is best for you. This will make it easier for you to spend your money appropriately moving forward.
No matter if you have purchased leads in the past or are interested in doing so in the future, it is important to continue to test sources (including offline and other marketing channels) to ensure you are maximizing your marketing spend.
Testing lead sources and marketing channels take time and action, but inevitably those that do on a regular basis will find themselves among the top producers.
To help drive the action point home I’ll close this post with the following quote:
“An ounce of action is worth a ton of theory.” – Ralph Waldo Emerson