On average, it five times more expensive marketing to new prospecting than clients.

“On average” is the key phrase here, because the lead generating techniques you are about to read are not average. In fact, some of them are the exact opposite of what you’d learn from insurance veterans or at conference workshops. One of them was a key ingredient in launching a multi-million dollar business.

But first, it’s important to remember why you are reading this report: You don’t have as many leads as you’d like. So this report will first address two issues agents and advisors often neglect: dealing with dry spells and avoiding common lead generating mistakes.

From there, you’ll learn how to generate leads without cold calling or breaking your budget – especially the million-dollar technique referred to above.

How to Stay Positive When Leads are Dry

Let’s face it: Everybody gets stuck in a rut once in a while. It’s natural and expected. Staying positive during tough times is the best way to turn it around. Our attitude dictates our thoughts. And our thoughts dictate our actions.

But staying positive can be a tough job is in itself. So here are some ways to stay positive when leads are hard to find.

  • Perform an internal audit. Try to find out reasons why leads are slow and what changes you can make to turn it around. If you discover that you are making mistakes, allow yourself to admit it. Accept criticism and use it as an opportunity to make positive changes.
  • Study previous successes. If you have had successful runs in the past, you know you were doing things right at one point. Compare what you are doing during your dry spell with what you were doing during a hot streak. Don’t be afraid to simplify your approach and focus on core skills that can be neglected over time.
  • Talk with clients that you have a good relationship with. Just talking with a client with whom you have a good professional relationship can remind you of what you did to make them such a good client.
  • Know that even your competitors experienced slumps. Maybe your competitors are successful, but they aren’t perfect. They’ve had their share of trials and errors and ups and downs. They are human – just like you, just like everyone.
  • Talk to fellow business owners. People in our industry know more than anybody else what you are going through. Talk with them to get tips on how they stayed positive and what they did to get back on track.
  • Stay away from pessimists and cynics. There are a lot of cynical people out there. Stay away from them. Pessimism is poison. Avoid all of its forms and sources.

Common Lead Generation Mistakes

The common and critical mistakes that agents make are the techniques taught at industry seminars and by other insurance marketing professionals. And these mistakes are preventing them from generating an automatic six-figure income.

Mistake #1: Trying to sell future needs instead of IMMEDIATE needs

This is probably the biggest mistake insurance agents are making. Sure, life insurance is based on the idea that there will be big future needs in the tragic event of a death or disability. But what about tomorrow? Instead, you should try to make that prospect a client tomorrow based on what they need today.

Mistake #2: Being a “Jack of All Trades” and a master of none

Many agents and advisors seem to think that the more designations they get and the more product knowledge they acquire, the more money they’ll make. Nothing could be further from the truth. It doesn’t matter how good an agent or advisor you are, how well you know your products, or what designations you have. The fact is that you’ll eventually go broke if you don’t have a steady stream of new prospects to talk to. Master the skills of converting prospects into clients.

Mistake #3: Focusing only on large-ticket sales to narrowly defined target markets

If you are putting age and/or income limits on your target market, it’s no head scratcher figuring out why your income isn’t as high as it could be. Don’t box yourself in. Don’t wait for people to retire before you even consider them a prospect.

How to Generate Leads Without Cold Calling

The master skill missing from most agents’ repertoire is marketing. There are a 1,000 ways to market, and all them result in your phone ringing and your inbox exploding with leads. Not you calling or e-mailing them. Here are two simple ways to market your business and products without forking over a pile of cash.

Have a Social Media Presence:

A lot of business owners view social media like they do the lottery. They think that the minimal investment and effort will pay off in a huge way.

They are blinded by the benefits of social media – a loyal following of customers who refer people in their social network to you – yet don’t know how to reach them. Some like the idea of being popular or creating a “business personality.” Or some just like getting sucked into all the trivial matters of the web. In a sense, they don’t understand basic social media etiquette and its unique way of communication.

When developing relationships, every person you encounter shouldn’t be thought of as a potential customer. People can sense if you are trying to sell them from the onset, and it’s a huge turnoff. Put business on the backburner. That comes only after you’ve earned their trust.

And trust is earned by having a strong and consistent daily presence. Social media is a 24/7 affair. If you show up once a week, you won’t even register on people’s radar. Millions of status updates and tweets are sent out every day, and you have to make an effort to stand out. A general rule is to spend a minimum of 30-45 minutes a day on social media, spread out throughout the day. One status update or Tweet isn’t enough. You need to be a catalyst of and participant in conversations.

One final tip for your social media presence: Be a referral source for others. This sounds like the opposite of what you thought your role on social media to be, right? However, being a referral source for others is crucial step to being on the receiving end of others’ referrals. The more you help others, the more your name is established as somebody who helps. As a result, people will want to help you. If somebody on Facebook or Twitter asks aloud for recommendations for a good restaurant, toss a suggestion their way. Same goes for a book, lawyer, gift idea, anything. The point is that you cement the image of a connector who is genuine with their intentions.

Generate and Cultivate an Email List:

There is no easier or cheaper way to build an ongoing relationship with people then through e-relationships. All this requires is a basic broadcast email service such as aweber, mailchimp, or icontact. All three are cheap and easy to use.

Any prospect, client, or person you come in contact with that can help you build your business should be put on that list (with their permission of course). Send your list compelling emails every so often, which could be once per week or 2-3 times per week. What matters most is that you have good content.

What constitutes good content? Anything that your list members would find interesting or useful. It may help in this case to pretend that you are one with the TV show host so that you deliver content that will have an impact on readers.

Send thought-provoking articles, videos, or reports from major media outlets like Wall Street Journal, USA Today or CNBC that support your company and its message.

Write an email on some common problems your clients have had and how it was solved. In other words, send success stories. Testimonials from satisfied clients are never a waste of space.

And of course, make sure your emails contain a link to purchase your line of products. You never know when a customer will click the “buy” button.

The One Lead Generation Technique that Launched a Multi-Million Dollar Business

Brian Kay, founder and executive director of Leads4Insurance, was kind enough to share his best-kept lead-generating secret. He used this technique to grow what is now a multi-million dollar business. He uses it primarily to market universal life insurance, selling universal life insurance or generate clients for any financial services business.

The concept is called Host/Beneficiary, but it has other names such as joint ventures and cross promotions.

Host/Beneficiary involves developing a relationship with another business that already has a close relationship with a group of people you want as clients. Then you have the business with the established relationship endorse you and your service to their clients.

For example, if a friend or acquaintance recommends you to a movie or a restaurant, and you have a good relationship with that person, you are much more likely to see that movie or go to that restaurant. And if they were to go one step further and give you 20% off, you would be even more willing to take them up on their suggestion.

That’s the idea behind Host/Beneficiary. You need to plug yourself into another business’ client base and have them recommend you to their friends and clients.

Suppose, for example, you are a college funding advisor. Why not go to every SAT organization, private educational consultant, tax preparer, CPA, etc. in your area and see if there are compelling ways to induce them to offer your college funding service to their clients?

Your cost of sale, advertising or promotion could be as low as the cost of a postage stamp and a letter. Knowing this, you could afford to “gift” to their clients something like one free consultation worth $150, or $50 off your college funding service.

Notice how the word “gift” is used and not “give.” There is a big difference and it’s all psychological. The word “give” does not seem to communicate as much value as the word “gift.”

Every time you offer to do something nice for another business person’s clients, you make them feel like you are offering to give a gift to all of their clients.

However, the business you are aligning with needs to feel that it benefits from this, too. You have to convince them that their clients will be grateful to receive a free gift from them. You see, even though you are providing the “gift,” the clients will think that the gift is from the business that they know, not you. This is very important.

This won’t cost the “host” anything, yet they will look good in the eyes of their clients. It will increase the host business’ sales. That’s why they will be willing to do this.

In this example, you are the “beneficiary” and the SAT organization or CPA is the “host.”

Since a service like college funding has an excellent repeat factor, you can afford to “gift” your host’s clients something in exchange for a client who is going to use your services.

You can use a gift certificate in which the host gives (or gifts) away. Everyone who presents their certificate when buying from you will get a discount off your services, or a free $150 consultation. Or better, use your imagination and offer something that does not cost you a lot of money but has a high perceived value.

What you do is get them to agree to let you access their list of clients either through the mail or by phone. Brian prefers mailing an endorsement to their clients or prospects first before calling them. That’s because he wants them to know who he is before he calls them and making a direct contact.

And of course, Brian agreed to pay for all the postage and printing costs so the Host does not spend any money.

How does the host benefit from this?

There are several ways. First, they are getting free advertising to their clients because you will pay for all the postage and printing. They are getting their names out to people that have bought from them before. You would be surprised how many CPAs and SAT organizations sell thousands of dollars worth of services to someone and never contact them again. They are so busy chasing after new customers that they neglect the ones that have already done business with them before. Just a small reminder to a one-time customer can easily make them a repeat customer.

Second, it allows the “Host” to do something nice for his customers. Even if their clients don’t avail themselves of the gift, it still makes the “Host” look good in the eyes of their clients. They appear to have gone the extra mile by offering a product or service that their clients need anyway. Most often, the Host’s clients don’t know that the promotion was created by you? They perceive the promotion as something Host has done.

Third – and very importantly – give the Host company a piece of the profits you get from sales generated from their customer base. Brian gives the Host owner 25% of every fee he charges new clients, and he believes it is well worth it.

Which businesses should you seek to Host/Beneficiary with? CPAs, Tax Preparers, Attorneys, Dentists, Financial Planners, Insurance Agents and Doctors.

Also, try local clubs and organizations that have a large and active member bases, such as Rotary, Elks, Kiwanis, etc. Use your imagination.