How To Increase The Effectiveness Of Your Lead Generation By 93% Or More

Whether you are generating leads offline or online, this strategy can literally make or break the profitability of your lead generation efforts.
As a marketing and sales consultant for more than 20 years I have nearly seen it all.  From what works and what doesn’t work. One of the things that has consistently provided me and my clients with windfalls of profits is a well put together follow up marketing system.  This follow up marketing system can be done a number of different ways, which I’ll share.  But before I do that.  Let’s take a closer look at how much money you are losing by not implementing this strategy.

The following  research was done by marketing research and contact management firm leads360 and backs up what my clients and I have experienced in our businesses for years:

“While being able to get to leads immediately is a major boon to conversion rates, following up a minimum of 5 to 6 times on leads when contact is not made with the initial attempts is still a crucial part of maximizing ROI.

If a lead is not contacted on the first attempt, the study found that a second call alone increased the chance of contacting that lead by 87%. The more attempts that were made the better the results became. After a second attempt, 72% of contactable-leads were contacted, increasing to 83% with a third call, 88% with a fourth, 91% after five and a whopping 93% of contactable-leads were contacted after the sixth attempt. The study lays bare one simple principle: never give up too early on a sales lead.

The results of proper follow up are clear when you consult the numbers. Another Leads360 study shows that, in the insurance industry, as few as 650 of every 1000 leads are contacted and as few as 550 are qualified. Given that only 30 of those leads are closed quickly, that leaves 520 of every 1000 leads abandoned. While some might be able to convince themselves that this sort of turnover on leads is just an offshoot of modern sales and can be ignored, those who keep an eye on the relevant metrics know that those abandoned leads come at a cost of over $4,000. What’s more, the cost of the potential business lost is over $25,000. Additionally, these leads can easily be nurtured by using software to HYPERLINK automatically do email drip marketing around policy renewal dates and other key follow-up periods. The costs of failing to follow up are clear.”

Hopefully at this point you understand that consistent lead follow up will pay you huge dividends if done correctly.  A few ways that you can make this follow up turn- key is through the use of newsletter drip marketing.  This can be done via email (the cheapest) or offline via snail mail (more expensive but typically more effective).  A third way is to have staff make the calls.  Note that I don’t think it should be you making those calls.   Your time is better spent elsewhere.  Those are just a few of the more popular ways to make consistent follow up work and pay dividends to your bottom line.

Related Articles:

How Insurance Agents Can Generate More Leads

3 Powerful Secrets to Massive Lead Generation

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Brian J. Kay, Executive Director, Leads4Insurance
921 Port Washington Blvd., Suite # 3 Port Washington, NY 11050
tel:(516)944-6700 fax:(516)944-5275