Marketing Universal Life Insurance - Selling Universal Life Insurance
"The Amazing Secret To Getting A Flood Of Hot, Qualified Prospects To Call You"
I am going to teach you one of the best concepts that you could ever use for marketing universal life insurance, selling universal life insurance or generate clients for any financial services business.
The concept is called Host/Parasite. It's also called Host/Beneficiary, endorsements, joint ventures, cross promotions, and many other interesting names.
Whatever you call it, it doesn't matter - what does matter is that you learn what it means and more importantly, you go out and use it. And by the time you are done reading this newsletter, you should have a very good idea just exactly how to use it for marketing universal life insurance, selling universal life insurance, or any financial product or service for that matter.
You are also in for a big treat! Not only am I going to teach you about Host/Parasite, I'm also going to give you the complete and fully duplicatable business system that I have used quite successfully in the past to generate for myself a lot of new clients.
What Exactly Is Host/Parasite?
It's a super strategy that 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.
Let me try to paint a picture for you.
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.
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/Parasite. You need to align yourself or plug yourself into other people's business or client base and have them recommend you to their friends and clients.
For example, if you make your living doing college funding, 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 $50.00 off your college funding service.
Notice how I used the word "gift" 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, make them feel like you are offering to give a gift to all of their clients. You are.
Why Would Any Business Agree To This?
You have to convince them that their clients will be happy 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. That's why they will be willing to do this.
In this example, you are the "parasite" and the SAT organization or CPA is the "host". Sounds funny, but it works.
Since a service like college funding has an excellent repeat factor (especially if you use the strategies from my home study course to get renewal business), you can afford to "gift" your Host's clients something in exchange for a client that is going to use your services, at least once a year for the next four years, if you do a good job. (That is, a good job marketing and a good job getting money for college.)
You can use a gift certificate in which the host (i.e., CPA) 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.
Use your imagination and offer something that does not cost you a lot of money but has a high perceived value.
You can offer the "host" special certificates that are printed up exclusively for their clients.
Let them know that they've already spent the money to acquire the client, then show them how you can make that investment pay off handsomely if they allow you to mail or call all their clients with the endorsement, promoting a special price offer or a gift certificate on your products or services.
What you do is get them to agree to let you access their list of clients either through the mail or by phone. I prefer mailing an endorsement to their clients or prospects first before you call them on the phone. You want them to know who you are before trying to call them and making a direct contact.
You agree to pay for all the postage and printing for what is going to be mailed so it won't cost the Host any money.
Let Them Know That They Will Benefit In Several Ways:
1. |
They are getting free advertising to their clients because you will pay for all the postage and printing. So they are getting their names out to people that have bought from them before that might buy from them again if they are smart enough to allow you to remind their clients of their existence and let them know they are still in the business. You would be surprised how many CPA's and SAT organizations sell thousands of dollars worth of services to someone and never contact them again. It's the most ridiculous thing in the world, but this is how most businesses are. They are so busy chasing after new customers that they neglect the ones that have already done business with them before. These people will do business with them again and again if they would only just remind the people that they are still in business to service them. |
2. |
It allows the "Host" to do something nice for his customers. This is a big benefit of Host/Parasite - it allows them to offer something of value to their clients and even if their clients don't avail themselves of the gift or order, 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. They just did the work for their clients by finding a professional like you. Think about what I just wrote. Do you think the Host's clients are going to really know that this entire promotion was created by you? No way. They perceive the promotion as something the CPA or SAT organization has done because they are such good business people and really care about their clients. |
I will repeat it again because I want you to use this sentence when you go to make these offers to your potential host. I want you to tell them this - "Even if your clients don't avail themselves of your offer, you will still look good and they will remember this generous offer."
What follows is a letter I used with an SAT organization. What I did was go to a local SAT organization and asked them if they would like to make some extra money by offering a similar service to their clients that they need anyway and would be more apt to use if this recommendation came from him.
They obviously asked what I was talking about. So I proceeded to tell them that I owned a college funding company and that I would like to offer all of their clients a gift of a free college funding consultation that would be sent to all the people of his choice in exchange for giving him 25% of the gross of every fee I sold.
And to prove to him that I was a good college funding consultant, I offered to do a college funding report for someone in his family or friends to let him see how spectacular my work was.
I got him to commit that if he was happy with my work, he would let me mail an offer to all of his clients.
I worked on his son, and ended up reducing his family contribution from $21,000 to $8,000. He was instantly sold on my company.
We had lunch one day and I asked him if he would let me mail a letter to his clients offering a completely risk free way of trying my college funding services.
He was skeptical at first because he had never done something like this before. He didn't want his clients to become annoyed with this type of mailing. It's strange, but some business people are so afraid - they end up being completely conservative.
They fail to ever take a risk and do something that is different than everybody else is doing, and because of that type of thinking, they always end up with completely boring and ineffective marketing systems.
I assured him that I would draft a letter that would not only be very well received by most people but the letter would also make him look good even if they never took me up on my college funding offer.
I also told him that just to convince him that I was right, all I wanted to begin with was a list of people that used their SAT course the previous year and are now high school seniors.
I told him this promotion might resurrect old clients to come back to him for other testing services. Even if his clients didn't use his testing services again, he stood to make several thousand dollars net at no risk to him at all.
Well lucky for me this guy was computerized and was able to pull up a list of people by date of last purchase and zip code.
To make a long story short, not only did people call me, but he also had some of the people go back to his testing service and start doing business with him again (for older children who were taking the LSAT, GMAT, etc.)
This started a few years ago when I was first starting to get my marketing to really start working...
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