Getting high-quality commercial insurance leads is only the beginning. The true challenge is taking those leads and turning them into loyal, paying clients.
No matter how long your list of prospects is, many agents struggle to close deals simply because their follow-up strategy isn’t effective.
If this describes you, don’t worry! You likely just need to implement some small tweaks to your approach, and we’re going to show you how.
In this guide we’ll outline 7 of the best methods for converting commercial insurance leads into long-term customers, from the initial contact to the ultimate goal—the sale.
1. The Quicker the Follow-Up, the Better
Timing is the name of the game when it comes to converting commercial insurance leads. In fact, according to Lead Connect, “78% of customers buy from the first company that responds to their inquiry.” Especially in today’s fast-paced society, when someone wants something, they don’t want to wait around. The same goes for insurance policies. If you take too long to respond to a lead, they’ll simply go elsewhere to find what they’re looking for.
To ensure that you never miss out on a potential commercial client it’s important to always:
- Respond Within 5 Minutes: The quicker you follow up with your leads, the more likely you’ll be able to sell them on your product, before other agents have a chance to.
- Use Multiple Channels of Communication: Don’t only rely on one method of communication. Instead, consider calling, emailing, texting and even messaging on social media. Using a variety of channels only increases your chances of connecting with interested prospects.
- Be Persistent: It’s important not to give up or get down on yourself, if leads don’t respond to the first or even the second contact attempt. While we all want leads to convert on the first touch, realistically, most require multiple touches.
2. Prioritize Your Leads Based on Urgency
As an insurance agent, you need to understand that not all commercial insurance leads are created equal. For example, some leads may just be curious about what your product(s) cover, while others are immediately ready to make a purchase.
Since your goal is ultimately to make as many sales as possible, it’s crucial to prioritize the leads with the highest potential. When doing this you need to identify which leads have the biggest level of interest and the most urgency. In addition to utilizing a CRM system to help you segment your leads according to different preferences and characteristics, ask yourself some of the following questions to determine a lead’s quality:
- What type of commercial insurance coverage do they need?
- What is their budget?
- Do they need coverage immediately?
- Are they making the final decision, or do they need to consult with someone else first?
Asking these questions helps you gain a better understanding of where your leads rank in terms of intent, so you can optimize to get the best results.
3. The Proof Is in the Data
The power of data should never be underestimated when it comes to converting commercial insurance leads. Modern-day insurance agents are lucky because we have an advantage that agents of the past never had—advanced data analytics.
Pretty much every mode of communication and advertising in today’s world offer features that provide insight into how prospects and past customers engage with businesses. Whether it’s Google Analytics and Search Console, social media reporting tools, email campaign analysis features, or your own database, data provides proof of what’s working and what isn’t. Additionally, most platforms allow you to export data to spreadsheets, or your own database, so you can look at trends in a variety of advanced ways.
4. Personalize Your Sales Approach
While generic sales pitches might work for some prospects, for others you’ll need to personalize the way you approach the conversion based on their needs and background. Since commercial insurance is all about solving the problems of business owners, try using their specific industry as a selling point.
For example, if you’re talking to the owner of a construction company, talk about the importance of contractors insurance, or tools and equipment insurance. Additionally, try to relate with the person you’re talking to by addressing the specific pain points of that particular industry, and how your product can protect against those concerns. As a commercial insurance agent, you’re likely dealing with people from tons of different sectors, so always remember—there’s no one-size-fits all solution.
5. Provide Special Offers and Discounts
While offering prospects deals and discounts may not always be possible, doing so is a great way to convert commercial insurance leads into loyal customers. Discounted rates, limited-time offers, and product-bundling discounts are all great ways to get unsure prospects to make a purchasing decision.
Another great tactic is to offer special deals to customers switching from their previous insurer, or to specific demographics. For example, if you’re trying to hone in on a certain audience, such as individuals in a certain industry, or geographic area, create a limited time offer that provides these groups with a cost-saving incentive. Cost isn’t always the most important factor for prospects looking to purchase a policy, but for many people, a great deal can be the ultimate deciding factor.
6. Customer Testimonials and Referrals
Remember the old saying—the proof’s in the pudding? Well, the same is true when it comes to selling commercial insurance. Providing prospects with stories about past clients who you’ve helped is a great way to overcome objections and buyer hesitancy. When offering testimonials, the key is to be detailed and specific. Be sure to include details about the client’s background, pain points, concerns and then, how you ultimately helped them solve their problem. Real-life proof is very valuable, and shows prospects how an insurance policy can save them money, time and stress in the future.
Client referrals also stand as an extremely valuable way to get new prospects who are likely to convert in customers. Don’t get in the mindset that a sale ends after a new lead transitions into a client. Instead, view each new client as an opportunity to expand your reach. While you should never be over-aggressive or pushy, take the time to explain to customers that you’re always available to help, if they know any friends or family members in need of insurance solutions. Additionally, some agents go the extra mile by offering referral rewards programs, which incentivize current clients to make referrals, with prizes, rewards or discounts.
7. Get Your Commercial Insurance Leads From a Trusted Partner
While in-house marketing tactics can be quite effective, sometimes they take more time and money than anticipated. If you’re looking for a way to supplement your own prospecting efforts, consider working with a trusted commercial insurance lead generation partner like Benepath.
With over 20 years of experience in the insurance marketing space, Benepath does all the heavy lifting, so all you have to do is contact prospects, and close sales. Our offerings include both real-time exclusive and aged leads for in the following verticals: commercial insurance, group health insurance, and individual health insurance. Additionally, all of our leads come with in-depth filtering options, like geographic location and industry, so you only get what’s relevant to your business.
Ready to increase your ROI and make more sales? To learn more about insurance leads with Benepath, just fill out a form on the right-hand side of the screen or call us at (888)-684-3121.
