Introduction to Project 100
The Topic we are taking today in Insurance Talk is, that Why project 100 should be built and What is the purpose of making project 100?
Project 100 or Client List, in which we have included 100 names of people which is a Star Track, In his Star Track, it is necessary that those people be possessed of these five qualities
- Healthy
- wealthy
- Wise
- Approachable
- Needy
The 5 Qualities of a Qualified Prospect
Insurance companies and insurance selling agents are always on the lookout for better clients. A good client cannot only provide you with business, but he can also help you bring the word out to other people and helps you in making your name in the market.
Companies apply different strategies to enhance their sales and making a prospect list based on research and observation is one of them.
What is a prospect:
Each company selects certain potential buyers based on their business offerings. These potential customers are called prospects. In other words, people who can make buying decisions and come under your target market are prospects.
Ways to approach prospects:
There are two ways to approach your potential prospects:
Telemarketing
Telemarketing is a tactic of selling products and services over the phone, fax, and internet. This is the most common and successful type of selling.
Insurance selling agents should do proper homework before approaching people directly. Some points to keep in mind are
- Always keep your notes, papers, and important documents needed for the conversation with you.
- Punctuality shows your professionalism. If you are going for a face-to-face meeting reach on time.
- Doing some prior research about the person you are dealing with would not only help you in offering appropriate policies but will also leave a great impression on the buyer about your professionalism and seriousness to the job.
- Be open to objections. It is the basic customer right to throw any objection at you. A good selling agent would take it as an opportunity not hurdle. He would try his best to convince with reason and logic.
Direct mail
Direct Marketing of insurance is to sell the insurance via personal emails. It is a more personalized way of selling insurance.
Approximately 70 percent of people prefer direct mail for insurance. It is personalized and based on individual needs. People like to read complex information about life and health insurances written on a paper in detail.
Just like telemarketing, you can improve your sales via direct mail by following some tips:
- Personalized every mail with a change of name and style of approaching the buyer.
- Secrecy should always be prioritized. If a customer has a serious illness, it is always advisable to send a sealed letter and do not mention any illness or problem openly.
How to generate a prospect list?
There are many ways to create a prospect list. Some insurance agents like to make the list themselves, while some outsource it. Governmental data sources, a list of brokers, and information services can be helpful to give you the required information.
It is always better to opt for a customized local list from information services as it would save time and provide you with accurate results.
In the old days, people used to get random calls from insurance agents selling policies. This practice has changed now as it was extremely frustrating for the buyers. Nobody wants to be pushed and forced to buy something. Calling at someone’s residential number shows a lack of respect and privacy. This attitude would most likely make people more annoyed instead of interested in insurance policies.
Why do you need a prospect list?
Creating a prospect list can be very helpful for you. It is necessary to establish a strong customer base that you can reach and ensure that their needs are being met.
It requires proper research, planning, and organization. This list has your potential buyers, so choose wisely. It includes the people who can benefit you, so pay a lot of attention and do proper research before creating it.
Choosing the right prospects for the list:
Insurance selling agents should work hard in making a prospect list. Your total business and earnings depend on the potential of your buyers.
Choosing the right clients for your business is the most crucial part. Your prospect list can make it or break it for you. A list with 100 potential clients is better than having 1000s of unnecessary and unrelated people.
Here is a list of few attributes that need to be present in prospects
Healthy:
“If you don’t take time for your wellness, you will be forced to take time for your illness.” Joyce sunada
It is a common misconception that people with good health do not think about getting insured. They need a reality check in the form of an accident to acknowledge the importance of insurance.
A prospect should be healthy. He should have the ability to make sound decisions for himself. As an insurance selling agent, you must make a healthy prospect aware of unseen dangers and policies that can keep him protected.
Wealthy:
Financial security is very important for getting insured. A person struggling with paying bills cannot afford a luxurious insurance policy. A wealthy prospect has great potential to buy good policies from you even if they are a little pricey.
Wise:
A good prospect should be wise enough to make decisions for himself. Nothing is more frustrating than listening to “I have to ask it from my manager” after spending a good amount of time convincing that buyer.
A wise authoritative prospect would never waste your time and he would take decisions timely.
Approachable:
Any business requires a comfortable and friendly environment to work well. Insurance selling agents should only include such people in the list who are easily approachable and accessible. It is easier to talk to a friendly, amicable person rather than a rude and snobbish one.
Buyers that can listen to you would take a good decision and make you feel comfortable. A respectful and welcoming person would always be open to suggestions and recommendations.
Needy:
People on your prospect list should be aware of their needs. They might not know how to fulfil it but they would be open to solutions. The agent can ask some questions at the start to access the problem and provide its solution.
