LeadsCon and LeadEnvoy

Last week, I attended the LeadsCon show in New York City.  Since LeadEnvoy has operated generally via direct networking and word of mouth, we have generally avoided the show.  LeadEnvoy operates differently than many leads companies, and we have relationships we believe are unique, and not dependent upon advertising.  Below are my general impressions from the show:

• I love New York city.  I hadn’t been there in years.  I realized how much I had missed it- although I wouldn’t want to live there.  Too busy for us Wisconsin boys.  So many CABS, holy cow… and the people are diverse, interesting and fantastic.  I wish I’d been there longer and had seen more of the city.
• It was good to meet some of the great businesspeople I have previously only talked to on the phone.  This always strengthens relationships.  However, a couple negative impressions I had were simply confirmed!
• There are some very solid people in this business.  Idea people with open minds and strong ethics.  It was great to discuss ideas and potential partnerships.  One of the best ideas- and the scariest for some leads companies- is LeadiD.  I spent some time with them to understand their model.  While I think they still need some additional incentives for the supply side of the leads business, it’s certainly something that could provide benefits for lead buyers- and potentially even transform a damaged industry.  If you think you have a better idea to improve transparency in the leads business, and to improve leads quality, let’s hear it!
• There are some fairly slimy people in this business also.  People who take their money and move on, and keep doing so, despite the needs and despite the misplaced trust of their customers.  Some of these companies are fairly large.  Some companies keep trotting out the same products, while other companies are improving their models, and moving forward.
• I had a lot of fun hanging out with Troy Wilson of Next Wave Marketing Strategies.  He is one of the good guys in this business.  He throws a mean frisbee… and of course also offers some solid aged leads and some flexible, personal customer service.
• Many companies offer very similar products to add value to leads.  With some very interesting variations, these are generally interchangeable parts which companies can private label, or white label, and add to their own mix.
• What it all comes down to, at the end of the day, is COMMUNICATION.  We created LeadEnvoy because we believe that high volume leads buyers and marketing agencies require high-touch communication, and need a partner to help them understand what is available, and design a program to best fit their needs – and to best dovetail into their technology and existing processes.
• While we have some potential partners we have met, and while we have solidified existing relationships- and we are GLAD we attended the show! – we believe LeadEnvoy is well positioned to grow our business in the critical next 2 years, through PPACA, and beyond.

Your Exchange Partner – ExchangeEnvoy

One of the consulting services I provide is through Envoy Partners, LLC – this is our “Customer Acquisition” consulting company.  Due to the seeming inevitability of the PPACA, we have decided to provide to the marketplace our expertise regarding health insurance exchanges, and to focus our consulting offerings towards the strategy, design, and development of health insurance exchanges.

Spurred by an idea generated by my partner with Envoy Partners,LLC, Pete Gries, we have created a new business called ExchangeEnvoy.  ExchangeEnvoy will exist alongside of LeadEnvoy (our company which provides intelligent customer acquisition) under the umbrella of Envoy Partners, LLC.

ExchangeEnvoy will provide our carrier, agency and investor customers with our many years of unique, focused experience in health insurance quoting, leads, intelligent customer acquisition, electronic enrollment – and assistance with the entire online consumer onboarding process.

If you are building a private or state exchange- give us a call!  We can meet with you to validate strategy and help you build your exchange the right way.

Mark Seghers
CEO, Envoy Partners, LLC
CEO, ASK Consulting, LLC

ObamaCare Must Die

54% of Americans are in favor of PPACA being overturned, but yet most Americans also seem to believe that Health Care in America is broken- and support various elements of the Act.

This week, most “unbiased” experts (is there really anyone left?) believe that at least some portions of PPACA will be overturned.  The individual mandate, which requires everyone to purchase health insurance, will probably be stricken down, which in turn would cause it INEVITABLY to collapse under its own weight.  Let’s hope the Supreme Court has the guts to kill it all now, rather than opening up some lame, doomed attempt to prop it up somehow in other ways we will pretend we can afford (but whose numbers – like PPACA’s own financing math by the way – will be largely artificial).

Regardless of the decision, and the aftermath, it’s clear that Health Care in America needs reform.  What a shame that the 2,500 page mess that is the PPACA is what we get as a “solution.”  In my opinion, Obama’s legacy will be forever linked to this overreaching, overstepping, heavy-handed Frankenstein monster of compromise.

While health insurers have made mistakes, particularly in some of the overambitious “claims cost management” efforts which denied claims on technicalities, the problems are not that simple, and the villains are far more numerous.  Limiting insurance company profits- and punishing brokers who perform a valuable, free service to consumers- to fix runaway health costs is similar to limiting profits at the corner gas station to correct the rising price of oil.  It was a politically safe, and comparatively quick and simple, tactic to make it SEEM like something was being done.   “Let’s stick it to the insurance companies” since people (mistakenly) see them as the cause of the problem, since those are the only costs voters see, and feel.   Too bad it is a meaningless gesture that misses the entire point of what is wrong with health care in the U.S.

Let us hope that, through the process, we have discovered something about what we really DO need.  Let us hope that the discussions about why PPACA was bad brings us to real, surgical solutions which target what must truly be DONE to fix health care in America:

• Health care cost transparency- being able to “shop” for a medical procedure
• Health care quality- being able to shop for care, e.g. see doctor’s/facility’s history of outcomes for a certain procedure/care
• Tort reform- reducing frivolous damages which drive up the cost of care
• Wellness incentives- helping people do the right things for themselves
• Removing bad provider incentives- curb the provider-side incentives that are not in best interests of patients
• Childhood fitness programs- combat obesity in our children, promote wellness education
• What else?   Let’s hear it!

Helpless now, we wait for the ruling.  I for one hope saner heads prevail, and that by being introduced to the monster we DONT want, we have formed our thoughts and ideas about the things we need to do anyway that really CAN work to lower health care costs and improve the overall quality of care.

Selling Insurance? Don’t Forget LinkedIn!

Written by Mark Seghers for Next Wave Marketing Strategies- Aged Leads Done Right.

The Importance of LinkedIn

In a recent article for Entrepreneur magazine by Ann Handley, “A Guide to Generating Leads on LinkedIn,” Ann writes about the importance of LinkedIn as a place to go to look not only for work, but for customers as well.

“While the early adopters flock to Google+, and our kids and moms become power-users on Facebook,” states Ann, “LinkedIn is where business gets done”

Indeed, according to a June report by Performics and ROI research, LinkedIn has surpassed Twitter, YouTube and Facebook in terms of importance to users.

While LinkedIn may seem a bit boring and dull compared to Facebook, and is probably less active, there is a sheen of professionalism and formality that many businesspeople find attractive.  People carefully manage their LinkedIn persona, and “wear a suit” on LinkedIn and put their best foot forward.  On Facebook, people tend to let their hair down and talk about personal things.  One colleague we talked to said “Facebook is for my FRIENDS.  People I trust.  Facebook is my casual ‘water cooler’ conversation- my human interaction.  I let my flaws show on Facebook.”  On Linkedin, he continued, “I feel like I’m in a job interview, 24×7.”

While LinkedIn may be a bit stodgy, don’t underestimate its importance in marketing insurance, especially if you sell to business owners.

Finding your target market

Using LinkedIn’s advanced search, you can find decision-makers quite easily.  You can search for “VP Human Resources” for example – use the “Current” setting, and you can limit your search to a certain number of mile radius around a zip code.  You can also target Entrepreneurs who run their own business and may need coverage, by searching for Company Size of 1-10, seniority of “Owner” or “Partner” or “CXO”.  You can limit your search further by specifying what Relationship you already have with the person.  One experienced LinkedIn user I spoke to said “I set the Relationship level to 1^st and 2^nd level connections – that way if I am connected with them, I can use email.  If I’m not connected, I can walk across to them using our shared contact.”

To connect to people, LinkedIn users can email first-level connections, or can “Connect” with others.  The 2^nd level connection can be quite useful.  According to one heavy LinkedIn user with over 1,000 connections, “I join many different groups in the insurance industry, and LOCAL groups in my city of Milwaukee.”  Not only does this give me a valid reason to connect with these people, but it also gives me a friendly way to say hello in the ‘Personal Note’ I attach to my invitation to connect.”

Don’t forget the Groups!

Groups are a very important – and often overlooked – element of LinkedIn.  Insurance agents should join groups for several purposes:

1. To connect with other agents!  Smart agents know that they can’t learn everything they need to on their own. They can share their own ideas, and learn from others at the same time, using LinkedIn’s Group feature.  The LinkedIn Group, “Insurance Agent Questions & Answers” for example lets agents ask questions and share information.
2. To connect with local consumers.  In the Milwaukee market, there are groups like “Link Up Milwaukee” and “Milwaukee Business Professionals” which connect people within a community who can then share information with each other regarding the services they offer.  Sometimes these connections can be quite powerful, and can lead to cross-referral programs or even directly to new customers.
3. As a way to LinkUp with customers.  If you share a group with a business owner in your area, you are allowed to then request a connection.  Some agents, when trying to connect with a potential customer, start slow.  “Don’t put your pitch in the Invitation to Connect!” says one LinkedIn expert, who says to start slow, and connect, then send an email after you are connected with information about your business, re-stating your ties to that person either in the community, within a LinkedIn group, or professionally.

Other Important Tips for Success on LinkedIn

Here are some other tips to use LinkedIn to succeed:

• Start a company page for your agency!  When customers are considering working with you, or even connecting to you, a company page (along with a website) can help you seem “real” to them.  Starting a company page on LinkedIn can also help your search engine results for people who search for your name.  Link your company page to your website, of course.
• Avoid too much “Spamming.”  Status updates like “ABC Agency is great!  Call us today!” can be annoying.  Respect your contacts by posting useful articles and stating your position.  For example, if you work in the life insurance industry, post a link to an article about the importance of having sufficient Life insurance coverage, and comment with your own position on this, as well.  Customers can then click on your profile to learn more about you.  Also, connect these posts to your Twitter feed to increase your exposure.  When you post a helpful article, you become an ambassador for that message- so make sure you READ the article before you post a link!  The general rule for social media including LinkedIn is “GIVE FIRST, to receive.”  If you provide useful information freely, that will naturally come back to you in terms of information, referrals and even customers.
• Fine-tune your Profile!  Along with the lack of a company page, many agents do not rank highly for a particular term because their LinkedIn profile itself is empty, and woefully inadequate.  Click on Profile, Edit to make sure you and your business are well represented.  Make sure you are clear and that there are NO spelling or grammatical errors (as you would with a resume’).  Also- pay special attention to the “Skills and Expertise” area- this is weighed heavily when LinkedIn users are looking for assistance.  Don’t just put “Insurance”… if you are a health insurance agent, put “health insurance sales” and “Milwaukee Health insurance” and “Wisconsin Health Insurance” and “health insurance quote” and (you get the idea).  Be specific, and be redundant.
• “Like” and “Comment” – This is one of the most overlooked tip for LinkedIn.  So many people just READ and never “Like”… then when they post something, they are upset because nobody returns the favor.   Remember, on social media, you must “Give First”… this not only gives you return-value, but it also makes you memorable, and appreciated.

As with everything you do, don’t get overly focused on one marketing method.  Find what works for you and for your style.  Schedule your marketing activities just like you do appointments.  Let the Internet and social media work for you- even when you aren’t working yourself!

Agents Frustrated with Leads Quality (Part 4 of 5)

(this article is a continuation from Parts 1, 2 and 3)

Part 4- Technology to the Rescue

As we’ve stated, agents generally believe that leads quality is getting worse, and they believe that the number of times a lead is shared is increasing.  Given that we understand the importance of reaching a lead QUICKLY and given that it is logical that the worse the leads become, the more we need to work EFFICIENTLY to reach and subsequently nurture as many leads as possible in the same amount of time.  Also, agents need to WORK those leads by effectively NURTURING them to close.

To reach leads QUICKLY (and be first or second in line), agents need to take advantage of technology like:

• Auto-Dialers which can auto-dial leads as they arrive directly from the lead company.  Vendors include SalesTechnologies.com, SalesDialers.com, MojoSells.com, DialYourLeads.com, and Five9.com.   For high volume buyers, The Eliza Corporation offers proprietary speech recognition technology which can actually speak as a human, ask questions, and understand spoken responses.  19% of agents surveyed use some form of auto-dialer.
• Auto-Responders (email) can help you reply quickly to the lead the second it is received, by automatically sending an email directly to the customer, using a predefined message from the agent with his/her brand.  Some Auto-responders (usually the ones tied to quoting services e.g. Norvax or Quotit, or Connecture’s BrokerAdvantage) even allow the agent to provide an insurance quote automatically, along with the email.  25% of agents use an email service, but most agents use a quoting service which has the auto-responder availability as well.

To sell as EFFICIENTLY as possible, agents use:

• A good CRM (Customer Relationship Management) software system helps agents work the leads, keep track of the leads, and manage information about their customers, and to manage their sales pipelines.  Some CRMs include other features such as “drip marketing” which helps them automatically email their customers at pre-defined intervals.  There are vast differences between CRMs- an agent needs to choose a CRM that matches his/her style and also complements the other tools they may already have in their office, and may already be paying for.  CRMs include companies like AgencyIQ, Mojo, Salesforce.com, ACT!, Goldmine, and Zoho (which is Free for 1 to 3 agents).  41% of agents surveyed use a CRM.

(article to be completed in June- thank you! – Mark)

Coming Soon:

• Part 5: Light at the End of the Tunnel- Improving Quality

Do you serve the Senior Insurance Market? Join SIMA!

Are you involved in the senior insurance market?  Join SIMA!   SIMA is a brand new association serving the senior insurance market.  Lifetime membership is FREE for a limited time!  Click here to join today!!

Agents Frustrated with Lead Quality (Part 3)

(this article is a continuation from Part 1 and Part 2)

Part 3 – Aged Leads

Due in part to some of the frustration agents have experienced with “real-time” leads, some agents are turning to “Aged” leads.  Aged leads are a type of lead which was generated a day ago, a few days ago, or several weeks ago.  This may be a lead that the original lead originator has not sold to an agent yet, or which HAS been sold to otheragent(s) already, sometimes several times.

According to Troy Wilson, CEO of Next Wave Marketing Strategies and AgedLeadStore.com, “Real-time leads are expensive. And, all leads that don’t close (about 95% of them don’t in the first week) will become aged eventually.”  Troy believes that “Internet consumers often need a little time to breathe and recover from the first avalanche of “real-time” lead call centers. Aged leads can be cheaper and actually put you in the ideal sales window.”

Aged Leads are an Untapped Niche

Out of all the prospecting methods we asked agents about, Aged Leads were the least-used method.   About 66% of agents say they have never tried Aged Leads.   Only 8.6% of agents say they use Aged Internet leads for most or all of their prospects- about ¼ use aged leads “some” of the time.

Aged leads appear to be a fairly untapped market, with opinions that are not yet strongly formed.  Less than 1 in 4 agents have ever tried aged leads, and only 15.5% use them right now.  37% of agents don’t know anything about aged leads, and 14% don’t know where to get them.  15% say they have always meant to try them but just haven’t gotten around to it.  84% want to learn more.  20% say (guess?) that they are a profitable way to prospect- only half of that amount (1 in 10 agents) say they are not.

As with all leads, quality is the chief concern.  Most agents who have an opinion about aged leads are concerned about the number of times an aged lead is shared, and they also worry about the overall quality.  Most agents also seem to realize that aged leads require a different approach than other types of leads.  Troy Wilson from Next Wave agrees with the agents- “Aged Leads definitely require a different approach than real-time leads.  We provide a number of online materials for agents to help them take the best advantage of aged leads, and to reduce their cost per acquisition.”

According to one high-volume buyer of aged leads, “I love aged leads.  Most real-time leads I have bought have been called already anyway- even though I auto-dial them right away.  At least with aged leads, I can save some money.  Overall, it works out very well with the right sales approach.”

 

Coming Soon:

• Part 4: Technology to the Rescue
• Part 5: Light at the End of the Tunnel- Improving Quality