|
How can you maximize leads? Are you certain that you're handling all of them properly? Aiding you to understand leads on a financial viewpoint; this article will conceal about the effects of the 80/20 principle. The 80-20 Principle An economic principle which declares the fact that 80 percent of the result is mainly resulting from 20 percent of the input, the 80/20 principle gives a very interesting perspective on how the business world works. In the early 20th century, the Italian economist Vilfredo Pareto discovered that 80% of the land in Italy is owned by 20% of the population. The principle was held important after finding out that it is common among all nations. Since then, a number of research and economic studies were conducted, and results recognized that the 80/20 principle is applicable to every strand of the business world. Considered a breakthrough idea, the 80/20 principle efficiently works in ensuring the swift conversion of leads to policy buyouts. Recent statistical probes revealed that the 80/20 principle is very much applicable in converting leads to policy buyouts. Three of the main facets of leads and insurance sales are quality, timeliness and marketability. Quality of Leads The most crucial factor you must consider is the quality of your leads. If you are able to grab high quality leads, your chance of converting them to policy buyouts is superbly maximized. Now, here is something interesting. An interesting statistical conclusion is that 80% of the buyouts is equivalent to 20% of the leads. What is the significant of this finding? Let’s go straight to the point. If you are able to grab high quality leads, you can expect a conversion rate of about 20-30%. Now, how can we achieve this percentage of conversion? The answer is relying on exclusive leads. You may be having shared leads, but this is very impractical since you are sharing them to a number of agents. A good way of showing how efficient leads can be is by comparing it to other insurance marketing methods. Cold calling relatively generates 2.5-5% conversion or roughly 5-10 buyouts on 200 calls. Another common method is advertising, but this is costly and will narrow your profit to a minimal percentage. Leads are your best choice and to ensure its efficiency, you must still consider the other factors. You must understand that other factors including timeliness are also vital. Understanding the Time Constraint Another application of the 80/20 principle is on how you handle leads with respect to timeframes. The sooner you work with a lead, the higher chance you can sell a policy. A simple rule in business is that the 80% chance of a client buying from you is the product of the 20% of the time you spent with him. The crucial 20% includes the time you spend presenting the image of your product and finding out the best policy that can aptly meet the client’s needs. Again, swiftly dealing with leads is part of time efficiency. Marketability of Products The third facet that agents are totally aware of is marketability. The common notion among agents is that each plan is specialized so they have the same level of marketability. This is actually incorrect. New statistical findings exemplify that, while your product may appear as marketable as each other, some of them are actually much preferred by a greater fraction of the market. You may go to your sales statistics and determine the best 20% of your product, but this will not be useful if you don’t have the right information about your prospected client. Filling this gap is easily done by securing exclusive insurance leads. Exclusive insurance leads contain substantial information about your prospected client and his needs making it easier for you to prepare and present the best policy efficiently. Leveraging Sales through Leads Learning about the 80/20 principle will help you leverage your sales, and in order to achieve this you must have the right tools. Having exclusive insurance leads will make this possible. If you want to maximize the potentials brought by leads, then you better secure exclusive insurance leads.
Related Articles -
exclusive insurance leads, high quality insurance leads, insurance sales, insurance leads conversion,
| 
