Prospecting is the number one key to an insurance sales professional success. Insurance sales agents need to prospect in order to build their book of record. However, not all insurance sales agents are successful at prospecting or they do not put in enough time prospecting. There are several different methods insurance sales professionals use to build their book of records such as, referrals, cold calling, news paper advertising, market kiosk, seminar, TV, and radio advertising. With all the methods that were mention it would take too much time to compare them all, therefore this paper will only research three prospecting techniques: referrals, cold calling, and sales leads using a self-designed fictitious study, using a measure of central tendency, a measure of dispersion, a graph, and an ANOVA one way.
Prospecting Method
In order to understand how insurance professional conduct their business, one needs to understand the meaning of prospecting, prospect, book of records, and leads. Prospecting are sales techniques that insurance professional use to build their book of record. A book of record is the list of all their clients they have already sold insurance too. A prospect is a new potential client Leads are a list of names or businesses that the insurance professional uses to gain new clients or prospects. Three of the most common methods of prospecting that agents use are referrals, cold calling, and generated sales leads.
Referrals are leads or people that their current clients, friends, or other businesses recommend to the insurance professional of people who they believe may need the insurance agent’s products or services. Cold calling is method where the agents call, visits, or emails a person or business, which was n...
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References
Bennett, J. O., Briggs, W. L., & Triola, M. F. (2014). Statistical reasoning for everyday life. Boston, MA, Pearson/Addison Wesley.
Elvers, G., C. (n.d.). Measure of dispersion. “).“[PDF file]” Retrieved May 25, 2014 from http://elvers.us/psy216/pdfs/dispersion.pdf
Hersch, W., S. (2014). Mining for prospects: 5 popular techniques used by advisors. Life Health Pro. Retrieved May 25, 2014 from http://www.lifehealthpro.com/2014/02/18/mining-for-prospects-5-popular-techniques-used-by.
Lund Research Ltd. (2013). Measures of central tendency. Laerd Statistics. Retrieved May 25, 2014 from https://statistics.laerd.com/statistical-guides/measures-central-tendency-mean-mode-median.php
Victor, O., & Otiso, K. (2013). The Effects of customer prospecting methods on sales force performance. European Journal Of Business & Management, 5(10), 90
Media: Media advertising will give exposure to all types of candidates, from experienced to non-experienced. Jobs can be advertised in all sorts of places from newspaper ads to job postings online on job sites like Careerbuilder.com and Monster.com. The down side to this type of advertisement is that it involves quite a bit of leg work to weed thru the multitude of applic...
Nowadays, having insurance is a ‘nice thing’ to carry in case of emergency. In the U.S, most people should have at least one type of insurance. As for auto insurance, the law requires drivers to carry insurance when driving. Because of this need, the constant demand for having insurance drives many firms competing in this saturated market. In this analysis, the focus attempts to show GEICO Insurance promotional strategy in communicating its products and services to the market and identifies the effective ways in growing the brand-awareness.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
The customer support and customer service functions are more than departments; they are part of an essential strategy for growing your business. In the modern business climate, customers expect answers to their questions immediately. When the right information is available anytime, from anywhere in the world, customers are more likely to have a positive experience, thus customer loyalty will be increased. It is a known fact that the cost to obtain a customer is ten times higher than to maintain and keep existing customers. (Gouran, Dennis, W.E. Wiethoff, & J.A. Doelger. (1994). Mastering communication. 2nd ed. Boston: Allyn and Bacon.) Not in Reference Pg.
The sales leads are now centralized and accessible across branches rather than individually gathered and processed by salespeople. In standardizing customer information, it now makes the marketing teams, analytic teams, and customer managers on the same page. It creates a “friendly competition” that encourages close cooperation for all areas. One major cost that this new strategy created was the confusion of different areas in RBC. Product managers and customer managers often misunderstood what way of action was appropriate, which lead to another problem: it took more time to make decisions. A benefit of this change is that there was no fighting for resources and instead cooperation. Another benefit would be the divisional organization, which can be seen in Exhibits 3a and
We all know that’s an anomaly. Most sales require your team to nurture the customer relationship and even demo the product.
There are a range of segmentations that allows a company to target potential customers effectively.
Bennett, J., Briggs, W., & Triola, M. (2014). Statistical reasoning: For everyday life (14th ed.). Boston: Pearson Education, Inc.
There are two aspects of the article that pertain to various class discussions. First of all, the use of such lists, directories and databases by sales associates of pharmaceutical and medical supply companies is one type of prospecting discussed in class. Some lists may include just names and telephone numbers of people within a particular industry or profession. However, other databases, including that which was being sold by the AMA can include more pertinent and valuable information to sales associates. These lists can help the associate in pursuing and qualifying leads, yet it should not be the sole source. Searching through these databases should be combined with other forms of prospecting such as networking, trade shows, promotional activities, or through satisfied customers.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Stone, M. et al. ¡¥Direct Hit. Direct Direct marketing with a Winning Edge¡¦. 1st Edition. Pitman, 1995
Insurance is a two-way legal agreement between the insurer and the customer. The customer, which may be an individual, business, or other entity, agrees to pay the premiums as required, in exchange for monetary protection from the insurer for any possible substantial loss. Customers usually obtain insurance, not to cover the trivial incidents of life or business, but to cover the potential significant losses which could be a financial hardship for them. The premiums of all customers of the insurance company are pooled together. The insurance applies statistical analysis to determine the chance that a particular event might occur to one of their customers. From this analysis they can determine the premiums which must be collected and the claims which must be paid to keep the insurance company financially profitable. There are many type of insurance including life, property and casualty, car, health, and disability. Each is very specific for what losses then will cover and reimburse (Pareto, n.d.).
This involves Staff recruitment or hiring professional representatives to provoke the viewers interest and to sell to them company`s goods successfully. PS s also clever marketing sales tactic on products as their small packs samples are given for free to the customers assays and testing on their level of satisfaction. For example, some big businesses as VIRGIN, SKY, COSTCO and METRO could be pointed as some of the followers of this kind of ploys used to grab the client 's` attention towards a product. The Telecom`s companies often are hiring spaces in the most visited stores or on the streets in areas with high people-flow. That`s benefitting potential buyers too, because they are given chance to try something new. And finally, they have the right to choose the best possible for them from a range of products (Malik. G,
Personal selling will be measured in both qualitative and quantitative terms. Salespersons will have to fill reports regarding the interlocutors behaviour and product knowledge.
With the current revolution in the corporate world, many organizations find the need to keep up with the set trends in the corporate scene. This is essential for them to maintain relevance as well as achieve set targets and strategic objectives. One of the aspects business management is sales personnel management. This is an important business aspect that can lead to efficiency, as well as effectiveness in business, if executed accordingly. This study will seek to analyze the various tools and techniques used in sales personnel management.