How ILT Marketing Works For Insurance Agents
In online marketing circles, the work of Ray Higdon is highly respected for its simplicity and results. Ray comes from the field of real estate, but his marketing techniques have significant meaning to the enterprising insurance agent. What Mr. Higdon teaches can be summed up in one simple acronym: ILT. That stands for “Invest, Learn, and Teach.” How are these things relevant to your business? Let’s go through each one.
Investing in your insurance business
When you decide to become an insurance agent, you will be faced with times where the business will need resources in order to grow. Those resources can come in the form of time and money, and inevitably will. You’ll need to take risks and make sacrifices to make your business grow. While a college degree isn’t necessarily needed, you will need to learn the products and have a system for approaching prospects and nurturing relationships. All of this takes time to learn, and it doesn’t guarantee that you’ll be successful. (Therein lies the risk.) But the upside of such an investment — a job with flexible hours and limitless earning potential — is more rewarding than anything that you’ll find punching the proverbial time clock.
Learning your product, your approach, and your prospects
Knowledge of what you’re selling is the first thing you’ll need to learn. That means focusing on a rudimentary starting point — a foundation you can build your business around. If you’re starting out with an established company, then there will likely be a plan in place for nurturing talent. But at some point, you have to step out on your own, and that means finding good leads and a winning approach to signing them. Part of it is a numbers game. The more meetings that you take, in other words, the closer you will get to a “Yes.” While “winning them all” isn’t a realistic option, you can give yourself a fighting chance in every meeting that you take, and you do that by learning as much about the prospect as you possibly can. This means asking questions to dig deeper into their financial planning. It means having important, detail-oriented conversations so you know what products and coverage limits that they need to cover any and all gaps.
Teaching your prospects what they need to know
When I was first introduced to the Invest/Learn/Teach method, I had to do a bit of a double-take on this last part. The first two — sure, made perfect sense — but teaching people, who may not even end up buying from you? And on that word “buy,” where is sales in all this anyway? Closer examination of the world we live in today, however, clarifies things a bit. For starters, people can hear a sales pitch from a mile away. The Internet has made consumers much wiser to all the different tactics, and frankly, most (if not all) of them are unnecessary. Think about it for a moment. Your customer has submitted their information for you to contact them. They already know they’re a buyer, and they have some idea of what they’re after. What they’re uncertain of is where the best value is. And communicating value requires more of an educational approach than a sales approach.
Successful insurance agents are entrepreneurs, who take ownership of their business. They do that by investing as much time as they can and as much money as needed. They make those investments to learn every aspect of their business that contributes to the overall success. And at the heart of it is the insurance lead. Building a relationship with them will take any insurance business to the next level.