Get More Annuity Leads When you Stop Pitching Annuities
There is extreme product myopia in the annuity sales industry.
Annuity brokers rely on annuity companies to provide an education on marketing and sales. However, the focus of the insurance companies is on the products they manufacture while the focus of the successful annuity broker must be on the client. Therefore, there is an incompatible focus between the insurance company and the annuity broker.
Of course, it would make sense if the annuity sales industry was also focused on the client because then the overall sales of annuities and other insurance products would increase. An example of this manufacturer-to-consumer focus is how Intel, which does not sell directly to the consumer, continues to heavily advertise on consumer television promoting computers that have Intel inside. Intel understands that by promoting the benefit (safety of a high quality microchip) to the end consumer, they do more business. But because the annuity industry continues to have a focus on its products and its distribution channel, the annuity agents and annuity brokers, these sellers inherit a product focused mentality. This costs all involved a lot of annuity sales.
Let’s take the example of an annuity agent who decides to use seminars to generate annuity leads. He will likely make an obvious beginners mistake and title his seminar something like “All About Annuities.” The selection of this title is plain stupid. The annuity agent is looking at the title of the seminar from his point of view, his product-centered orientation, and not the potential attendees point of view. The potential attendee will see a title “All About Annuities” and immediately conclude this is a sales pitch about annuities. Since no one wants to go attend the sales pitch, seminar attendance will be terrible. The annuity agent will then conclude that seminars don’t work, will market less and the downward spiral of annuity sales for both the annuity agent and insurance company ensues. The consumer has no interest in annuities. The consumer has an interest in conceptual benefits such as:
- Safety of principal
- Growth of principal
- Tax reduction
- Financial security for heirs
The annuity can certainly be a tool to all of these objectives of the consumer. However, if the agent puts the cart before the horse, the product before the objective, he will not get the consumers business. He will be a struggling annuity agent, always seeking to sell this product rather than provide solutions.
For an agent to get out of this product-centered mentality would require that he stop going to the insurance company training sessions. Rather, he would be much better served by holding a focus group among his target market and simply ask them, “what’s important to you about your money?” The answers to that question, the concerns that are expressed, would then provide him the headlines, topics and content for his successful seminars and all other successful annuity marketing he might do. Because once the insurance agent understands what his clients want, he can start speaking about that. Once he has a room full of annuity leads, he then has accomplished the first step to more annuity sales.
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Tags: annuity agent, annuity broker, annuity company, annuity leads, insurance company
May 28th, 2011 at 8:34 am
How annuity helps in marketing and in the progress of business?
June 1st, 2011 at 5:04 am
annuity is actually a continuous payment of some specific amount for a fix period of time mean to say that it become the permanent source of income which support the business whenever business is in bad position and in good position it is a permanent source of income to save and grow your business
June 7th, 2011 at 12:23 pm
Naming your seminar something like “All About Annuities” would certainly be a big mistake. You have to focus on what´s in it for the consumer – like tax reduction. THEN they will attend.
June 17th, 2011 at 3:27 am
thankyou for all the info about Annuity Leads in the post and comments
June 17th, 2011 at 9:19 pm
This article on annuities has some excellent advice, I will take your advice into consideration.
June 19th, 2011 at 11:47 am
Yeah, with a title like “All About Annuities” I would be turned off just like those other potential attendees. It just doesn’t sound professional at all…
June 28th, 2011 at 1:15 am
Agree with Tekstforfatteren. If to name it all about annuities people will understand that there will be nothing specific in the seminar. The topic should not be too wide.
July 14th, 2011 at 2:35 am
“If the agent puts the cart before the horse, the product before the objective, he will not get the consumers business. ” I agree with this, you have to REALLY understand what clients want.
July 15th, 2011 at 11:41 am
“if the agent puts the cart before the horse, the product before the objective, he will not get the consumers business.” If you don’t do it right the first time it will be hard to convert in the future.
July 25th, 2011 at 5:26 pm
[...] on the products and services sold by the financial professional. In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities (annuity leads) [...]
August 4th, 2011 at 8:38 pm
thankyou for all about Annuity Leads ,very good article
August 12th, 2011 at 3:24 am
I mean it, selling annuities is the easiest sale in the insurance industry. … Many agents even have such a fear of not having anyone to talk to that it makes them almost … Do not stop and do not evaluate the program for the whole year. … By throwing away the leads will set you free, truly
August 12th, 2011 at 7:34 pm
Thanks for the post and all the info on annuites!
Thanks for sharing, keep us posted!
September 1st, 2011 at 10:18 pm
I was not aware of Annuity Leads thanks for giving awesome post for the same
September 8th, 2011 at 6:02 am
Valid point on annuity leads, thank you for the post.
September 9th, 2011 at 11:25 pm
The way you explain this rings true for me. I never really thought about directly asking my target market what they want out of their money. Will try these tips in the future!
September 30th, 2011 at 2:53 am
Good article about annuity and thanks for sharing
October 2nd, 2011 at 2:02 am
Thanks for the post and all the info on annuites!
October 3rd, 2011 at 8:06 am
If to name it all about annuities people will understand that there will be nothing specific in the seminar. The topic should not be too wide.
October 7th, 2011 at 8:25 am
Very useful to know the annuity Leads! Great articles and site! Thank you!
October 8th, 2011 at 3:57 am
Agree with Tekstforfatteren. If to name it all about annuities people will understand that there will be nothing specific in the seminar.
October 9th, 2011 at 7:54 pm
Thanks for this great info about annuity and marketing. I must admit I am not very well informed about these things.
October 12th, 2011 at 4:17 am
The whole concept of annuities just seems to be so complicated. It makes you wonder sometimes if they are made so complicated so the general public can be taken for a ride by the few that understand!
October 22nd, 2011 at 5:24 am
Valid point on annuity leads. Please keep on writing more awesome articles.
October 24th, 2011 at 7:11 pm
if you focus only on annuities you are selling yourself short. Give yourself the options to sell everything, don’t limit yourself to annuities. You’ll see your income/business grow in a big way
October 27th, 2011 at 5:16 pm
[...] on the products and services sold by the financial professional. In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities (annuity leads) [...]
November 2nd, 2011 at 1:35 pm
thankyou for all about Annuity Leads ,very good article
November 2nd, 2011 at 5:08 pm
As a trader – annuities are still so confusing to me. Thanks for the info!
November 11th, 2011 at 11:57 pm
Annuity Leads are very essential for a successful insurance marketing campaign. But before anything else, decide first whether you’re looking for exclusive, shared or non-exclusive leads. Each is different from one another.
November 25th, 2011 at 7:27 am
Annuity is really important to everyone and to every individuals . I have seen people saying that in US people get money from government in their retirement period. But in India there is no such system and government only know to charge different taxes to people and give nothing , and for such countries annuity is important.
November 25th, 2011 at 12:44 pm
I agree with previous author. Necessary to take different types of marketing campaign.
December 15th, 2011 at 8:54 pm
Most life insurance agents who have survived the hungry years have also drifted from one insurance leads system or annuity leads program to another, eventually discovering the gospel truth that most leads stink! Some more than others.
December 22nd, 2011 at 3:11 pm
Focusing on the clients needs is an essential element in insurance sales and I see how important it is in annuity sales thanks to this article.
January 14th, 2012 at 9:14 pm
Annuity leads is new to me… I learned so much from your post… Thanks!
February 1st, 2012 at 2:53 am
For an agent to get out of this product-centered mentality would require that he stop going to the insurance company training sessions….very good advice given by the whole article…i am looking forward to this.
Thanks!!!
February 8th, 2012 at 12:30 pm
thankyou for all about Annuity Leads ,very good article
February 13th, 2012 at 5:38 am
Thanks for providing information about annuity.
February 14th, 2012 at 4:06 am
Please provide some more detail info. about the working of annuity.