With a 2% conversion rate, should you expect to have great success with your cold calls? The answer is yes. Cold leads are a wonderful source of new business. For your agency to grow, you need to reach out to new prospects (aka, cold leads). If you continue to follow up with cold leads over time, you may be surprised that they warm up to you as they get to know you.
If you make enough cold calls, you’re almost guaranteed to hit the right timing statistically.
- 82% of buyers accept meetings with sellers who reach out to them.
- Be sure to leave a voicemail: each time you leave a message, the chances of a callback go up (1st voicemail = 11% callback, 2nd voicemail = 22% callback, 3rd voicemail = 33% callback).
- 80% of salespeople fail to even make cold calls in the first place because of reluctance.
To maximize your insurance sales this year, consider giving cold calling your team’s full effort.
What is Cold Calling, Exactly?
A cold call involves reaching out, over the phone, to a potential prospect without previous interaction. Furthermore, your cold lead hasn’t expressed any desire for your product or service. Cold leads are the opposite of ‘warm leads,’ with whom you either have some rapport pre-built or who have already requested information on your product or service.
For many insurance agents, it can feel strange to give a phone call to someone who is a cold lead. You may face doubts, such as:
- If I call them, will I just be bothering them?
- Will I get enough success cold calling to justify my time?
- Will I face negative responses from people who I call?
At the end of a day spent cold calling, you can expect about a 2% conversion rate for your time and effort. However, remember how valuable these efforts can be to your bottom-line sales. Cold calls will boost your meetings, sales, referrals, and insurance network.
Relevance of Cold Leads in 2022
Cold-calling prospects for insurance can often feel like a waste of time. Cold calling can sometimes feel less than exciting and may initially seem to have a low success rate. So, what’s the point?
Well, it turns out that there’s a reason why insurance agents have always relied on cold calls. According to buyers, 70% of sellers connect with them and generate meetings using the phone.
Despite technological advancements and changes in how people interact in 2022, cold calls still create meetings that result in sales.
Cold calling is a wonderful way to boost your life and health insurance sales. Not liking cold calling isn’t a great reason to abandon this long-standing and success-producing method.
At Claro, you can partner with us to transform your career and create long-term success. We provide the training and resources you need to succeed in your agency.
Ready to make the most out of your cold calls, and get more success from them than ever before? We’re here to help.
