2017 YBC Presentation - M&W
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Adam Mitchell's Presentation for the 2017 IBAO Young Brokers Conference
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2017 YBC Presentation - M&W
- 1. GROWTH
- 3. Growth Baby! - 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 2008 2010 2012 2014 2016 2018 2020
- 4. Not All Lead Sources Are Equal 0% 20% 40% 60% 80% 100% 120% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 Closing %
- 5. 0% 20% 40% 60% 80% 100% 120% 0 100 200 300 400 500 600 700 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 Conversion vs volume Conversion % Conversion vs.Volume
- 6. Volume vs Cost $1 $1$1 $88 $2 $127 $140 … $56 $48 $68 $145 $79 $193 $180 $- $50 $100 $150 $200 $250 0 100 200 300 400 500 600 700
- 8. How Much AreThey Spending On Marketing? $227,000
- 9. How Much IsThat A Day? $227,000 / 261 working days = $870 a day
- 10. How Many Calls ForThat? Daily Customers Calls Received Prospective New Customers 3 Current Customer Requesting Policy Adjustments 20 Claims Related Inquiries 7 TOTAL 30
- 11. Cost Per Call? $870 / 3 = $289 per phone call
- 12. Is ItWorking? Retention: 95% PIF Retention Growth: 0% PIF Growth New Business: 3% New policies are Personal Lines 2% New Policies are Commercial Lines
- 13. Closing Ratio?
- 14. Acquisition Cost
- 15. Cost Per Acquisition? $227,000 / 261 working days = $870 a day $870 / 3 = $289 per phone call If we need to talk to three people to make one Sale?
- 16. ROI Average revenue per policy: $1,400,000 commission / 7000 policies = $200 per policy $870 acquisition cost /$200 revenue per policy = 4.35 years
- 17. Comparing Leads
- 18. ItTakesTime
- 19. You Need to Diversify
- 23. 416-540-1077
Editor's Notes
- Not All leads are equal 70 lead sources over 180 days Andrew broke down a bunch of different leads sources We are going to break them down a little further and analyze one from another. Questions: Which lead sources are best? Pretty impressive? What’s missing? Make sure you experiment, measure and correct. Nothing improves without change
- 15 best sources by volume, Scalability Not showing less than 30 in 6 months Seo 88 X sell 1 Referral 1 Adwords 140
- What will increase conversion rate? Customer interest Speed Ease of business Skill of sales person Count on 10% You can get it to at least double that
- This math stacks, If it doesn’t make sense at any point ask the question now or you will get lost later
- Acquisition cost is simply how many people did you have to talk to get one sale And how much did it cost to talk to each of those people You can factor in a lot more complicated things like time value of money and life time client value But if you cant get the first right, You will never get the second right.
- You need to think about the different acquisition cost for your office Do you have an exclusive program? Do you have a strong marketing presence? Your acquisition cost will vary from broker to broker Your teams personality. Your market and product availability Your marketing ability Your sales ability Your office risk appetite
- SEO takes a long time Adwords Lowest rates Hotline Buy books Mine your current book
- You need to diversify you cant diversify at first but you need to get there. You will not be great at any of them out of the gate You never know when a lead source might dry up or end You want to compete them with each other for reference There are more strengths and weakness’ to each.