Making the Sale - for Insurance Brokers
•
0 likes•178 views
How we've grown, over the years, as an insurance brokerage, crammed into 10 minutes.
Recommended
More Related Content
What's hot
What's hot (11)
Similar to Making the Sale - for Insurance Brokers
Similar to Making the Sale - for Insurance Brokers (20)
Recently uploaded
Recently uploaded (20)
Making the Sale - for Insurance Brokers
- 1. Making the Sale Things I wish Insurance Brokers knew, Crammed into 10 minutes…
- 2. WARNING - NO BUSINESS BACKGROUND - NO MBA - NO FINANCE DEGREE - NO INSURANCE BACKGROUND
- 3. The blessings and the curses – our story Day one: - One broker - One receptionist
- 5. Launch website - 2012
- 6. Not a Field of Dreams
- 7. SEO & SEM
- 8. 1000 people a month – woohoo!
- 9. Huh?
- 10. VS
- 11. Boom
- 14. Crap, too many leads
- 16. Flying blind
- 24. And then… • Add more companies • Become impartial to the market • Relentlessly tear down and improve the client experience • Change phone menu • Change website • Change quoting process • Change on board process • Change product offering • Change office environment • Never stop changing... So what happens?
- 25. Our Clients
- 30. Our Client make up 35 and under 45 and under 45-60 60+ 0 0.1 0.2 0.3 0.4 0.5 0.6
- 31. OK
- 32. Growing is easier than you think
- 34. Your website can be your most valuable asset Three Purposes: 1.Generate leads 2.Ecommerce 3.Establish credibility
- 35. Speed Matters
- 36. Every lead has a cost • Do you know that cost? • Thought about reducing that cost? • Can you increase volume? • Adwords, hotline, marketing list, radio, print, referrals... • This is INCREDIBLY IMPORTANT
- 37. Closing Ratio Matters • No measure, No improvement • You’ll spend too much for client acquisition • If closing ratio is 10% x average lead cost of $20 •= $200 client acquisition cost •THIS IS VERY IMPORTANT TO KNOW
- 38. Broker growth equation • If you have a 10% closing ratio @ $20 lead cost = a $200 acquisition cost • Average commission at $300; you’re $100 in the black on year one. • This is a .66 X commission acquisition cost as opposed to market price of $1000 or 3-4 x • Acquiring business at $1000 per customer will take you at least four years to see any profit on these. • You can pay $300 per lead if you close at 100% or $3 per lead if you close at 1% • the math is equal and still significantly more profitable as a 1 times acquisition cost vs 3-4 times
- 39. Gone are the days of ignoring customers
- 40. Efficiency
- 41. Some of your friends won’t make it
- 42. Lastly
- 43. Visit Us On The Web https://mitchellwhale.com Mitchell & Whale Insurance Brokers Ltd. 1818 Dundas Street East, Whitby, Ontario L1N 2L4 (905) 579-9701 | (800) 731-2228