The insurance lead industry has improved for the better with the advent of the search lead. Combining knowledge of customer intent with state-of-the-art technology, finding high-intent leads is now easier than ever. As an insurance agent, getting the purest stream of leads is crucial to your success rate. Knowing the basics of search leads and best practices for approaching them is important to a high close rate.
To begin with; what are search leads? To put it simply, customer intent search leads are insurance leads that are generated by customer intention. A consumer uses Google or another search engine to do a search for auto insurance quote comparison. They enter a search phrase such as “compare auto insurance quotes”. This search shows a need on the part of the person to get multiple quotes from which they can choose. Algorithms are then used to generate leads from the compiled information.
The key advantage of search leads stems from the need of the customer. The fact that they’re actively searching for quotes means higher chances of contact, better quote rates, and greater conversion rates than other types of leads.
One of the main problems with other online leads is that they never intended to compare quotes. You can get a mixed bag of a few good quality leads thrown in with a lot of wasted time and money. QuoteWizard uses an advanced online search algorithm to separate leads so that only the high-intent requests rise to the top. This ensures quality control and customer satisfaction.
While search leads provide better ROI than other online leads, approaching them the right way is key to your success. Here are a few best practices to help you get the most out of your leads:
Prospects who want insurance quotes right away are an agent’s dream come true and should have top priority. It’s important to contact them as soon as possible, especially when the customer is more than likely looking at a lot of quote options. Here are some statistics to put the need for speed in context:
- 78% of prospects convert with the first party to make contact
- Leads convert 22 times more often when contact is made in 5 minutes or less
- Responding to leads in the first minute can improve conversion as much as 391%
- The first party to contact a prospect has a 238% higher chance of conversion than the second contact
You are in the race to prove the best quote first, do not let your competition get there first. Contacting the prospect quickly and professionally is crucial to getting the most out of your leads.
Don’t over discriminate
The success rate of search leads can lead to some assumptions that probably won’t pay off in the long run. Purchasing many leads and then only focusing on the easy ones is costly both financially and professionally. Search leads can be an expensive investment, and buying a large amount just to skim through and pick the lay-downs puts an unneeded dent in your lead budget.
Furthermore, focusing on what you see as the easy leads can lead to you turning away sales that your competitors will be more than happy to take advantage of. Treat every one of your search leads like the gold that they are. Your conversion rate will thank you, you’ll thank you.
The prospect expects you to provide a solid quote to fit their needs. While it's tempting to use the opportunity to promote other products, doing so can lead the customer to feel like they're getting a bait-and-switch. Give the prospect the best quote to address the needs they have, and that will be the key to creating a long-term relationship. Then you have a chance to provide them with other products you have available in the future. Prove to them with the first quote that going with you was the right move. You'll be first in line when they have future policy needs.
The average salesperson makes 1.3 attempts to contact the prospect. Don't mistake not being able to get ahold of the prospect right away for lack of interest on their part. They’re busy, just like you.
Given that it takes at least 8 calls to make contact with a prospect, you don’t want to give up too early. Make 7-10 attempts to connect before moving on. With the cost that goes into purchasing high-intent search leads, you owe it to your conversion rate to try contacting the prospect more than a couple times.
Search leads are something that QuoteWizard knows a lot about. Using advanced algorithms to generate high-intent leads, we produce more search leads than any other lead generator. We set minimum conversion rates for our leads that we monitor to make sure we maintain industry close rates, and this means you make money. Contact QuoteWizard today to see how our expertise can work for you.