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Top Adding - Free Insurance Leads Can Cost You A Bundle
Back in the 1970s when I first got into the insurance business, the natural order of things was to get your insurance license and go to work for a general agent. The GA’s job, in exchange for a cut of your commissions, was to give you product
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
s, a selling system, motivation, and free insurance leads.
Today the model is different. You get your license and automatically become a general agent earning full street-level commissions. You then partner with an insurance marketing organi
Today the model is different. You get your license and automatically become a general agent earning full street-level commissions. You then partner with an insurance marketing organi
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
zation for product representation, selling systems, and (the number one reason agents choose a particular marketing organization) free insurance leads.
But if a handful of free insurance leads is all your new partner has to offer, how much a
But if a handful of free insurance leads is all your new partner has to offer, how much a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
re they really costing you?
If you are a career conscious agent, you will look beyond the immediate gratification and false hopes of free insurance leads. You will understand the gimmick of a prize inside the Cracker Jack box. You will focus
If you are a career conscious agent, you will look beyond the immediate gratification and false hopes of free insurance leads. You will understand the gimmick of a prize inside the Cracker Jack box. You will focus
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
on the greater need for effective, ongoing prospecting systems, progressive selling systems, motivational and educational coaching, and cutting-edge products, long after your free insurance leads have evaporated.
Here are the five most impo
Here are the five most impo
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
rtant questions to ask an insurance marketing organization before hitching your career to their carriers:
1. How long have you been in business?
Many newcomers to the FMO, IMO, NMO arena lack seasoning. Many hope to test their leads and sel
1. How long have you been in business?
Many newcomers to the FMO, IMO, NMO arena lack seasoning. Many hope to test their leads and sel
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ling systems on inexperienced agents. A track record of 10 to 20 years is good, 30 to 40 years even better.
2. Which carriers do you represent and how do they rate with the rest of the industry?
A marketing organization with a dozen or more
2. Which carriers do you represent and how do they rate with the rest of the industry?
A marketing organization with a dozen or more
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
carriers usually indicates a lack of focus. Three or four of the industry’s top carriers is an ideal mix.
3. Why should I believe your free insurance leads are any good?
Ask what criteria they use in selecting the leads. Do they fit the pro
3. Why should I believe your free insurance leads are any good?
Ask what criteria they use in selecting the leads. Do they fit the pro
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
file of people who already own the insurance product you are selling? They should.
4. What kind of support do you have to help me grow my business and stay competitive?
The best marketing organizations will give you your own insurance coach
4. What kind of support do you have to help me grow my business and stay competitive?
The best marketing organizations will give you your own insurance coach
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
for help with case design, product training and marketing support. Expect online systems for checking new business, commissions and existing policy status, and for downloading current forms, sales scripts and marketing materials. Invariably,
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
just having your own coach can make a huge difference in your success.
5. What prospecting and selling systems do you have and how do I get them?
Most marketing organizations have the usual direct mail lead systems. Many require you to pay
5. What prospecting and selling systems do you have and how do I get them?
Most marketing organizations have the usual direct mail lead systems. Many require you to pay
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
costs up front then seek reimbursement through your production. The best direct mail lead program is one that replenishes your lead supply at no cost to you, with each sale you make, giving you a never-ending stream of qualified prospects.
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
Most marketing organizations have standard selling systems ranging from flip charts to client approved CD-ROMs. Unfortunately, few organizations understand how important the “M” is in FMO, IMO or NMO, and have not sprouted a new marketing ide
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
a in decades. Meanwhile the prospect pool grows wary of the same old ploys.
But imagine an insurance marketing organization that will:
(A) Ghostwrite newspaper articles for you to publish as expert author in your hometown newspapers. You in
But imagine an insurance marketing organization that will:
(A) Ghostwrite newspaper articles for you to publish as expert author in your hometown newspapers. You in
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
lude your bio, photo and contact information for lead generation and referral.
(B) Produce your own half-hour radio talk show with you being interviewed as guest expert in your insurance field, for airing on your local radio stations. You po
(B) Produce your own half-hour radio talk show with you being interviewed as guest expert in your insurance field, for airing on your local radio stations. You po
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
sition yourself as the expert, you pre-sell the concept, and you offer your phone number for listeners to call for additional information or your free offer.
(C) Produce your own half-hour cable TV infomercial in an interview format with you
(C) Produce your own half-hour cable TV infomercial in an interview format with you
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
as the guest expert for airing on your local cable TV channels. You position yourself as the local expert, you break the ice by showing prospects the real you in the comfort of their own living room, you pre-sell your insurance concept, and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
give out your phone number for viewers to call for additional help or your free offer.
(D) Give you an original, fully scripted, turn-key seminar system complete with ongoing coaching, handouts, PowerPoint slides and multi-media, and a prove
(D) Give you an original, fully scripted, turn-key seminar system complete with ongoing coaching, handouts, PowerPoint slides and multi-media, and a prove
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
n formula for setting appointments with 70% to 80% of the room. The multi-media content alone has produced over $1.3 billion in sales and is still going strong.
A marketing organization that will do all of the above for you, absolutely free
A marketing organization that will do all of the above for you, absolutely free
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
of charge based on production, can catapult your career to the next level. The organizations that offer free insurance leads, with little else down the road, can end up costing you a bundle in lost opportunity. Please call me for more details
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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