For any manufacturing industry, raw material is important to produce a finished product. For example, the major processes of a shirt manufacturing factory start with sourcing raw materials, then cutting fabrics, stitching and then finishing and packing. The key is procuring the right quantity of raw materials depending on the sales capacity.

It is the same way in our insurance industry to sell a policy. Our prospects are our raw material. If any salesperson in the industry intends to grow continuously, he will need to do prospecting day in and day out so as to sell and market his product. Prospecting is the lifeblood of insurance sales. One should always have ample prospects in his list to be able to achieve his targets and grow consistently. Daily prospecting is required for consistent growth.

These days, sales conversions are becoming more buyer-focused, which means the consultants, advisors or any salespersons have to get creative when it comes to prospecting. Everyone is scrambling to develop their own techniques and processes for prospecting in order to move prospects through the sales funnel and turn them into customers.

I’ve been in sales for a long time now, but when I first got into it, I had to learn my way around prospecting just like everybody else. Here are few ways to be better at the art of prospecting that will help you turn prospects into clients and policyholders.

Consistently add new prospects

In order to be successful at sales, salespeople must acquire new clients. To do so, they have to know how to open relationships. Prospecting is the art of starting new relationships. The new business opportunities that later turn into sales are initially identified through prospecting.

To create a pipeline of prospects, one should make a list of:

• Relatives, friends and neighbors
• Vendors (whom we shop from)
• Big shops or offices in your area
• Celebrities, doctors and professionals in your area
• Community leaders and influential people
• The whole world is your prospect — casual introduction and conversation
• Visibility — you should be seen in social gatherings
• Your clients from whom you can get a reference

Nurture relationships over time

Use all the methods to establish the relationships and create goodwill with the prospects, which will lead you to getting the personal business appointments. Declare your success and market yourself sophisticatedly.

Prospecting is not a science, but you can save time and maximize your numbers by investing in the right processes, activities and skills. Incorporate these tips into your prospecting game, and you’ll be more likely to open valuable relationships and turn prospects into leads over time.

Marketing ideas

Insurance is one of the vast industries with low penetration. At the same time, there is vast competition as the sector is opened. Advisors and agents need to think out of the box to stand out among their competitors. A little creativity in marketing plans will help to grow your client base faster than you might have thought of. Here are some tips that you can use:

Digital media advertising

Digital media advertising is one of the top marketing ideas for insurance selling in this current scenario. The ability to target pin codes, professions and other demographics is invaluable. You can reach the desired audience at their convenient time.

Niche marketing — product, age, profession or area

Creating the need of the customer is very important to sell our product. People are busy earning, so they don’t have spare time to invest and save. They need a financial doctor to provide them with a solution and help financially secure their family and future. If you satisfy the clients, then your product will be sold automatically.

Join a business networking group

Business Network International (BNI) is an American franchised networking organization with around 2.50 lakh members worldwide. Members meet weekly to discuss business and support each other’s businesses by sharing referrals and by leveraging their clients’ and friends’ databases. It claims to be the world’s leading referral organization.

Develop a referral partnership firm

Insurance agents need to start planning new marketing strategies to grow their businesses next year. Referrals are an important component in helping a business grow, which makes it crucial that insurance agents focus on their referral partners. It is more like cross-selling. A housing loan granting firm can give good referrals to insurance agents. An investment advisor abroad can give good referrals of NRIs wanting to invest in India. So why not create a partnership firm with them for mutual business growth?

Rohit N. Dhanani, B Com, CIS, is a 30-year MDRT member with six Court of the Table qualifications and one Top of the Table honor from Mumbai, India. A life insurance agent since 1975, Dhanani has been a Local Chair and Area Chair for MCC in India for six years and served as a member of the Ethics Committee in 2008-09.

Chhaganlal G. Gadhia is a 22-year MDRT member with 19 Court of the Table qualifications from Rajkot, India. The eldest sibling in a poor family, Gadhia became an advisor to make ends meet in 1977. He has served on both the Program General Arrangements and Membership Communication Committee for MDRT.