Medicare Café – How Will Your Clients Remember Your Name?
There was a study done in the real estate market that concluded approximately 80% of people who used a realtor to buy or sell a home could not recall the name of their realtor after 6+ months.
“That’s great, but we sell Medicare insurance!”
True, but think of the interactions of buying a home vs. buying insurance.
Insurance, in many cases, is a one-time transaction. You meet with the prospect, discuss their options, and enroll them into a plan. This takes maybe 45 minutes.
Buying a home is an initial meeting with a realtor, viewing multiple homes, making an offer, working through that process which may take multiple calls, final walk-throughs, and finally closing that has more paperwork than most insurance agents do in a week. Add to all this, and for many, their home is their largest investment and far more emotional process vs. buying health insurance. Between in-person meetings, text messages, phone calls, etc. and you have multiple hours the client is spending with their realtor.
What does this mean? If most people cannot name the person who assisted them through one of their most significant financial and emotional purchases after 6 months, what makes you think buying insurance is an exception?
News flash, it’s not? Want further proof?
How many times have you talked to a prospect who purchased a policy through another agent, and they could not tell you the name of the other insurance agent? Even if they had just bought it a few months ago? Probably almost every time! If you are like me, you are thinking, “that agent did a horrible job keeping in touch with their clients!” So, what are you doing to make sure you are not forgotten about?
Therefore, a proper retention plan is vital in the insurance market. Your clients are bombarded with ads for all kinds of products daily. This AEP, make sure you plant the seed of a relationship and not just a one-time sale.