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There is extreme product myopia in the annuity sales industry.
Annuity brokers rely on annuity companies to provide an education on marketing and sales. However, the focus of the insurance companies is on the products they manufacture while the focus of the successful annuity broker must be on the client. Therefore, there is an incompatible focus between the insurance company and the annuity broker.
Of course, it would make sense if the annuity sales industry was also focused on the client because then the overall sales of annuities and other insurance products would increase. An example of this manufacturer-to-consumer focus is how Intel, which does not sell directly to the consumer, continues to heavily advertise on consumer television promoting computers that have Intel inside. Intel understands that by promoting the benefit (safety of a high quality microchip) to the end consumer, they do more business. But because the annuity industry continues to have a focus on its products and its distribution channel, the annuity agents and annuity brokers, these sellers inherit a product focused mentality. This costs all involved a lot of annuity sales.
Let's take the example of an annuity agent who decides to use seminars to generate annuity leads. He will likely make an obvious beginners mistake and title his seminar something like "All About Annuities." The selection of this title is plain stupid. The annuity agent is looking at the title of the seminar from his point of view, his product-centered orientation, and not the potential attendees point of view. The potential attendee will see a title "All About Annuities" and immediately conclude this is a sales pitch about annuities. Since no one wants to go attend the sales pitch, seminar attendance will be terrible. The annuity agent will then conclude that seminars don't work, will market less and the downward spiral of annuity sales for both the annuity agent and insurance company ensues. The consumer has no interest in annuities. The consumer has an interest in conceptual benefits such as:
The annuity can certainly be a tool to all of these objectives of the consumer. However, if the agent puts the cart before the horse, the product before the objective, he will not get the consumers business. He will be a struggling annuity agent, always seeking to sell this product rather than provide solutions.
For an agent to get out of this product-centered mentality would require that he stop going to the insurance company training sessions. Rather, he would be much better served by holding a focus group among his target market and simply ask them, "what's important to you about your money?" The answers to that question, the concerns that are expressed, would then provide him the headlines, topics and content for his successful seminars and all other successful annuity marketing he might do. Because once the insurance agent understands what his clients want, he can start speaking about that. Once he has a room full of annuity leads, he then has accomplished the first step to more annuity sales.
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Insurance Leads | Annuity Sales | Annuity Brokers | Financial Advisor Leads | Financial Planning Leads
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How annuity helps in marketing and in the progress of business?
annuity is actually a continuous payment of some specific amount for a fix period of time mean to say that it become the permanent source of income which support the business whenever business is in bad position and in good position it is a permanent source of income to save and grow your business
Naming your seminar something like “All About Annuities” would certainly be a big mistake. You have to focus on what´s in it for the consumer - like tax reduction. THEN they will attend.
thankyou for all the info about Annuity Leads in the post and comments
This article on annuities has some excellent advice, I will take your advice into consideration.
Yeah, with a title like "All About Annuities" I would be turned off just like those other potential attendees. It just doesn't sound professional at all...
Agree with Tekstforfatteren. If to name it all about annuities people will understand that there will be nothing specific in the seminar. The topic should not be too wide.
"If the agent puts the cart before the horse, the product before the objective, he will not get the consumers business. " I agree with this, you have to REALLY understand what clients want.
"if the agent puts the cart before the horse, the product before the objective, he will not get the consumers business." If you don't do it right the first time it will be hard to convert in the future.
[...] on the products and services sold by the financial professional. In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities (annuity leads) [...]
thankyou for all about Annuity Leads ,very good article
I mean it, selling annuities is the easiest sale in the insurance industry. ... Many agents even have such a fear of not having anyone to talk to that it makes them almost ... Do not stop and do not evaluate the program for the whole year. ... By throwing away the leads will set you free, truly
Thanks for the post and all the info on annuites!
Thanks for sharing, keep us posted! 🙂
I was not aware of Annuity Leads thanks for giving awesome post for the same
Valid point on annuity leads, thank you for the post.
The way you explain this rings true for me. I never really thought about directly asking my target market what they want out of their money. Will try these tips in the future!
Good article about annuity and thanks for sharing
Thanks for the post and all the info on annuites!
If to name it all about annuities people will understand that there will be nothing specific in the seminar. The topic should not be too wide.
Very useful to know the annuity Leads! Great articles and site! Thank you!
Agree with Tekstforfatteren. If to name it all about annuities people will understand that there will be nothing specific in the seminar.
Thanks for this great info about annuity and marketing. I must admit I am not very well informed about these things.
The whole concept of annuities just seems to be so complicated. It makes you wonder sometimes if they are made so complicated so the general public can be taken for a ride by the few that understand!
Valid point on annuity leads. Please keep on writing more awesome articles.
if you focus only on annuities you are selling yourself short. Give yourself the options to sell everything, don't limit yourself to annuities. You'll see your income/business grow in a big way
[...] on the products and services sold by the financial professional. In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities (annuity leads) [...]
thankyou for all about Annuity Leads ,very good article
As a trader - annuities are still so confusing to me. Thanks for the info!
Annuity Leads are very essential for a successful insurance marketing campaign. But before anything else, decide first whether you’re looking for exclusive, shared or non-exclusive leads. Each is different from one another.
Annuity is really important to everyone and to every individuals . I have seen people saying that in US people get money from government in their retirement period. But in India there is no such system and government only know to charge different taxes to people and give nothing , and for such countries annuity is important.
I agree with previous author. Necessary to take different types of marketing campaign.
Most life insurance agents who have survived the hungry years have also drifted from one insurance leads system or annuity leads program to another, eventually discovering the gospel truth that most leads stink! Some more than others. 😛
Focusing on the clients needs is an essential element in insurance sales and I see how important it is in annuity sales thanks to this article.
Annuity leads is new to me... I learned so much from your post... Thanks!
For an agent to get out of this product-centered mentality would require that he stop going to the insurance company training sessions....very good advice given by the whole article...i am looking forward to this.
Thanks!!!
thankyou for all about Annuity Leads ,very good article
Thanks for providing information about annuity.
Please provide some more detail info. about the working of annuity.
Anyone could be a specialist on the web. As long as you are good at marketing you can market yourself to be a specialist in any field. We see experts everywhere on the web and how many of those are cons?
Thanks for putting this great information into your blog. Your articles cover all of the fundamentals for a beginner to use on his/her quest for enlightenment on Annuities.
Thanks for the post and all the info on annuites!
Thanks for sharing, keep us posted!
[...] on the products and services sold by the financial professional. In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities (annuity leads) [...]