You Can Spend More On Leads With This Number In Mind... | Insurance Agency Playbook

The Insurance Dudes are on a mission to find the best insurance agents around the country to find out how they are creating some of the top agencies. But they do not stop there, they also bring professionals from other industries for insights that can help agents take their agencies to the next level. 

The Insurance Dudes focus on your agency’s four pillars: Hiring, Training, Marketing and Motivation! We have to keep the sword sharp if we want our agencies to thrive. 

Insurance Dudes are leaders in their home, at their office and in their community. This podcast will keep you on track with like minded high performing agents while keeping entertained!

About Jason and Craig:

Both agents themselves, they both have scaled to around $10 million in premium.  After searching for years for a system to create predictability in their agencies, they developed the Telefunnel after their interviews with so many agents and business leaders.  

Taking several years, tons of trial and error, and hundreds of thousands of dollars on lead spend, they’ve optimized their agencies and teams to write tons of premium, consistently, and nearly on autopilot!

LEARN MORE BY Registering for TUESDAY’s LIVE CALL With The Insurance Dudes!

Transcript

Jason Feltman: 0:00

211,000 in premium you would have lost, right? Insurance dudes

Craig Pretzinger: 0:06

are on a mission to escape big hit by our agents.

Jason Feltman: 0:11

How? by uncovering the secrets to creating a predictable, consistent and profitable agency Sales Machine.

Craig Pretzinger: 0:19

I am Craig Pretzinger.

Jason Feltman: 0:20

I am Jason Feldman.

Craig Pretzinger: 0:22

We are agents.

Jason Feltman: 0:23

We are insurances. Right now, while it's fresh in your mind, check out live dot Tella dudes.com.

Craig Pretzinger: 0:33

We took our notes from over 100 interviews with top agents from around the country and made it into a live webcast

Jason Feltman: 0:41

using these strategies led Craig tonight to selling more than 10 million in premium in the last two years

Craig Pretzinger: 0:47

on this call, you'll receive the exact blueprint to get the same results.

Jason Feltman: 0:52

Just go to Live dot tele dudes.com To register for this upcoming Tuesday's live call with us.

Craig Pretzinger: 1:01

If you jump on this call with us we're certain 2022 will be an absolutely fantastic year for you.

Jason Feltman: 1:06

See you there.

Craig Pretzinger: 1:09

Hey, Mike. That's from Foosball Mr. Jason.

Jason Feltman: 1:14

Oh, boy. All right. Look, we're doing a

Craig Pretzinger: 1:18

playbook. Yeah. Now, what we'd like to talk about, I think last time, we talked a little bit about different lead types. So we really want to help folks get results from leads and the whole system they put together to have success with leads. So our folks that we've worked with have a ton of experience in this. And no point in reinventing the wheel. So we want to share some findings that we got as a result of buying leads, and then putting lots of dials on him. So one of the things that we have found over time has been the enormous number of dials it takes to get ahold of of leads.

Jason Feltman: 1:59

Yep. So yeah. Yeah. So Craig sliced off a month of his agency from last year. And let's dive into those numbers a little bit. Craig, can you can you talk about? Yeah, yeah. So

Craig Pretzinger: 2:15

we took a 30 Day slice Mr.

Jason Feltman: 2:18

Craig, you're tired. Oh, I

Craig Pretzinger: 2:19

just did a little Jani. We took a 30 Day slice and looked at from dials to sales. Okay. Now, at that time, I had 11, telemarketers and we had in our funnel during that 30 Day slice about 8500 leads. Now these leads weren't all purchased within those 30 days, some of them could have been 60 days old, some of them 90 days old, and even some further further along the pipeline. But we touched or made dials to 8500 of the leads that are in the hopper. So from all of those dials right in the 30. Day, slice 110,000 dials 20 921 were contacted, right? So that's that's almost 3000 new contacts. And that went that was either by the sales team or the or the tele team. And then from those, they resulted in almost 2000 transfers. So di t 201. transfers, add of those transfers, we quoted about 75% of them for 15 136. Now keep in mind, if we quoted them, but they didn't qualify because they had a DUI, or no prior shirts or whatever, for whatever reason, they get kicked out, it doesn't count as a quote. So we had 1500 36 Real quoted households. And then from all of those, we ended up selling 486 items for about 200 or not about exactly 278,752 Premium

Jason Feltman: 3:51

Wowzers. That is smoking month. Yeah,

Craig Pretzinger: 3:55

it's one of the top bots now. But that's not the point of all of it. The point of all of that is, is show the sheer number of dials and leads that have to go through that funnel in order to get to this amount of premium already, why don't

Jason Feltman: 4:09

we? So why don't we slice that up? So dial zero to 94 is what you were looking at, what were the percentage of dials that were that were called between zero and eight, eight and 21 and 21 to 94.

Craig Pretzinger: 4:24

So it's interesting if there's any statisticians out there that you're going to love this stuff but it fell into a normal distribution which is a bell curve right? Look at the whole thing looked like a bell curve. So from dials eight to dial 21 So have arrived sorry for all the sales, how many dials it took to get to that sale. 68% of it fell between eight and 21 dials. 68% crazy. Yeah, add so over. So 22 Plus was another 62%. So you're looking at 84% of all of the stuff that Closed was at least eight dials.

Jason Feltman: 5:03

Wow. So a four cent. So 16% was zero to eight that or were to seven

Craig Pretzinger: 5:09

house. What does that are? So what does seven resulted in 60% of the sales? Now what's what's really, really fascinating about all that is, if you go around it, ask all of your agent friends or talk to agents, which we've talked to lots of agents, most agents who buy leads are going to call the other seven types. Usually it's two or three types add, what's really important is to also expect that because you may buy leads, you may think that your people are calling them a lot of times, but if you really get granular with it, look at actually investigate that they're probably call it a once, twice, or maybe three times. But Lady,

Jason Feltman: 5:48

right? So diving into those numbers, not doing dials 24 through 94 would have costs 50% Less premium. Yeah, that is insane.

Craig Pretzinger: 6:02

Is what is that is that's 139,000 premium, right? Yet under the comp plan, that the carrier that we're with, that's almost 28,000 revenue. So by like saved lead, sped, right, save lead sped, it would have cost almost 30 grand, crazy of lost revenue, right? That's the opportunity cost of making those dials. So that's the percent. Yeah. And the cost of making those dials was Well, under that 30,000. Right, the 27 800.

Jason Feltman: 6:32

Right, so let's do so that was 50%, less premium. So what about not doing from five to 24? Dial? Let's

Craig Pretzinger: 6:41

call it eight to 24. Just to be okay. But yeah, so now you're looking at an additional 26% less than premium, which is 72,000 in premium, and another 40,500 in revenue? So most agents are going to do for higher ed, right of dials on a lead. So we're looking at if everybody did what everybody does, their costed themselves a ton of money, right there levy that opportunity cost, in this case, had we had the same leads bought the same leads, but not made the dials, it would have been 41,000 Plus out of pocket 42,000. So then let's, that would have hit my

Jason Feltman: 7:24

pocket. Let's dive into the lifetime value.

Craig Pretzinger: 7:28

Right? That's the whole point of all this stuff. Right? This is right set up for, for what for lifetime value. So we could look at our sped this month, and then what we wrote from this month, and then say, Oh, well, I spent 10 grand on marketing, but we only wrote 30,000. So so I'm not ahead, but we're not taking into account how long it takes for the leads to bake. Right? How many how many dials that we have to do get audit how much time has to go by before those leads start closing. And typically, you're going to, you know, if you're looking at the that bell curve that I was describing, the top of that bell curve is is about, you know, three to six, three to six weeks in. So there's time involved, right to get to where the the sweet spot, and you also want to look at the the lifetime value of that business, right? So if we write, let's say, a household for 1200, a premium USB still this Jason Yep. Okay, if we write 1200 in premium of new business, okay, it's gonna redo a certain number of types, right? Right. And you could figure that out for your retention, what the, what the chance is of a renewal, or you could just calculate using the retention. So So let's assume that, you know, 90% of it is going to renew for some some amount of time and you could, you could plug it in, plug it and chug it, but you could look at okay, if it reduced five times, and even if it drops 10% Because of the retention each time, you know, what you're gonna make at the renewal, you know, you're gonna make the extra dollar, you know, you're gonna make make it the third renewal, you don't, you're gonna make it the fourth, fourth rule fifth, six. So you could go out as far as you want, let's say just to be safe, let's go three years, right. So if it's an auto policy, and it's a six month policy, you may be seated. Six renewals, five arrivals after the initial purchase. Well, you want to add that in to your overall revenue, that's your lifetime value of that client. Add you know that you could actually afford to sped up to that cost without losing money. Right so let's say that revenue rather let's

Jason Feltman: 9:40

look at that way you sold the 211,000 Yeah, 211,000 in premium you would have lost

Craig Pretzinger: 9:48

right. So what's interesting is I could have spent died 100 My lifetime value odd the 211,000 in premium, okay, so what we would have lost was 211,000 of premium? Right? If we didn't make those dials past five, or whatever the or eight, rather, I think it was we did it from eight, that that would have cost, or the cost of that would have been the lifetime value 99,068. Right. So that's three years. Right? Do it. That is a three year, right? Assume a three year AD. In this case, we did an 84% retention. So we did a lower retention, just to I'd rather under under promise and over deliver. So we do number one, we could spend it died 1000 marketed, and we're okay. Obviously, we even spent close to that we spent about a third of that on marketing. But the revenue that we got as a result of it was 42,000. Right? So this is what we would have what it would have cost every month. If you annualize it would have cost us over 1,000,002. It lost revenue.

Jason Feltman: 11:00

Well, you mean 12 months if he did that? 12 months in a row? Yeah, we

Craig Pretzinger: 11:03

did it 12 months in a row. That is bananas. It really is bananas. It's bananas. And sandwich. I remember we did a we did a number of it, obviously lots of agent interviews, but the but the ones that stick out the most are the ones where those agent talked about, you got to know your numbers. And at that time, we didn't really know our numbers, we certainly did talk it lifetime value or acquisition cost, cost per sale, and all these other things that we now look at, that really are the most important components because now you could make a database decision. It's not a guess it's not a bet, right? We're not buy Dogecoin and hope it goes up. We actually know mathematically that it's going to work out as long as as long as we hang in there. Love it. Yeah, love

Jason Feltman: 11:47

it. Cool. Well, that's awesome. That is a lifetime value and something to think about when you're purchasing leads.

Craig Pretzinger: 11:56

Yeah, I tell folks now, look, if you're not gonna put the dials on those leads that don't even buy the leads. Because it's like buy the ice cream that stick it out the desert waited above to eat it. You can't do that.

Jason Feltman: 12:08

No wouldn't wouldn't pan. Oh, what a pen. All right, Mr. Greg. And that is a JC

Craig Pretzinger: 12:13

book. Yeah, playbook. You also said coffee talk? No. All right. Well, I'll see you next time. All right. Okay. Bye bye. Hey, what do you still do it here?

Jason Feltman: 12:26

Well, while you're still here, and while it's fresh in your mind, check out live dot Tella dudes.com.

Craig Pretzinger: 12:33

Yeah, if you weren't listening before, we took notes from over 100 interviews with top agents around the country and made it into a live webcast.

Jason Feltman: 12:40

Using these strategies did help Craig and I write over 20 million in premium in the last couple years.

Craig Pretzinger: 12:47

And let me tell you on this call, you'll receive the exact blueprint to get the very same results.

Jason Feltman: 12:53

Again, that's live that tele dude's dot com to register for this upcoming Tuesday's live call with us.

Craig Pretzinger: 13:01

Ad if you jump on with us, we are certain 2022 will be an absolutely fantastic year for you.

Jason Feltman: 13:08

See you there.