By Jenny Hammond, AVP of Marketing
There is a saying in the insurance industry that when it comes to building a book of business, an agent or broker always needs to be “prospecting where their feet are.” Simply put – wherever an insurance agent may be, they need to consider what sales opportunities might be available.
Whether you are new to the business or a veteran agent, one of the best ways to get yourself in front of more prospects is through networking. By attending networking events, you have access to a large group of people in a professional setting, providing you with an opportunity to introduce yourself and talk about what you do.
For example, if you are an agent/broker who specializes in small-business risks, networking can be a great way to approach small-business owners within a particular networking group, such as a chamber of commerce or local small-business association. The idea behind networking is that hopefully the next time these individuals (or people they may know) need insurance, they’ll think of you first.
Consider the following tips to get the most out of attending your next networking event.
1. Perfect Your Elevator Pitch
An elevator pitch allows you to explain what you do to a prospect in a short amount of time. According to HubSpot, an effective elevator pitch should be no more than 30 seconds — the average length of time it requires to ride an elevator from one level to the next floor. An elevator pitch must be easy to understand and not a deep dive into what you do. The last thing you want is to lose your prospects’ attention.
2. Set a Goal
Many insurance agents have sales goals that they want to meet – whether it’s for the week, month or year. Before heading into a networking event, establish a goal for yourself. For example, you may want to set a goal of introducing yourself to at least 12 people or handing out a minimum of 25 business cards before leaving the event. Whatever goal you set, try your best to reach it.
3. Be Prepared for Pushback
You’ve likely been told by some prospects, “No thanks, I already have an insurance agent.” Predetermine what you may say when getting pushback. You could say, “No problem! I just wanted to introduce myself.” Or “I’m glad you are happy with your current agent. If you ever have a new insurance need, feel free to contact my agency — no obligation. I’ll be happy to see how I can help.” The idea is to not to be salesy, but just to introduce yourself. If possible, hand them a business card.
4. Follow Up After the Event
The final and most important step in the insurance networking process is to always follow up. When networking, you’ll likely collect contact information or exchange business cards with other people. When you are back at the office, be sure to follow up as soon as possible. For example, if someone asked you for a quote, send one out the same day. For the people you exchanged business cards with, send an email telling them how nice it was to meet them. In addition, connect with these new prospects through LinkedIn. The idea is to contact your new prospects soon after an event and begin building relationships that can bring you more business and referrals.
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