If you are an insurance agent, you must know that cold leads require putting in extra effort to convert. They also require more time, which can be frustrating if you’re in a race to hit those numbers. There are many ways you can get prospects, but in a sector with so many agents selling the same products, it may require working harder.
Fortunately, buying leads gives you the option to choose between exclusive and shared leads. These leads, though from third parties, have the potential to be real clients. However, they vary in many ways. Since you’re already in the sales business, it would help to know these differences. By doing so, you will make the right choices on how you spend your money and time as you aim to win clients.
This discussion breaks down exclusive vs shared auto insurance leads to help you understand how each works.
How Are Leads Obtained?
An auto insurance lead can be a car owner or driver who needs to buy an insurance product right away. Probably they’ve bought a new car, have moved states or cities, or would like to take out a new policy for a family member. Some could be window shopping and are comparing quotes between different providers.
Their need is urgent, and they call places or people to seek help. They may also ask their family and friends to refer them to a reliable sales agent. The internet is usually the first place to visit, and while browsing pages, they may fill out a contact form. They may answer questions such as the type of car they drive and the type of product they need.
A lead company collects this information by strategically placing contact forms in areas where the drivers are seeking car insurance quotes. It can be on a landing page of a website, an online ad, or a social media post. They then sell a list of names to an insurance agent.
What are Exclusive Leads?
As the name suggests, exclusive leads are for you only. The lead provider sells them to you, and therefore, the prospect will only receive calls from you. These leads are the best because the prospects will only receive calls from you. You can build good connections by listening to their problem and offering to help.
There is mutual respect, and you can close the deal easily without pressure. Despite their convenience, they are pricey because they are sold to only one agent. You must call them urgently since they need assistance right away. If you don’t, they will give up and look elsewhere.
What are Shared Leads?
Share leads are obtained the same way as exclusive leads. However, they are sold to many agents at a lower price. Because they are cheaper, you can buy as many as possible. These leads are more preferred by agents who are on a budget. However, you will be competing with many other agents for the same prospects. When the car owner receives calls from different people, they may get angry and hang up their phones. Also, they might settle on an agent offering a lower quote. There’s a slight opportunity of closing sales, which can lead to fatigue and waste of time.
Which is the Best Option?
The best option for you will depend on your style of working. If you prefer longer conversations with clients to create trust, promote your services, and solve their problems, exclusive leads are the best for you. If you have sufficient resources and are not in competition with other auto insurance agents, consider buying exclusive leads.
You can select shared leads if you’re constrained in terms of money and want to try your luck by calling available leads. These are also a good option if you are quick and take less time on a single call. If you are a good seller, you will know if a lead is likely to convert or not.
Some auto insurance agents combine both types to improve their sales numbers and grow their careers. The first thing to do is to get a lead provider with good systems for acquiring and filtering leads. Secondly, it’s advisable to purchase from trusted agency that provides exclusive auto insurance leads to achieve quality sales numbers and that will grow the bottom line of your insurance firm. Then, use shared leads to fill any gaps in your targets. Also, if you have time on your hands, you can call them. Overall, if you have a budget, exclusive leads are the best for building lasting relationships with your clients.
