[Sales Journal]: Goal of $40,000 to $50,000 in New Business in 10 Weeks

9 replies
Moderated: Follow me threads are not allowed.

Greetings,

I have decided to start a sales activity log for the next 10 to 12 weeks to catalog my sales activity.

The reason I'm doing it is two-fold;

1) Finding Improvement in my Game: Keeping track of my own activity is a personal shortcoming, despite knowing that doing so allows me to improve. So I will keep track of total leads, total appointments, total door knocks, total sold policies, and total first year new business going forward.

2) For the New Guys: Obviously, this is somewhat of a business opportunity forum, where most are looking to sell various web design services. I wanted to share my business model more in-depth here because selling my product parallels some of the benefits of pitching web design, and might be of interest to some folks.

In a nutshell, here's my line of business:

I see final expense life insurance to folks 55 to 75 years of age, within a 30 minute radius of my home. The people I see largely are on a fixed income, either on disability or Social Security. Most have little to know life insurance, and no plans in place to pay for final expenses, like burials and cremation.

Here's are the 3 primary ways I develop prospects:

1) Direct Mail -- This will account for 90% of my prospects. I mail several thousand business reply cards weekly to my list of suspects (55-75, $0-$60k household income). These cards have a detachable part which they can fill in their name, phone, and age, and send back postage-paid to me. Three weeks later from the time we mail, I begin to receive the reply cards back to me.

2) Teleleads -- This represents 5% of leads or less. I will use teleleads to cover any slow-downs in direct mail response to keep me busy.

3) Telemarketer-generated Press-1 Leads -- This represents 10% or less. These are leads called on by a telemarketer, where the telemarketer plays a recorded message about burial insurance to the suspect if they agree to. The suspect then chooses to leave a voice mail by pressing 1, leaving their information and a preferred way to get back in touch with them. These are excellent leads and will be testing them out several weeks down the line.

Here's my Goals:

Over the next 10 weeks, I am looking to close $40,000 to $50,000 in new business, which breaks down to $4,000 to $5,000 in new business weekly.

I will be in the field Tuesday through Friday. I will be out all day Tuesday, and will end by 4 or 5 Wednesday through Friday. This should give me a good opportunity to hit 15 to 20 appointments, with the goal of 20 weekly.

My anecdotal metrics are about a 50% close ratio per appointment. The average final expense policy is $600 in annual premium (what the client pays in total yearly).

Doing simple math, If I hit 16 appointments per week, I should close 8 policies, for a total of $4800 in new business. Obviously, I can make a good bit more if I can hit 20 total.

As you will see, from week to week, weekly new business will vary wildly, with the average over a half dozen weeks falling more in line with my expectations.

For example, I closed $10,000 on 10 apps in new business about 4 weeks ago over 3 days in the field; the following week I did closer to $5,000 in new business over 7 or 8 policies. Sometimes I will only close $3,500 on 7 or 8, but doing enough activity, you will run across some "slack-adjusters," or "whales," which will drive your averages up, and make up for light annual premium weeks.

As far as back-office support, I am using a professional appointment setter who's responsible for setting about 10 to 12 appointments weekly; he's pretty good at getting them, too. I will make up any spans of non-appointment time with door knocking leads we have not reached and getting in the house, on-the-spot.

I will report daily my results, specifically:

a) Total Appointments
b) Total Applications Signed
c) Total New Business
d) Total Door Knocks
e) Total Applications Closed Via Door-Knocking

Feel free to join along in the fun, and ask any questions about my business, such as prospecting, sales, closing, and follow-up. I'll go into more detail about the business as the weeks go by.

Also, if you find you're interested in learning more about this business, feel free to send me a PM; I'm more than happy to share my experiences.
#$40 #$50 #business #goal #journal #sales #weeks
  • Profile picture of the author Claude Whitacre
    Reardon; Smart, smart, smart.

    When I sold insurance, I had a weekly goal, that was mandatory. I just worked until my goal was met, and then stacked a sale or two for the next week's goal.
    Maybe "Schedule" is a better word.

    Are you using number of apps as your weekly quota? Or premium volume? I used commissions paid. I think any of those things are valid. I know you keep track of it all, but one number usually is the real one you shoot for, am I right?

    I would also write down the objection the person gave if they didn't buy, and how you overcame it if they did buy. I know you already know all this. It's for the rest of us.

    Do you account for turn downs, cancellations, missed appointments, etc?

    You have a noble task ahead of you. Keep us in the loop.
    Signature
    One Call Closing book https://www.amazon.com/One-Call-Clos...=1527788418&sr

    "Be kind. For everyone you meet is fighting a hard battle".....Ian Maclaren
    {{ DiscussionBoard.errors[8488957].message }}
    • Profile picture of the author Rearden
      My main goal is premium volume, which is a derivative of commissions paid.

      I am paid various commission levels dependent on the type of policy I sell, so I look to premium volume as an overall best indicator of my success.

      Cool -- I will write the objection down when I get it. Not to brag, but it isn't that much. Sales is about overcoming objections, and I pre-qualify all potential objections before I truly "sell" my product, so the remaining objections are only occasional, usually when I divert from my sales presentation process.

      I'm really only looking at total booked appointments. I know, out of 10 booked appointments, 2 or 3 will cancel, no-show, porch me, etc. So now I got 7 or 8 to work with. I can usually close around half of them, so 3 or 4. Sometimes there's a husband and a wife to sell, so that increases my total apps up to that 50% of total appointments ratio I talked about.

      Will update my results tomorrow evening late. Hopefully, I will have 3-5 appointments pre-booked, enough to where I can doorknock an extra 1 or 2 on my own.

      Originally Posted by Claude Whitacre View Post

      Reardon; Smart, smart, smart.

      When I sold insurance, I had a weekly goal, that was mandatory. I just worked until my goal was met, and then stacked a sale or two for the next week's goal.
      Maybe "Schedule" is a better word.

      Are you using number of apps as your weekly quota? Or premium volume? I used commissions paid. I think any of those things are valid. I know you keep track of it all, but one number usually is the real one you shoot for, am I right?

      I would also write down the objection the person gave if they didn't buy, and how you overcame it if they did buy. I know you already know all this. It's for the rest of us.

      Do you account for turn downs, cancellations, missed appointments, etc?

      You have a noble task ahead of you. Keep us in the loop.
      Signature
      David Duford -- Providing On-Going, Personalized Mentorship And Training From A Real Final Expense Producer To Agents New To The Final Expense Life Insurance Business.
      {{ DiscussionBoard.errors[8489117].message }}
  • Profile picture of the author guypeleides
    As someone who's done this first hand and achieved this exact goal, good luck. If you need any real life practical advice as you run into problems, I'd be glad to help.
    {{ DiscussionBoard.errors[8489443].message }}
  • Profile picture of the author Rearden
    Tuesday's Results:

    Total Presentations Set-- 5
    Total Presentations Completed -- 4
    Total Applications Signed -- 1
    Total Annual Premium -- $348
    Total Door Knocks -- 15 or 16
    Total Applications Closed Via Door-Knocking -- 1
    Appointments Set for Another Day -- 3

    Today was a tough day -- my appointment setter didn't do nearly as well as I wanted him -- He only set one appointment -- really a tentative one -- for 7PM, which ended up cancelling anyway.

    So I decided to door-knock my leads -- I have a huge overflow in one area that I will be working through before I move into my main city, where I have around 40 fresh leads, with more coming each day.

    I hate leaving perfectly-good leads alone, so I'm committed to knocking out the older ones before moving on to the newer ones, closer to home.

    Here's how my appointments went:

    1) Lady had an inferior policy, easily replaceable. Went through the presentation; she agreed tacitly to replacing hers with mine, given I could get similar coverage for a similar price. Bottom line she availed me; she wanted to think it over. When asked what she had to specifically think about, she said she wanted to "talk it over with her daughter, as she's the person who will be handling it." This objection is particularly tough to beat -- I know be-backs won't necessarily ever be back. Plus the improvement in the policy was obvious, and she acknowledged that. I didn't want to insult her with a, "What -- you don't buy your own groceries, pay your own bills, etc., without your daughter's approval?" objection. So I let that one go, made it conditional, and will call her back Friday for a final decision.

    2) Door-knocked an appointment that called to cancel. When I began the budget pre-qualification phase of my presentation, I asked for the lowest dollar-amount I could get out of her, and she said "maybe" she could afford it (newbies -- that's a nice way Southerners say "no."). So I presented a program with little-to-no value-building, she relented, and said "she doesn't jump into these kind of decisions hastily." Then I told her it looks like you really can't afford even $X (the lowest amount per month), with the way you're describing things, huh?" She said yes, and I wrapped it up and left. The "I'm broke" objection is valid for me when they can't even say "yes" to the lowest per-month premium I can offer them.

    3) Went to a senior development to hopefully sign up a call-back. He was drunk out of his mind, and decided to refer me to his neighbor. Luckily, he was sober, and bought a small policy to cover his cremation. He then referred his brother to me, of whom I'll hopefully see today or tomorrow.

    4) Next, I saw the drunk's neighbor two doors down, after he mentioned she thought she was paying too much. This guy's a great evangelist for me. Turns out she's got one foot in the grave, and her kids are paying for her insurance.

    Today I have 2 appointments scheduled -- Most likely I will get into a 3rd by doorknocking, and a 4th if I'm real lucky. It's a short day, and I'm due back at the house to assist my wife with our newborn twins, so I won't see much action. Thursday I already have 1 scheduled.

    It looks as if I will get around 10, maybe 12, appointments total at this rate, due to yesterday's lackluster appointment total (I was looking more for 5 to 6, given I was in the field all day).

    Happy selling!
    Signature
    David Duford -- Providing On-Going, Personalized Mentorship And Training From A Real Final Expense Producer To Agents New To The Final Expense Life Insurance Business.
    {{ DiscussionBoard.errors[8496688].message }}
  • Profile picture of the author Rearden
    Today's Results:

    Total Appointments Set: 4
    Total Appointments Completed: 3
    Total Applications Signed: 2
    Total Annual Premium: $472
    Total Door Knocks: 5 or 6

    Light on the premium volume, steady on the applications signed volume.

    Here's how my appointments went down:

    1) Husband and wife. Low budget -- couldn't swing $42 total, so suggested the more-sickly wife take out a policy over the better-health husband. They bought.

    2) A call back to the evangelist guy from the other day. Took at application on him now that he's sobered up.

    3) Ran the appointment. Lady had $15,000 in coverage at a great price. During the needs qualification, she really couldn't see any need for more coverage. I suggested a few reasons-why; nothing really made sense to her, so she failed my pre-qualification guidelines. No dice.

    4) Doorknocked this one. Lady did not want to leave a legacy, and only wanted a cremation, which is cheap ($500). No need for a policy to do anything but burn her, and she was more interested in buying outright than buying a policy. No go here.

    It's been slim-pickens in annual premium, but I'm keeping pace where I want my total application-to-appointment ratio to be (3 applications, 8 presentations). Keeping the application volume high eventually will lead to more average-premium cases, as well as the home-runs that drive your averages up.

    I have 4 or 5 appointments pre-set for tomorrow; I should be able to bag a few apps -- I'd like to hit 5 or 6 policies for $2500 to $3000 in annual premium, as I will be taking a long weekend to catch up on some personal business before going out next week for a 4-day run.
    Signature
    David Duford -- Providing On-Going, Personalized Mentorship And Training From A Real Final Expense Producer To Agents New To The Final Expense Life Insurance Business.
    {{ DiscussionBoard.errors[8499557].message }}
  • Profile picture of the author gg282
    Love the updates! Keep us posted.
    {{ DiscussionBoard.errors[8500018].message }}
  • Profile picture of the author Rearden
    Today's Results:

    Total Appointments Set: 5
    Total Appointments Completed: 4
    Total Applications Signed: 3
    Total Annual Premium: $1416
    Total Door Knocks: 5

    A great sales day today, more like what I'm used to.

    Here's how it went down:

    1) Brief appointment with a guy about to cut his lawn. Had interest in a policy but wanted to wait until he replaced his health insurance with a lower-premium policy. I decided to call in an agent-friend of mine and try to joint-case this, where we can take a 50/50 split. This might be a better opportunity next week if we can complete it.

    2) Closed 2 cases for around $90 a month; pretty solid appointment.

    3) Closed 1 case for $28 a month.

    4) Door-knocked this person at the end of the day; she was babysitting 5 kids and we mutually agreed to reschedule to Tuesday at lunch next week. I'm counting this as an appointment -- wish I would have nailed this, but we'll wait until next week.


    So I totaled 12 appointments, 2236 annual premium, and a total of 6 applications.

    I consider this a great week, despite low premium volume -- App-to-appointment ratio was 50%, right on target. Nothing to complain about, just turned out that I ended up selling all the small deals this week, and none of the larger opportunities.

    I am off the remainder of the weekend, and will be back full-blast Tuesday next week.

    My goal next week is 16 to 20 applications, with somewhere between 8 and 10 applications for around 5000 to 6000 annual premium.

    Hope everyone else had a great week selling.
    Signature
    David Duford -- Providing On-Going, Personalized Mentorship And Training From A Real Final Expense Producer To Agents New To The Final Expense Life Insurance Business.
    {{ DiscussionBoard.errors[8503969].message }}
  • Profile picture of the author NewParadigm
    very cool! i read there are 11,000 new seniors a day! nice growing market. what are the commission ranges on products like these?
    Signature

    In a moment of decision the best thing you can do is the right thing. The worst thing you can do is nothing. ~ Theodore Roosevelt

    {{ DiscussionBoard.errors[8506777].message }}
  • Profile picture of the author Justin T Wells
    Other than the health insurance guy, do you run into other objections or really just comments from prospects that could turn into other income from referrals?

    For instance, I'm sure you run into people all the time that live in their own homes and cut their own grass, are tired of doing it but do it anyway if there kids aren't around and feel they can't afford to pay someone. Of course, you would have a buddy that gives senior discounts.

    What I'm thinking is if you keep notes on every prospect and client, when it's slow for whatever reason, you could reach out and say you were thinking of what they had said and just so happens you know a guy that can help them with their problem- whatever it is.

    Hell, you try a mailing to these people. Take the top 5 or so common issues, find someone for each pain point/solution to work out a deal with and bring in some extra money from the same leads. Could be worth a shot.
    {{ DiscussionBoard.errors[8509467].message }}

Trending Topics