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Four Mistakes That Can Spell Doom For Your Annuity Selling Business

Published on September 4, 2008 in annuity selling by Bob Richards

Selling annuities is not just a tough job, it is also extremely competitive. However, people who are successful at annuity selling can and do drive around in Mercs and Jags whereas others eke out a dismal living from being an annuity salesperson. If you are a serious annuity seller who wants to prosper in this business, make sure that you never commit these five deadly mistakes.

1. Using Only One Kind Of Annuity Marketing Strategy: There are many annuity sellers out there who follow upon their annuity leads with direct marketing; others resort to mailing or telemarketing. Other annuity sellers advertise only through flyers or newspaper ads. But by relying on a single marketing strategy, you expose your business to an extremely high risk of failure. Be a savvy seller and combine different types of marketing approaches like mailing, postcards, newspaper ads and flyers, telemarketing and direct sales with referrals, endorsements and symbiotic marketing and Joint ventures. This would ensure that even if a couple of your marketing plans fail, your business will not.

2. Investing Money In Buying Loads Of Useless Annuity Leads: Always remember that one good lead is worth more than a hundred bad ones. In spite of this, most people selling annuity programs invest money in buying single dollar leads that have an extremely low chance of converting into sales. Others might spend hundreds of dollars on buying costly, but prime leads that might convert into high end annuity sales. The best way here is to try and follow a marketing path where you first identify your target market and then spend money to innovatively capture leads that turn into sales. By spending a little time and effort, you can save thousands of dollars in lead generation.

3. Blaming The Economy For Your Failures: Over the past one year, a lot of people selling annuities as a part time job have left it because with rising inflation and a bleak economy, they feel that nobody is in the mood to invest in annuities. However, this is nothing but a lame excuse. If you are unable to convert your annuity leads into sales, then maybe there is something wrong with your own approach, your sales pitch or your method of dealing with clients. Everyone wants an assured income once they stop earning, and whether the present market is up or down hardly makes a difference to someone who is planning for tomorrow.

4. Not Having An Annuity Marketing Plan At All: Faced with this, I am sure that you would respond with, “Are you crazy? Of course I have a marketing plan.” But when asked to elaborate upon a marketing plan and strategy on the lines of a professional company or firm, most people who sell annuities draw a blank. Realize that just buying annuity sales leads and cold calling or sending out mailers and postcards is not a marketing plan. Instead, you need to garner all your resources to formulate and implement a marketing plan that clearly outlines expenditure, aims and revenue. Having a multi pronged marketing plan is not only necessary for keeping you on the track to high earnings but also for keeping you afloat in a highly competitive business.

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