Annuity selling is not an easy job, but with a sound marketing plan in place you can earn much more than you ever thought possible. Like all other jobs, selling annuities requires not just hard work, but being innovative, talent and an effort at out of the box thinking. Having a sound marketing plan in place is the first thing that you need to do if you want to distinguish yourself from the run of the mill annuity agent.
One very important thing to remember here is that no marketing plan should feature only a single marketing strategy. There are a number of annuity selling agents who either resort to cold calling or direct mailing to follow up with their leads. But having a single strategy greatly increases your risks of failure whereas a multi pronged strategy not only manages to reach out to your prospects at different levels, but also increases your chances of getting higher sales. So what are the marketing methods that are most effective for selling annuity? Some of the best methods for approaching your annuity leads that will yield good results are:
1. Advertising: I know you will be shocked that I said advertising! After all, that is what you do all the time and you already know what the results are. However, we are not talking about advertising what your company is providing, or the run of the mill annuity ad. Like in all things, you will have to distinguish your ads from others advertising similar products. For this, you will not only need to rework and redesign your ads, you will also have to post them at the right time. The main focus of your ad should not be just what the company is offering, but rather the benefits that buyers of that particular annuity will get. On the other hand, most people shift their investments or plan them around the beginning or end of the financial year, so advertising around this time would be more fruitful as compared to advertising during the holidays when people focus more on vacations and shopping.
2. Seminars: Seminars are one of the best ways of cashing upon and creating high quality annuity leads. Offering a free seminar in localities where your target customer resides can get you an extremely high rate of sales compared to other marketing methods. This is because only people who have a serious interest in financial planning will attend a seminar that is focused on personal financial management, retirement planning and buying financial instruments. Covering a number of topics at your seminars, instead of just focusing on equities, will help you get a larger audience. You can tie up with other agents dealing with other products to host a full fledged informational seminar for seniors. Just make sure that you provide valuable information instead of delivering your sales presentations during your seminar. This would establish you as an expert and you will notice people coming to you to buy annuities instead of the other way round.
3. Direct Mailing: Direct mailing can be an extremely powerful marketing tool provided you know how to make your mail stand out and grab your prospects’ attention. To know more about how to do this, check out our post on creating powerful direct mailing messages.
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