So, you’re an insurance agent and you’ve been pondering the question: should I buy wholesale insurance leads?
I get it. You’re in a competitive industry where every lead can be a game-changer. You know that getting your hands on these potential clients could give your insurance business the boost it needs.
No straightforward solution exists. It’s like asking if one should buy stocks – it depends on numerous factors! From exclusive leads promising higher conversion rates to challenges associated with purchasing bulk leads – there’s much to consider.
In this post, we’ll unpack what these mysterious ‘wholesale insurance leads‘ are all about and weigh their pros and cons for your unique situation.
Understanding Wholesale Insurance Leads
Wholesale insurance leads are what it sounds like. Simply it’s the purchase of a bulk of insurance leads. Many times than not, the leads are discounted because you the agent or agency are buying a larger amount. These leads can be fresh leads, shared leads or aged lead data.
Types of Wholesale Insurance Leads
In the lead generation arena, leads can be vastly dissimilar. Some may be warm, while others are cold as ice.
Fresh or real-time leads:
These folks have just expressed interest in buying insurance. You’ll want to strike while the iron is hot. These are coming in real-time to you via email, SMS or a shared spreadhseet. The wholesale part of fresh insurance leads, as mentioned above, is that you have purchased or agreed to purchase a larger amount compared to whatever traditional packaged the lead generator offers. (Many common terms that insurance agents use are “real-time, fresh, live transfer or search leads).
Exclusive vs Shared Wholesale Leads
Exclusive leads sound fancy – because they are. You alone have access to these golden geese.
Shared leads, on the other hand, are available to other agents as well. Sure, shared leads come at lower costs, but remember competition will be fierce.
So when considering whether to buy wholesale leads that have the option of being shared or exclusive, think about quality versus quantity and what works best for your style and budget.
This decision could make or break your conversion rates and overall success in selling policies.
The other type of wholesale insurance leads is aged data. It’s normally going to be the cheapest type of wholesale lead when buying insurance leads.
This is the type of wholesale insurance lead that you can buy a lot of because you get a lot more for your money. Of course, you won’t get the quality of a fresh lead, but you will get the quantity so you can have your insurance team practice making calls or plug them into follow up systems.
Pros of Buying Wholesale Insurance Leads
Moving on to wholesale buying- bulk purchases can save you a pretty penny.
Yes indeed. Buying in volume brings costs down per unit – this isn’t rocket science but pure economics 101.
Also teaming up with other agencies might help ease the cost burden too.
The more leads you buy, the more chances you have at closing more deals. Youll see a higher conversion rate for fresher leads compared to aged lead data, however we recommend buying a mixture of the two. Why? Because you can balance your marketing budget and make sure that you dont put all of your eggs in one basket.
Cons of Buying Wholesale Insurance Leads
Purchasing wholesale insurance leads might seem like a quick win, but it’s not all rainbows and unicorns.
The quality of the leads can be hit or miss. When you buy exclusive life insurances, you’re getting prospects who are ready to buy now. But with bulk leads, depening on the sourc, you may have a lot of disconnected numbers and old data.
Be Aware of Where the Wholesale Data Comes From
If you’re buying aged data in bulk, you’re going to want to make sure you know where the data is coming from. Does it have TrustedForm Certificates? Journaya? Is the company youre working with a broker or do they generate the data themselves?
FAQs in Relation to Should I Buy Wholesale Insurance Leads?
How much should I pay for wholesale insurance leads?
You’ll shell out between .10 cents and $25 per lead, based on many factors from age of lead, source to targeting.
Is it worth it to buy leads?
Absolutely. Buying insurance leads can give your sales a real boost if you know how to convert them effectively.
How do I find leads to sell insurance?
Besides buying from providers, try networking events, social media marketing or referrals from current clients to scoop up more prospects.