In visiting with hundreds of independent insurance agencies across the nation, I can say one thing definitively: most of them want more leads. Agents often feel that if they only had more leads, everything will work out. They will make new sales, keep their commissions flowing, their spouse will stay happy, and life will be grand.

With this in mind, the question becomes: what is a lead, how do I get one, and what do I do with it? Let’s expand expand our thinking about the “what, where, and how” concerning leads, as well as consider our effectiveness once we are engaged with a lead.

What counts as a lead?
Prospects who have engaged in some way with your marketing efforts makes them a lead. Per Marketing Metrics, in Forbes, it is 50% easier to sell to existing clients than new prospects, so selling additional lines to current clients should be a top priority. How about prior leads that didn’t buy? Are you tracking and nurturing these to make a play at renewal time? How about your client renewals? Per Bain & Co, just a 5% increase in retention could increase profitability by 75%. And of course, the Holy Grail of leads: referrals. But consider that today, even a referral will check out your website and social media presence (or lack thereof) before picking up the phone.

How do I get a lead?
The real answer to this is beyond the scope of a bullet point and will be the subject of an upcoming blog. Suffice it to say that you can either buy attention or generate interest organically through inbound marketing. The big players buy it with catchy national ad campaigns, and according to a McKinsey Study, P&C carrier ad spend has increased over the last ten years from $1.7 billion to $5.9 billion annually. As a small to medium business, you can try to compete with billion dollar ad budgets, or you can take the route of earning the attention of your target prospect, building your brand while attracting them with valuable content, and engaging with them through the decision process to convert and close. Forrester Research shows that today’s buyers may be as much as 90% through their buying process before contacting a vendor. Are you engaging your prospects where they live (online) BEFORE they call you?

What is my sales process with a lead?
Do you have a sales process that can be replicated by your staff? Do you follow up on leads quickly? Per InsideSales.com, if you follow up on web leads inside of 5 minutes, you are 9 times (that’s almost 1,000%) more likely to close them. You must invest in technology that allows you to engage leads through the process efficiently and on their timetable, not yours. Do you have personalized yet automated follow-up and tracking of all leads? Do you have reporting to be able to see closing ratios and what is working (and who is working) in your sales process?

These are just a few ideas to take into consideration when thinking outside the box about leads – how is your agency thinking about leads?