Use the “Dollar Bill Letter” to Convert More of Your Life Insurance Leads
One technique that has always worked to convert our members’ life insurance leads, and still works, is the “Dollar Bill Letter”!
The “Dollar Bill Letter” is a follow up letter that has a real, fresh dollar bill stapled to the top of the letter. When you send out our first free report, for example, you can have a dollar bill stapled to the top.
Here’s what you could say at the top of the report to refer to the dollar bill:
Dear Friend:
As you can see, I have attached a nice, crisp $1.00 bill to the top of this letter. Why have I done this?
Actually, there are two reasons:
- I have something very important to tell you and I needed some way to make sure this letter would catch your attention.
- And secondly, since what I am writing you about can save you a lot of money, I thought using a dollar bill as an "eyecatcher" was especially appropriate!
- What’s this about? Well, you had just responded to my mailing regarding getting better returns on your savings, and called my toll-free recorded message line. The headline on my letter to you was…
And then you repeat the main points of the letter.
Next Step: Call the Leads on the Phone
When you make your first phone follow up: Always ask if they got the letter with the dollar bill. That opens up the call in a comfortable and positive manner. You can say something like:
“Mr. Ditka, this is Dean Cipriano, I sent you the letter with the dollar bill staples to the top, and I was calling to make sure you received it OK.”
Almost EVERYONE will answer with something like:
“Oh yeah, I got that letter. Pretty clever to put that dollar on it. It sure got my attention…”
Anyway, after they acknowledge they got the letter with the dollar, you can go right into a “High Probability” pitch, saying,
“I specialize in shopping different companies who provide low risk savings vehicles that provide higher interest rates than bank accounts, with income taxes deferred until you cash in the account. Is that something you still want?”
If they say anything along the lines of “no” or “not right now” or whatever, you say “OK. Goodbye.”
If they give you a positive answer, you can dig a little deeper, and ask if they will be kind enough to tell you what prompted them to respond in the first place. Ask if anything in the letter hit home with them, or stimulated any questions. Ask if they would mind briefly describing their situation.
Use a timing situation like their birthday as an excuse. Something like:
"We really better get together with you right away to see how much we can save you on life insurance before it’s too late."
One of our California members, for example, made 12 appointments out of 21 leads, by using these conversational, relaxed methods!
He was doing much worse when he tried a "hard push" for a phone appointment. He said by not pushing, he got so many more phone appointments made, and policies sold, it’s ridiculous. (He said he wanted to put a bounty on the head of his old LUTC instructor!)
So, now you know how to go after them on the phone. Let's discuss going after them in the mail.
Tips on How to Get Leads to Take Action with Your Direct Mail
First thing, is to get them to open the mail. WE STRONGLY SUGGEST "PLAIN" MAIL!
Follow these 5 guidelines:
- Hand addressed.
- Live stamps.
- No company name or logo.
- Return address is hand addressed, if possible.
- Use the address, and / or, your name, but try to keep a company out of there!
There is really no set time to get people additional mailings, but you should use a spacing that will remind them of you, but not irritate them, at the same time.
Depending on your timing needs, you can space out the mailings over a couple/three weeks each in the beginning and switch to monthly from that point on, and be OK.
For example, if you sent your 4th or 5th follow up piece out on January 1, you can use subsequent mailings on February 1, and March 1, etc., without being obnoxious.
Some of our members send it out every two or three weeks. That's OK too.
Remember, that people who are interested in the beginning may cool down, and then reenter "heat", after something changes in their life. Or after they get yelled at by their spouse. Or whatever.
So make sure you're "in their face", when they start feeling those hot flashes.
How to Get Life Insurance Leads from Client Referrals
If the client has told the referral about you, and the person is expecting your call, then call! I know that sounds stupid, but I don't want to overcomplicate anything!
If, as in most cases, the person does not know their friend ratted on them, and gave you their name, you should use a long letter.
Anyway, it is basically pretty simple. Just pick any of the letters we provide our member you like, stick a $1 bill on it, and put a sticky with a handwritten note that says something like:
"Rob and Laura, Jerry and Millie Helper are clients of ours, and friends of yours, and they suggested we send you this letter. I hope you find it as interesting as they did!"
Then you send it out, and follow up on the phone, and use the techniques we just finished talking about a couple of minutes ago.
I have had recent reports of people making more than 50% appointments using this simple method!
Another member in the Midwest uses the referral reward to have clients bring in names for him. Then, he has the client read three of our letters, and then he has them pick which one they like best. He has them put a sticky note on the letter, and uses their name and address as the return on the envelope.
He has been getting most of the leads to make appointments! He received 18 referrals in one week!
The reason you need to use these long letters is:
- They work.
- They give the recipient some time to get to know you before you call.
This is a very powerful way to build your business. Using the combination of referred leads with direct marketing skills has a much higher "kill ratio" than other techniques. Especially when there is the note referring to the referrer!
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