Three ‘Common Sense’ Tactics for Commercial Lines Prospecting

By | October 20, 2014

Prospecting for fresh insurance leads is the soil of sales. And as any horticulturist can tell you, good earth is required to grow anything – including your agency. You can delegate this core function to a third party and buy prospect information from a commercial lead provider – or you can discover and develop your own leads in-house. I prefer door number two, although there are plenty of advocates for the farm-it-out approach, too.

With all of the free information available online, it is easier than ever to spot potential P/C leads. Below are three “common sense” tactics for today’s do-it-yourselfers. There are hundreds more as well.

Suppliers and Buyers

Even a one-person business isn’t a standalone operation. It needs suppliers on one end and buyers on the other. This simple fact makes every commercial insured a potential source for vetted referrals.

Good prospecting isn’t rocket science; it’s mainly common sense.

Start by asking your most satisfied clients to identify their primary suppliers, buyers, and professional advisors. These vary by business type, but it’s likely there are plenty of crossovers. When you uncover the same names selling to or buying from multiple insureds, they may well be worth approaching. If so, gather some client recommendations and use these relationships-in-common as your door opener.

Ask Advertisers

Businesses advertise to survive. By doing so, they put themselves out there, both traditionally and digitally. This assertive act requires investments in time and money. When successful, they are worth that and more. So why not piggyback on their boldness? Ask advertisers in local publications, in trade magazines, and in digital media (Google, Facebook, Twitter, Pinterest, Yelp, etc.) whether they’d recommend the venue for your agency’s ads.

Here’s an easy place to start. Cut your teeth on selected advertisers in the Yellow Pages. Since many question the value of this once popular directory, they’ll likely take your call. Focus on building a cooperative relationship instead of overtly selling. You can segue into sales during a follow-up.

Spot the Directory

Commercial office buildings are everywhere. And that’s great because every tenant needs P/C insurance. Plus, you have something basic in common with them: your operation is office-based as well.

Older municipalities also have collections of former factory buildings, ex-armories, etc., all repurposed with interesting assortments of small owner-run businesses. And of course, there are indoor and strip malls, packed with locally-owned businesses alongside national/regional chain stores.

All three of these locales have something seemingly minor in common: a guiding directory that lists each business and pinpoints its location. It can be a sign near an elevator, a standalone kiosk, or a digital signboard. It can also be a brochure or a link-filled page on a website. Regardless of its format, it’s a compact list of adjacent possibilities that are worthy of prospecting.

Making a sale or two from one of these directories comes with a bonus: the potential to write adjacent businesses. Ask satisfied buyers to introduce you, in person, to their commercial neighbors or to suggest your services in writing or in a testimonial video. The more businesses you insure within each “neighborhood list,” it’s likely you’ll write even more.

Good prospecting isn’t rocket science; it’s mainly common sense. The act involves identifying potential buyers, pre-qualifying them, and knowing from the start exactly how you’ll approach them.

Topics Commercial Lines Business Insurance Numbers

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