How a Short-Term Mindset Affects Your Money
Landon McCarter and Cody Askins break down long-term and short-term mindsets. Marketing is about coming up with a strategy of how you plan to accomplish a goal. All too often we see short-term outlooks applied to marketing campaigns and decisions made off of a few hours or days when, in most cases, anything that has been implemented hasn’t had time to even prove if it works or not.
The Problem with Only Having a Short-Term Marketing Strategy
If you’re looking for insurance leads, you can pay a vendor to generate them on your behalf. By doing this, you’re hoping that you sell more than what was generated. But we don’t see the long-term value in this approach. You must pay a retail value to generate the lead, and you’re not getting to see what happens behind the scenes. Agents do this often — buying leads, crossing their fingers hoping they make money off it.
Making quick decisions like this may work half the time, but eventually you need to learn from actual data. Ask yourself: Am I in this for the long-term? And if the lead vendor isn’t good, find a better option.
As leaders in the insurance marketing industry, we believe the future will be about leveraging your own marketing budget to generate your own set of leads to get them pouring in.
Using a Marketing Budget vs. Straight Buying Leads
Buying leads is great, but know that it’s a short-term strategy. There’s a difference between spending $1,500/month on marketing that’s generating leads vs. straight buying $1,500 of leads. The big dogs — the real players in the industry — always have a portion of their budget that’s long-term, like strategies that include:
- Building an authoritative website, and
- Creating content that educates the users
So when you start to implement long-term strategies, you can begin to see passive lead flow, which is just as important as buying leads from a vendor.
Using Facebook Lead Vendors Is Like Gambling
It’s hard to get a short-term and long-term return on investment (ROI) from a lead vendor. For one, the vendor posts mediocre buyer intent ads that generate a bunch of orders — but you see agent bounce from vendor to vendor. How come?
It’s mostly luck. A roll of the dice.
Lower buyer intent leads may come across as misleading. Somebody can see it and flag it using the top 3 buttons on the right. If you get flagged too often, your Facebook ad account will become disabled.
It Takes Time to See Results
Facebook has a very intellectual optimization process for campaigns. They have so much more data that we can’t use, such as
- Consumer data
Facebook will tell you that you need to get 50 conversions through the system before the algorithm begins to optimize on what audience is being targeted. As you get conversions, Facebook then learns the sub-demographics causing the conversions to pop off, and they’re sending more impressions to get you a better ROI and spend more money. It takes time to optimize. Not to mention, that doesn’t even kick in until you hit 50 leads.
We see a lot of people running campaigns for 4,5, or 6 days at a time and cutting cord and asking, I thought I was going to get $17 leads? We’re 4 days in and these are $22 leads!
Be patient. We may get to $14 leads. What we don’t want to do is race to get the cheapest lead possible on the platform — this could get your Facebook page banned, and you may lose a big chunk of your lead flow.
We’ll Protect Your Ad Account
Secure Agent Marketing has run hundreds of Facebook campaigns for Medicare, Final Expense, P&C, Life, Mortgage Protection. And we’ve learned that if a client makes it through the first 90 days, they’ll stay with us. There are many layers to making a client happy, and it’s unique to each situation.
Our engineers are very tech-savvy, and we know how to protect our client’s ad accounts. We use our talented team to gather data, and we learn and make adjustments along the way.
Beware of the Treadmill Game
Overall, if you think the game is a treadmill of what you can spend on leads vs. selling premium over that amount, you’re not a business owner. You’re a salesperson.
How you think as a business owner is different from how you think as a salesperson. Get off that treadmill. This isn’t about your lead game. Leads are important for the short-term, but you need to invest in the long-term as well, and be patient with your strategies.
One of our pet peeves is when people will show texts of an agent who is raving about how much premium they sold on the lead order. Three weeks later, they’re not.
These are fire! I’ve gotten $30,000 of premium off $2,000 of ad spend. The next week, they ask What did you do to my ad account? What did you change?
Are You Willing to Invest in Your Marketing Budget?
Secure Agent Marketing is looking for clients who are businessmen and women that can invest in their marketing budget. We’re very strategic with how we generate leads, but we’re also doing many things along the way with that budget — instead of just throwing money at lead vendor after lead vendor.
Whether you’re interested in web development, content marketing, or another long-term strategy, work with a digital agency that is the trendsetter in the insurance industry.