Rule 3: Target Annuity Owners
Before I discuss how to specifically target current annuity owners, I want to explain the logic behind why you would want to target prospects who already own annuities.
I learned one of my most significant marketing lessons at age 17 while selling Electrolux vacuum cleaners door to door. The daily objective was to find a safe neighborhood, park my car and methodically begin to knock on every single door until I made my 5 demos. The process was simple, but psychologically it was pure hell. I would knock on a door, make a brief introduction and then offer to clean a section of carpet for them at no charge followed by my carefully rehearsed sequence; “what kind of carpet do you have, is it thick or thin?” This was done while showing a thick or thin gesture with your fingers and then pointing past them and redirecting their attention to an imaginary spot on their carpet and authoritatively asking: “do you see that spot right there? – I’m going to take care of that for you right now, at no charge, I’ll be right back!” From there, without making eye contact I would immediately turn around and walk straight to my car (this was called, “making the break”) and grab a brand new machine still in the box and walk back fully expecting to be invited in with my 50lbs of equipment – which worked 80% of the time. Aside from learning closing skills, and developing rejection-proof persistence, I was exposed to a surprising lesson.
Based on Needs, the number 1 prospect for a new vacuum cleaner based on a needs analysis, would be someone who:
- has carpeting, and
- doesn’t own a vacuum cleaner
Instead, what I discovered was that if someone had never purchased a vacuum cleaner, it was because they either didn’t really care about keeping their carpet clean or since they have managed to get by this far without purchasing one, why should they spend $500 on one now? In other words, they weren’t in the market for a new vacuum cleaner, even though logically they were “wrong” and should have been!
Based on Wants, the number 1 prospect for a new vacuum cleaner based on results from two years of testing, would be someone who:
- has carpeting, and
- already owns several expensive vacuum cleaners
Shockingly, some of my easiest sales were to people who owned three or four vacuum cleaners. Even more dumbfounding, they would oftentimes trade-in another model that had been purchased within the last year! People that have previously exhibited their willingness to spend money on vacuum cleaners are the best prospects for buying more vacuum cleaners!
Prospects who currently own annuities have the following characteristics:
1: Appreciate a safe-money approach to their investments and retirement
2: Value guarantees
3: Looking for an income stream
4: Already comfortable with investing with an Insurance Company
By targeting current annuity owners, even if you never replace a current contract, you have already overcome most of the normal objections that you would usually have to deal with when selling annuities to first-time buyers.
When creating a mailer, use headlines that would cause annuity owners to take a second look, such as:
The Only 4 Ways to Increase Annuity Income
Annuity Education Series
Attention Annuity Owners
Annuity Owners, you will learn …
Here are some proven bullets:
- Learn 4 New Ways that May Increase Your Annuity Gains up to $200,000 or More, Using Previously Unavailable Strategies.
- Discover the 3 Hidden Annuity Fees (and where to find them) that May Reduce Your Growth by up to 57% Even During a Bull Market.
- See Why Most Annuity Income Guarantees Are Ineffective and Learn the Newest Strategy that Generates up to 90% More Lifetime Income.
You can create hundreds of variations as long as you make sure that your prospect’s attendance at an event wouldn’t make sense unless they already own an annuity or are seriously interested (we call this self-selection). Because the market is so saturated, we have developed special mailers that fill the room with current annuity owners who are ready for “next level” information that you can provide.
I have had a number of attendees ask me how I knew that they had an annuity. The above strategy enables you to attract annuity owners without spending an outrageous sum for a very small annuity owner list. This process has saved our agent’s hundreds of thousands of dollars and has resulted in .75% to 1.25% registration rates, which is far higher than industry-standard.
If you want to do well, sell people what they need; if you want to get rich, sell people more of what they are already buying.
Annuity owners will keep buying annuities.
AnnuityCheck has developed and provides mailers to its agents for an industry-low 49 cents per mail piece (full-color tri-fold in a window envelope). These mailers are proven to fill the room with 85% annuity owners with the other 15% shopping for one. When attendees register using a promo code, you receive an email and they are tracked in your software and automatically available to print on our custom registration cards.