As an insurance broker, you know that spending time ensuring your clients are happy with your services makes sense for client retention. On the other hand, growing your client base is just as important for your continued success.

Prioritizing your time between client retention and business growth is the key. Since all leads for insurance brokers are not created equal, the significant question becomes, how do you determine which leads are hot? That is, more likely to be the type of quality lead that results in a sale over a shorter time period of follow-up and nurturing? The answer will help point you to where to spend your time and energy to grow your client base.

The straight and narrow road to the highest quality leads is personal relationships—whether they are with current clients, networking colleagues or local area community leaders. The more familiar the person making the referral is with you and your products, the hotter the lead.

Lead Sources

Initially, look at the source of your lead.

• Did the lead come in from a current client who is familiar with your products and your customer service? Now that is a hot lead.
• Did a networking colleague make the referral? Well worth your time to follow up if that colleague knows your products.
• Did you attend a regional industry trade show and meet new company owners? Owners are the decision-makers. That's a plus. The quality of those leads, then, depends on the extent of the contact that took place. A hot lead would be one where the new owner clearly understood what you offer, communicated a need for your products and expressed interest in a follow-up meeting.
• Did you meet a business employee at a community event? Consider the title of the employee—can they make decisions about purchasing your products? Did they offer to introduce you to the decision-maker(s)? Or, will a follow-up meeting result in an introduction to the decision-maker(s)?

For leads on individuals, ask how they heard of you. If the referral came from a local chamber of commerce, senior center, or local networking association, you are more likely to land a sale.

Social media can also be a great source for hot leads. Again, consider the source. A “friend” of a “friend” on social media who is familiar with your product line is a high quality lead. By the way, social media can be a treasure trove of testimonials about your great customer service—and those testimonials are hot sources for quality leads.

Here’s an example of a cooler lead: someone filling in your website form for more information, especially when it is not anywhere near open enrollment season. Are they just doing research, or do they make decisions for a company with a need for your products? That question should be at the top of your list when you follow up.

If they just “Googled” and found you? That lead is cooler.

Track your Conversions

One great tip is to track the leads that convert to sales. Look for the source of the lead, and the type of lead. You will be able to see in black and white which leads are the hottest for you.

Lead tracking lays out where to spend your time and energy in order to land the most new clients and avoid fishing expeditions.

This season, give thanks for your current group of clients—and for those wonderful relationships you have cultivated that are sources for hot new leads.