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And then…
• Add more companies• Become impartial to the market• Relentlessly tear down and improve the client experience• Change phone menu• Change website• Change quoting process• Change on board process• Change product offering• Change office environment• Never stop changing... So what happens?
Your website can be your most valuable asset
Three Purposes:1.Generate leads2.Ecommerce3.Establish credibility
Every lead has a cost• Do you know that cost?• Thought about reducing that
cost?• Can you increase volume?• Adwords, hotline, marketing
list, radio, print, referrals...• This is INCREDIBLY IMPORTANT
Closing Ratio Matters
• No measure, No improvement• You’ll spend too much for client acquisition• If closing ratio is 10% x average lead cost of $20 •= $200 client acquisition cost•THIS IS VERY IMPORTANT TO KNOW
Broker growth equation• If you have a 10% closing ratio @ $20 lead cost = a $200 acquisition cost • Average commission at $300; you’re $100 in the black on year one.• This is a .66 X commission acquisition cost as opposed to market price of $1000
or 3-4 x• Acquiring business at $1000 per customer will take you at least four years to see
any profit on these.• You can pay $300 per lead if you close at 100% or $3 per lead if you
close at 1%• the math is equal and still significantly more profitable as a 1 times
acquisition cost vs 3-4 times
Visit Us On The Webhttps://mitchellwhale.com
Mitchell & Whale Insurance Brokers Ltd.1818 Dundas Street East, Whitby, Ontario L1N 2L4
(905) 579-9701 | (800) 731-2228