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Image Advertising and Name Recognition Do Not Make Telephones Ring Or Get People Into Your Establishment!
Have you ever asked associates in your field what the response rates are to their advertising?
Dollar? If so, I can guess a common answer. How about, "I have no idea, most of my business comes
from referrals"? Now, if you've read carefully what I've said up to now, you realize what's most important to
your success as an insurance agent or financial planner:
1. Attracting a constant flow of clients and customers who come in to your office or call to buy more financial products over and over,
2. Knowing as much as possible about selling your financial product or service.
The problem? We're too often taught the wrong things about business, in the wrong order! In the world of theory, like at colleges and big corporations, they teach “rules” about making money in business, and how you should advertise to get business. But, unless you are as wealthy as a Fortune 500 company, the methods they teach fail to attract clients and customers. They say advertising is a job of "Getting your name out there" with messages that merely identify your business, but they don't create immediate responses. Is it any wonder that 95 % of new Insurance agents fail within five years?
Is it any mystery why over 95 % of all small business owners and salespeople who manage to stick around make less than $100K a year...and less than 1% of these make more than $250,0000 a year? That salespeople nationwide average less than $40,000? Most businesses are filled with owners who struggle for each and every customer or client. Why? Because they've never had the kind of "real world" training in marketing, psychology and advertising needed to make the phone ring and bring in business. Instead, there's a myth floating in business minds that says, "Once you get your name out there, people will seek you out." What a pile of garbage!
Yes, I'll admit – as I already did – having your name recognized never hurts. But I must ask – as I also did – does it really help? In the previous chapter, we talked about how name recognition can get business, but only after long periods of time and incredible amounts of money are spent. Your time and, especially if you're in business for yourself, your money.
If you want image marketing to be your primary source for attracting business, be prepared to spend tens or hundreds of thousands of dollars each year for several years. (A back-up source of income from another job or a spouse will come in handy...for three, four, even five years or more!) Why? Because that's how it works. To get name recognition, you have to pour money into advertising and personal promotion. Big money. Then, you sit and wait for people to come in or for the phone to ring. And sit. And sit. And sit some more. Ask yourself where income enters while you're building this name recognition. How do you pay your bills? Will you make mortgage payments in the meantime? And, if you've been around a while and already have name recognition, shouldn't you realize some immediate return on every dollar spent on ads? These are important questions. If you learn nothing else from us, I hope you come to realize that every dollar spent on marketing or advertising – regardless of form or medium – should be immediately returned to you with a profit added to it. If not, it's a waste of money...your hard-earned money!
So, unless you have a thick bankroll and all the time in the world, you need to know how to generate responses and get clients and customers immediately! The key, then, is to generate responses immediately. Doing so will dramatically improve business (and, hopefully, your life). I'm serious...it's like nothing you've ever experienced. Having leads roll in, day after day...well, your business will never be the same. So, can you, or should you, spend money on image? That's entirely up to you. But I can honestly say, we have members who have been in business for years, who completely abandoned old image ads when their first batch of leads came in from an ad you'll be seeing later on. They never looked back. Never again will they spend $350 on an image ad that generates no calls or prospects. Why should they? They're spending the same money running direct response ads and receiving thirty or more calls each! You know, it's hard to feel good about spending money with no hope of receiving qualified leads. It's even harder to feel good about it once you've experienced the joy of getting calls every time you run an ad! That rush of excitement – it's hard to describe. But it's there each and every time the leads start flowing in. Like other members, you'll have a problem going back to "wish-and-pray" marketing! Now, if you're different from me, and you want to continue with image ads, that’s fine. It really is your dime. When you spend it, however, please realize that the only people making money off image advertising are printers and ad agency people. Enough said?