Thousands of companies sell insurance lead lists. Choosing the right one is crucial to your prospecting program. Avoid the costly mistake of buying the wrong one.
Accuracy of the data provided is the most important factor. Vendors will tout their exhaustive array of filter options. Accuracy of each of those filters is very crucial to quality.
There are two different types of providers.
Compilers, are the ones actually creating the data by gathering the addresses and the demographics such as age, income and many other filters.
Brokers or re-sellers simply re-sell that info. There are thousands of the latter who purchase what they sell to agents but merely a handful of the former.
That is why you need to know who is the original compiler or collector of the records you are buying.
Consider the impact of inaccurate
insurance lead lists
on a direct mail campaign.
Investigate before you buy.
Mail pieces may be un-deliverable because of an invalid street name or the addressee no longer lived there.
All lists will contain some un-deliverable addresses, but not all companies have the same percentage of correct names and street numbers.
Compare the impact on the price on generation from two different lists.
Lets say one has an accuracy rate of 92% and the other 95%.
That doesn't sound like much does it?
But look at the impact on the money spent for the mailer and the resulting unit price.
Lets say you did a 1,000 piece mailer.
We'll use $375 as the cost to send 1,000 pieces and we'll use a 1% response rate for this example for both.
The company with a 92% rating would send out all 1,000 pieces, but only 920 of them were deliverable.
What this means is that your effective expense per 1,000 mailers is actually $407 ($375 / 92%) and not what you were charged.
Since just 920 letters actually got delivered and your response rate is 1%, you just received 9.2 leads.
Since you spent $375 to send out those cards, your expenses were $40.76 per response ( $375 / 9.2 ).
Look at the same scenario with one of the company having a 95% rate.
There will actually be 950 delivered (1,000 X 95%) which means you had an effective cost per 1,000 letters of $394 compared to a per thousand price of $407 from the other company.
Given the choice of paying either $407 or $394, which one would you pick?
Since the response rate is 1% and there were actually 950 pieces that got delivered, you received 9.5 responses.
You have spent $39.48 for each lead.
Given the choice of paying either $40.67 or $39.48, which one would you choose?
You might think this is a small difference but consider this.
What about inaccurate age and income levels?
If the company can't get the address right, how do you think they are going to get any other filter right?
Each filter is important to the total effectiveness of your marketing campaign.
If the age and income of the people on the list are wrong... the cost of generating each prospect goes up dramatically.
Accuracy of the data in your insurance lead lists is crucial in order for you to generate effective insurance leads.
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