Ever feel frustrated by the difficulty of making insurance sales? You’re not alone. As these eye-opening facts illustrate, sales jobs are challenging in all industries. However, selling is particularly difficult in insurance because you offer something that people don’t have to buy and unlike a new car or handbag, the lure of prestige does not overcome price challenges.
- 61 percent of salespeople say selling is harder today than it was five years ago. (Marc Wayshank)
- 27 percent of salespeople spend more than an hour on data entry each day. (HubSpot)
- Other tasks mean that sales professionals can spend only 34 percent of their time focused on selling. (Salesforce)
- 76 percent of salespeople wake up before 7:00 a.m. and 35 percent wake up before 6:00 a.m. (Quotable)
- 61 percent of salespeople work on the weekend. (Quotable)
- 40 percent of salespeople say that getting a response from prospects is the hardest part. (HubSpot)
- A salesperson will have to make an average of 18 calls to connect with a buyer. (TOPO)
- The average sales rep spends about 25 hours each month leaving voicemails. (RingLead)
- The average response rate for voicemails is about 4.8 percent. (com)
- In a study of 6,264 cold calls, only 28 percent were even answered. (Baylor)
- Fewer than 1 percent of cold calls will lead to a sale. (DSWA)
- Nevertheless, 41.2 percent of salespeople say the phone is their most effective sales tool. (Marc Wayshank)
- 50 percent or more of prospects will end up being a poor fit. (Marc Wayshank)
- Fewer than 25 percent of sales emails are opened. (TOPO)
- Responding to a query within an hour makes firms increases the chance of qualifying a lead by seven times, but average response takes 42 hours. (Harvard Business Review)
- 79 percent of business buyers say it’s at least very important for a salesperson to also be a trusted advisor and not just a sales rep. (Salesforce)
- 82 percent of business buyers say it’s at least very important for salespeople to be available when their company needs them. (Salesforce)
- Unproductive prospecting can take up 50 percent of a salesperson’s time. (ReachForce and Marketo)
- When dealing with new prospects, it takes an average of eight touches just to get an initial meeting. (RAIN Group)
- Fewer than 25 percent of salespeople exceeded their quota in the previous year. (Marc Wayshank)
Fortunately, for those who are willing to put in the hard work, insurance sales careers are fulfilling and lucrative. Whenever you’re feeling less than successful, read these stats and try, try again. With follow up and determination, you will succeed!
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