5 Prospecting Methods That Really Work

3. Local events or seminars

Leading a seminar serves two important purposes: First, it establishes you as a thought leader in your area of specialty; second, it puts you in front of a group of prospects that have already expressed interest in your product line. Twenty percent of our survey respondents cited this as an effective prospecting technique – and while it may be tried-and-true, there are plenty of ways to tailor your seminar approach for today's buyers.  Industry coach Kerry Johnson suggests shunning the somewhat dated dinner seminar and instead holding a Social Security seminar designed purely to educate prospects. The overhead will be lower and, in many cases, the conversion of prospects to clients will be higher.  Johnson notes: "Since you have taken away the motivation to get a free meal, the attendees are left with solving retirement problems. This is your retirement planning sweet spot."

4. Cold calling

It may sound old-school, but cold calling can still work according to 15 percent of our advisors. In fact, picking up the phone beat out sexier methods such as social media (7%) and advertising on the radio or television (5%). Coach Kelley Robertson acknowledges that cold calling is tough, but asserts emphatically that it is not dead. To see results, you must put in the time you would with any other prospecting technique — and, of course, have thick skin. Robertson's advice to agents: "You need to make a lot of dials. You need to target the right companies. You need a compelling opening. And you need to speak to the right people."

5. Direct mail

Just under 15 percent of respondents cited direct mail as an effective prospecting technique — and J. Ryan Parker, general manager of Element Financial Group things the number of agents that prospect this way may actually be much higher, while also noting that it should not be a stand-alone prospecting method. Says Parker: "I think a lot of prospecting still revolves around direct mail — more so than people realize [because] seminars are powered by direct mail. This is obviously not the most cost-effective way of marketing yourself; you can probably spend a lot less money doing this on the Internet. But the clients producers are looking to reach, the seniors and the boomers, just aren't as prone to go to Google and look something up. This is why more of your successful planners are still using direct mail. That said, online needs to be part of every producer's prospecting strategy because it streamlines the business process.  If I get a lead from the Internet, it automatically enters into my CRM, and we can follow-up from there. Internet is absolutely critical for today's producers."

Check out these related stories by Bill Good:

• Cold Call Champions: The Winning Scripts
• The 6 Cold Calling Skills You Really Need

(Click here for more content from LifeHealthPro's 2013 Independent Producer Study.)