How to Select a Field Marketing Organization
The challenge of juggling administrative tasks, sales calls, lead nurturing, attending networking functions, trainings, and maintaining relationships with current clients can burn an independent agent out quickly. Many quickly learn that without a system in place, their business isn’t scalable and can lose profitability quickly. Knowing how to select a Field Marketing Organization (FMO) can alleviate the business operation load, help with marketing costs, and grow business much faster, and with less risk, than agents and brokers can typically do on their own.
What is a Field Marketing Organization
First, let’s define what a Field Marketing Organization. A Field Marketing Organization (FMO) is an entity that provides independent insurance agents and brokers the opportunity to offer insurance products from multiple carriers in order to be as competitive as possible. Furhtermore, an FMO provides various support in the following areas: lead generation and marketing tools, compliance tips, trainings, contract writing, field support, and other back-end business operations services valued by independent insurance agents and brokers.
Selecting a Field Marketing Organization that is best for you?
Next, let’s start with some basic questions:
How are you spending your day? Chart your hours in a given week. Here are a few buckets to give you a push start.
- Finding leads
- Cold calls
- Meeting with clients and prospects
- Creating quotes
- Submitting enrollment forms
- Creating marketing or sales content
- Researching compliance topics
- Getting certified with insurance carriers
Where are you spending your money in each of those buckets?
Now, how do you want to be spending your time and money? Find an FMO that supplements your skill set. In 15 years, Medicare is projected to have over 80 million beneficiaries! To that end, there are many people needing you to provide them with Medicare insurance and exceptional support. That being said, let’s get you equipped with the knowledge you need to make a well-informed decision for your business!
Best FMO Services and Benefits to Consider
When it comes to selecting a strong FMO, there are several key factors to consider:
To begin with, lead programs should come from a variety of sources from in person, internet, phone appointments, events, and seminars. With this purpose in mind, you should be able to choose lead sources that work best with your schedule and skill set.
Additionally, creating an online presence is very important in today’s age. Furthermore, a strong FMO will help you build your own custom website, feed contact to it, and support you in lead follow up with a Customer Relationship Program. Your FMO should provide customizable marketing materials as well. The best FMOs invest in your success with a co-op program that pays part of an agent’s marketing budget. AGA’s is the only one who will pay 50%. That’s a partnership!
What’s more, leading FMOs contract with dozens of insurance carriers. The more comprehensive their portfolio, the more competitive you can be.
In addition, FMOs should be provide you training on compliance, individual insurance products, marketing, and their own proprietary technology. Ideally, consistent training is offered in person or online.
Certifications among carriers should be streamlined for you. Select an FMO with a Compliance department so you can be sure you are conducting business according the Medicare Communications and Marketing Guidelines (MCMG). Furthermore, they should also have a dedicated sales team that can help you 24 hours a day.
Equally important, select an FMO with an Agent Portal that includes a quote engine, in-field electronic enrollment, application status notifications, form library, pre-approved presentations and marketing supplies, and commission reporting.
Lastly, the best FMOs offer top level commissions where you keep all of it, allow you to maintain ownership on your book of business, participate in agent referral programs, and pay for 50% of your advertising costs.
So, if you are ready to take the next step with your business and want to partner with one of the best FMO’s in the nation, it’s time to talk with AGA.
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