Marketing Expert Tackles IUL And Creates Something Special
My name is Rich Harshaw; I own a marketing consulting firm called Think Rich, LLC, DBA Monopolize Your Marketplace. In 2007, I was hired by a company to create marketing for a product called "Equity Indexed Universal Life." Naturally, I was familiar with life insurance in all of its wonderful varieties, and when I found out they wanted to hire me to market life insurance, I started looking for any excuse to turn the project down. It sounded boring. Really boring. Besides, what could I say in marketing about life insurance that hadn’t already been said?
Fortunately, I agreed to hear the client out. I learned that even though IUL was a life insurance product, its real strength was in competing against qualified plans. I met face-to-face with my client for nearly 10 straight hours as he tried to explain, in detail, all the advantages of the product—tax advantages, risk advantages, accessibility advantages, and everything else. This was that rare product that literally was “the best thing since sliced bread,” yet nobody had ever heard of it. This was something I could really sink my marketing teeth into.
After the exhausting session, I pulled out all of the literature created by all the biggest insurance companies (that my client had supplied me), and to my astonishment, almost none of what I had learned was anywhere to be found. Everything was written in “insurance-ese” that was impossible for the common person to understand and take action on. Most of the comparisons were to other life insurance products, not qualified plans. The brochures talked in terms of segmenting, crediting periods, interest strategies, and other obtuse topics that captured precisely ZERO PERCENT of the excitement of the product. No wonder nobody had ever heard of IUL—the insurance companies were KILLING it with their boring literature!
My client simply smiled and said, “That’s why I’m here, talking to you.” I proceeded to create an 8-page sales letter for IUL that told the story of the product in simple terms that anyone could understand. Instead of talking about death benefits and the differences between UIL and other insurance products, I told the tax advantage story—complete with examples. I showed how and why the risk was minimized, and how an IUL policy was the smartest choice for just about anyone who ever hoped to retire. In short, I cracked the code on marketing the IUL product.
Now I’ve taken that original marketing and made it even better; I’ve created a DVD that is customized for sales agents that tells the IUL story. I’ve found formulas for advertising on radio, television, and print media (newspaper, magazines, etc.) that generates high quality, non-competitive leads at a reasonable price. In short, I’ve created a lead generating, lead converting MACHINE for sellers of IUL. Hopefully I can help you reach your sales goals too.