I had the pleasure of attending a terrific industry event last week, and one of my favorite presenters asked a great question…
“Are you aninsurance personwho happens to be in business… or abusiness personthat happens to be in insurance?”
The audience sat quietly for a moment, a little stunned and bewildered.
The presenter went on to explain that many agents, even those that are successful individually, could do even better with a deeper understanding of the fundamentals of business. Some have gotten into insurance as a second career or a desire to be their own boss. Some wanted to help people. Others have taken the plunge because they hated their factory job and heard there was good money in financial services.
Whatever the reason, a good number of agents don’t have years of experience or formal education in business. They just don’t. That’s not to say they can’t succeed. Quite the contrary. I know plenty of very successful agents that don’t have formal business training. They battled to the top through hard work, determination, and street smarts. If anything, that’s an even more impressive accomplishment.
However, even the most successful agents could leverage established business principles and strategies to take their businesses to the next level.
Here’s a quick example: According to a recent study cited in Harvard Business Review, organizations that adopted a formal, repeatable sales process increased revenue by anaverageof 18%. That’s right, an18% increase in revenuesimply by adopting a repeatable sales process.
That’s pretty impressive, but to tell you the truth… I’ve seen better results in our industry. A lot better.
If you’re wondering if a dose of Business 101 might help give your practice the boost you’ve been looking for… ponder these questions:
Have you established a proactive business strategy designed to leverage your unique strengths to deliver a sustainable advantage over your competition?
Have you developed a comprehensive marketing plan, including both short-term prospecting and longer-term brand-building activities?
Is your agency a model of operational excellence with well-defined processes for handling new business, responsibly managing client data, and consistently delighting your clients?
Have you implemented a documented, repeatable sales process that delivers positive results, but is flexible enough to facilitate continuous improvement?
If you’re already doing these things, you know what I’m talking about. I’d love to speak with you. I’d like to hear what you’re doing and how it’s impacted your business.
If you’re not doing these things, find a way to get started. Either do your own homework and take action, or reach out to someone who can help. Our team can certainly do that. We’ve been telling you for years, “You’re not just an agent, you’re a business owner.”
Even if you don’t choose to work with us, I encourage you to work with someone. There’s no shame in asking for help if it contributes to your long-term success.
“An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” –Jack Welch
P.S.If establishing a repeatable sales process is a priority for you,click hereto learn about a simple, but effective way to do just that.
P.S.S.We have a winner… actually two winners! Chuck C. took the top spot in our new agent iPad promotion, and Tommy A. was the winner of our $350 gift card drawing. Congrats and enjoy, fellas!
Written by: Paul M Mallett SVP/COO Postema Marketing Group, LLC
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