25400 U.S. 19 N, Suite 221
Clearwater, FL 33763
My favorite type of prospect is a referral. No big surprise, right?
But I’ve learned a few things about obtaining referrals that you may not hear anywhere else. Most experts will tell you things like:
As loveable as I am, they don’t do it for me. They do it for their friend.
So what does that mean?
You walk up to a potential new client and--FLASH—you only have 3-5 seconds to make a great first impression! If that isn’t enough to scare you, nothing will.
People make snap judgments all of the time, and more often than not, they are wrong. So, you better prepare to make a good impression right from the start.
How can you ensure your new prospects and clients get a feel for the real you?
Here are suggestions from salespeople who have been in—and survived—our business for a long time:
A few days ago I got a call from an advisor that didn't get even one response to the invitations he mailed out for his educational workshop. They were sent to 300 clients and 200 more prospects, friends, and acquaintances on his mailing list, just like he did a year ago, and not one person responded.
As we discussed his situation, he explained that he had offered educational workshops several times during the past year and had some success. However, they weren't working at all now, so he was concerned his educational workshop marketing was no longer effective and wanted to completely change his course of action. He also thought he'd stop sending out his monthly newsletters and try setting up a new website to attract prospects instead.
Note: Even though this advisor wasn’t getting the response he ultimately wanted from his educational workshops, the number and size of his sales has increased significantly over the past year.
As we talked further, I learned he had completely changed his workshop invitation. He no longer called any of his best clients and friends to personally invite them to his workshops. He wasn't doing anything to get referrals. He was doing nothing to become better known as the expert in his niche marketplace. Plus, he had stopped doing many of the things that worked when he first entered this business five years ago... like being a guest speaker for associations.
With that being said, during tough economic times, it's hard to evaluate the effectiveness of your marketing efforts.
"Actions speak louder than words, but not nearly as often.” - Mark Twain
There are dozens of reasons agents fail to reach their business goals, but I believe one in particular is overlooked too often. Sometimes it’s just a simple disconnect between what the agent says and what he or she actually does.
If you want to convince clients and prospects to listen to you, it’s imperative you keep your promises, no matter how small. The compounding effect of keeping your promises over time builds trust, shapes character, and forms your reputation.
In this business, people are looking for that more than anything else.
Frequently, advisors express to us concerns about their production levels, and they ask how to fix their situations. Unfortunately, production can’t be turned on or off like a faucet. I wish it were that easy!
To be honest, most of advisors don’t even understand what is causing their lack of production. They feel like they are doing everything they should be, but it still isn’t working.
So, here are three simple solutions to help resolve your production struggles.
“When life throws you a curveball, it’s the opportunity of a lifetime to knock it out of the park.” - Unknown
We’ve all been told at some point that life is tough. As much as we know and understand that, it still catches us by surprise when something bad happens. Just when you think things couldn’t be better, you’re knocked back by the unexpected.
For some, it’s the loss of a big client or a key staff member. For others, it might be an unwanted divorce or an unexpected illness. Maybe it’s the realization that things just are not working in your business.
We’d all like to think we are in full control of our situation, but sometimes life just throws us a curveball… a painful setback. When it happens, it can really knock the wind out of you. It can leave you feeling betrayed, angry, even depressed.
It can throw off your whole game.
So how do you fight off that curveball? How do you keep your head in the game and position yourself for a legendary comeback win?
Ironically, you do it much like you would a real-life curveball:
Courtesy of my professional career, in the past 40 years, I have been privileged to witness and be involved in some manner with two major financial revolutions. Today, I strongly believe we are in the process of experiencing yet another revelation or significant Third Financial Revolution.
Revolution I: The Life Insurance Revolution
Revolution I began in the late 1970s and into the ‘80s, with the alignment of a series of unique events. The existence of relatively high overall interest rates and increased access to accumulation accounts that exceeded the internal rate of return of traditional cash value life insurance contributed to the increasingly popular marketing concept of “buy term (life insurance) and invest the difference.”
In an effort to counteract such an approach, the traditional life insurance industry reacted by developing completely new products, such as interest sensitive universal life and other variations of this basic structure. These products essentially packaged term insurance or the cost of insurance (COI) with an accumulation account within the tax advantages of a life insurance program. As a result, due in large part to this Life Insurance Revolution, the majority of today’s most popular and viable life insurance policies are a variation of this basic universal life structure or some manner of an enhanced dividend paying policy.
Winter is clearly over and school is letting out, so it’s time to think about all of the things I want to do this summer. Maybe it’s because I’m another year older and I can feel my biological clock ticking, but my summer checklist seems to be extraordinarily long this year. I’m thinking multiple motorcycle trips, camping, baseball games, concerts, and of course, more time with the grandkids.
But I’m also thinking about how to avoid the dreaded summer sales slump.
You know what I’m talking about. Some experience it worse than others, but nearly everyone sees a drop off of some sort between Memorial Day and Labor Day.
While I agree it’s real, I don’t agree that we have to just sit back and let it happen. Worst case: we minimize the impact. Best case: we eliminate it altogether. The key is to not allow it to become a self-fulfilling prophecy.
Here a few things you can do to bust the slump before it happens, and make hay while the sun shines:
DVR is an awesome timesaver, but do something different tonight. Watch the commercials and pay close attention.
What do they all have in common? In some way, each one tries to get you to imagine yourself using or owning the product being sold. A car commercial may encourage you to imagine life on the road. Then, a commercial for a cruise tries to evoke scenes of relaxation and sunshine in your mind.
No matter how you look at it, every commercial and every sales pitch uses the customer’s imagination, and there is good reason for it. Seeing yourself living in that new house, driving that new car, or wearing that new outfit is part of the psychological buying process. If you cannot envision living a better life because of the product, you won’t buy it.
For instance, I saw a commercial for a $14 mop the other day. A mop is a pretty standard item in most households. Everyone needs one, and everyone has one. However, unless your mop breaks, odds are good you will keep it for a very long time, and since mops are relatively inexpensive, manufacturers must sell millions just to stay in business.
So, how can they convince you to throw out your perfectly good mop and buy theirs?
Sociologists tell us that over the past 20 years our lives have become much more complicated, more hectic and more harried than ever before. We have more than 20 times the duties and responsibilities than we had 100 years ago. We have 20 times more intrusions and distractions than we had even 20 years ago.
But, cognitive scientists and behavioral psychologists have concluded the human brain has not yet evolved enough to handle the onslaught of information vying for our attention.
This has a direct impact on selling insurance.
Television, radio, Internet, email, smartphones, text messaging, and social media have all accelerated both the quantity and the speed at which information comes at us. So, our brains are overwhelmed with thoughts and information — all day long.
Therefore, we find it hard to slow down, relax, and focus on one thing at a time. We constantly "multitask" trying to get it all done, but it isn’t as productive as you might think. Contrary to popular “wisdom," a recent study at Stanford Research Institute discovered we really don't have the ability to multitask because our brains don't actually hold more than one thought or focus simultaneously. Our brains actually juggle multiple tasks, thoughts and attentions — quickly alternating among several, with the perception we are doing them all at once. The result of all this juggling is that we do not really pay enough attention to any one of them very well.
Postema Marketing Group is a full-service Independent Marketing Organization (IMO) dedicated to providing world-class products and services to our clients. We have partnered with some of the strongest names in the insurance industry and proudly serve independent agents from coast to coast.
GET IN TOUCH.