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Strictly Sales: Tips for hiring and training producers

("Strictly Sales" is written by the faculty of the Dynamics of Selling program. This month's column is from Thomas Barrett.)WITH A softening market leading to declining premiums, your agency might be 10% to 15% smaller than it was

By Thomas Barrett | Updated on July 31, 2005

(“Strictly Sales” is written by the faculty of the Dynamics of Selling program. This month’s column is from Thomas Barrett.)

WITH A softening market leading to declining premiums, your agency might be 10% to 15% smaller than it was in 2004. The time has come to bring in new production sources to make up that gap, and that could mean hiring a new producer.

The rate of success for newly hired salespeople varies greatly from agency to agency. We hear of failure rates of 50%, 75% and even 90%. One large bank-owned agency has a “stick rate” of 25%, which we find to be the norm in our business. The No. 1 reason producers fail? Lack of training.

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