How to make prospecting a success
Some insurance agents and brokers wing it. But you don't have to when you approach prospecting strategically.
Insurance is a tough business — you must find your own clients.
You’ve seen it all before. You try something, it works. The agent at the next desk tries the same thing, and it doesn’t work. You ask experienced producers the secret of the universe. They reply: “Everything works, and nothing works.”
Here are six reasons some strategies succeed over others:
1. Perseverance. A California producer told me: “You can chop down a tree with a hammer.” Perseverance works. Many newer agents try something until it’s almost ready to produce results then abandon it because it’s not working. They put a series of failed strategies in place instead of sticking to one strategy and making small adjustments, which would have delivered success.
2. Proactive. You must drive near-term results. “I’ve asked clients for referrals. I’m waiting for them to come in.” That’s not a proactive strategy. As an example, walking through an industrial park, knocking on doors and asking to speak with the business owner — that’s proactive. Why? Because if you want to ramp it up, you knock on more doors.
3. Attract your target audience. Few people still say: “I’ll take anyone.” You have an ideal client profile. Assume you are looking for prospects in the wealthiest 10% of your community. Now assume you held a seminar and invited the general public. If 10 people attended and they were a cross-section of the community, only one person qualified as your ideal client. What do you do with the other nine? What did it cost to get them through the door? It’s better to find a group made of your target prospects and then get on their agenda.
4. Deliver the message. Educational seminars are important. They can attract an audience. But sometimes the message gets lost. What’s the message? “Do business. Do business with me. Do business with me now.” You need to look at your strategy or presentation and ask: “Is that message obvious?”
5. Cost-efficiency. Money is tight. If every prospect who attends an event costs $100 in expenses, and one in 10 prospects becomes a client, that new client costs $1,000 in spending. How much revenue did they bring in? You need a strategy that can be effective without bankrupting you.
6. Measurable. Your office likely does lots of measuring. How many prospects in your pipeline? How many appointments did you have this week? You need to have some way of knowing if your strategy is working. Put another way: If you are implementing four prospecting strategies, you want to know, strategy by strategy, which ones are producing results.
Think and act strategically
There are people who don’t take their job seriously. They “wing it.” But you are different — you employ strategies for prospecting and find those that work for you.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.
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