We all know that insurance is a commodity that is easily attained and based on price. But advisers bring value to their clients — and those who do it best will have the biggest impact and earn the most rewards.
I learned this lesson from one of my mentors, Don Brown, who has trained scores of high-performing producers over the years. His are insights I’ve carried with me through my own career. And they’re worth sharing.
Service before the
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Service before the sale feeds success, but only the prospect or client decides if what you are doing is valuable, so check in with them. Are they using what you gave them? What did it mean to them? You are working to earn the opportunity to earn their business. Positive reactions to what you have done will fill up your soul and automatically motivate you to provide more service. As this cycle repeats, your vision of success becomes real.
But as you envision that success, please get the dollar signs out of your eyes. The harder you push, the more the prospect will resist. You need to get the incumbent agent fired to get yourself hired, so let’s tie that to real life.
Nurturing a business relationship is a lot like courting and deciding on a future spouse. Consider this: I am standing in line at the McDonald’s counter where I see Arman (my real-life husband today) in the other line. He smiles at me. Do I immediately propose because he gave me a buying signal? Of course not!
Now, compare that to when a prospect says, “Sure, you can give me a quote at renewal.” This is just about as deep as a smile at the McDonald’s counter. New producers come back with statements like, “we really hit it off, we are starting to connect.” It is important that you don’t confuse polite responses with buying signals.
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But let’s keep going with this analogy. Now, I am at the front of the McDonald’s counter and Arman is at the front counter as well. He asked the employee for BBQ sauce and chicken McNuggets, though I notice that they forget to give him his sauce. So I ask for some as I’m completing my own transaction, and then take it to where Arman is sitting. I simply say, “They forgot to give you your BBQ sauce, I thought I would bring it to you.” Do I drop to one knee and ask him to marry me now? Still no.
In the world of insurance, I share with a prospective client useful information on a topic of importance. And still, I do not ask them to fire their agent and hire me.
Back at McDonald’s, Arman asks me if I would like to join him since we are both alone. Still, this is not a buying signal, and we are not on a path to marriage. We decide to each get a McFlurry, and we agree that the Butterfinger flavor is great. We also agree that we’re glad to have met each other.
So when do you close for the sale?
You close when you know what the answer will be. (This is, of course, how people propose marriage as well.) Relationship building must come first, and it will help you know when you should ask for the business. Not only will they return your calls, but they’ll reach out on their own for your assistance. They’ll tell you how great the work you’ve done has been for them.
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How long will it take? There’s no single right answer. (Some people are engaged for months, get married and then divorced.) Each situation is unique. You know when they will say yes by the way they treat you and use the tools you give them. If they aren’t using what you give them, you do not have a relationship. Giving stuff doesn’t equal service.
How many types of service do you provide before a potential client commits to you? It depends on the size, sophistication and relationship with the incumbent adviser. But just like in life, a solid relationship based on mutual trust and appreciation is hard to miss. When you know, you know.
