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Mistake – #1:
• Failure to understand that a profitable business is not built just on attracting new customers.
– Can you name one successful business that does not depend on repeat business for a large portion of their annual revenue? – Think about it because this is the huge mistake that around 90% of all Insurance & Financial Service Professionals are making.
Advice – #1
• There are four things that you must know:
• No matter how good you are, you are not going to get all your prospect business on your 1st sale. There is always more business to write. • Somebody else is trying to sell your client & replace your business. When your business is replaced, not only do you loose that sale but future sales and renewals too. • People are not really your client, until they buy from you three or more times. The more people buy from you, the more loyal they become and the more they will buy from you and refer you to the people they know. • Peoples situations do change. New job, dependents, homes, attitudes and concerns which provides you with more sales opportunities.
Mistake – #2
• Failure to target your most profitable market.
– Another huge mistake most Marketing Professional make is that they are trying to be “all things to all people”and attempt to market their product to everyone. – They think that by expanding their portfolio they will secure more business. – Nothing can be further from the truth.
Advice - #2
• You must specialize. Specializing and narrowing one’s focus as much as possible will paradoxically increase the likelihood of getting more business. • Try to discover the demography and psychography of your niche – your specific or greatest market. • Than market to that audience more than any other and as often as possible. • Demographics are basic qualities & characteristics of your market. They include: age, gender, culture, employment, industry, income level, marital
Mistake – #3
• Failure to have a Unique Selling Proposition (USP).
Advice – #3
• USP is that single, compelling ideal or benefit that makes people want to do business with you, instead of your competitors. • To put it another way, your USP is that distinct and irresistibly appealing idea that sets you and your company apart from and ahead of every competitor. • When your USP formulated powerfully, can propel you to to the top of the insurance industry in a very short period of time. • Remember all your prospects want to know what benefits they will gain from doing business with you . So unless you answer this question to their satisfaction, you have no chance of getting them buy from you.
Mistake – #4
• Failure to have mentor or coach.
– No matter how successful we are, we all need a coach to keep us on track, to bring out the best in us. – You need to find answer to the following questions:
• Why a coach? • What are the benefits of having a coach?
Advice – #4
• Working with a coach creates the accountability and motivation you need to move to success.
• Increase your efficiency and effectiveness to stop wasting time and other resources. • Gain access to world class marketing and sales techniques for your rapid personal and professional success. • Maximize the results from your financial, time and personal resources. • Identify and overcome learned limitations that are cheating you of the full, vibrant life you deserve.
• Go out and find a role model who has succeeded and is accomplishing goals similar to yours. • Some one with whom you can personally identify. • You will achieve your goals a lot faster.
Mistake – #5
• Failure to Create an Endless System of Referred Leads
– Study Shows
• Only 16% of the agencies had an Organized Business System to generate referrals. • Even though 49% of them said the QUALITY of referrals was good to excellent. • 62% of agents said they get at least 25% of their new business from referrals. • Does it mean they could get a lot more referrals if they had a system?
Advice – #5
• If you have been in Insurance Business for at least SIX MONTHS, you should be getting most of your new clients through referrals.
• Appointment are the lifeblood of Insurance Producers Career. • You must see people to tell your story. The reason, so many people struggle and ultimately fail in the insurance business is not from an inability to sell but due to lack of a system to develop inventory of good ‘qualified’ • To maximize you marketing dollar, first set up a system to compel your existing clients to give you lots of referrals, instead of trying to get new clients through any other methods such as cold calling, direct mails, telemarketing , advertising and so on.
• If you want to earn six or even a seven figure income then you MUST create an Endless Steam of Referrals.
Mistake – #6
• Failure to Realize People Don’t Buy When They Understand, But Only When They Feel Understood.
– Most of the sales people:
• Talks too much, trying to be interesting • The try to impress their prospects with what they know, what they have accomplished and the great companies they represent.
• In fact they don’t know, to make more sales, it is all about being interested and not about being interesting.
Advice – #6
• Being Interesting CLOSES More Sales.
• Are you asking probing questions? • Are you really interested in and listening to what your prospect is saying? OR • Are you thinking about what you will say next while the customer is talking to you? • If you ask enough probing questions and really listen to
Mistake – #7
• Failure To Truly Listen To Your Prospect & Clients.
Advice – #7
• Remember that you have two ears but only one tongue, and that they should be used in that ratio. • Follow the following 10 commandments for Good Listening:
• • • • • • • • • • Stop talking Show that you want to listen Remove distractions Put the talker at ease Empathize Be patient Hold your response Avoid criticism Ask questions Stop talking.
Mistake – #8
• Failure To Have A Plan & Stick To It.
• Lack of planning – too many random efforts.
Advice – #8
• Use A Simple Marketing Plan That Works. • Follow these simple steps:
• Decide which product/service is going to be your main focus (Your Specialty). • Define who the best prospects are for that product or service (Your Niche Market). • Create a computer database of prospects and existing clients. You need to be able to mail-merge, print labels, track contacts, track mailings, get reminders of birthdays, etc. • Determine which marketing pieces you want to send to these people. • Start with one direct response system and get it working. Fine tune it. Then ADD another system, and another, until you have 4 or more direct response systems that are always working and bringing you a steady stream of high quality, interested prospects who are ready to buy.
Mistake – #9
• Failure To Keep Learning.
Advice – #9
The More You Sweat In Training, The Less You Will Bleed In Battle • Do the following:
– Become an avid reader. – Subscribe to good Newsletters, Magazines, Journals, etc. – Attend various Study Groups, Sales Seminars, Boot Camps, etc. – Invest in Audio/Video Sales Training and Motivational Tapes.
Mistake – #10
• Failure To Take Action – Procrastination.
Advice – #10
• You Must Know:
• What key priorities should you be focusing on? • How do you spend your time compared to others? • Are you maximizing your productive time and minimizing the wasters?
• If you could know what other successful sales/marketing people are doing, you could emulate them. *** Starting Today, Stop Procrastination*** • Stop waiting to try new sales or marketing ideas until everything is perfect. Just do it. • Motion creates the momentum, which leads to success.
This action might not be possible to undo. Are you sure you want to continue?