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Joaquin "Duke" Wilwayco

Apr. 01, 2010 • 88 likes • 15,513 views

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Prospecting
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! Prospecting for Clients

1.
2. What Makes aQualified Prospect?<br />Does he or
she have a NEED for life insurance?<br />Can he or she
AFFORD to pay for it?<br />Can he or she QUALIFY?<br
/>Can he or she BE APPROACHEDunder favorable
circumstances?<br />2<br />
3. HOT<br />50%<br />35%<br />WARM<br />20%<br
/>COLD<br />10%<br />PROSPECTOMETER(Measuring
the Value of a Name)<br />Timeliness:<br />Has there
been a recent change resulting in:<br /><ul><li>
Financial Improvement?
4. Increased Responsibility
5. Increased Receptiveness?</li></ul>(PLUS
INFORMATION BELOW)<br />PROBABLE BUYER<br />(A
Prospect for You, Now!)<br /><ul><li>Can you get to see
the prospect on a </li></ul> favorable basis?<br /><ul>
<li>Are you fully equip to satisfy the prospect’s
particular need?</li></ul>(PLUS INFORMATION BELOW)
<br />QUALIFIED PROSPECT<br />(A Prospect for You)
<br /><ul><li>Does the prospect have purchasing
power?
6. Does the prospect have a need for your product?
7. Can the prospect meet medical and underwriting
requirements?</li></ul>(PLUS INFORMATION BELOW)
<br />PROSPECT<br />(For Some Lucky Agents)<br
/>DEGREE OF PROBABILITY OF BUYING NOW<br /><ul>
<li> Do you know the prospect’s name, address, </li>
</ul> phone number, place of employment, <br />
occupation, age, family status, hobbies, <br /> interests,
etc.<br />SUSPECT<br />3<br />
8. A Lot of Things Happensas a Matter of…Timing<br
/>4<br />
9. SITUATIONS THAT INDICATE NEED FOR LIFE
INSURANCE<br />Financial Improvement<br
/>Increased Responsibility<br />Increased
Receptiveness<br />5<br />
10. FINANCIAL IMPROVEMENT<br />Appointment or
Promotion<br />Salary Increase<br />Bonus<br
/>Inheritance<br />Probate of a Will<br />Winning a
Law Suit<br />Completion of Installment Payments on
Car, Home, etc.<br />Policy Becomes Paid-up or Has
Matured<br />Dependent Relative Dies or Becomes
Independent <br />Successful Speculation<br />Real
Estate Transfers<br />Awarded Business Contract<br
/>Business Expansion<br />Gets Building Permit<br
/>Patents Awarded<br />Government Action Gets
Favorable to Business<br />Winning in the Lottery
Increased Prosperity<br />6<br />
11. INCREASED RESPONSIBILITY<br />Marriage<br
/>New Child<br />Adoption of a Child<br
/>Engagement<br />Taking First Job<br />Changes Job
and Loses Group Insurance<br />New Home<br
/>Borrows Money<br />Parent/Relative Becomes
Dependent<br />Death of Wife<br />Death of
Husband<br />Child Enters College<br />Interest in
Some Charity<br />Has a “Special Child”<br />Becomes
a Key-Person<br />Improvement in Standard of
Living<br />7<br />
12. INCREASED RECEPTIVENESS<br />Death of a Friend
or Relative<br />Narrow Escape From Death<br
/>Observing Narrow Escape<br />Sees Life Insurance in
Action<br />Sees What Life Insurance Could Have
Done<br />Birthdays<br />Age Changes<br
/>Approaches Retirement<br />Becomes Uninsurable
or Rated<br />Financial Losses<br />Graduations<br
/>Becomes Executor or Administrator of Estate <br
/>Improved Social Status<br />New Resident<br
/>Friend/Relative Buys<br />Birth of Grandchildren<br
/>Child Gets Special Honors<br />Failure of
Competitor<br />Death of Competitor<br />Favorable
Business Forecast<br />Takes Child Into Business<br
/>Change in Management<br />Business Re-
Organization<br />Another Agent Sold Idea but Didn’t
Ask for the Application<br />8<br />
13. Who Do You Know Who…<br />9<br />
14. The Sales Pipeline*<br />It’s in “Seeing the People”
<br />There is not a business going that does not
depend on new people to see. <br />Somehow
someone must put names into the pipeline so that
what comes out the other end are completed missions.
<br />Although there are multiple facets to operating
any business, the entrepreneurial spirit would mean
nothing without new prospects, and these mean less if
no contact is made. <br />The success of any business
venture can be measured by the percentage of time
spent face to face, and this time occurs only when
someone asks for the meeting.<br />General<br
/>Public<br />Targeted<br />Market<br />Specific<br
/>Prospects<br />Eliminated<br />by Choice<br
/>Initial Contact<br />No Need<br />At This Time<br
/>Study of<br />Their Needs<br />Proposal<br
/>Inappropriate<br />Proposed<br />Solutions to<br
/>Client’s Problems<br />Confirm<br />The
Purchase<br />Assure Client Satisfaction<br />* from
the “Business of Selling,” Allesandra & Cathcart<br
/>10<br />
15. Client Referral Model<br />Personal<br
/>Referrals<br />Family<br />Relatives<br />Friends<br
/>Social<br />Contacts<br />Social<br />Referrals<br
/>Acquaintances<br />Neighbors<br />Key<br
/>Business<br />Relationships<br />Business<br
/>Associates<br />Business<br />Contacts<br
/>Occupational<br />Referrals<br />11<br />
16. Personal<br />References<br />1. ____________<br
/>2. ____________<br />3. ____________<br />Best
Friends<br />1. ____________<br />2.
____________<br />3. ____________<br />Sports<br
/>1. ____________<br />2. ____________<br />3.
____________<br />Associates<br />1.
____________<br />2. ____________<br />3.
____________<br />Attorney<br />1. ____________<br
/>CPA<br />1. ____________<br />Doctor<br />1.
____________<br />Family<br />1. ____________<br
/>2. ____________<br />3. ____________<br />CENTER
OF INFLUENCE<br />________________________<br
/>Neighbors<br />1. ____________<br />2.
____________<br />3. ____________<br />4.
____________<br />5. ____________<br
/>Professionals<br />1. ____________<br />2.
____________<br />3. ____________<br />4.
____________<br />5. ____________<br />6.
____________<br />7. ____________<br />Greeting
Cards<br />1. ____________<br />2. ____________<br
/>3. ____________<br />4. ____________<br
/>REFERRAL POSSIBILITIES<br />12<br />
17. BUILDING & EXPANDINGYOUR MARKET<br />13<br
/>
18. What’s the BestProspecting Method?<br />Client
Prestige<br />Referrals<br />Client Referrals<br
/>Endorsements<br />Professional References<br
/>Seminars<br />Advertisements<br />Leads<br
/>Mailing or Telephone Lists<br />Cold Calling<br
/>The value of the method increases<br />as you move
from the bottom to the top. <br />14<br />
19. AGENT CONTROL<br />PROACTIVE<br />PROSPECT
CONTROL<br />REACTIVE<br />Impact of Various
Prospecting Methods <br />TOP<br />OF THE TABLE<br
/>Target Market<br />Network of Advisors<br
/>COURT<br />OF THE TABLE<br />Referrals<br
/>MDRT<br />Research Followed by Phone Call<br
/>SHORT<br />CAREER<br />Direct Mail<br />Followed
by Phone Call<br />Face-to-Face<br />Cold Calling<br
/>Direct Mail<br />Natural Market<br />The following
Prospecting Pyramid clearly illustrates the impact of
various prospecting methods on an agent’s career. <br
/>Generally, the more an agent relies on “cold”
methods of prospecting, the lower his/her productivity
and the shorter the career in sales. Agents who direct
their prospecting e!orts toward Target Marketing
achieve the highest production and maintain long-
term, successful sales careers.<br />15<br />
20. First Year Commissions and Lives/Cases
SoldAverages for U.S. Agents and Members of MDRT
Table Levels<br />16<br />* U.S. Average Commissions
and Lives/Cases from LIMRA<br />
21. AGENT SURVIVAL RATES<br />GAMC<br />17<br />
22. Organized Prospecting<br />List Names<br
/>Evaluate Names<br />Record Names & Data<br
/>Organize for Calls<br />Record Results<br />18<br />
23. Methods of Prospecting<br />PERSONAL
OBSERVATION<br />FRIENDS & ACQUIANTANCES<br
/>DIRECT MAIL<br />CENTER-OF-INFLUENCE’S
LEADS<br />REFERRED LEADS<br />(Endless Chain)<br
/>COLD CANVASS<br />SEMINARS/WORKSHOPS<br
/>SUSPECTS<br />NEW<br />CONTACTS<br />FOLLOW-
UP<br />CONTACTS<br />CASES<br />OPENED<br
/>CLOSING<br />INTERVIEWS<br />SALES<br
/>COMMISSIONS: $ ____________<br />19<br />
24. Weekly Sales Success Formula<br />PERSONAL
OBSERVATION<br />FRIENDS & ACQUIANTANCES<br
/>DIRECT MAIL<br />CENTER-OF-INFLUENCE’S
LEADS<br />REFERRED LEADS<br />(Endless Chain)<br
/>COLD CANVASS<br />SEMINARS/WORKSHOPS<br
/>20<br />G<br />U<br />I<br />D<br />E<br />L <br
/>I<br />N<br />E<br />S<br />YOUR<br />S <br />T<br
/>A<br />N<br />D<br />A<br />R<br />D <br />S<br
/>SUSPECTS<br />12<br />NEW<br />CONTACTS<br
/>8<br />FOLLOW-UP<br />CONTACTS<br />10<br
/>CASES<br />OPENED<br />6<br />CLOSING<br
/>INTERVIEWS<br />2<br />SALES<br />COMMISSIONS:
$ ___________________<br />20<br />
25. Weekly Sales Success Formula<br />Below, the
Weekly Sales Success Formula is charted in the form of
a funnel. On the le"-hand side of the funnel, you will
see “Guidelines” showing the suggested number of
Suspects, New Contacts, Follow-up Contacts, Cases
Opened, Closing, Sales and Commissions. On the line
below the funnel, enter the average weekly amount of
“Commissions” you wish to generate. Then develop,
and fill in the lines down the right-hand side of the
funnel, “Your Standards” — as required to generate the
“Commissions” you set to achieve.<br />“SUSPECT” -
New people whom you plan to contact in the near
future. You only have a “Suspect” when you know the
name, address where to be contacted, phone number,
occupation, approximate age, family status, hobbies,
interests, etc.<br />“NEW CONTACT” - A ‘New contact’ is
when you have an appointment to speak to someone
for the first time about one of the company’s products.
<br />“FOLLOW-UP CONTACT” - A second or
subsequent interview, as part of the selling process, on
any previously Opened Case.<br />“NEW CASE
OPENED” - A “Case” is “Opened” when you have had
your first interview and decide to continue your
negotiations.<br />“CLOSE” - A “Close” consists of a
face to face (not telephone) conversation during which
you ask the prospect to take some positive action, such
as signing the application, to be recorded whether the
attempt was successful or unsuccessful.<br />“SALE” -
A “Sale” is any interview which results in your obtaining
all the necessary requirements<br />to complete a sale:
— signed application, premium payment, medical
evidence arranged.<br />21<br />
26. 22<br />Are You Seeing3 People Per Day?<br />“If
you are not seeing 3 people per day, you haven’t
earned the right to complain about the state of your
financial circumstances.”<br />
27. Always remember the basic premise of any sales
endeavor:“You’ve Got to Kiss a Lot of Frogs to Meet a
Prince.”<br />That’s the job and you’ve got to kiss
them<br />Don’t try to substitute<br />You can’t mail
them a kiss<br />You can’t stay in the o!ice and wait for
them to hop in and kiss you<br />You can’t let
advertising change them into princes<br />You can’t
ask your secretary to kiss them (he or she hasn’t got the
stomach for it)<br />It doesn’t take a lot of smooching
to tell a prince from a frog<br />You can’t change
kissing styles every 30 days or spend all your time in
Kissin’ School<br />You’ve got to spend time with frogs
and you’ll find them out there in the marshes<br
/>Then, when you find one, you got to make contact<br
/>Kissing is a contact sport<br />-Source Unknown<br
/>23<br />
28. CONTACTS<br />At this point, when your prospect is
ready to buy, you have a 90% chance of being called.
<br />You are probably the only person to make eight
contacts with this prospect.<br />You are building top-
of-the-mind awareness (TOMA).<br />Nurturing slowly,
your prospect gets to know you and your company.<br
/>Customer Relationship<br />You are becoming a
factor in the prospect’s mind.<br />89.9% of
salespeople have given up by this point.<br />79.8% of
salespeople have given up by this point.<br />65% of
salespeople have given up by this point.<br />50% of
salespeople give up.<br />PROSPECT<br />24<br />
29. 25<br />HOT<br />50%<br />35%<br />WARM<br
/>DEGREE OF PROBABILITY OF BUYING NOW<br />20%
<br />COLD<br />10%<br />Success in Our Businessis
All AboutQuality Prospecting…<br />Everything else is
Commentary.<br />
30. Success Triangle<br />GOAL SETTING<br
/>SALES<br />KNOWLEDGE<br />QUALITY<br
/>PROSPECTING<br />26<br />
31. The 8 Keysto Bullet-Proofing Your Practice<br
/>Rate your practice from<br />Scale of<br />1 to 8<br
/>with 1<br />representing your best practice<br /><ul>
<li>Relationship Management
32. Activity Management
33. Time Management
34. Inventory Management
35. Referral-Based Prospecting
36. Values-Based Fact-Finding
37. Product Expertise
38. Assistant Coordination</li></ul>27<br />
39. “You Miss 100% of the Shots You Don’t Take.”<br
/>Wayne Gretzky<br />Great Hockey Player<br />28<br
/>
40. JAN<br />FEB<br />MAR<br />APR<br />MAY<br
/>JUN<br />JUL<br />AUG<br />SEP<br />OCT<br
/>NOV<br />DEC<br />Prospecting<br />Sales<br />One
Reason for Sales Slump<br />The vast majority of
salespeople experience sales slumps. The one reason
why dry spells occur can be understood with the aid of
this chart.<br />Let’s say you start a job in January and
spent a lot of time in prospecting, in fact, it took 90% of
your time that month. Naturally, there is a time lag
between your initial contact with your prospect and the
confirmation of a sale. This is called the Sales Cycle,
and generally, the higher the price, the longer is the
sales cycle.<br />As time goes by, sales increase. Your
prospecting activities begin to pay o!. You become
more and more impressed with yourself. You’re making
customers happy, your sales manager is thrilled and
your bank account looks better all the time.<br />But as
your sales increase, you keep decreasing your sales
activities because you think “I don’t need to prospect,
I’m making sales?” Months later, you enter a dry spell
but you can’t figure it out. The answer is simple, you
have stopped prospecting. The prospecting
groundwork you laid at the beginning of the year has
already paid o!, and the well of new business is starting
to run dry.<br />Sales slumps can be avoided by
continually prospecting. One simple truth to remember
in this business is that “if you stop planting, you stop
reaping.”<br />
41. SynergiaBusiness Presentations<br />Joaquin
“Duke” G. Wilwayco8301 Ephraim Road, Austin, TX
78717Phone: (512) 799-2999<br />Fax: (512) 671-
6377Email: dgwilwayco@aol.com<br />

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