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INSIDE 1. Which Agents Are Ready to Take Action?
MARKET ASSESSMENT: PRODUCER STATE OF MIND Who’s Really Ready to Take Action
It became clear, however, that not all producers who were open to new opportunities were ready to take action. I also noticed that some of my clients were getting much higher closing percentages than others. So, I remained intrigued and knew much more could be learned along this line of research and market assessment. Years later, I stumbled upon the works and research of national bestselling author and business consultant Chet Holmes on this exact topic: What percentage of prospects is really ready to take action and buy across different industries? What he wrote left me stunned. It also sent me on an investigative frenzy that culminated in tremendous gains for my business, as well as for my clients. Not only did Holmes’ numbers confirm my findings, but they also pointed to an earlier study conducted by entrepreneur and author Jeremy Miller, a member of a North American recruiting firm in the 1990s and early 2000s. His study revealed what I had been looking for over the years. Inside this month’s newsletter, we break down these important findings and what they mean for you. 2. How to Create Great Content 3. How Henry Ford Innovated His Industry 4. Tips for Women Climbing the Business Ladder
fruit” before we circle back (if we ever do) to those who engaged with us but didn’t move forward with our proposal. I’m not referring at all to unqualified or ineligible leads, like agents who are retiring, agents who are licensed but not producing, or those who just don’t write the products you focus on. I’m talking about agents or advisors with the proper licensing in the markets you target but who manifest different degrees of hesitation from taking action. In other words, I’m referring to the prospects who aren’t ready to close. O pen vs . R eady to T ake A ction Many years ago, when I started helping people in the insurance and financial services industries, I wanted to find out the actual percentage of producers who were in the market for, or open to, a new opportunity. So, I conducted a quantitative study with the help of my staff and surveyed a few hundred active producers regarding whether they already had existing relationships with BGAs or IMOs and whether they’d be open to discussing a new relationship. It’s worth mentioning that I’m not a big believer in the accuracy of email surveys or quick, multiple-answer online tools. My team surveyed producers by phone to best capture their demeanor, attitude, and disposition — those qualities that only human interaction can elucidate. We discovered that 40% of active producers would be open to an opportunity with an IMO or insurance wholesaler. Based on the sample size of my survey, I determined that this tabulation had a +/- 5% margin of error.
You’ve probably heard the phrase “low- hanging fruit.” I’ve heard it many times in my career while collaborating with brokerage agencies, carriers, and individual recruiters targeting producers from a variety of backgrounds.The metaphor refers to the idea of focusing on the prospects who are in a more receptive frame of mind and are more apt to take action when given an opportunity to contract and write business through your channel instead of your competitors’. The phrase also means concentrating less on, or even excluding, less promising prospects — for example, agents who RSVP'd for your event but didn’t show up or prospects who jumped on a call to listen to your value proposition but seemed to be “kicking your tires” and not seriously considering a change. In the context of producer recruitment, we naturally gravitate toward the “low-hanging
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