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THEWEDGE REPORT
FEBRUARY 2019
STOP REACTING AND GET PROACTIVE!
HOW DO YOU DIFFERENTIATE YOURSELF FROM THE OTHER GUYS?
Many salespeople are coached to believe that what sets them apart and makes them better than the competition comes down to a handful of attributes. Being local — focusing on the community in which they live and advertising that their close proximity allows them to serve it best — is among these attributes. Another is to have a strong knowledge base of the products they sell. Salespeople are also told to differentiate themselves by working with the best insurance carriers, building solid relationships with prospects, and taking good care of their clients along the way. As a result, salespeople believe wholeheartedly that these traits differentiate their agency from every other. They parrot this information when they speak with prospects, clients, and one another. But here’s the truth: Just about every agency can possess these attributes. Anyone can be local, work with good insurance, become well-versed in their product, and build solid relationships with their clients. While none of these traits are bad, they simply aren’t going to differentiate you from the competition. The only sustainable way to set yourself apart is to first change your mindset. You need to shift from high-level thinking to a more pragmatic kind. I’ll break it down further. There are three things that can potentially give your agency a competitive advantage without necessarily differentiating you. These are price, coverage, and service.
Now, some other agencies will be able to match your price and coverage. That leaves service. You can take service and divide it into reactive and proactive. Many agencies are reactive because it’s easy. They get a phone call, and they answer. A client has questions, and the agency has solutions. They are always ready to act when someone comes to them for a service. Being proactive, on the other hand, changes the playing field and can fundamentally differentiate you. When you have a proactive platform in place, you have a chance to win — and win big. A proactive platform should entail many things — a set of tools, resources, and services. It should also include helpful software and a certain ardent mindset. But above all, your proactive platform should be thoroughly understood by you and your salespeople, making it easier to communicate to your prospects and clients. That is why we work on developing very simple, picture-perfect wedges. They are effective and easy to understand, which gives you a big advantage. There are many firms that go out of their way to spend big money on tools, resources, and services that could help them stand out in the crowd. But the problem is they are not using these tools to the best of their ability, or they are not using the tools at all. It might be because they don’t know how to use their resources — software, for instance. Perhaps these agencies
haven’t bothered to sit down and learn how they can get their money’s worth. There are countless reasons why they may not be living up to their full potential. It’s like spending thousands of dollars on a brand-new tool chest for your garage only to find out you have no idea what any of the tools are or what they do. If you don’t know how to use a crucial piece of software or any of the applications within, you cannot differentiate yourself from the other guys. Zenjuries (Zenjuries.com) and Modgic (Modgic. com) are two great tools. In the commercial insurance business, Zenjuries helps manage workers’ compensation claims. Modgic allows producers to quickly and easily create mods using comparison tools. These brief descriptions are purely surface level, but they are great examples of tools that can be incredibly powerful. If you haven’t checked them out, you ought to! These resources can help differentiate your firm if you use them properly and communicate to prospects and clients how they can help you maximize the service you deliver.
For any questions, give us a call, and we will help set your agency apart.
– Randy Schwantz
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HYPERLOCAL ADVERTISING FOR THE BROAD MODERN BUSINESS MARKETING STARTS RIGHT NEXT DOOR
There are a lot of personality-profile tools on the market, and many of them use similar science to make their recommendations. However, there are two critical factors you can use to identify the helpful ones: Was the profile developed to hire sales people or the population in general? (There is a big difference.) • Experienced salespeople have taken enough profile assessments to know how to answer the questions in a way that favors them rather than reveals the truth. When that happens, you get false data, which leads to poor decision-making. Not long ago, a sales candidate took a profile assessment with us in an effort to get a job. But we didn’t hire him because he didn’t have the energy or the ability to deal with rejection. This candidate then took the same profile at a later date for a different client and Whether you’re the CEO of a major tech- savvy corporation or a freelancer, your eyes should be set on your next marketing move in this digital age. While spinning signs on sidewalks and flying banners from the backs of airplanes may be considered staples of public outreach to some, the tides are shifting to more targeted ways of reaching your future clientele. Virtually any business can benefit from utilizing hyperlocal advertising and its many strategic facets. Hyperlocal advertising refers to the process of hyperspecific or niche marketing campaigns implemented for a certain focus area. This can take many forms depending on the specific needs of the business. A local mom and pop restaurant may choose to take advantage of hyperlocal advertising by sending ads to potential customers within a 5-mile radius during the hours they are most likely to be hungry, on their lunch breaks, or when they are otherwise free to stop in for a bite to eat. • Was it built to prevent cheating or gaming the system?
Alternatively, a major car dealership in a metropolitan area could target their potential audience by running ads during local professional sports games.
So how does this work for your business? It all depends on your desired campaign for your targeted region. Assuming you’re well-
A mechanic shop expanding to a new city may cast a wider net, while a high-end jeweler may target areas with higher incomes.
informed about your current demographics or the demographics you’re hoping to reach, there are several methods to effectively implement hyperlocal advertising tactics. By using GPS and IP addresses, you'll be able to target ads to specific cities, streets, and even buildings by inputting their coordinates. After you’ve narrowed it down, you can choose which areas work best for your goals.
With hyperlocal strategies, your advertisements can cater to a variety of digital platforms, like social media,
streaming services, and apps. These new-age technologies will give you more exposure and patronage for your ever-expanding business!
PUT PERSONALITY PROFILES TO USE WHEN HIRING A NEW PRODUCER
came out looking good. Did he miraculously become more energetic and learn how to handle rejection? What’s more likely is that he learned how to game the system. It is critical to prevent dishonesty in this stage of hiring. The GRIT Personality Inventory does a good job of this. It measures 10 primary traits and 10 secondary traits for salespeople. There are a couple of factors for which you’ll want an appropriate score. Intensity and Drive If someone is not driven to be successful in sales, they are bound to fail. It’s just too hard in the first 2–4 years for someone who’s not determined to succeed. Independence Those who score high want to work alone without supervision. They enjoy situations where they are in control of the outcome of their efforts. If you wanted to hire a staff person rather than sales, you would want someone who scores low on this. For them, teamwork and compliance are more important. But for a salesperson, this characteristic can be ideal.
Here are a few samples of secondary traits:
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Confidence/persistence to close sales
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Charisma to influence others to buy
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Proficient at managing time
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Receptive to coaching
For more insight from Randy, be sure to visit The Wedge Blog at thewedge.net/blog.
Agency Owners! To test drive the GRIT Personality Inventory, please request it here: thewedge.net/news-gpi/
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CONTROL YOUR FOCUS WITH ‘DEEP WORK’
A BOOK ON BREAKING THROUGH DISTRACTION
identify the types of work you do every day, distinguishing between activities that are “shallow” and work that is “deep.” For instance, while constantly checking and responding to emails, you may be busy, but you’re not necessarily being productive. Think about the amount of time you spend doing this or a similar activity. Is it worth the time? Is there a better and more productive way you could use your time? “Deep Work” helps answer these questions and more. There’s little information in the book that’s particularly groundbreaking, but Newport is clear and direct when describing his useful strategies. If you feel lost during the day and your attention is scattered, this book may give you the tools you need to renew your focus and break through the distractions.
What has distracted you today? Our lives are packed with disturbances that get in the way of things we need to accomplish. They dilute our attention, and we can deliver subpar work as a result. Distractions come in all forms, but some of the biggest ones include our smartphones, the internet, social media, and email. Losing focus is all very electronic for most people. In Cal Newport’s book, “Deep Work: Rules for Focused Success in a Distracted World,” he details how you can take back control. Newport doesn’t hold back. He clearly lays out what you need to do in order to escape the distractions that plague your workspace. This includes whatever space you’re occupying while you should be focused on, say, setting up an appointment with a prospect. The moment you set “Deep Work” down, you can put Newport’s advice to the test. He details a number of rules to help you
ATTENTION AGENCY OWNERS! Stop Rolling the Dice, Quit Guessing ... You Must Know Before You Hire: Can They Sell? Will They Sell? New producer hiring mistakes cost $75,000– $150,000. It's not only horrible on your bottom line; it kills your opportunity to grow your agency. Mistakes can be eliminated, but to do so, you need a profile that is not easy to game. The problem with most profiles is that producers have seen them before. They know how to answer the questions to get acceptable scores.
UPCOMING E V E N T S
3-in-1 Workshop
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April 23–25, 2019 Cary, NC thewedge.net/btsb/ CRISP Sales Meeting Training Cary, NC Check for upcoming dates at: thewedge.net/crisp
• Nick Saban on Leadership • Bill Belichick • Magic Johnson • Start With Why
That stops now with the GRIT Personality Inventory.
Agency Owners!
ENTER PROMO CODE 2WR19 TO SAVE $300 ON A WORKSHOP
To test drive the GRIT Personality Inventory, please request it here: thewedge.net/news-gpi/
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INSIDE What Sets Your Agency Apart?
Better Targeted Ads for Your Local Customers
Personality Profiles Are Not Created Equal Control Your Focus With ‘Deep Work’ Upcoming Events 3 Ways Nature Improves Your Health
A WALK IN THE WOODS IS THE PRESCRIPTION 3 WAYS CONTACT WITH NATURE IMPROVES YOUR HEALTH
A Calming Effect Research also shows that spending time in nature reduces stress. In a study
Our ancestors were deeply connected to their natural environment, mostly because their survival depended on it. With no Whole Foods available, those who could best track a mammoth, find water, and forage for edible plants kept themselves alive and passed on their genes. Given our history as hunter-gatherers, it’s no wonder contact with nature provides us with several health benefits. A Memory Boost In a University of Michigan study, a group of students were asked to take a memory test that involved repeating numbers back to researchers. Next, researchers separated the students into two groups. Group A took a walk around an arboretum and Group B walked along busy city streets. Afterward, they were asked to take the memory test again. Group A, the students who had walked in the arboretum, performed 20 percent better on the memory test. Group B didn’t show any marked improvement. Additional research has corroborated the memory-enhancing effects of nature. A Mood Boost Observing the benefits nature has for cognitive function, scientists wondered what effects it might have on individuals diagnosed with depression. In one study from the University of Essex, participants with major depressive disorder reported an improvement in self-esteem and mood after spending time in nature. Exercising while in nature resulted in even more of a mood boost for participants.
conducted by Chiba University in Japan, participants spent two nights in the forest. Researchers evaluated their
levels of stress hormones during and after this period and compared it to their normal work days in the city. Across the board, participants’ stress levels were much lower during the days spent in the forest and for several days afterward. Today, we’re less connected to our natural environment than our ancestors were. Modern comforts and technology mean we don’t have to go outside to get our food. But nature is still accessible and you don’t have to go far to find it. In many of the studies, even minor exposure to the outdoors, like adding plants to your home or looking out a window during work, showed health benefits. This winter, find ways to bring a little more nature into your life each day. Your brain will thank you.
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