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THE WEDGE REPORT
AUGUST 2018
IS YOUR SALES PROCESS OUTDATED?
In the sales process, there’s a battle being waged between the old-world way of doing things and the new-world mentality. The old world of insurance has largely been strong from a technical standpoint. One of their strengths was finding coverage gaps and selling accordingly. And in selling, the process looked a little something like this: The agent prepared a proposal, delivered a quote, and hoped they got the account. In the new world, the sales process is shifting away from just preparing proposals, delivering quotes, and living on a prayer. Producers are now leveraging differences outside of cost and coverage — a crucial aspect overlooked by most agencies. It’s not just about knowing the prospect. It’s about knowing the prospect and the competition. You’ve got to offer more than a better price. Price alone will probably not get the incumbent fired. The first step is building the relationship and fostering trust. Then find out what the incumbent isn’t doing for the prospect. How can you deliver a better experience for the prospective client? It was copy, quote, and pray.
prospect, opening the door for your agency.
Delivering a better client experience is how you win new clients.
If it works, you might ask, then why doesn’t everyone do it that way?
It’s a lot like the mentality held by the established health care
Most people in the insurance industry haven’t made the connection. It’s easy to keep quiet and slip back into the way things were; it doesn’t take any effort. This is a weak attitude, and it’s one your agency can take advantage of. You can get to the root cause of a prospect's “ailment.” You do that, and you’ll cure them — you’ll get their business and they won’t want to go back to the once- established way of doing things. As a leader, one of the noblest things you can do is to sit down with your sales team to help them succeed. Help put that new-world mindset into the way they sell. Teach them how to leverage those differences that define your agency — to get those incumbents fired so they can land that sale.
industry. You go in to see your doctor, tell them your symptoms, and they write up a prescription to treat those symptoms. The doctor isn’t necessarily interested in the root cause of the problem. He’s interested in getting you in and out so he can see the next patient. It’s an easy way of doing things. It’s Complacency 101. In this scenario, your symptoms may be treated, but the cause of your ailment persists. The new-world way of thinking about this is shown by the doctors who are practicing functional medicine. These are specialists who are interested in searching for the root cause of the problem. When you find the root cause, you can treat it, rather than mask the symptoms. The patient is left with much better results in the long term.
– Randy Schwantz
That, in short, is The Wedge — driving a wedge between the incumbent and the
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A HELPING HAND WHY BUSINESS LEADERS NEED TO ASK FOR HELP
“Can you give me a hand?”
intelligent, have some drive, and are successful enough to not be part of the bottom 20. In short, these are producers who represent potential. You, as a leader, can turn that potential into profit for your agency; you just have to unlock it. How? You need to help them think about their goals, their future, their family, and their eventual retirement and the money that goes along with it. You don’t want to simply ask how much money they want to make this year; you need to help them set specific goals centered on what the producers want in their lives. This is goal setting that weaves the future together with today. It’s up to you to help bring their intrinsic motivation into focus. The truth is, for the average person to be motivated, they need to exist in a motivating environment. Having to ask for help isn’t a sign that you’re unable to achieve what you set out to do. In fact, when you ask for help in business, you may find you’re able to achieve more . This is because asking for help is a form of networking. You’re actively reaching out to experts, learning how other people solve problems, and broadening the awareness of your name and brand at the same time. your mindset. You don’t have to do it all; you’re just one person, and sometimes one person needs to delegate tasks to others to get more done. Asking for help is also easier when you know what you want to ask for. If you are overwhelmed by a big project, take a moment to write down your goals for that project, along with a list of action steps and If you struggle to ask others for help when you need it, start by changing
The middle 60 percent of your producers represents a gold mine. As you know, you have three groups of producers: the top 20 percent, the middle 60 percent, and the bottom 20 percent. The top 20 are stellar salespeople. They are consistent and carry the agency. The bottom 20 represent those who are brand-new to the agency and have yet to meaningfully produce. There are also salespeople who aren’t producers at all — those who are being poorly utilized in this position. The middle 60 represent a group of people you want to take a close look at. This is where the gold is buried. These salespeople are producers who — with the right motivation and training — can make a huge difference. Asking for help is a simple request. Most people do it every day, whether they’re getting a second opinion on a paint color or asking a stranger to hold the elevator. Asking for help is important; the ability to work as a team is one of mankind’s greatest strengths. But if the act of asking for help is so essential in our lives, why do entrepreneurs have such a hard time with it? This struggle often comes from pride, the idea that if you admit you can’t do it all, then you can’t do anything. But this mindset often leads to ruin. In a survey by 99 Design, most entrepreneurs claimed the worst mistake they ever made wasn’t a poor financial decision or bad planning — it was simply not asking for help early in their careers.
resources needed to get there. Then think about who you can reach out to in order to tackle these steps. If you’re still uncomfortable with asking for help, make a point of helping others when you can. Being helpful changes the way you perceive receiving help and builds a positive reputation with others. When you are viewed as being helpful, other people want to help you in return. Asking for help means admitting you can’t do it all alone. But why should you have to? Doing it all alone can be pretty lonely, and asking for help means you have a team to support you wherever you go.
WHY YOU NEED TO PAY ATTENTION TO THE MIDDLE 60% ARE YOU READY TO STRIKE GOLD?
A motivating environment can look like this: You help your producers think about what they want. You set up the rules, the cause and the effect: "If you do this, you write new business." "If you do that, you get rewarded." "If you do this, you keep your job." As a leader, your biggest challenge is helping your 60 percent vividly comprehend that their future is being created today, and that their future is in direct proportion to their savings ability over the next 20 years.
Who are the middle 60? They are neither the best nor the worst. They are reasonably
2 | www.thewedge.net • Beat Your Competition - Grow Your Revenue
A CLOSER LOOK AT AGENCY GROWTH MACHINE A BOOK AND PROVEN SYSTEM TO HELP YOU TAKE CONTROL OF YOUR AGENCY’S FUTURE
What kind of sales culture do you have in your agency? How are your sales people performing? How are they meshing with your agency’s goals? Really think about these questions. All too often, agencies struggle with their sales culture. From the top down, it’s not built for growth, even though agency owners might think it is. There is a certain amount of complacency that gets in the way — complacency on the part of both the leader in the organization and the producers. They don’t bring in the revenue required for growth. There are many reasons for this. Sometimes it’s the training; sometimes the producers aren’t cut out for the job. In all cases, the agency owner must recognize where their deficiencies are. This is where Agency Growth Machine comes in. Think of this book as a guide to understand the challenges faced by agencies all over the country.
You need to know what to overcome in order to grow. Part of that growth strategy comes down to motivation. A lot of producers — 80 percent — are not fully motivated. Some may be “slightly” or “kind of” motivated, while others aren’t motivated at all. But when you want to grow as an agency, “kind of” motivated isn’t going to get you anywhere. Agency Growth Machine is about defining the process of establishing the sales culture you need to reach your agency goals and to help your sales people reach their own goals. Some of this is related to training and goal- setting, and some of it comes down to the hiring process. Agency Growth Machine offers perspective to help you determine what your agency needs. The book breaks down this 5-step process at length. When you have a consistent process you can follow, you can arrive at largely predictable results. These steps include the following:
STEP #1: Commit to growth. STEP #2: You can’t drive an idea — you must have a process. STEP #3: Training, not just for skills but also for confidence STEP #4: Convert that training and confidence into high leverage activity — winning new business and booking the revenue. STEP #5: The 3 C’s to driving a culture of accountability If you have yet to get a copy of Agency Growth Machine , you can find it here: bit.ly/agmbook. Every step is laid out in detail to help you find the control — and growth trajectory — you’ve been missing. Even better, Agency Growth Machine doesn’t end when you get to the final page. You can tune into the Agency Growth Machine podcast on iTunes or your favorite podcast app, including Stitcher and Pocket Casts, for more insight into these five steps and so much more.
SUDO K U
UPCOMING E V E N T S
3-in-1 Workshop October 23–25, 2018 San Francisco, CA bit.ly/3in1workshop CRISP Sales Meeting Training September 18–19, 2018 Raleigh, NC bit.ly/crisptraining iWin Nation Forum – Hiring Producers October 3–4, 2018 Plano, TX bit.ly/iwinforum
Subscribe to "Agency Growth Machine" podcasts on iTunes or Stitcher today!
• Letter to My Boss • For The Wedge Haters • CRM: Why Off-the-Shelf Bucket Technology Could Wreck Sales • Sales Meetings
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Is Your Sales Process Outdated?
Why Is It Hard to Ask for Help?
Are You Ready to Strike Gold? Take Control of Your Agency’s Future With Agency Growth Machine
Upcoming Events
Safe Sailing This Hurricane Season
BOOK A CARIBBEAN CRUISE SAFE SAILING THIS HURRICANE SEASON
After last year's devastating storm season, would-be tropical travelers are undoubtedly hesitant about purchasing those discounted plane tickets to the Caribbean Basin. No one wants to face a possible evacuation during their vacation — or worse, be forced to weather a hurricane at a beachfront resort. If you want the most bang for your buck while enjoying the turquoise waters of the Caribbean this fall, consider booking a cruise. Cruise-ship travel is a fun and adventurous way to explore any time of year. After all, what could be more magical than a floating hotel room where you fall asleep in one country and wake up in another? This charming mobility is also what makes cruise travel the safest option for visiting the Caribbean and the coast of Mexico this time of year. Much like resorts and airfare, cruise lines discount their Caribbean fares significantly during peak hurricane season, from August to October. However, unlike a traditional hotel, these massive ships have the luxury of navigating out of a storm’s path with ease. For all their ferocity, hurricanes move slowly across the Atlantic and have relatively predictable trajectories. Meanwhile, modern cruise ships carry the most sophisticated weather-tracking instruments, allowing them to SAFETYAND SAVINGS
bypass even small storms and inclement weather.
FLEXIBILITY IS AMUST
The flipside of this ability to dodge storms is the fact that your ship may not be able to stick
to its original itinerary. You may have to anchor at an island you weren’t expecting to or miss out on seeing a port you were supposed to visit. If you have your heart set on seeing a specific location, cruise travel this time of year may not be for you. But if you are simply looking for a safe, affordable vacation to a beautiful region, then it doesn’t much matter which white-sanded beach you wake up to next. While unpredictable weather will always be a concern for any vacation, the safety and variety cruises offer make them great options for anyone looking for a Caribbean getaway before the holiday season. So if you have a flexible schedule and a healthy sense of adventure, it’s time to call your travel agent, pack your sunscreen and bathing suit, and head to paradise!
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JOIN US SEPTEMBER 18 AND 19 IN RALEIGH, NC for CRISP SALES MEETING TRAINING A STRONG Growth Culture Begins With A HIGHLY EFFECTIVE Sales Meeting
At this workshop for Agency Owners and Sales Leaders, discover the components you must have if you want a high performance agency — these are essential to your agency’s survival . During this workshop, you will learn how to run GREAT Sales Meetings — meetings that challenge a producer to build a strategy to BEAT the incumbent. This workshop is focused on helping you learn how to facilitate these critical processes:
Philosophy and Goal Setting PreCall Strategy Red Hot Introductions™
Ladder of Abstraction Wedge Scripting SODAR
Through the power of the iWin Agency Growth System, you’ll learn how to bring these core elements into your agency’s daily operations and change the way you run your agency, making it more efficient and profitable. You will learn how to help your producers create their own game plans, measure their successes, and reinforce winning behaviors, all while eradicating ineffective ones. This proven system motivates your producers and gets them fired up and back in the game of winning!
WORKSHOP SCHEDULE FOR SEPTEMBER 18 AND 19: Day 1 (Tuesday, 9/18): 8:30 a.m. – 5 p.m. (breakfast, lunch, & dinner included) Day 2 (Wednesday, 9/19): 8:30 a.m. – 3 p.m. (breakfast & lunch included)
REGISTER NOW BY GOING TO bit.ly/crisptraining
ENTER PROMO CODE 8WR18 TO SAVE $300 OFF THIS WORKSHOP
Are You Ready To Double Your Income?
OCTOBER 23, 24, AND 25 IN SAN FRANCISCO, CA for THE 3-IN-1 GROWTH WORKSHOP
Here’s the TRUTH : You can’t save money you don’t make. To make more, you have to WIN more; to WIN more, it’s time for a NEW STRATEGY . What has held you back is that nobody has shown you how to truly DIFFERENTIATE yourself. At this workshop, you’ll get a PROVEN PLAN and TRAINING on how to Prospect, Sell, and Retain in the most efficient manner to gain BORs and Grow a Huge Book of Business Fast. What you’ll learn: • Component #1. The Master Plan for Doubling your Personal Income. • Component #2. How to differentiate your value proposition (rock-solid stuff that helps you win). • Component #3. The secret to getting in the door of your very best prospects so fast it will make your peers’ heads spin … and without making a cold call. • Component #4. How to get Red Hot Introductions™ from your Coolest Customers. Here’s a glimpse at what people are saying: “4 years ago, my book was stuck at $750,000. It had been at that level for years. Today, my book is $1,300,000, an increase of 73%. My closing ratio is greater than 80%, all by BOR.” –Mike Dennis, Conrad-Houston, Anchorage, Alaska Register now to save $300 using promo code 8WR18 — plus receive Randy’s $300 Smoking Hot - Live Role- Play CD 100% FREE ! This CD is loaded with the most powerful Wedges you’ll ever use and stories that are guaranteed to help you WIN new business.
WORKSHOP SCHEDULE FOR OCTOBER 23, 24, & 25: Day 1 & 2 (Tuesday/Wednesday): 8:30 a.m. – 5 p.m. (includes breakfast at 8 a.m. & lunch at 12 p.m.) Day 3 (Thursday): 8:30 a.m. – 12 p.m. (includes breakfast at 8 a.m.)
ENTER PROMO CODE 8WR18 TO SAVE $300 OFF THIS WORKSHOP
TO LEARN MORE AND TO REGISTER, VISIT bit.ly/3in1workshop
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