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THE WEDGE REPORT
IS YOUR SALES PROCESS OUTDATED?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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