Economic events of the last year have altered the sales landscape as consumers react to lost jobs, cut back on expenses and retrench any number of ways. No wonder some producers report a slump in their life insurance sales results.
When life business is in a sales slump it might seem like nothing goes right. Real life steps on your plans and sometimes the negative outcomes really pile up. The slam-dunk case that is all but written goes south, the app that was submitted last week is withdrawn, the great new prospect stands you up, etc. Even the seen-it-all veteran producer can start to doubt their ability to pull out of a sales downturn.
But, the best of the best have all experienced slumps and lived to tell about it. One common reaction by top-notch producers is that they refuse to sit back and take it. They resolve to take decisive action to stop the slump in its tracks and inoculate themselves against the next one lurking in the shadows.
Here is the distilled advice of years of successful life insurance slump-busting by top-level producers:
1. Fundamentals are difference-makers
The fundamentals of the business are not elementary. Successful producers know they never outgrow them. But it is easy to forget to do much of what we know works well. The best advice is never to abandon the fundamentals. But failing that, when the slump comes along, the next best lesson is to get back to the fundamentals. They are real difference-makers in reestablishing successful patterns of selling.
2. Don't wait -- act
If your life sales are down, taking a wait-and-see approach is a recipe for disappointment. Decisive action to shore up your prospecting activities and tighten up your sales presentations is a must. Don't leave anything to chance.
3. Stand on other shoulders
You are not alone. Ours is a sharing profession, and a lot that others have experienced has been written down. Get a sales tape, order MDRT presentations, visit with top local producers -- borrow the experience and expertise of others.
4. Make change happen
There is a chance that what you've always done might need adjusting -- or completely new approaches are necessary. People naturally resist change, but if the market is changing around you, it is better to implement changes and put them to your advantage. Try out alternative approaches, diversify your prospecting actions, boost your activity levels by adding to and shaking up what you do you create action. Action builds enthusiasm, and it will be apparent to your prospects.
5. Look for solutions outside the box
If the downturn in your life sales has persisted for more than a little while, it might make sense to consider more radical approaches to solving the problem. As you weigh alternatives, some of them might be a departure from your traditional approach. Don't discard any idea just because it is outside your comfort zone.
6. Sharpen your sales skills
Stephen Covey coined the phrase "Sharpen the Saw" to highlight the need to keep your tools as finely tuned as possible. A producer's toolbox contains all the sales strategies, closing skills and presentation abilities that have been accumulated and mastered over a career. If you keep on doing what you've always done, you will keep getting what you always get -- and sometimes that is not enough. Make a point of investing in yourself and learning about new markets, new sales concepts and new products.
7. Use and expand your network
A producer in a slump can turn to his network of clients, associates, prospects in his database, family, friends and acquaintances to help jump-start his sales. Make a point to have lunch with one or more of them three to four times each week. Other activities that pay dividends include dropping in on small businesses as potential new customers and placing emphasis on referral prospecting.
8. Tap into your client base
There is a better-than-average chance that the plans you helped put in place for your clients over recent years are in need of review and revision. During a sales slump it is nice to meet with friendly faces, people who know and appreciate the work you do. Odds are that new sales will result and referrals will follow.
9. Get better at what you do
Selling is a numbers game, and paying close attention to your numbers can be eye-opening. It is a matter of both quantity and quality. Make certain that you are making enough calls for appointments, conducting enough opening and closing interviews and asking enough clients for referrals. Tracking your success ratios can give you a feel for your effectiveness at the point of attack. If there aren't as many calls and appointments as you used to have, ratchet up the numbers. If your success percentage at each step in the sales process is down, fine-tune your skill set. Producers who pay strict attention to the numbers find out what the Kinder Brothers have said: "If you keep score, the score gets better."
10. Set new goals -- create a new plan
Sometimes all that is needed is a fresh look at goals and objectives. If the results that you need are not happening, it might help to start with a clean slate and reestablish your goals and devise a plan to achieve them. An approach that top producers employ is to share their goals with other people whose opinion counts to them. Another tactic is to keep score on the critical activities on a daily basis.
Even the best life insurance producer hits a bump in the road every now and again. Our current economy complicates things even more. While sales slumps sometimes seem to occur for no obvious reason, the smart producer won't just sit back and wait them out. Decisive, broad-based action on a variety of fronts can lessen the impact and shorten the duration of slumps, and set the stage for even greater life insurance sales success long-term.
Bruce E. Dickes, CLU, ChFC, is chief marketing officer for Financial Brokerage, Inc., in Omaha, Neb. He has been involved in the financial services industry for more than 30 years as a producer, agency head, director of training and advanced sales, and regional and national sales officer. Dickes has consulted with numerous carriers and sales organizations on a variety of business development and practice-improving topics. He is a sought-after speaker and coach on sales, markets, agent practice improvement and financial products.
