Boy the First Year in This Business is a Butt Kicker!!

Labman · 06-17-2009, 04:20 PM

Dadgum, even though I was forewarned how hard this business can be, I really never had a clue.

First comes learning all you can about the products you handle which takes a lot more time than I ever imagined.

Second comes learning how to sell. Your posture, your voice inflection, body language, handling objections and on and on and on.

Third is prospecting and what a doozie that is. Cold calling how to's. Who to prospect to so you don't waste your time. Finding a niche. And on and on and on.

Fourth is finding that inner confidence that only comes with time and learning a lot about all the above. It's ironic how confidence is so vital to success. But given that confidence comes from the first three areas, maybe it's not so ironic.

My confidence has just started to pick up in the 7th month of being in the business and has made a drastic difference in how I conduct business and how prospects(POTENTIAL BUYERS) react to me.

It's been a long hard road and will continue to be. But....hopefully the rewards will soon come in a stream instead of a trickle. I'm feeling a lot more confident that I can make a go of this business despite the ass kicking I've taken. Had it not been for the butt whippings, and all the great people who have helped me tremedously on here, I would not have learned so much.

What an interesting business!!! Thanks to all you!!

mjhoffert · 06-17-2009, 04:29 PM

Who did you start your career with? A Farmers/Allstate kinda company. Or was it a just a independent broker? Congrats on your first year. Glad to here it is all coming together for you.

Labman · 06-17-2009, 04:58 PM

I initally started out with Colonial Life on voluntary benefits. Then, thank the Lord, I found a veteran of 30 years who handles group health, indie and vol. benefits as well. He offered to mentor me, even though he is busy as all get out, which was very kind of him to do.

Were it not for him, and the folks on here, I seriously doubt I would have lasted this long.

Frank Stastny · 06-17-2009, 05:03 PM

It's called "paying your dues".

You have done an excellent job of outlining everything that you need to be concerned about to begin down the path to success. I admire your perseverance.

You will be successful at this.

If there is anything I can do to help please don't hesitate to call.

Labman · 06-17-2009, 08:55 PM

Thank you so much Frank, it is because of the generosity of people such as yourself on this forum, that I have made it this far. Without you guys I would be toast!

Markingriffin · 06-17-2009, 09:01 PM

I still remember my boss telling me the 3 important things that I need to learn about this business.

1. See the People!
2. See the People!
3. See the People!

It took me about 2 years, before I felt that this was where I belong.

I screwed up a lot when I first got started. I didn't want to listen to the people that had been doing it for 30 years. Took me forever to learn, to find someone else that is successful and copy what they are doing.

I still have my 1st prospecting book on the wall.

somarco · 06-17-2009, 09:25 PM

I still have my 1st prospecting book on the wall.

The white pages?

Markingriffin · 06-17-2009, 09:31 PM

Nope that was the 1st prospecting ever given to me was the phone book.

I had one that I had to try and put names in also. That was my 1st prospecting book that I had to put names in.

The phonebook was the 1st one ever given to me. 1 out of 50 people that I got on the phone would give me an appointment to come see them.

I took out the newspaper and got about 12 names of great prospects from it.

My wife thinks I'm stupid for not trashing some of the stuff I saved from my 1st year.

xrac · 06-17-2009, 10:39 PM

Originally Posted by Labman

I initally started out with Colonial Life on voluntary benefits. Then, thank the Lord, I found a veteran of 30 years who handles group health, indie and vol. benefits as well. He offered to mentor me, even though he is busy as all get out, which was very kind of him to do.

Were it not for him, and the folks on here, I seriously doubt I would have lasted this long.

A mentor can be the difference between success and failure. It speeds up the learning care and keeps one from starving while they are learning.

somarco · 06-18-2009, 07:41 AM

My wife thinks I'm stupid for not trashing some of the stuff I saved from my 1st year.

Women don't understand us.

Of course no one can understand a woman . . .

robliano · 06-18-2009, 10:10 AM

Congrats! You are not in the quite popular "first year failure club"

wappahso · 06-18-2009, 10:30 AM

This is simply true, great analysis.. There were times that I thought about giving up but hard work always pays off.. Good Job

ccIowa · 06-18-2009, 11:33 AM

Congratulations on your successes!

Now keep that success rolling.

From what I've seen and LIMRA statistics report you have a couple more critical points to cross... around 18 months and the 4th year.

By 18 months most people have completely tapped out their resources for finding people to sell to. Plus they aren't anywhere even close to being on track to earn $100,000 like their sales manager said they should be. Their more likely on track to earn around $24,000.

After the 4th year many tire from the constant feast and famine roller coaster and the endless amount of work it takes to secure an appointment. Plus the average guy still isn't making $100,000 a year.

Bottom line the ones who make it understand how to do one very important thing...

Leverage

That's what you should put your sites on next, how to leverage the things you do to produce greater results.

Far too many people buy leads only to waste most of those leads. They go through enormous numbers to secure even a single appointment and then they only close 1 out of 3 of those appointments.

You need people to sell to. When you attract the people most likely to buy your stuff to you, you leverage your time.

Plus it's easier to close those people so you also leverage your earning power.

You want to build your business so you can live in it long term from both a financial perspective and a quality of life perspective and leveraging will make things a whole lot easier for you.

So find the sources who can help you:

Get the people most likely to buy your stuff coming to you
Keep the qualified leads you buy in your sales funnel
Get the qualified leads you connect with to want to talk to you
Close more of your appointments
Get outside sources to refer you

Keep up the great work and enthusiasm!

ABC · 06-18-2009, 11:43 AM

My first 3 years in the biz I worked a night job.

I am now in my 11th year and I still fight for every deal. I will say I have a steady flow of referrals every month but I still prospect almost daily. The economy is not help matters either.

moonlightandmargaritas · 06-18-2009, 12:12 PM

Originally Posted by ccIowa

You need people to sell to. When you attract the people most likely to buy your stuff to you, you leverage your time. Plus it's easier to close those people so you also leverage your earning power.

You want to build your business so you can live in it long term from both a financial perspective and a quality of life perspective and leveraging will make things a whole lot easier for you.

So find the sources who can help you:
Get the people most likely to buy your stuff coming to you

Keep the qualified leads you buy in your sales funnel

Get the qualified leads you connect with to want to talk to you

Close more of your appointments

Get outside sources to refer you

Keep up the great work and enthusiasm!

[COLOR=blue]"Now keep that success rolling"?[/COLOR]

[COLOR=blue]Sorry man, but this type of generalized advice it totally worthless.[/COLOR]

[COLOR=blue]It's like a guy that knows a hundred different positions to make love in...but doesn't know any girls.[/COLOR]

[COLOR=blue]Spare us this dung...please.[/COLOR]

Frank Stastny · 06-18-2009, 12:56 PM

Originally Posted by moonlightandmargaritas

[COLOR=blue]"Now keep that success rolling"?[/COLOR]

[COLOR=blue]Sorry man, but this type of generalized advice it totally worthless.[/COLOR]

[COLOR=Red]It's like a guy that knows a hundred different positions to make love in...but doesn't know any girls.[/COLOR]

[COLOR=blue]Spare us this dung...please.[/COLOR]

That is the funniest thing I have read in a long time.

All of the "dung", as you so appropriately labeled it, is straight out of somebody's book. It is all theory with no substance to it.

I don't know about you but it is pretty obvious to me that she is not a producing, successful insurance agent. She may have tried at one time, followed her own advice, and then failed miserably. Having failed at that she has now decided to become an "adviser", or whatever, and thinks she can position herself here to make money off of new, inexperienced agents.

I am "holding back" big time!!!!!!!!!!!!!!!!!!!!

All those who would give that advice to a new agent and then say "I have told you how to do it, good luck" please raise your hands.

I only see her hand in the air.

ccIowa · 06-19-2009, 11:06 AM

Oh my... ruffled feathers and all!

Personally, I'm sick and tired of agents getting told the same drivel.

Make more calls, hold more appointments, close more sales. Oh, that's new and helpful.

Everything you're told to do does exactly one thing... It triggers a negative response in your prospect. If you want different results you have to do things differently.

That means you have to do what you need to do without setting off that trigger.

So you think it's all some theory I read in a book. Well, everything you need to know probably is in a book somewhere if you can find the right books and then figure out how to apply what those books say in a way that works for you.

However, here's something that has worked very well for me. I don't call anyone anymore, but I sure did when I was first starting out. Before I made a call I always sent a pre-approach letter campaign. I secured an appointment with 28% of the letters I sent.

Do any of you ever so experienced top dogs ever get that kind of an ROI from your letters?

Here are the specifics for my direct mail campaign:

I sent the letter in a plain hand addressed envelop with a regular stamp. This wasn't a big burden because I only intended to send 20 a week.
I hand wrote a very brief letter (3 sentences in fact) on plain paper that spoke about a particular challenge I knew they were likely to have.
I planned a 3 letter series before I ever started.
I told them in letters 1 & 2 to expect the next letter in a week.
I included an articule that talked about their challenge with each letter.
In the final letter I let them know I would be calling them to get their thoughts on the information I'd sent and tell them how to get more information depending on their personal interests.

Once the last letter was sent I would then call each letter recipient in week 4 and this was the result:

Each person took my call.
Each person thanked me for the articles.
28% wanted to meet with me immediately.
98% of the people I met with bought.
I kept the remaining people who showed some interest in my sales funnel and over time most of them bought too. Even if took a couple years.

And no, I don't sell insurance I happened to end up with a bunch of agents as clients who were able to get similar results from the things I shared with them.

And no, I didn't come here to feed off a bunch of newbies. There are enough people here already doing that. I came because I actually want to help some people avoid the emotional trauma I see. Plus I want to learn a little more information for marketing.

And in spite of your disdain from me I recognize the experienced agents have a wealth of knowledge that I can learn from.

Now I'm sure what I've just shared will unleash more snarls from the crusty crowd who already knows everything there is to know. Go ahead if it makes you feel better.

It's worth it to me if I can help even one person see the folly between what you're told to do and what actually works.

xrac · 06-19-2009, 11:31 AM

Originally Posted by ccIowa

Oh my... ruffled feathers and all!

Personally, I'm sick and tired of agents getting told the same drivel.

Make more calls, hold more appointments, close more sales. Oh, that's new and helpful.

Everything you're told to do does exactly one thing... It triggers a negative response in your prospect. If you want different results you have to do things differently.

That means you have to do what you need to do without setting off that trigger.

So you think it's all some theory I read in a book. Well, everything you need to know probably is in a book somewhere if you can find the right books and then figure out how to apply what those books say in a way that works for you.

However, here's something that has worked very well for me. I don't call anyone anymore, but I sure did when I was first starting out. Before I made a call I always sent a pre-approach letter campaign. I secured an appointment with 28% of the letters I sent.

Do any of you ever so experienced top dogs ever get that kind of an ROI from your letters?

Here are the specifics for my direct mail campaign:
I sent the letter in a plain hand addressed envelop with a regular stamp. This wasn't a big burden because I only intended to send 20 a week.

I hand wrote a very brief letter (3 sentences in fact) on plain paper that spoke about a particular challenge I knew they were likely to have.

I planned a 3 letter series before I ever started.

I told them in letters 1 & 2 to expect the next letter in a week.

I included an articule that talked about their challenge with each letter.

In the final letter I let them know I would be calling them to get their thoughts on the information I'd sent and tell them how to get more information depending on their personal interests.

Once the last letter was sent I would then call each letter recipient in week 4 and this was the result:
Each person took my call.

Each person thanked me for the articles.

28% wanted to meet with me immediately.

98% of the people I met with bought.

I kept the remaining people who showed some interest in my sales funnel and over time most of them bought too. Even if took a couple years.

And no, I don't sell insurance I happened to end up with a bunch of agents as clients who were able to get similar results from the things I shared with them.

And no, I didn't come here to feed off a bunch of newbies. There are enough people here already doing that. I came because I actually want to help some people avoid the emotional trauma I see. Plus I want to learn a little more information for marketing.

And in spite of your disdain from me I recognize the experienced agents have a wealth of knowledge that I can learn from.

Now I'm sure what I've just shared will unleash more snarls from the crusty crowd who already knows everything there is to know. Go ahead if it makes you feel better.

It's worth it to me if I can help even one person see the folly between what you're told to do and what actually works.

Your method is very similar to the Krumroy method that Robert Krumroy taught years ago. Out of curiousity what do you sell?

DJAdam · 06-19-2009, 04:41 PM

Originally Posted by xrac

Your method is very similar to the Krumroy method that Robert Krumroy taught years ago. Out of curiousity what do you sell?

Hmmmm....... No answer yet, xrac. Methinks, M&M and Frank hurt her feelings.

Or ruffled her feathers.

ccIowa · 06-19-2009, 05:04 PM

Sorry, I didn't notice others had posted on this thread.

Let's see... Robert Kumroy? I'm not familiar with him either although it sounds like I would like the guy.

I don't know if there are any totally new ideas in marketing and sales.

I do know there are a lot of people out there who can help you take those ideas and make them work in your business.

I really want to thank you guys for your skepticism though. It's really helpful.

Now, I see that you view ideas or suggestions from a frame of reference of who else has an idea or suggestion like that. Makes perfect sense.

Xrac wanted to know what I sell. I didn't come here to sell anyone anything. I came to learn. Plus I haven't had an opening for a new client for over a year now and I'm not expecting one any time soon.

I'm working on something under the radar though. And I figured this would be a great place to do some research in preparation for marketing that program elsewhere later.

Anyway to answer the question: I show my clients (all are in service industries including Life Insurance, the area most of the agents I work with are in) how to get highly qualified prospects contacting you giving you an unfair advantage you can't get from sales training alone or pre-packaged marketing materials.

When my clients came to me they were in a completely different frame of mind than you guys. They'd tried all the things the insurance companies gave them and were pretty beaten up.

You guys have obviously had great success with the same tools and doing the same things. That's interesting.

So I'm wondering did you make any adaptations or did you just follow the program step-by-step?

My sense is you made adaptations that worked for you.

Want to set me straight on that?