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[Note: I've not contributed much here the past five months or so and it will probably be a while before I have the time I used to have to post. But I had a few minutes this morning and thought it would be a good idea to sit and start thinking about what my "plan" will be for next year... which I wrote down below and thought I'd share. I found writing it really helped me "visualize" it as well as organize and prioritize it. Usually I just keep it in my head... but a written plan just seems more "real." YMMV!]
Each year during the holiday season I sit down and assess what worked and what didn't in the past year and make a "plan" for what I'll do NEXT year.
Do you do that? I think you should... or at least consider it.
A little background.
I'm moving AWAY from the health arena which has been very good to me over the past years, but the bloom is off that rose. UW is impossible, rates are in the stratosphere, and comp is being cut. The "ship of health" is being moth-balled and will later be sold for scrap! Many will stay on board until the bitter end, but in my 63 years of life (30 of them self-employed) I've learned to anticipate trends and to never "fight the tape" (only a few of you are old enough to know what "the tape" is!)
I've really had my nose to the proverbial grindstone the past six to seven months studying, talking to other agents asking for assistance, and taking classes (both online and in-class) held by carriers and GAs in order to re-position myself out of "health" and into the life and annuity sector.
How will I do this? Well, THAT is most of what I'm going to find out next year!
1. Calling
I do a fair amount of cold-phone. I know, most of you don't believe in it, but I'm "old school" and its worked for me in the health (group and IFP) sector... and I think it will work as well for life and annuity "solutions" targeted to the same small biz people I've been calling for years.
Calling is hard work for the 90-120 minutes or so I put in most days, but I've gotten somewhat "good" at it... and like I say it works pretty well. But I'm going to have to do more than 90-120 minutes a day for the next year, so I'm preparing talking points, "scripts" and "phone concepts" to try out.
2. Publicity
Something I had success with years ago (which John P. taught us) but have not done for a long time is to go out and get publicity.
So I am creating a media "game plan." I'm writing press pieces and talking points and outlines for articles that I plan to use with the local and regional print and electronic media next year to get my "name" out there (locally,) and also perhaps get some invites to do the after-dinner speech thing at local associations (I once spoke to a group of stone masons about group health and got 3 great clients... but the building downturn has cut their EE size by 3/4s... along with my 7% commission!) Obviously, I have to write the speech!
3. Spanish
Another "project" I'm going to work on next year is re-learning my Spanish. We have a large Hispanic population here but not many Hispanic financial pros. Now I won't try to sell financial products to this market with my current Spanish, but I have a gal who will go with me and translate... and as time go by (a year or so) I will eventually become fluent to fly solo. (I'm spending a hour or so during the day listening to my Spanish CDs and local Spanish radio stations.
4. Mailing
In conjunction with cold-phone, I'm going to do some low-key, personalized mailings to cold prospects... probably law firms and CPAs and doctors... as I've done well with highly educated clients in the past. I'm going to send out five to ten personalized letters a day (hand-signed with handwritten envelopes envelopes... those get opened!) and follow up with a "warm call." It's worth a try.
5. Larger 'fish.'
The "big" thing I'm going to do, which will be easier in the life and annuity arena is to go after larger cases. In health you have to do a volume biz since the comp is low.
In the life sector, Dave F. taught me (years ago... but I never took the advice) that the only way to do well is to avoid selling ten-year, $100K term plans to 30 year old's and to concentrate on the $1M face plans to (older) business owners. So this year I will "partner" with a younger (newer) agent and pass the "small stuff" over to her for a 5% or 10% cut if it closes. I'm going after large game.
6. Cross sell
Health has been good to me. I've got a good referral base now, after working hard the past five years, but as I said (and you all know) that train is pulling out of the station. I need to tap into that base for getting referrals from them. I find it hard to ask for referrals. I don't know why. I guess because I don't like being asked. This will be one of my hardest tasks.
Given all the above, I see a year of transition... with lots of different efforts and a number of big-time failures.
But what is the alternative for someone of my age who still wants to work? Being a store-greeter or flipping burgers?
If true, can you say "Welcome to WalMart" in four languages? You can't? Well here you go!
Bienvenue avec WalMart
Recepción con WalMart
Willkommen zu WalMart
Benvenuto a WalMart
You may have use for this as well: "You want fries with that?"
¿Usted quiere las fritadas con eso?
Vous voulez des fritures avec cela ?
Sie wünschen Fischrogen mit dem?
Volete le fritture con quello?
For some, maybe, but not for me.
I think this is a great business because you can never really be "too old" to do it... and with the huge number of boomers coming into a "wealth transition" phase of their lives, a little gray hair (or no hair?) is not a hindrance.
So next year I'm going to re-invent myself. It's like starting all over again... there is a bit of fear (OK, a lot of fear!)... but there is also a lot of "fun" in it as well.
What's the worst that can happen? Failing? Well, it beats the $#@! out of cancer or a stroke! It's all about perspective when you reach a certain point on the chronological scale of life!
So share with me (us) what YOU are going to do next year?
Al
Find me here if you wish
Each year during the holiday season I sit down and assess what worked and what didn't in the past year and make a "plan" for what I'll do NEXT year.
Do you do that? I think you should... or at least consider it.
A little background.
I'm moving AWAY from the health arena which has been very good to me over the past years, but the bloom is off that rose. UW is impossible, rates are in the stratosphere, and comp is being cut. The "ship of health" is being moth-balled and will later be sold for scrap! Many will stay on board until the bitter end, but in my 63 years of life (30 of them self-employed) I've learned to anticipate trends and to never "fight the tape" (only a few of you are old enough to know what "the tape" is!)
I've really had my nose to the proverbial grindstone the past six to seven months studying, talking to other agents asking for assistance, and taking classes (both online and in-class) held by carriers and GAs in order to re-position myself out of "health" and into the life and annuity sector.
How will I do this? Well, THAT is most of what I'm going to find out next year!
1. Calling
I do a fair amount of cold-phone. I know, most of you don't believe in it, but I'm "old school" and its worked for me in the health (group and IFP) sector... and I think it will work as well for life and annuity "solutions" targeted to the same small biz people I've been calling for years.
Calling is hard work for the 90-120 minutes or so I put in most days, but I've gotten somewhat "good" at it... and like I say it works pretty well. But I'm going to have to do more than 90-120 minutes a day for the next year, so I'm preparing talking points, "scripts" and "phone concepts" to try out.
2. Publicity
Something I had success with years ago (which John P. taught us) but have not done for a long time is to go out and get publicity.
So I am creating a media "game plan." I'm writing press pieces and talking points and outlines for articles that I plan to use with the local and regional print and electronic media next year to get my "name" out there (locally,) and also perhaps get some invites to do the after-dinner speech thing at local associations (I once spoke to a group of stone masons about group health and got 3 great clients... but the building downturn has cut their EE size by 3/4s... along with my 7% commission!) Obviously, I have to write the speech!
3. Spanish
Another "project" I'm going to work on next year is re-learning my Spanish. We have a large Hispanic population here but not many Hispanic financial pros. Now I won't try to sell financial products to this market with my current Spanish, but I have a gal who will go with me and translate... and as time go by (a year or so) I will eventually become fluent to fly solo. (I'm spending a hour or so during the day listening to my Spanish CDs and local Spanish radio stations.
4. Mailing
In conjunction with cold-phone, I'm going to do some low-key, personalized mailings to cold prospects... probably law firms and CPAs and doctors... as I've done well with highly educated clients in the past. I'm going to send out five to ten personalized letters a day (hand-signed with handwritten envelopes envelopes... those get opened!) and follow up with a "warm call." It's worth a try.
5. Larger 'fish.'
The "big" thing I'm going to do, which will be easier in the life and annuity arena is to go after larger cases. In health you have to do a volume biz since the comp is low.
In the life sector, Dave F. taught me (years ago... but I never took the advice) that the only way to do well is to avoid selling ten-year, $100K term plans to 30 year old's and to concentrate on the $1M face plans to (older) business owners. So this year I will "partner" with a younger (newer) agent and pass the "small stuff" over to her for a 5% or 10% cut if it closes. I'm going after large game.
6. Cross sell
Health has been good to me. I've got a good referral base now, after working hard the past five years, but as I said (and you all know) that train is pulling out of the station. I need to tap into that base for getting referrals from them. I find it hard to ask for referrals. I don't know why. I guess because I don't like being asked. This will be one of my hardest tasks.
Given all the above, I see a year of transition... with lots of different efforts and a number of big-time failures.
But what is the alternative for someone of my age who still wants to work? Being a store-greeter or flipping burgers?
If true, can you say "Welcome to WalMart" in four languages? You can't? Well here you go!
Bienvenue avec WalMart
Recepción con WalMart
Willkommen zu WalMart
Benvenuto a WalMart
You may have use for this as well: "You want fries with that?"
¿Usted quiere las fritadas con eso?
Vous voulez des fritures avec cela ?
Sie wünschen Fischrogen mit dem?
Volete le fritture con quello?
For some, maybe, but not for me.
I think this is a great business because you can never really be "too old" to do it... and with the huge number of boomers coming into a "wealth transition" phase of their lives, a little gray hair (or no hair?) is not a hindrance.
So next year I'm going to re-invent myself. It's like starting all over again... there is a bit of fear (OK, a lot of fear!)... but there is also a lot of "fun" in it as well.
What's the worst that can happen? Failing? Well, it beats the $#@! out of cancer or a stroke! It's all about perspective when you reach a certain point on the chronological scale of life!
So share with me (us) what YOU are going to do next year?
Al
Find me here if you wish
