Insurance Agent Forum

[SportsNut]

Originally Posted by lookin4abetterwayinpa

Can someone please on this forum, describe broke. It is thrown around so much that it is confusing.

Here was the description in the OP...

"But what if you really don't have enough capital to rely on to pay for leads and continue paying the bills while you wait for the commissions to roll in?"

This doesn't refer to the Doc who is a poor financial mgr... having neg c/f... it refers to a new agent w/o resources to pay living expenses and biz start up and operation costs. So either NO other source of income, or not enough... and need income now/today... So in that case one can't spend what you don't have, again assuming lack of credit available to do so, then immediate c/f solutions are needed. That is my take on the questions...

[PADA]

Originally Posted by Delta76

I started flat broke, zero sales experience (or life experience for that matter), never got any training when I started, and everything including life insurance was "as earned". The odds were certainly against me. I was horrible on the phone, had no real natural market, had a shy personality, and very little product knowledge. Three years later I'm still here! Won't say it was easy, probably the most difficult thing I've ever had to go through. However, if you have a fierce desire to succeed you will find a way.

Can you give those of us the benefit of your experience? More importantly the Readers Digest version if possible?

[robliano]

I love this post from Delta (truncated below), because so many people say "sales is not for everyone" and what Delta describes is exactly why people say that, as in all of the odds against them, they'll never make it!"

But anyone can sell, it's a matter of only if they will learn, adapt, persevere, apply, etc, etc, etc.

I can tell by his posts and comments (here and elsewhere) that Delta has studied, learned & applied and continues to learn. No secret, just a formula. He copies and explores what works, instead of applying what doesn't work.

Originally Posted by Delta76
zero sales experience (or life experience for that matter), never got any training when I started. I was horrible on the phone, had no real natural market, had a shy personality, and very little product knowledge.
However, if you have a fierce desire to succeed you will find a way.

[healthagent]

Bootstrapping Your Business-Start and grow a successful company with almost no money

[michellea]

Originally Posted by robliano

I love this post from Delta (truncated below), because so many people say "sales is not for everyone" and what Delta describes is exactly why people say that, as in all of the odds against them, they'll never make it!"

But anyone can sell, it's a matter of only if they will learn, adapt, persevere, apply, etc, etc, etc.

I can tell by his posts and comments (here and elsewhere) that Delta has studied, learned & applied and continues to learn. No secret, just a formula. He copies and explores what works, instead of applying what doesn't work.

Originally Posted by Delta76
zero sales experience (or life experience for that matter), never got any training when I started. I was horrible on the phone, had no real natural market, had a shy personality, and very little product knowledge.
However, if you have a fierce desire to succeed you will find a way.

I am starting out like Delta76. I finally am realizing that I have to study, learn, and apply everything I am reading on these forums. I know it is going to be a challenge, especially since I have never been in sales before, but one day I will make it.

I am also starting with $0 funds to buy leads, etc. I am going to market other ways until I get a bankroll going and once I get that I will be giving Rob a call so he can help me train even further!

[Crazy Rick]

Yeah, cold calling a DNC list or using my local phone book. Or trusting those famous "mailing lists". Or standing on a cold street corner, passing out flyers like I'm 14 all over again and promoting my band. Yeah, this works. I may see results in two to three years. Yaawwwn.

There are easier ways to reach REAL prospects, qualified prospects, prospects that have money, prospects LOOKING and NEEDING products right away. Right Carlton Sheets? Isn't that right Armond Grossman? "Join their hands, walk away". "Cold calling"? That's the secret?! Again, that MAY work for some who have nothing but time to wait for referrals to trickle in. Or those who wish to build a business step by step instead of taking the friggin elevator to the top. It's like Rodney Dangerfield said "Kids, they do everything the hard way". He's right and I'm no kid.

There were other brokers here (I think Chuck) that explained IMOs and FMOs can help brokers like myself, who are chasing our tails everyday but with an investment, these IMOs may work out for us.

Look, I'm getting too old for "may". I want a straight answer there Ben Stern. Who do I call? What firm do I hire tomorrow to get the qualified masses to call my company?

Money isn't a problem. I don't care what they want, or where they're located. I'm through chasing poor folks down from the ghetto with no phone.
You got it there Judge Judy?

[Delta76]

Quote:
Originally Posted by Delta76
I started flat broke, zero sales experience (or life experience for that matter), never got any training when I started, and everything including life insurance was "as earned". The odds were certainly against me. I was horrible on the phone, had no real natural market, had a shy personality, and very little product knowledge. Three years later I'm still here! Won't say it was easy, probably the most difficult thing I've ever had to go through. However, if you have a fierce desire to succeed you will find a way.

Can you give those of us the benefit of your experience? More importantly the Readers Digest version if possible?

There really wasn't anything glamorus here and I don't feel like I'm anywhere close to where I want to be yet. I basically started at an independent firm with some very successful people that didn't have any time to train me. I was given a desk and a "go get'em tiger." I sat there, called my natural market and quickly scared them off asking them to come in for a "financial plan." I still laugh at the initial script I wrote out for calling these people, it took up an entire notebook page! I got one client out of it, then I was stuck, what now?

I picked up a weekend gig officiating basketball games and basically treaded water while running up a small credit card balance. The answer seems so easy now, just get on the phone and get out to talk with people. But I didn't have enough sense or direction to even do that back then and the thought of calling strangers when I didn't even know what I was doing terrified me. I was fresh out of college without any life experience and approaching business owners of all people terrified me.

After reading some of these internet boards, I got the idea to walk into businesses. I was absolutely horrible, but forced myself to do a minimum of 20 walk ins per day. I didn't even know what I was trying to sell, as know one knew what financial planning was. As horrible as I was, I still made appointments (those were another kind of disaster as I didn't even know enough to do a fact finder, I was completely clueless!) and I still sold some policies and accounts by just being out there.

I made a list of products I took care of, got it compliance approved, and kept walking into businesses. I found most asked about health insurance, so I started to use that as my stand alone approach. I bird dogged for meetings, all done B2B back then, and then brought in a group producer down the hall to do the selling. After a while, I did all my own appointments and got deeper into group insurance. Later, I added individual health to my services as I use to just tell people I didn't deal with it. I gave telemarketing a shot and found it more efficient for me, although I still did some B2B in between meetings (as I still do).

Eventually I cut strings from my starting firm as there wasn't much value provided for my market focus and I was taking a huge haircut. I eventually realized the power of center of influences after stumbling upon a profitable relationship and more of my business continues to come from those sources. Just yesterday I was at an all day CE session and I sat next to an experienced securities producer. We set up lunch for next week after he suggested getting together so that he can learn more about my business. This may become another source of future new business, it may not lead to anything, but I know that the more of these relationships I establish the easier life gets. Although it's still about 70% telemarketing, 10% B2B, and 20% COI and client referrals. The last category keeps growing. I don't claim to be anywhere as close or successful as most on this board, but I stumbled through because of my will to stick around and now have a constantly evolving system that works for me. The critical point I reached was when my group commissions that stay steady each month covered my expenses, that took off a lot of pressure and this business became much more fun!

The real eye opener for me was after a friend of mine was hired by Northwestern Mutual. We got together for coffee once a week and he explained to me what was required by him, always to be 25 appointments ahead. 5 scheduled a day, for 5 days in advanced. This was where I first got exposure to the OCS (One Card System) and I finally had a track to run on (he even found some extra OCS reporting booklets in his office and gave them to me so we could compare our results each week). My friend eventually left the business, he was capable, but wanted to go a different route. After those meetings, it dawned on me that the people that really made were the people who really got up and worked each day.

I could have greatly accellerated the process by:
-realizing the whole process comes from making new contacts daily
-bringing in an experienced producer sooner on my cases I was generating
-probably starting out captive so I would have had a road map to follow

How's that for Reader's Digest?

[Crazy Rick]

Moonlight said it and he's 100% correct. Right Tom?!
Right Richard?! Investooooorrrrrsssssssssssss. Mom and Dad, friends, relatives, cash in an Annuity. Something. "Cold calling widows tryin to sell them some bullshit stock"... Yaaawwn. You maaaaayyyyy get somewhere in a few years like that, but why tread water and walk up hill
For a few years if you don't have to? Hello?

Your desparatoin WILL come over the phone: You can NOT avoid it. This is why it takes 150 calls to obtain one good client. Friggin cold calling, holy ****. Jacks & Stienam. "Not it's not what you think sir". Man, the 80's are over folks, let them go.


Originally Posted by moonlightandmargaritas
The prospect can hear the desperation in your voice. You've got no working capital. Worry must be pervasive. There's a tendency to cut corners because of pressure...

Find some way to get a bankroll that will allow you to do some real marketing, not cold calling. Beg, borrow or steal, but if you don't have some working capital, you've got almost no shot.

[Lloydlofton]

I don't mind hiring broke people. It's "poor" people I question hiring. Broke, to me, means you can still get credit, poor means you can't get credit.

I learned a formula for hiring:

Over the years I have had a lot of managers work for me who hire based on their perception of "ability", thinking the new agent they hire with what they think is ability will get results.

I have always hired based on "willingness" to do "activity."

When I have hired someone who I thought had "ability" they were often not "willing" to do the "activity" necessary to succeed.

On the other hand I have hired a lot of broke agents who were "willing" to do the "activity", I can train the "ability" and they usually get "results."

Willingness Activity

Ability Result

Even broke agents can:

1. Prospect where they pay, where they pray, and where they play
2. Do the "walk & talk" at strip malls and free standing small businesses, in the neighborhood they are running existing appointments anyway
3. Do the cloverleaf at each appointment (house on each side of appointment and houses accross the street
4. Get referrals (even from people that don't buy)

Poor people can't even afford the gas to run appointments and in my experience often aren't "willing" to do the activity.

Just my 2cents worth.

[Delta76]

Your desparatoin WILL come over the phone: You can NOT avoid it. This is why it takes 150 calls to obtain one good client. Friggin cold calling, holy ****. Jacks & Stienam. "Not it's not what you think sir". Man, the 80's are over folks, let them go.

I have to disagree. The desperation is dependent on the one making the calls, it doesn't have to be that way. I won't argue that it is better to have people calling you interested in speaking rather than making a cold call, but if you don't fill your entire day speaking to people calling you, hopping on the phone and speaking with business owners is a great way to get jump started.

I still find most of my business through telemarketing, this morning already I was calling to find group accounts when I connected to a family centered business with five seperate BC/BS IFP contracts. BC/BS is uncompetitive in my market and this guy was extremely motivated to get together. If I never picked up the phone, I wouldn't have made than connection.

So yes, while it does take me about 50 new contacts to get a new client application placed, it only takes about 3 1/3 hours of my time generating new leads. If you have people calling you all day, then it won't apply to you (if that's the case, I'm interested in hearing how you do it, because I will copy you).

If you think cold calling quit working after the 80's, you're simply wrong!

[robliano]

I agree, the only reason cold calling quit working is because people quit working!

Originally Posted by Delta76

If you think cold calling quit working after the 80's, you're simply wrong!

[moonlightandmargaritas]

Originally Posted by robliano

I agree, the only reason cold calling quit working is because people quit working!

Of course, there are very few absolutes in anything, but...

In nearly twenty years in this business encompassing positions from producer to wholesaler to sales management, I've seen many successes - and many, many more failures.

All of the successful producers have a common thread; they understand the importance of marketing.

This business is 1% product knowledge, 1% sales "technique", and 98% marketing.

We can have all the "product" and "sales" knowledge in the world - but if we don't have anyone to practice it on - it's worthless!