I’ve been told and I have read several places online, that it takes a good three years to build a good book of business when you’re first starting out. I.e. 200+ clients, not having to prospect anymore. Any truth to this?
Because three years from now if my book isn’t a third of that and I’m still chasing down leads that only understand Russian, I’m packing up my gf, my guitars and guns and I'm buying an indy agency somewhere in the Midwest. I've already got the paperwork together to become an non-resident producer out there.
It never ends. Just remember that second year commissions are around one third of first year. You alway need fresh clients in order to maintain the level of your pay cheque.
------------------------------------
Make sure that brain is in gear before operating mouth
I was told something when I started in the business a long time ago;
Successful Agents are;
Not all are great presenters
Not all are great closers
They are not all organized
[COLOR=red]THEY ARE ALL GREAT... PROSPECTORS[/COLOR]
[COLOR=black]Prospecting really never ends. When you start out your time should be spent 80%+ prospecting. After you build a book that could go down to 25%+. But I believe you will always need to bring in new clients and add to your book.[/COLOR]
Regarding Prospecting- I hear some gurus selling programs for $500 and up to share all the secrets of selling and building a business over the phone. There is no secret to that.
Have a streamline system preferably web based
Have a standardized system that works
Have a crucial supply of exclusive leads
Have high commision contracts
Have support wilth following up written business
Posture on the Phone
Posture is not an attitude- That is a myth!
Posture is automatically created when you have more leads to handle than you have time. When you are in lead prosperity, your attitude will change and you no longer sound desperate over the phone. Lead poverty will sink you fast!
I'll take that under advisement Mr. Quint. 1.3 sales a week I can do. Despite what some folks on this forum may think about only getting one lead a day and loss ratios and all that other negative jargon.
Scream for me Long Beach! No, wait that's California thanks to Mr. Dickenson. Long Beach NY, nice area, so many lights on that main drag mate....one every 50' is totally unacceptable.
I’ve been told and I have read several places online, that it takes a good three years to build a good book of business when you’re first starting out. I.e. 200+ clients, not having to prospect anymore. Any truth to this? Because three years from now if my book isn’t a third of that and I’m still chasing down leads that only understand Russian, I’m packing up my gf, my guitars and guns and I'm buying an indy agency somewhere in the Midwest. I've already got the paperwork together to become an non-resident producer out there.
-Crazy Rick
Crazy, you will never be able to stop prospecting. You may be able to employ different methods of prospecting than you use now but it MUST continue. Your question may indicate a wrong mindset for this business. I think we need a long term horizon and a commitment to making it work no matter what. A newby without that is going to have a difficult course.
Aaaah, look. I was looking forward to my mentor's words coming true. "Rick, after about two years, you won't have to prospect really anymore. This is a referral business. Things fall into place quicker than you can imagine." What I got out of that was: In three years: 25% prospecting, no more 80%.
I was out the other day and in walked into an acquaintance I knew from way back. Here's how it went: "Hey! How have you been?! Do you have Life Insurance?" He replied "I do, thru my school." Ok, well, you could always use more and I'll bet it's Term. "You maybe right, I'll look it up. I'm really concerned about my retirement though. My co-workers are always asking me what I have put away and I tell them, nothing" Ok, since you're a professor I can recommend a 403b or even a fixed Annuity. "What's that?" Etc, etc...That's not prospecting to me. Calling warm leads, anticipating they're just shopping around is.
I was out the other day and in walked into an acquaintance I knew from way back. Here's how it went: "Hey! How have you been?! Do you have Life Insurance?" He replied "I do, thru my school." Ok, well, you could always use more and I'll bet it's Term.
OMG.
This is the kind of stuff that has given insurance agents the reputation they've acquired over the years...
Pretty soon when an "acquaintance" sees you coming, they'll turn and RUN the other way.
------------------------------------
[COLOR=blue]Don't steal - the government hates competition.[/COLOR]
I ran into that problem, where my friends and acquaintances wouldn't return my calls and would basically avoid me until someone brought it to my attention that i was basically trying to sell to anyone i got within five feet of. Now if your friends come to you...game on!!
I was out the other day and in walked into an acquaintance I knew from way back. Here's how it went: "Hey! How have you been?! Do you have Life Insurance?" He replied "I do, thru my school." Ok, well, you could always use more and I'll bet it's Term. "You maybe right, I'll look it up.
Never solicit your friends and family when you become an agent! That they obviously know you've become an agent is a "duh" statement. If they want to contact you they will.
Your friends and even family members may not want you to know details regarding their health. You think your high school buddy wants to tell you about his wife's cervical cyst? Maybe one of your relatives had a DUI they don't want to discuss?
Leave them alone
If you want to make sure you stop getting calls from your friends - go pitch 'em on insurance.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
I'll take that under advisement Mr. Quint. 1.3 sales a week I can do. Despite what some folks on this forum may think about only getting one lead a day and loss ratios and all that other negative jargon.
Scream for me Long Beach! No, wait that's California thanks to Mr. Dickenson. Long Beach NY, nice area, so many lights on that main drag mate....one every 50' is totally unacceptable.
That is true, way too many lights, that's why I drive on the boardwalk, LOL.
Never solicit your friends and family when you become an agent! That they obviously know you've become an agent is a "duh" statement. If they want to contact you they will.
Your friends and even family members may not want you to know details regarding their health. You think your high school buddy wants to tell you about his wife's cervical cyst? Maybe one of your relatives had a DUI they don't want to .
Indeed. Also, some of your friends and relatives are also crappy clients. You just dont know it yet. You have a relaxed coffee with them and it makes it easier to set things in motion. However, when they never get around to completing the paramed or signing the papers to transfer funds for the annuity it can get old. Then you have to either move the transaction forward or close it down somehow.
Winter
------------------------------------ Spending Our Way to Prosperity
When does prospecting end?
Linear Mode
