THE PERSONAL RISK MANAGEMENT REVIEW 10-STEP PLAN
Nothing happens until somebody sells something. To make sales happen, IMMS.com Key Sales Consultant Randy Schwantz has created a comprehensive series of 43 Producer Success Lessons. Used singly or in combination, these powerful tools can help your producers build their skills - and grow their sales.
Trying to conduct the Personal Risk Management Review (PRM) Program without a strategy and the required skills and knowledge would be very hard. Imagine being in Paris and trying to drive to Moscow by just heading in the general direction of Russia. If you didn't have a map, language skills, and knowledge of the customs, your trip would be stressful and highly inefficient, at best. You need an accurate map and the right skills to succeed.
The 10-Step Plan is the road map that will lead you to success in conducting the Personal Risk Management Review Program. As a professional salesperson, you already have the skills you need. When you combine your current knowledge with some of the advanced selling skills you'll be learning, your success rate will shift into overdrive. Sometimes we suggest a route that looks like a detour, but don't worry - whenever we do this, we'll explain why.
PLANNING TO SUCCEED
Succeeding entails using a master plan that helps you to triumph at each step. We'll cover each portion of the 10-Step Plan in the next several lessons. You'll learn how each individual step fits into the master plan and how to master each step before you actually do it. Before you pick up the phone to make a call, be clear on what you will accomplish before you hang up. Mentally rehearse the conversation, imagine what might come up, and prepare for it beforehand.
Let's start by reviewing each step in the plan to clarify what each one accomplishes.
THE 10-STEP PLAN
Step 1- Gain Agreement on Target Prospect Accounts with Most Valuable Producer (MVP)
Goal 1: Acquire the names of the MVPs' 50 biggest Commercial accounts. You'll use your agency's existing relationship with them to call on their senior executives as prospects for a Personal Risk Review. You also need the names and phone numbers of the risk managers or benefit managers at each company.
Goal 2: Get personal introductions from the MVPs' Commercial producers. You want the producers reporting directly to the MVPs to introduce you to their Commercial accounts in person, with a phone call, or in a letter.
Goal 3: Develop a mutually beneficial relationship with the Commercial producers. First, call the office MVP and make an appointment to gain agreement on which 50 accounts you'll pursue. You need a plan outlining how many of them you'll contact each week. The MVP will introduce you to the Commercial producers on these accounts, who in turn will introduce you to the accounts' Risk Managers or Benefits Managers.
Step 2 - Acquire the Initial Invitation to Do an Interview with the Risk Manager of the Commercial Account
Goal: Have the Risk Manager schedule time for you to explain how a PRM review can help the senior executives. Use your referral from the Commercial producer to gain credibility and trust. Set up an interview with the Risk Manager by explaining how you intend to benefit the company's executives.
Step 3 - Conduct Interview with Risk Manager/Benefits Manager/Decision Maker
Goal: Get the Risk Manager to refer you to the senior executives, for whom you'll do a Personal Risk Review. When you meet with the Risk Manager, build on their existing relationship with the Commercial producer to establish rapport and credibility. You want the Risk Manager to call the senior executives and tell them you'll be calling to set up a Personal Risk Review. If the Risk Manager won't do that, get their permission to use their name when you contact the senior executives. Schedule a time to contact each executive.
Step 4 - Acquire the Invitation to Do Individual PRMs
Goal: Talk to each senior executive and schedule their Personal Risk Management Review. They must provide their personal insurance information for the review. Use your referral from the Risk Manager to gain credibility and trust. Motivate the executive to want a Personal Risk Review, then schedule the review.
Step 5 - Conduct Individual PRMs
Goal l : Qualify the executive. Determine whether they're a good candidate for the program and ascertain whether they're motivated to change their insurance.
Goal 2: Do the Personal Risk Management Review. At the same time, develop their motivation to have your insurance program. You need to uncover and resolve any objections the executive might have.
Step 6 - Acquire an Invitation to Make Recommendations and Proposals
Goal: Obtain a commitment from the executive. Get the executive to agree that if you do a proposal, it will either be accepted if it's what they need and want, or they'll tell you "No" then and there. Schedule a time to present your recommendations.
Step 7 - Present Recommendations and Proposals
Goal: Present your recommendations and proposals. Refer back to the motivating reasons for each of your recommendations.
Step 8 - Acquire a Decision to Accept or Reject
Goal 1: Get the executive to accept the proposal or describe their conditions for accepting it.
Goal 2: Give the executive a strategy for making the changeover to your company.
Step 9 - Acquire Referrals
Goal: Obtain qualified referrals. Whether the executive accepts or rejects, always ask for referrals. Tell the executive the parameters that qualify a referral for a Personal Risk Management Review. Then ask them to make a call for you or to permit you to use their name when you call.
Step 10 - Follow-Up
Goal: Develop and cultivate ongoing relationships with the Commercial producer and the Commercial account's Risk Manager.
EXERCISE
Use the 10-Step Plan as a guide to break down another one of your regular sales processes into steps and goals.