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.
As a producer, more than likely you strive to make money, have fun, and learn as much as you can along the way. How will working with Commercial Producers and the 10-Step Plan detailed in 'Producer Success Lesson 3: The Personal Risk Management Review 10-Step Plan' help you do all that?
INTRODUCTIONS AND REFERRALS
Prospects come in three types: cold, warm, and hot. One of the primary advantages of working the 10-Step Plan will be the well-qualified (warm to hot) introductions you'll get from the Commercial producer. Your success rate should be considerably higher with this form of prospecting than with any other. It's also a lot more fun.
BIGGER COMMISSIONS
Someone once asked Jesse James why he robbed banks. He replied, 'Because that's where the money is.' If you had a choice between writing a $150,000 home or a $1 million home, which would you pick? Dumb question, huh? You'd write the larger home. Because you have a limited amount of time, it makes sense to choose opportunities that will maximize your commissions. Large homes, luxury cars, big umbrellas, and expensive jewelry are the keys to big commissions. It's your choice.
CREDIBILITY
In Hollywood there are weekend seminars on 'How to Marry a Rich Man,' 'Doing Lunch on Rodeo Drive (the commercial district of the rich and famous),' and 'How and When to Drop a Name.' Some people have made an art out of letting you know who they know. You've heard the saying 'It's not what you know, but who you know.' A corollary to that is 'It's not who you know, but what you know about them.'
One of the benefits of using the 10-Step Plan and dealing with senior executives is the credibility you attain from associating with and understanding the elite. When you can describe how you helped economically and socially significant individuals solve problems, you very rapidly establish credibility with others who have that same socioeconomic background. Their thinking is that if it's good enough for their peers, it's good enough for them. The easiest, most efficient way to get to these upscale people is through the Commercial producer.
LEADS, LEADS, LEADS
Every highly successful salesperson seems to have created multiple 'centers of influence.' These centers of influence can make your life a lot more pleasant for one simple reason: They can and will introduce you to a lot of affluent people who can buy your products. Who's better equipped to do this than the MVP and the Commercial producer? When you develop a solid relationship with one of these people, you have an endless resource with multiple opportunities.
PLANNING YOUR MEETING WITH THE MVP AND THE COMMERCIAL PRODUCER
What's your outcome for the meeting?
- Obtain an agreement to get the names of their 50 largest Commercial accounts
- Get the MVP to write or tell the Commercial producer to support your mission
- Enhance your relationship with the MVP and the Commercial producer
Get the Names
Not long ago, I teamed up with another consultant, Tony, on a project. Tony and I agreed to defer some of our compensation and 'deposited' it into an imaginary bank, to be 'withdrawn' upon successful completion of the project. Unfortunately, the project ran into trouble when political chaos broke out in the corporation with which we were working. We had several thousand dollars in our 'bank,' and we decided we deserved this money, so we forged ahead with the project.
Tony was the smart one. He kept asking me, 'What's your outcome?' I'd respond, 'To get the money.' Staying focused on the outcome was extremely important. Every step of the way, the corporation's existing staff attacked the previous administration, which had hired us. Tony and I had two choices: get defensive or stay focused on our outcome. Two months later, through much perseverance, politicking, and holding our focus on the outcome without getting defensive, we collected the money. Our credibility remained intact, we'd wasted no time on things that wouldn't lead to our desired outcome, and we'd proved to ourselves and the corporation that we were real professionals.
Your outcome is to get the names and the introductions. Stay focused on that. It'll keep you on target and show the MVP how professional you are.
Get the MVP's Support
When you get an agreement on the 50 names, a large part of your job is done. The other part is to create an environment that'll cause the MVP to want you to succeed. When you've convinced the MVP that your efforts are in their best interest, too, any existing roadblocks and barriers disappear.
You'll have to show the MVP that you'll treat their most valued clients with the same respect and professionalism that they do. Remember, the MVP's biggest fear is that your efforts will reflect poorly on them, possibly causing one of their largest accounts to move its business. In short, you'll have to build a high-quality, high-trust relationship with both the MVP and the Commercial agent on each account. The key to building and enhancing these relationships is trust. Once you've formed those relationships, you'll find the MVP and Commercial agent ready and willing to introduce you.
Enhance Your Relationship
Mentally rehearse your meeting with the Commercial producer to 'pre-solve' any potential problems. During your mental rehearsal, make a list of things you need to bring with you. Prepare a plan and timetable for calling on each account. Tell the MVP how you plan to schedule calls and appointments. Showing the MVP and the Commercial producer that you have a well-conceived plan of action builds trust.
You'll need to take the time to consider the relationship from the MVP's or Commercial producer's point of view. What would motivate them to cooperate with you? They'll have to like you and believe you can do an effective job - how can you show them this is the case?
One way to prove your abilities is by example. Do a Personal Risk Management Review for both of them. Let them experience your style and professional approach. Involve them in the process. Nothing builds rapport and trust faster than this type of interaction.
Another approach is to prepare letters for the MVP or Commercial producer to send to their accounts. Don't expect them to do your work - simply ask for their signature on the letter. Well-written correspondence is a fine way to display your style and abilities. It's also proof that you'll be prepared to do business when the time comes. You can enhance this approach by asking the Commercial producer for some input on the letter. Few people will help you customize a letter and then refuse to let you send it.
REFERRALS, REFERRALS, REFERRALS
The best referral you can get comes out of a conversation between the Commercial producer and the client, either in person or over the phone. If the Commercial producer or MVP is scheduled to meet with the client, ask to be included. Face-to-face introductions are the strongest ones you can get. It may be possible to meet with the Commercial producer and the client's Risk Manager over lunch or breakfast. Offer to pick up the check - not many people will turn down such an invitation.
A phone call works almost as well as a face-to-face meeting to explain to the Commercial producer that all you need is two or three introductory calls per week. You may have to stay in close contact to get the introductions, which will give you the opportunity to build a solid relationship. Tell the Commercial producer what you want them to say. Give them a written presentation of your qualifications, along with some testimonials from satisfied clients. This gives the Commercial producer a script for their calls to the accounts that subtly reinforces your credibility with them.
Remember, your work on this account enhances the Commercial producer's credibility. Their position is strengthened when they bring in experts to solve more of their clients' problems. Focus on providing benefits to both the Commercial producer and the client, and any objections will dissolve.