Selling
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In this document, Jack Fries excerpts questions from the Sales Success Profile, a sales skill test developed by Lousig-Nont and Associates (Las Vegas). The Sales Success Profile is the only sales test on the market based on assessing actual selling skills, not personality.
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When it comes to marketing, the insurance industry can face a lot of challenges. The landscape of the insurance business has undergone several changes in the past couple of decades. These changes are mostly due to the rise in internet startups selling insurance.
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There are days when working in the insurance industry can feel a bit overwhelming, to say the least. This is especially true when insurance buyers that ultimately become your clients are applying for coverage that they are not necessarily a good fit for, yet believe they are.
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The old marketplace selection process is futile. There simply aren’t enough carriers to go around, it’s not in the client’s best interests, and it doesn’t allow a firm to differentiate itself. To make matters worse, the average hit ratio is a whopping 15%! Rob Ekern recommends (and explains) the Brokerage Selection Process for developing and retaining revenue.
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We all know the value that cross-selling brings to agencies. According to industry statistics, profit margins on the second sale are two to three times higher than the first and retention is 60% higher. Yet the average independent agency’s number of policies per customer hasn’t changed in 20 years. How can such a vital, well-publicized goal remain so elusive for so long? It’s as if we all know how to become millionaires but ignore the facts. The truth is that cross-selling is a complex process that can fail for a number of reasons.
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Many marketing managers and representatives may ask: "Why is a sales center important to me? Isn't it designed for niche- or target-marketing? How would this fit into my company, that wants Main Street business?"
Having a marketing-representative background provides me with a unique perspective on sales centers. I know that the marketing representative is much more than a "go-for" problem-solver, running down endorsements, acting as portable shrink between underwriters and agents, or being "the official news agency TAS," spouting party line. I know that marketing is the precursor to selling.