For 15 years of my professional career in senior insurance, I worked directly for health plans. Sometimes I had big budgets and generated big revenue. Other times, I worked for startups with no money, and I still generated big revenue.
What I have learned from my range of experiences is that necessity, ingenuity and imagination are a powerful combination to make it happen!
“We will either find a way or make one.” Hannibal
That’s the mindset you have to have with your business (You are running a business, right?). Even with no money or capital in the bank, you can take your business to the next level. I am not talking about making ends meet, I am talking about 6-figure success that comes from excellence in service (See Secret #4 from my recent 6 Secrets of 6-figure senior insurance advisors series!).
What makes sales scary for most people is unpredictable income. Month to month it feels like “round and round the commission goes, where it stops, nobody knows!” Some of you know exactly what I am talking about.
Can I tell you how to get off of that merry-go-round and make your business sustainable, scalable and stable?
Build or tap into a system.
The one consistent thing I’ve experienced for the last four years of bringing corporate concepts to the kitchen table is that systems make it better for everyone. Systems are the key to creating billion-dollar companies, and they are also the key to helping you consistently generate 6-figures.
A system comprises many tools. Here are my Top 10 tools for the 6-Figure Senior Insurance Advisor:
1. A proven business model
- The best systems will help you outline your O.S.T — Objectives, Strategies and Tactics. There are elements of sales that everyone must do (prospecting comes to mind), and then there are things that only your unique personality can define, like connecting with clients. The best business systems give you a track to run on that help you with day-to-day activities, but allow you to do it in a way that is best suited for you. Don’t reinvent the senior insurance advisor wheel — move the wheels of progress by tapping into an existing system.
2. Product systems
- The volume of email blasts that we all receive is filled with vast array of products and opportunities. Make no mistake — many of them are good products and could be a valuable addition to your basket of goods. The other reality: Who has time to filter through all of this and get to the heart of what will make a difference to his or her clients? A good product system has an “at a glance” way for you to determine if a product is good to invest the time and energy it takes to contract and sell.
- Pop Quiz: How many products do you have contracts for? How many bring you sales? My straw polling over the past several years suggests you have submitted business for only 20 percent of the contracts that you hold. Am I close?
3. Sales training and development
- Think about the last three webinars or online sessions you attended. I could probably guess they dealt with certifications (AHIP), continuing education to keep your license or some type of product training (features, features, features!). Nothing wrong with any of these, but most of what you have been spending time on are in place to get you Ready To Sell, but don’t train and develop you on how to sell. The key to generating more business and leveraging tips #1 and #2 is specific sales training programs (yes, like 6 Hours to 6 Figures!). The best in the business always look for ways to get better and self-development. Hey, they are tax write-offs, too!
4. Lead generation and business development
- “I could sell more if I had more people to see.” Sound familiar? FMOs and agencies want you to sell more, too (they don’t call it an override for nothing!), and many have turn-key Lead generation programs that can help you jumpstart your business. FREE LEADS? Sure, they exist, but they’re not a system or program you can depend on. People value (and work harder) when they have skin in the game. A good system helps you generate activity if you have no money but expects you to share in the building of your business as your revenue increases. Fair. Equitable. Synergistic!
5. Carrier marketing and Lead programs
- With the number of carriers now offering all types of products, the way they get the FMOs and agents’ attention is through co-op opportunities and other direct Lead generation activities. Many carriers (particularly Medicare Advantage carriers) don’t want the overhead expenses of full-time sales people (makes sense!). What do they do with the Leads they generate? They pass them down to FMOs/Agencies that have distribution and management systems in place. Imagine earning a good first-year commission and lifetime renewals from a lead that was generated by the carrier. Sweet!
Next time, we look at the other five tools of the 6-figure Senior Insurance Advisor.
Until then, I wish you Money, Power, Success!
Call (800) 997 3107 to learn more about RB Insurance’s Lead generation programs, including our Massive Response Mailers that are 15% off until May 1.