When a producer is in a sales slump, nothing seems to go right. Real life has a way of intervening, and sometimes the negative outcomes pile up. The slam-dunk case that is all but written goes south, the application that was submitted last week is withdrawn, or the great new prospect stands you up. It is no wonder that even the most experienced producer becomes disheartened and starts to doubt their ability to pull out of a sales downturn.
But the best of the best have all experienced slumps and lived to tell about it. One thing common to all top-notch producers is that they did not simply sit back and take it. They tightened their chin straps and took decisive action to stop the slump in its tracks and inoculate themselves against the next slump lurking in the shadows.
Following is the distilled advice of years of successful slump-busting by top-level producers.
The fundamentals make a difference
What some people call the basics are more accurately the fundamentals of a business. The basics are not something elementary that a solid producer outgrows. But it is easy to forget to do much of what has been proven to work well. The best advice is to never abandon the fundamentals. But failing that, when the slump comes along, the next best lesson is to get back to the fundamentals of prospecting, fact-finding, high appointment activity, and annual reviews. They are real difference-makers in re-establishing successful selling patterns.
Don’t wait — act
Taking a wait-and-see approach to a slump or hoping it goes away is a recipe for disappointment. Decisive action to shore up your prospecting activities and tighten up your sales presentation is a must. Don’t leave anything to chance.
Stand on other shoulders
You don’t have to be alone. Many people have experienced slumps and have created strategies to beat them. Get a sales tape, order the Million Dollar Round Table presentations, visit with top local producers, or attend a National Association of Insurance and Financial Advisors meeting. Borrow the experience and expertise of others.
Make change happen
There is a chance that what you’ve always done might need adjusting — or, it is
possible that a completely new approach is necessary? People naturally resist change, but if the market is changing around you, it is better to implement change and use it to your advantage. Try out alternative approaches, diversify your prospecting actions, and boost your activity levels. By adding to and shaking up what you do to create action, you build enthusiasm, and this will be apparent to your prospects.
Look for solutions outside the box
If the slump has persisted for an extended period, it might make sense to consider more radical approaches to solving the problem. As you weigh alternative approaches, some of them might be completely different from your traditional approach. Don’t discard any idea just because it is outside of your comfort zone. And don’t abandon what you’ve always done while you try new things.
Sharpen your sales skills
Writer Stephen Covey coined the phrase “sharpen the saw” to highlight the need to keep your tools as finely tuned as possible. A producer’s toolbox contains all the sales strategies, closing skills, and presentation abilities that have been accumulated and mastered over the course of a career. If you keep on doing what you’ve always done, you will keep getting what you always get — and sometimes that is not enough. Make a point of investing in yourself by buying a book, enrolling in a class, or attending a seminar. Learn about new markets, new sales concepts, and new products.
Use and expand your network
A producer in a slump can turn to their network of clients, associates, prospects in their database, family, friends, and acquaintances to help jump start their sales. Activities that pay dividends
include dropping in on small businesses as potential new customers and placing extra emphasis on referral prospecting.
Tap into your client base
There is a better-than-average chance that the plans you helped put in place for your clients over recent years are in need of review and revision. During a sales slump, it is nice to meet with friendly faces, people who know and appreciate the work you do. Odds are that new sales will result and referrals will follow.
Get better at what you do
Selling is a numbers game, and paying close attention to your numbers can be eye-opening. It is a matter of both quantity and quality. Be certain that you are making enough calls for appointments, conducting enough opening and closing interviews and asking enough clients for referrals. Tracking your success ratios can give you a feel for your effectiveness at the point of attack. If you don’t have as many calls and appointments as you used to, ratchet up the numbers.
If your success percentage at each step in the sales process is down, fine-tune your skill set. Producers who pay strict attention to the numbers find that keeping score helps the score get better.
Set new goals — create a plan
Sometimes all that is needed is a fresh look at goals and objectives. If the results that you need are not happening, it might help to start with a clean slate and reestablish your goals and devise a plan to achieve them. An approach that top producers employ is to share their goals with other people whose opinion they value. Another tactic is to keep score of critical activities on a daily basis.
Even the best producer hits a roadblock every now and then. Sales slumps sometimes seem to occur for no obvious reason, but the smart producer won’t just sit back and wait them out. Decisive, broad-based action on a variety of fronts can lessen the impact and shorten the duration of slumps and set the stage for even greater long-term sales success.
Bruce E. Dickes is the vice president of annuity marketing at Financial Brokerage Inc. in Omaha, NE. He can be contacted at bdickes@fb-inc.com.
Marketing Tips
| “Make sure you stay in touch with your clients at least quarterly. Newsletters, e-zines, blogs, cards, or video email are all ways to stay in your clients’ minds. Be innovative, and make sure the contact has value for your client.”
- Laurie Brown, The Difference | “Strive to be publicized in the consumer and trade press via releases, feature articles, and letters to the editor. You’ll reach a lot more people that way.”
- Thomas M. Maher, communications consultant | “Remember that no marketing activity will ever take the place of face-to-face contact. Don’t expect people to come knocking down your door just because you sent them a letter.”
- John Geddie, Foresight Publishing | “Go through your files for life policies that you sold five, 10, or more years ago. Look for those that may be underperforming and that could be replaced with new lower-cost products. Getting back in touch is a good way to re-establish your relationship with these clients and update their insurance program before a competitor does.”
- Justin Jurs, First American Insurance Underwriters Inc | |