In any business, it’s important to set clear and attainable expectations. These are the foundation on which your business will operate.
Setting SMART goals is a highly productive strategy but what happens when the bar is set a little too high?
Let’s review some big business objectives and shift them into attainable aspirations.
Expectation: Every Prospect Will Lead to a Sale
A 100 percent success rate is a pretty lofty expectation. It’s important to go into sales with certainty of your skills, not certainty of the outcome.
There’s a difference between being confident and being arrogant. Confidence is knowing you have quality plan offerings and sales techniques to work with. Arrogance on the other hand, is thinking you already have the sale in the bag before you even meet.
Pivot positivity from “I will close every sale” to “I have what it takes to close sales.”
You could argue that it’s not arrogance but rather a positive mindset. While staying positive is definitely a key to success, so is being realistic. So, pivot the positivity from “I will close every sale” to “I have what it takes to close sales.”
It’s OK if you don’t close a sale with every prospect or client. In fact, we encourage you to prepare for objections and rejection. It happens to even the most seasoned insurance agents! Think of lost sales as learning experiences and chances to improve.
Expectation shift: Every prospect will lead to a sale Every prospect could lead to a sale
“One of the big challenges for anyone in sales is the roller coaster of emotions. Keeping a positive mental attitude is crucial to perform at your best.
Walking into every meeting expecting a sale at the end is not really fair to yourself as a professional. There are reasons that are outside of your control that may make the prospect ineligible or just not a good fit for a product you offer. Sometimes, the prospect may seem like a good fit at the time of the first meeting, but that can change in the future.
Realistically, even the very best agents cannot close a sale in every meeting. It’s important to know your own ratios so that you can set expectations for yourself and keep your mindset in a good place.
Try tracking the number of appointments/presentations you set, how many of those prospects are in a position to actually buy, and how many opted to buy at the time of the first meeting. This will help you record your basic ratios of set, presented, and closed appointments. You should also track the number of referrals generated and the results of those opportunities in the same way.
If you focus on the process and the performance as a whole, each individual presentation that ends without a sale won’t have a negative impact on your mindset.”
— Jake McGeoy, Sr. Manager Agent Relations- MD, VA, DC, DE, Ritter Insurance Marketing
Expectation: Closing a Sale Will Take One Meeting
In and out: bada-bing, bada-boom, closed sale. Yeah, not quite…
More often than not, you may need to meet with a client more than once before you close an insurance sale. Buying insurance, whether it be Medicare, under-65, life, ancillary, or a combination of coverage is an important purchase. This decision shouldn’t be rushed. If a client wants to tap the breaks, you need to oblige. They may want to see a few more plan options, get a little more clarification on the benefits offered, or re-evaluate their budget. Whatever it may be, it’s important for you to support them and stay patient.
Good things take time, and a good sale might take more than one go.
Yes, you’ll probably have clients who know exactly what coverage they want; you can offer it and submit an enrollment application. But to think every sale will be that way is troublesome. Good things take time, and a good sale might take more than one go.
Expectation shift: Closing a sale will take one meeting Closing a sale might take more than one meeting
“It’s true, many sales are closed in one meeting. Sometimes, it just works out that way. Perhaps your client is a decision-maker type or there’s a time constraint or situation that requires urgency. But not all situations are like that. In fact, it’s more likely that the bulk of your meetings won’t fall into those categories at all so it’s good to not always expect a ‘one-call-close’, an old sales term that basically means exactly that — to close a sale on the first call.
As an insurance agent, you’re probably earning your living on commissions, so it’s perfectly understandable that closing [a sale] on the first meeting seems like the gold standard. But there are some reasons this may not always be what’s best for you, your clients, and the future strength of your business.
Aiming for a one-call-close approach can be a very transactional experience for your client. Think about a time you’ve personally experienced this as a customer and how it made you feel. In insurance sales, you want long-term relationships, so how your clients feel is of the utmost importance.
It’s best to think about your first meeting as a chance to make an impression, make a friend, and seize the opportunity to build a relational (not transactional) experience that will be favorable for all involved, for years to come. You can do this by shifting your mindset from ‘closing the deal’ to ‘earning the trust.’
Instead of expecting a quick sale, focus on becoming more concise and effective in your presentation rather than over-memorizing the scripts and closing questions. Increasing your industry competence and communication skills will naturally result in shorter sales cycles, removing the need or desire for a one-call-close. Also be sure to learn your products, do some homework, attend trainings, and study the demographics you serve.”
— Damon Logan, Sr. Sales Specialist (NC, SC, TN), Ritter Insurance Marketing
Expectation: I’ll Make Every Client Happy
To put this bluntly, you might not please every client. Does that mean you’re a bad agent? Certainly not!
There are reasons why a client may be unsatisfied that aren’t your fault, like lack of plan options in their area, network restrictions, or limited added benefit offerings. You can try to overcome these obstacles by keeping a diverse portfolio and being equipped to cross-sell to fill coverage gaps. But in the end, some clients may not walk away happy.
Always have your clients’ best interests at heart.
The best rule of thumb is to always have your clients’ best interests at heart. A plan could be non-commissionable, but if it’s what the client wants and needs, offer support to get them enrolled in that plan. You may encounter a difficult client with whom everything you offer is unsatisfactory. In these cases, sometimes it’s best to respectfully part ways and maybe refer the client to another agent.
Most often we’re told starting at a young age to “just do your best,” and it still rings true with insurance sales!
Expectation shift: I’ll make every client happy I’ll do my best to make every client happy
“It’s not impossible to make every client happy — especially when you’re a newer agent and your book is relatively small.
There will always be a provider upset or a formulary concern, but if you’re the resource [for your clients], you’re showing your value as their agent. The relationship is important, and you should view clients as a lifetime relationship.
The most important thing is staying close to your clients. Make sure they all have your cell number and that you’re accessible. If there is a question or complaint, you, as the agent, want to address and triage the issue immediately.
As your book [of business] grows (and it will grow) year over year, it’s important to continue to reach out to clients, especially in September, to remind them that the Annual Enrollment Period is right around the corner.
As you’re striving to make all of your clients happy, remember to become a resource in your community, know and understand your market, stay educated, and use Ritter’s resources.”
— Dawn Myers, VP of Marketing & Sales, DVBS Division, Ritter Insurance Marketing
Healthy expectations can make or break your business performance and outlook on your progress. When your mind is set on how you think something will go, ask yourself, “Is this realistic?” and “Is this expectation setting me up to succeed or fail?” If your answers aren’t favorable, a shift in thinking, like we did above, could do the trick!
Ritter is ready to help you meet your business expectations. Register on RitterIM.com for free today to access top-of-line sales tech and resources!
Not affiliated with or endorsed by Medicare or any government agency.
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