In today’s highly competitive market, many agencies and advisors find themselves struggling with suboptimal performance levels. Despite recognizing their potential, a gap remains between current results and peak success. Through my experience and observation with industry professionals, I’ve pinpointed three core issues hindering sales performance.
1. Outdated Training Methods
The way we train people today is outdated. We’re teaching new dogs old tricks. I was speaking at a conference last year in Salt Lake City to a room full of insurance professionals. I was on stage and I looked to my left and sitting at the far left table was a gentleman in his 70s and I asked, “How long have you been in the industry?” and he proudly said 45 years. I asked, “When you got into the industry, how were you trained?”
He said, “I was given a phone book and told to go pound the pavement.”
Then I looked to the center of the room and there was a younger woman sitting right in front of me. I asked, “How long have you been in the industry?” She said 3 years. I asked, “How were you trained when you got in the industry 3 years ago?”
She gave me the same answer. “I was given a phone book and told to go pound the pavement.”
This method, while once effective, no longer works on its own. Modern sales strategies require a blend of traditional relationship-building skills and digital acumen. Agencies must embrace innovative training approaches that incorporate digital marketing and social media engagement to stay relevant and competitive.
2. Generic Messaging
The second problem when it comes to attracting clients is that we’re trying to speak to everybody. But if we try to speak to everybody, we end up speaking to no one.
In an attempt to appeal to everyone, agencies are rendering their messaging ineffective. The crux of the matter lies in specificity; understanding and targeting your ideal prospect. Tailoring your message to address the specific needs, pains, and aspirations of your target prospect cuts through the noise of generic advertising.
If you’re not clear about who you’re going after, you’re getting drowned out.
3. Overreliance on Direct Marketing
The traditional reliance on direct marketing tactics — buying leads and bombarding them with calls and emails — is proving less effective in today’s saturated market. This strategy not only dilutes the perceived value of your services but also fails to build the necessary trust and rapport with potential clients.
The modern market demands a shift toward value-based marketing, where the focus is on educating your prospects, sharing insights, and fostering genuine relationships. This approach not only attracts clients more effectively but also builds a foundation for long-term loyalty and referrals.
Moving Forward
The insurance industry stands at a crossroads, with the path to success requiring a departure from outdated practices. By innovating training methods, refining our messaging, and embracing a more nuanced approach to marketing, we can bridge the gap to our full potential. It’s time to embrace change with confidence!
Resources:
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- Connect with me on LinkedIn: linkedin.com/in/andyneary/
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- Connect with me on Instagram: instagram.com/andy_neary/
Business is no longer about who you know. Business is about who knows you. In a noisy industry like we’re in gang, you got to get people to know who you are.