Here are the facts ladies and gentlemen: Your largest prospects are no longer interested in hearing about your offerings… they want to know what’s in it for them. So, get to the point quicker.
The only way to effectively do this is to translate your business solutions onto their financial results and get out of the world of insurance jargon. That’s what gets their attention. It’s what they want.
Here is a case study from a real deal that was recently attracted by an Analytic Broker with 1 ½ years’ experience in the brokerage business.
This broker called on a construction account and was told by the CFO, “Fine, I’ll speak with you, but don’t come here just to talk about insurance.” He then went on to elaborate, “I have been called on by many brokers and it’s all the same. I just don’t have time or interest in hearing anything more about my insurance program.”
As an Analytic Broker our heroine was prepared to have an entirely different discussion with this prospect. Here’s what she did:
- She focused her initial interview on the growth goals of the buyer along with the initiatives they were developing to improve their EBITDA and Capital Expenditures (i.e. profits and money needed to invest in new equipment.) That was the point of the conversation.
- She introduced the proven measurement of Financial Leakage* and how it was blocking the buyer from reaching their financial goals. That was the point of the problem.
- She then demonstrated to the buyer exactly how much money was flowing from their business through Financial Leakage arising from the current broker’s ineffective (perhaps non-existent) risk control and claims management services. That was the point of differentiation between her firm and the current broker.
- She then translated the identified Financial Leakage to the buyer’s financial results, showing the buyer exactly how much EBITDA and CAPEX was presently being thrown out the window. That was the point of “decision support.”
- She was appointed the broker in mid-term with a revenue of $50,000 to the brokerage firm. That was the point of the initial call on the buyer.
So, if you want to really be successful in this business, let’s use this example and recap exactly what happened. She stayed on POINT.
- She TOUCHED the buyer’s existing sense of urgency that had been ignored by others.
- She FOCUSED the buyer on a current financial problem inside their business.
- She QUANTIFIED the impact of the problem.
- She TRANSLATED the problem to the buyer’s business analytics.
- She ATTRACTED the account primarily through her firm’s ability to provide business solutions to address and fix the problem.
Here’s the bottom line for those of you who intend to be in the commercial brokerage business in the coming years: The old style of selling does not get you to the point quick enough or in a meaningful way. If you don’t move into the world of client results… much of your sales presentation is probably pointless!
Best Regards to Analytic Brokers™
Rob Ekern, CAB (Certified Analytic Broker™)
*Financial Leakage: The controllable costs that are leaking from a buyer’s financial results. They are in the form of loss costs, indirect loss costs and administrative costs.
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