Warning: Reading this Analytic Broker Briefing may cause you to adopt change. Please do not read this unless you are prepared to adapt to the New Normal.
There is no sugar coating the reality of your “New Normal” of creating new revenue. There is a solution, but the “old” answers will not lead you to success today.
Here is an “inconvenient” truth for brokers who are focused on creating new revenue: It is harder than ever to create income working the “OLD” way. What is the old way? The old way is relying solely on relationships to develop new prospects, whether through your own network or referrals.
Frankly, you just don’t have the time to do it right now. It can take you years to create the correct relationship where your prospects know you, trust you, and then give you a Broker of Record Letter (as opposed to letting you quote.)
The fuse of a relationship deal takes a long time from the initial calls to gaining trust, especially in the “Zoom Age” where you can’t actually meet the buyer.
Your production daylight is burning in the meantime. You just can’t cover enough ground.
I recognize that relationship selling was the best way to attract new buyers. In today’s world, however, the barriers to create traditional relationships are stifling you.
You have to find a new and better way, and here it is: Change your approach from representing a traditional insurance organization to one that provides business results and an ROI. By the way, the ROI cannot be about your price of insurance or your program design. Those are simply commodities and will place you squarely in the amateur category.
I want you to imagine approaching all of your prospects with the following message:
“We would like to speak with you about how we can help you improve your EBITDA, margins, and cash position. We will prove it to you.”
Or, in the case of a specific prospect:
“Our data indicates you are probably wasting around $200,000 a year in financial leakage. We would like to speak with you about how to recapture it and improve your financial results.”*
When you approach a prospect with the ability to improve their financial position, they will stay engaged. Why? Because that is what they want NOW. They have a built-in Sense of Urgency that will pull you into their organization.
Which fuse would you rather light?
- The fuse that leads to a long-term process of relationship building (with all the distractions of COVID)?
- Or, the fuse that leads to an outcome-based conversation about the financial impact you can make on their results?
If you choose the latter fuse, you have an excellent chance of building a business relationship and then converting it to a personal one. The fuse to the close will be much shorter and way more profitable for you. In today’s world, the long-term fuse just won’t work.
All the best to Analytic Brokers,
Chairman, Analytic Brokerage™ Platform
*This approach includes data proprietary to the Analytic Brokerage Platform. The Financial Leakage estimate will fluctuate according to the specific buyer.
Have You Seen Our Recent Sales Webinar?
Finding gold in a storm
“How to Prosper in the New World of Brokerage”
Watch the replay below to learn how brokers and firms must:
- Understand the critical issues that top clients and prospects will be focusing on for (at least) the next 18 months.
- Create a sales message that will IMMEDIATELY resonate with buyers.
- Link your sales (BOR) message to actionable results, outcomes, and proof.
- Create an overwhelming sense of urgency using the buyer’s financial data.
- Maintain your revenue stream in a falling economy.
About the Analytic Brokerage™ Platform
Leading brokerages and producers across North America choose the Analytic Brokerage Platform to maximize their large account profits, revenues, and growth.
Utilizing the latest KPI’s, client metrics, and business intelligence, the Analytic Brokerage Platform is the only system in existence that helps brokers:
- Quantify a buyer’s financial leakage and true Total Cost of Risk
- Deliver consistent and meaningful reports
- Attract and retain larger accounts
The Analytic Brokerage Platform is currently embedded inside many of North America’s leading brokerages who control over $2,000,000,000 of annual revenues.