by beatuplunchbox » Sun Apr 05, 2009 07:44 pm
I have seen firsthand many new insurance agents nearly go broke trying to figure out this business, and have nearly done so myself. When I look back on the mistakes I have made I always come back to two things in common with everyone else I have seen leaving the business which are:
1. Over spending their marketing budget
2. Not having the sales skills to close deals
The only reason I was able to stay in this business and prosper was because I worked hard and was stubborn. Do you think that the high rate of agents leaving the business before the first year is more attributable to personal qualities, lack of knowledge, lack of sales skills, lack of work ethic, or just not knowing how to market effectively?
I would like to know your thoughts on this...
1. Over spending their marketing budget
2. Not having the sales skills to close deals
The only reason I was able to stay in this business and prosper was because I worked hard and was stubborn. Do you think that the high rate of agents leaving the business before the first year is more attributable to personal qualities, lack of knowledge, lack of sales skills, lack of work ethic, or just not knowing how to market effectively?
I would like to know your thoughts on this...
Posted: Tue Apr 07, 2009 02:06 pm Post Subject:
There are many people who are happy working jobs that, although may be easier than they could handle, they fulfill their needs. For example, I have a friend who works as a cashier. She is intelligent, good with people, and communicates well...but she enjoys an "easy" job. She is not stressed with things at work, and it pays her enough to pay her bills.
That is what I mean by settling. There are many different ways to define success, and some define it as going for the top.
I think there are also many people who try very hard to do something and fail. 80% of all new businesses fail in the first couple years, and most of these entrepreneurs sink their blood, sweat, and tears into these ventures. Maybe there is a lack of experience, inability to learn / adapt, or just a misunderstanding of the needs of the industry.
Posted: Tue Apr 07, 2009 03:29 pm Post Subject:
I have seen many hard working agents that would really put in the extra effort fail. There is no cure for lazy but what about the group that is dedicated and works really hard yet still fail?
One has......
So many good leads with one.......
A good knowledge about the insurance sector....
A nice assistant to help out minimize the processing time of any inquiry....
Website of one's own in order to give the service to the customer....
Despite of all the above things if one fails in the insurance sector then God knows what is the reason for the failure of the business.
Posted: Wed Apr 08, 2009 04:33 am Post Subject:
Thanks chris. I get your point. But isnt that nice if you work more than just being a cashier? Paying bills is not enough for me to be successful. And i dont want to get old just doing only one thing in my life. Besides, the cost of living every year gets increase.
Business is like gambling. You dont have any assurance whether you will be successful or not. Your skills and abilities are not the only factor to success. External environment plays a part of it. So no matter how hard you do, if its against the external environment you will fail. Thats where experience takes it role.
Posted: Wed Apr 08, 2009 04:45 am Post Subject:
This is a really good point:
External environment plays a part of it. So no matter how hard you do, if its against the external environment you will fail. Thats where experience takes it role.
There is no better teacher than experience. I guess the one common factor in all of the agents that I have seen have any level of success is that they are able to deal with their failures by learning from them and being determined to keep going.
Besides having this quality, what can brand new agents to to "sandbag" themselves against common mistakes?
Posted: Wed Apr 08, 2009 07:01 am Post Subject:
Hi beatuplunchbox,
Besides having this quality, what can brand new agents to to "sandbag" themselves against common mistakes?
I'd also believe that it's quite important for the new captive agents to mingle with the more experienced lot and gain out of their experiences. What do you think?
Roddick
Posted: Wed Apr 08, 2009 01:27 pm Post Subject:
That is actually what saved my business. I became good friends with a more experienced agent and career salesman who actually took the time to SHOW me how to prospect, close sales, and to run my business in general.
Come to think of it, it was the only way my business survived at all...
Posted: Thu Apr 09, 2009 03:33 am Post Subject:
The idea of mingling with experienced agents is a good one but you must weigh your mingling with new ones like you. Its good when you grow to an environment with someone like you at least you discover other things that others not known. If you rely on experienced agents then there's no thrill at all. Its like you never learn on yourself. So this must be balance because some would just rely on it.
Posted: Thu Apr 09, 2009 06:09 am Post Subject:
Hi Beatup,
I became good friends with a more experienced agent and career salesman who actually took the time to SHOW me how to prospect, close sales, and to run my business in general.
I have a feeling that such a thing is possible when you'd start as a captive agent. You'd then be able to see how these experts communicate with their clients. At the same time you'd also get an opportunity to exchange views about retaining clients- which I feel is truly important..I hope you'd agree!
Roddick
Posted: Thu Apr 09, 2009 08:47 pm Post Subject:
Tat is how I started out, as a captive agent. It was cool to have someone to partner up with when we both went independent.
I haven't considered this: When people start out independent how are they able to find mentors or someone to show them a business?
Posted: Fri Apr 10, 2009 05:31 am Post Subject:
Thanks chris. I get your point. But isnt that nice if you work more than just being a cashier? Paying bills is not enough for me to be successful.
Sorry beforehand because i am poking in between. but what chris Bantley has stressed that so many people are content about what they have and thus are not too greedy and even if they are able to pay their bills on time they consider themselves happy.
Dritz, case with you may be different.Because every person has a different definition of the success.My definition or my expectation may be just to earn some decent money in order to pay all the bills on time and lead a life with having free time to do what i like to do. My hobbies. So this is my definition of the successful life.Yours may differ on the quantity of money you want to earn.So ................ :wink:
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