Beating the Insurance Slump
(Part One)
GETTING STARTED
(Part One)
GETTING STARTED
Sometimes IT happens to all of us. If you are new to or thinking about starting a career as an insurance agent, IT pays to examine your plan. With the regulations placed today on salespeople, IT may seem nearly impossible to make a living. How you approach IT will make a big difference. In this post, I will look at what IT is, give you some ideas to correct IT.
The first thing to consider is how you view this position. Is this going to be a J.O.B., the old acronym for "just over broke" or, is this going to be your business? You essentially only have one boss, the amount of money you want or need to make. Are you going to plan for a 40 or 60-hour workweek? There was a time I took some sales jobs to learn other approaches to sales. Once I rode with a guy selling picture encyclopedias. The approach was to go to 60 businesses a day for the first three days of the week and drop off this book for people to review. Then the last two days we were to go pick up orders. Another was selling merchant processing plans. We went to about 40 businesses a day writing those interested the same day. I didn't want to say it before, but we all have the same time each day and how you manage that time is important to your boss. Production is more important than the office or service work.
A 40-hour workweek has 2400 minutes in it. This doesn't include bathroom breaks, cigarette breaks, lunches, etc. If you plan on doing door knocking to get appointments, then it is important to pack your doors close together. Driving 30 minutes to the first door reduces the number of doors you can hit each day. For example, in my town, I can hit 15 doors in about 2.5 hours. Therefore, I could hit 45 or more doors a day and in my 12 hour day(60hr week), I could hit 72 doors. Realizing one day of the week you may have an office meeting that still leaves you with 180 to 288 doors knocked. What are the chances you would get several appointments out of this? We can discuss how you arrange your day later.
An alternate solution would be to make phone calls. Due to the number of spam calls, and FCC regulations, it takes more calls to get the same results of just a few years ago. For example, I used to make 100 calls and get 3 appointments. Today, it can take 100 calls to get one appointment. The major difference is people don't answer there phone like they use to. The time of day is important though. In my market, people stop answering the phone after 7pm.
Do you know how many appointments you need? I know you don't know how much money you will make. I get it! It depends on your closing ratio. This will improve with activity, but for now, it is something to include in your calculations. Therefore, if you close 30% of your appointments, you will need 15 appointments a week. Remember though, the object is to make money, not sales.
(Inspired by #The 10X Rule, by Grant Cardone)
The first thing to consider is how you view this position. Is this going to be a J.O.B., the old acronym for "just over broke" or, is this going to be your business? You essentially only have one boss, the amount of money you want or need to make. Are you going to plan for a 40 or 60-hour workweek? There was a time I took some sales jobs to learn other approaches to sales. Once I rode with a guy selling picture encyclopedias. The approach was to go to 60 businesses a day for the first three days of the week and drop off this book for people to review. Then the last two days we were to go pick up orders. Another was selling merchant processing plans. We went to about 40 businesses a day writing those interested the same day. I didn't want to say it before, but we all have the same time each day and how you manage that time is important to your boss. Production is more important than the office or service work.
A 40-hour workweek has 2400 minutes in it. This doesn't include bathroom breaks, cigarette breaks, lunches, etc. If you plan on doing door knocking to get appointments, then it is important to pack your doors close together. Driving 30 minutes to the first door reduces the number of doors you can hit each day. For example, in my town, I can hit 15 doors in about 2.5 hours. Therefore, I could hit 45 or more doors a day and in my 12 hour day(60hr week), I could hit 72 doors. Realizing one day of the week you may have an office meeting that still leaves you with 180 to 288 doors knocked. What are the chances you would get several appointments out of this? We can discuss how you arrange your day later.
An alternate solution would be to make phone calls. Due to the number of spam calls, and FCC regulations, it takes more calls to get the same results of just a few years ago. For example, I used to make 100 calls and get 3 appointments. Today, it can take 100 calls to get one appointment. The major difference is people don't answer there phone like they use to. The time of day is important though. In my market, people stop answering the phone after 7pm.
Do you know how many appointments you need? I know you don't know how much money you will make. I get it! It depends on your closing ratio. This will improve with activity, but for now, it is something to include in your calculations. Therefore, if you close 30% of your appointments, you will need 15 appointments a week. Remember though, the object is to make money, not sales.
(Inspired by #The 10X Rule, by Grant Cardone)
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