10 reasons why many never achieve an increase in insurance sales
Many insurance companies have thrived over the years and have progressively been reputable for massive sales. Sales are the onus of any business enterprise and a thriving factor for companies. Many insurance companies have also suffered, struggled for survival and some have folded up because of low sales. Running an insurance company is more tasking than other contemporary business enterprises because it deals with buying what cannot be seen with the eyes.
Regardless of https://thediamondlab.org/how-business-marketing-is-changing/, many never achieve an increase in insurance sales due to the following 10 reasons.
1. Immature sales processes: Every insurance company has repeatable, notable steps that her sales agents employ to make a protective client settle for the company. It involves critical processes in sales which approach, presentation, handling objections, and follow up.
Immaturity in carrying out each stage of these processes is tantamount to the loss of customers. This is readily seen when the sales agent for an insurance company does not put himself in the shoe of the customer while dealing with him. The flexibility of a company can also influence the immaturity of its sales processes.
2. Little or zero attention on agile selling: Insurance companies are usually faced with pressures such as losing customers as a result of competition, change of loyalties of the sales force, government regulatory measures, to mention but a few. Amidst these, there is a need for an agile selling approach that will provide a necessary change in strategies and practices that will cushion the turbulent flow in the insurance company.
This will also companies to operate at various execution momentum and diverse cadres of collaboration. When there is no agile selling approach that will inspire this, there will be rigidity, unacountability, responsiveness which will jeopardize growth opportunities in the company.
The most consistent, overwhelming, and determining force that exerts itself on business enterprises today is change. Their responsiveness to change is key to determining if the insurance company will keep up with sales. Just as the saying goes, “only an insane person will do something several times and expect a different result.
3.Insecurities and worry about rejection: Because of the reluctance, rejection, and “no” from prospective clients, agents are prone to be discouraged and become apathetic while searching for new prospects for the business. The easy way to terminate increase insurance sales is to lose interest in the pursuit of clients and the easy way to lose interest in engaging new clients is to worry about rejection.
4. Lack of attention to the use of social network: Since about half of the world population use social media, it is key to breakthrough in insurance sales. This will gain expression through the following;
– Permitting young companies to be known by a targeted group virtually.
– Substituting insurance company cards which normally up in the trash can by being displayed in the audience’s news feed.
– Facilitating insurance companies to provide value upfront.
Negligence of the media can cause a great setback in insurance marketing.
5. Inattention to the customer:
Insensitivity to the spoken and body of customers and unskillfulness in passing out information to the customers triggers dissatisfaction in them. Needs are not met where attention is not given and patronization does not continue in such instances.
Inattention to customers with regards to communication to them can take the form of not proofreading all your customers’ communications, using very technical terms to communicate with customers just to sound smart, lack of creativity with the use of mails and text massaging.
-Not proofreading all your customer’s communications: When sending massage to customers, errors usually appear in the text especially when done in a haste. This can reduce the credibility of the company as they will be largely considered as being unprofessional with their service.
Using very technical terms to communicate with customers just to sound smart: Just like every other profession, Young and new employees will want to show off their little knowledge to customers in the bid to impress them with some.
However, all the information that a customer will receive and appreciate are the ones he understood which will influence his decision in patronizing the insurance company
Lack of creativity with the use of mails and text massaging: People in this age and time are not always in their sitting room, listening to the news. Because of the advent of portable devices such as hone advertisements, notifications and information can be passed to prospective customers. However, the lack of creativity in this use of text massaging such as ambiguous complex text can be counterproductive.
6. Impatient in business: Insurance companies are not like any other firm that requires little or no explanation before a customer buys. For instance, a barber might not need the patience of explaining the modus operandi of his salon to his customers.
Conversely, because of the virtual nature of what a customer of an insurance company is paying for, he may need a thorough explanation of everything.
Thus, patience is key to the insurance business and impatience can lead to abortion of a prospective customer’s patronization
7. Apathy towards gaining more knowledge: The pattern and practice with insurance business in the last decade are not the same now. The business evolves with time more especially in the area final expense carriers being used. Being nonchalant in getting updated and armed with the knowledge to increase insurance sales can cause even already established customers to leave. Poor knowledge about https://thediamondlab.org/marketing-packages-for-small-businesses/ can impair increase in insurance sales
This apathy in gaining more knowledge can come in the form of unwillingness to learn from a mentor, laziness towards knowing more about your stuff, and not learning from more experienced co-workers because of pride.
Unwillingness to learn from a mentor: There are individuals who have been in your shoe in the days of little beginning. There are people who have vast experience in that which you can’t figure out in business. Unwillingness to ask them for help will be a willingness to suffer loss in your company
Laziness towards knowing more about your stuff: Because of the intense competition in the business, the one who knows more about the insurance company will have an edge over the one that does not know much.
Lousiness and laziness in knowing more about your stuff are some of the reasons why many never achieve an increase in insurance sales.
Not learning from more experienced co-workers because of pride: This is often common with more academic qualifications or perhaps in older of an insurance company.
They often want to create an impression that the junior colleagues should be learning from them always. Because of pride, many miss opportunities to become better or to take advantage of the areas their junior colleagues know better.
8. Doing a one-man show (not having a partnership): Partnership involves a symbiotic relationship with an advisor who is a specialist in a given area of insurance sales. For instance, there are specialists in life insurance sales. This partnership can form a referral network in which customers can be referred to you on a commission basis. However, many insurance companies due to selfishness neglect this which is supposed to grow their firm.
9. Lack of effective commission: Incentives encourages and motivates hard work. Pay for performance is a great tool that thriving insurance companies use in making their staff get the job done. The 3 critical questions in rewarding include; Who should be rewarded? What should be rewarded? How to reward?
However, companies that do not engage in this reward system never thrive because the strength of any company depends on the staff and the strength of the staff depends on the motivation given to them and what they look up to gain while performing a task.
10. Not setting goals each day: Setting goals gives a headway to what should be aimed at. It brings direction and proper channeling of energy especially when it is a hyper-specific goal. It is always wise to avoid broad goals that it difficult to track and also setting goals for years and months without setting daily goals. Not setting goals each day will cause makes it difficult to prepare, plan, and execute what will bring an increase in insurance sales.
