Four Strategies to Achieve a 90% New Business Hit Ratio
In each Beyond Insurance workshop, we guarantee that a producer will achieve a 90% or higher new business hit ratio after departing the program. Easy? You bet. They just have to add the following four ingredients to their approach.
- Utilize a prospect criteria filter.
A criteria filter screens out price shoppers and determines if your prospective client meets or falls below your standards. Rather than taking a random approach to prospect research and qualification, a criteria filter will confirm that your approach is disciplined, strategic, and results-oriented.
- Determine the depth of relationship with incumbent agent.
When you fail to find out about the relationship the decision-maker has with the incumbent, you risk wasting valuable time and setting yourself up for failure. Ask questions. Probe until you understand the degree to which the incumbent is viewed as a Trusted Risk Advisor™.
- Gain Access to the Decision-Maker.
There is a direct correlation between winning an account and your ability to have a meaningful, face-to-face meeting with the decision-maker. That being said, it’s imperative that you know who has the power to make the ultimate buying decision, and then to gain access to them.
- Uncover the Pain Points and Overcome Skepticism.
Winning producers have the ability to discover the business leader’s wants and needs. They tailor a compelling message that resonates with the business owner as well as other leaders in the organization, up and down the chain of command. Are you identifying the problems an organization is experiencing to overcome skepticism?
If your new business hit ratio is 90% or more, please tell us if you use one or more of the above four strategies.