Strategy & Execution

Three strategies to escape the Commodity, Perception and Anxiety Traps

I frequently tell a story from the classic book and film, The Great Escape.  The moral of the story is that agents and brokers need to muster the courage to break away from three traps — the Commodity, Perception, and Anxiety Traps.

Beyond Insurance suggests the following three strategies to escape the Commodity, Perception, and Anxiety Traps:

  1. Value Proposition.  Your value proposition represents the reason why a customer should buy your particular product or service, how it exceeds that of your competition and why it is worthy of the price they must pay.  Your value proposition must appeal to your customer’s strongest decision making drivers.  A differentiated value proposition goes beyond functional product or service descriptions to express the results a customer can expect to achieve.  The value proposition must not be about you and your firm.  Rather, it must be all about the customer.  Your ability to articulate how you are uniquely qualified to help the consumer will distinguish you from others in the marketplace.
  2. Create a culture of creativity and innovation.  The ability to “think outside the box” is best supported in a flexible, open, nurturing environment.  Creativity is the act of producing new ideas, approaches, or actions while innovation is the process of putting ideas into action.  Creativity is always the starting point for innovation.  Establishing a culture of creativity and innovation is essential to your Great Escape.
  3. Understand the customer.  The research of Beyond Insurance substantiates that consumers are willing to pay a premium, redefine the buyer/seller relationship, erect barriers to the seller’s competitors and establish the seller as a trusted advisor when the seller reveals to the buyer an unrecognized problem and establishes for the buyer an unanticipated solution. Both are accomplished with a thorough understanding of the business.

The Great Escape is a story of achievement against impossible odds.  It proves that nothing can stop a group from achieving a goal once they agree to what that goal is.  The 76 ragged, verminous men of all nationalities who climbed out of that stinking hole in the ground on that windy March 24, 1944 night challenged the Third Reich and all it stood for.  Their amazing escape allows us to understand and appreciate that anything can be accomplished with purpose, passion, positive attitude, creativity and innovation.  Go for it.  You have everything to gain – especially your freedom!

For more ideas on how to break the commodity trap connect with Beyond Insurance on:

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