If you follow our blog, then you know we have been discussing how to generate revenue by increasing leads, and even more about making more out of the leads you already have. We have discussed the typical bread and butter lead sources as well as some hidden gems, such as unsolds, which you should set up on some automated nurturing (just like you should for current clients) to have another shot at renewal time. Additionally, there is a lot you can do to affect your close rate, which can be the easiest way to increase your income without spending a lot of money trying to generate more leads that you don’t close very well. There are some good ideas you can implement in my previous blogs, How to Increase Lead Conversions to Sales followed by 4 Ways to Increase the Effectiveness of Your Sales Efforts. Connect with me on LinkedIn and you can find the whole series.
There are three programs that can help your agency grow. Those programs are Sales Process Programs, Referral Programs, and Commercial Partners Programs. Obviously, if you don’t do any commercial, then two out of three ain’t bad.
Sales Program
If I went to your agency, would I find a sales process playbook on every desk? Does your agency hold monthly or weekly sales meetings? If not, how are you passing on your knowledge and experience of sales best practices to the rest of the team? We have found that the fastest growing agencies take a little time every week to teach the whole team a consistent process. They also listen to recordings of sales calls for training purposes. This time can also include giving incentives for your team to implement the activities that you know lead to closing deals.
Referral Programs
Does your agency have a program for rewarding your team members who ask for and get referrals, including CSR’s and Producers? Fast growing agencies implement an incentive program for their team to recognize and reward that very basic and productive activity of asking for referrals. Additionally, many of the top growing agencies implement an incentive for their clients. Oftentimes, it is a small token of appreciation for each referral, but each referrer gets their name put into a drawing for something more substantial, such as tickets to a local pro or college sports event, an iPad, or gift card to shop at one of YOUR commercial clients.
Commercial Partner Program
A good local business partner program will address two important goals for any agency selling commercial insurance: high retention of commercial accounts and effective commercial prospecting. You can offer to put your current commercial clients on a special partner area of your website so they can advertise a deal of some sort. If it is a restaurant, then they could offer a “buy 1 entree and get the 2nd one free” coupon, or for an auto repair shop, a 10% off coupon. The visitors to your website will be able to see the deals and patronize your commercial clients. That is a big win/win/win for the customers who get deals, your clients that gets more business, and now you are viewed as more of a partner with whom your client makes money, rather than just his insurance agent. Your retention could rise since your client likely won’t leave you when your competition offers him a premium discount, as he’s making sales from your generosity. As a prospecting tool, you can offer this free advertising on your site to be a blessing to the community, and a no obligation consultation to look at the business owner’s insurance situation. This way, you get in the door by offering something of value first.
Just Do It
Make an effort in all three of these areas and better sales and retention rates could certainly result. This short video is a good example of an agency highlighting THEIR commercial clients with a funny “Buy Local” campaign, combined with a Referral Program Drawing winner at the end. Shop Local Style, from Barber Insurance, received over 4,000 views on YouTube and a number of shares on other social media platforms. Having fun goes viral and can get you big time exposure to more prospects.