You will find these beliefs apply to any producer regardless of the line of business.

If you have read previous articles of mine, you know I believe the best opportunities for benefits producers are still in front of us. However, they won’t be there for everyone. In fact, some of the opportunities for successful producers will be the result of much of their competition not surviving.

You may have also heard me say, “The financial reward for mediocrity in our industry has been way too high.”  Well that is definitely changing. Not only will mediocre performance no longer have the high reward it has in the past, mediocre performers will struggle to just survive. The great financial rewards are still out there, but it will be only for those willing to work hard and make the necessary changes.

I’ve thought about both of these ideas a lot recently in light of the SCOTUS decision. The response to the decision has been interesting to say the least. Some think the game is over, some think it is just beginning. Guess what? They are both right. They are right because their beliefs will largely determine their outcome. Those that believe this is a new beginning will share a similar set of beliefs, beliefs that will be the foundation of their success.

Here are 9 beliefs that will be shared by tomorrow’s successful benefits producers.

1. I have two priorities and schedule time for both.

Producers have two primary responsibilities: 1. Keeping the business they have, and 2. Getting the business they don’t. Look at any producer’s weekly schedule and you will see the meeting times blocked out for the former.

It is the rare producer who blocks out time for getting new business. A lot goes into acquiring new business, far more than just cold calling or networking. If you look at a producer’s weekly calendar and see time blocked out for “Prospecting,” “Research,” “Skills Practice,” and “Personal Development,” I promise you are looking at the calendar of a successful producer (or at least one in the making).

2. The clients I have are the ones I choose.

Some of your clients don’t deserve to work with you. Many look at you simply as a vendor, they have little to no allegiance, they don’t utilize the resources and knowledge you have to offer, and some are just flat out toxic. On top of that, in an average producer’s book, the bottom 50% (by case count) of the book only generates about 5%-7% of total revenue. Don’t believe me? Analyze your own book; it won’t be far off.

Successful producers are much more selective about the clients with whom they work. They will only work with clients who truly want to be helped, that want to be challenged to think in new ways, and are willing to work hard and use the resources and knowledge provided by the broker.

On top of that, they ensure that every account on which they are willing to work will generate a healthy amount of revenue. If it doesn’t generate a minimum amount of revenue, they won’t work on it. A $500/hour attorney won’t waste her time fixing traffic tickets; successful producers will believe in their value and not accept the client equivalent of “fixing traffic tickets.”

3. Constant learning is part of my job description.

You wouldn’t entrust your physical health to a physician who didn’t continue to study the newest forms of treatment. Why should clients entrust the health of their business to someone who doesn’t continue to study new ways and bring new ideas to help improve their organizational health? They won’t.

Tomorrow’s successful benefits producers will be those professionals who recognize that constant learning is part of their job. And they realize that the required learning goes far beyond an insurance product. They are committed to learning about what it means to run a business and deeply understanding the role successful employee management plays in the success of the business – areas such as employee wellness, performance management, attraction/retention, effective hiring practices, and the list goes on.

4. Time in the business means nothing. Results are all that matter.

How many of you start the “About Us” section of your website with the number of years you have been in business? Or, how many of you have a “get a free quote” button on your homepage? Guess what? Neither of those brings any value to a prospect, and they do nothing to differentiate you from your competition. Actually, just the opposite, it makes you sound just like them. Besides, it’s a brand new game and the “experience clock” for benefits producers has been reset (but, please don’t start counting all over again).

Instead of bragging about being in the business since 19XX, future successful producers will be able to demonstrate the ways they have contributed to the organizational health of their clients. They will be able to show the improvements made through improved levels of employee engagement, the positive effects of a strategic communication campaign, they will be able to explain the advantages of being able to attract/retain the top level talent. That is real value for a company owner.

And a free quote? Please. Instead of leaving their website with a free quote, the prospect of tomorrow’s successful producers will leave having gained a new insight into a real business issue.

5. Not only do I accept change, I am a catalyst for change.

What was exceptional yesterday, is acceptable today, and will be inadequate tomorrow. The successful producer works relentlessly to help bring about healthy change, whether it’s in the way they work personally, the operations of their agency, or the performance of their clients.

Average producers will only stay within their comfort zone, doing what they have always done. However, successful producers enthusiastically will put themselves into a zone of discomfort because they realize that’s where new learning and new ways of delivering value reside. Sure they will fail once in a while in trying something new, but they look at it as nothing more than being one step closer to improved performance.

6. I am responsible for my own success.

Successful producers don’t make excuses; they take control of and responsibility for their own success. Do they have the same noise around them as the excuse makers? Of course, but the successful producers choose to focus on the things they control: increasing their knowledge, improving their skills, putting prospects into the pipeline, and closing new deals. It’s amazing how much of the noise disappears if you just ignore it.

If the noise in your agency is too loud to ignore, then find a new agency. There are plenty of good ones out there and every one will welcome a successful, no-excuse producer.

7. Every client knows how much they pay me.

How many of you have someone who does work for you, yet you don’t know exactly how much you pay them? I’m guessing it’s a VERY short list. Why should your clients be any different?

The clients of tomorrow’s successful producer know exactly how much they pay their broker and understand the value they get in return. They know because it’s a conversation the broker has at least annually, and they also know because they write the check for the broker’s fee. If you’re afraid of your clients knowing how much they pay you, then you’re being paid too much.

8. The list of what I can get paid for is way longer than the list of what I can’t get paid for.

Clients need help in ways they haven’t before. Some they recognize, many they don’t. Successful producers will no longer see the placement of insurance as the sole opportunity for which to get paid, they see creating value for their clients as the vehicle.

Tomorrow’s successful producers don’t see their role to be that of someone who places insurance. Instead, they see their role to be that of helping their clients improve the health of their organization. They see HCR as only impacting one potential solution and, therefore, one potential revenue stream. They know if they have value to offer around medical insurance choices, they can still get paid through fees. In a worst-case scenario where fees on medical insurance may not be an option, they still see countless other ways of helping their clients improve organizational health and, therefore, countless ways to develop other revenue streams.

9. I will never lose because my competition was better prepared.

You can either skimp on preparation and personal development, and make every sales opportunity more difficult than it needs to be, or you can work your tail off improving your business acumen, enhancing your sales skills and studying the business of your prospect, and make every sales opportunity infinitely easier.

Tomorrow’s successful producers will be relentlessly committed to the latter. They know most of their competition won’t do the hard work of true preparation. They will use that to further fuel their commitment knowing that every hour they commit will separate them that much more from the competition. They will know almost as much about the industry, company, and roles and goals of the decision makers as the prospects do themselves. With that kind of knowledge, the successful producer will be competing in a new category, a category that the mediocre performers won’t even be able to see from where they stand.

As you read through these beliefs, I hope something jumps out at you. That this isn’t just about working harder at what you’re currently doing. This is about changing your game, changing what you have to offer to clients. Is it going to be hard? Of course it’s going to be hard, but doing what is hard is what makes successful people successful.

Of course, you can be successful too. You just have to ask yourself, “How badly do I really want it?”

About the author

Kevin Trokey is President of Benefits Growth Network, a firm specializing in growth strategies for Employee Benefit agencies, departments and producers. Visit www.benefitsgrowthnetwork.com for more information or reach him at [email protected].

© The Rough Notes Company. Reprinted with permission.