We recently had the incredible opportunity to connect with Lee Duncan of Alliance Group on the Unstoppable Profit Producer Podcast (episode 135). Lee shared his first-hand experience when it comes to being hit with financial devastation. This has inspired Lee’s passion for Living Benefits and how we can ensure our clients are not hit with the same ruin.
After the incredible feedback we received from the podcast, we were able to lock Lee in for a full hour deep dive into what living benefits are and how this can make a huge impact on your bottom line for 2022!
Next-Gen Protection with Special Guest Lee Duncan and Samuel Howe
If you are interested in learning more, please contact Samuel Howe at [email protected].
Excellent people working within world-class processes and systems – then simply promote the heck out of it! One of the best places to start is with a referral program. In a previous post, we talked about the Acre of Diamonds and how each person that is a current customer knows at least 150 people that they would invite to their wedding or funeral. That’s a ton of referrals!
When I started my agency from scratch, I learned about Social Proof, wrote a guarantee, and then I started a referral program. There was magic in social proof, with testimonials & reviews proving to potential customers that the experience with my agency was awesome. There was magic in the guarantee. So much magic that after showing them our written risk reversal guarantee our closing ratio went up by a whopping 31%! I knew that a third piece of the magic was a referral program.
In the beginnings of my agency, like many of you, I was attending networking meetings like crazy and was out there hustling for new business. I hustled every day to write, get more deals, get more leads. One of my buddies, who was a loan guy, was sending me all his leads and I was closing them right and left. Of course, I wanted to repay him for giving all these leads. What could I do for someone who was referring me right and left? I sent him an envelope of scratch-off lottery tickets – the lottery was really big back then. I saw him a couple of weeks later and said “hey man, thanks for the lottery tickets!” I replied “no, thank you for the leads.” And then the magic… he won $116 with those tickets!
8:1 ROI - First Year...
Of course my marketing mind spun and I knew I needed to take another step with this. I asked Jim if he would be willing to take a picture with me and hold up some money so I could tell his story. Marketing is all about telling a great story, and that visual was a reminder of the magic. He agreed, and we were off to the races. Every great accomplishment in the world starts with an idea and action. I designed an entire referral program around that picture and that story. I put it on green paper and put a headline on it. Remember, a killer headline is 67% of our response mechanism, and I started sending it out with the testimonials and guarantee. A trifecta of promotional magic that really, truly works.
Here we are many, many years later, and not only do we have a formal referral program, but now it gives back to our communities. We give back to charities, we profile charities, and we get close to charities. We have grand prize drawings and publishers clearinghouse style grand prize drawings. We have themes for our referral programs. We have unique websites that drive people to a specific site with our referral programs. And it’s all designed around a single simple 4-step checklist that your team will follow. Even better than a 31% increase on closing ratio, the simple 4-step checklist you will have a ROI for your first-year commission 8 to 1 or better, simply by implementing, executing and taking action on a referral program. We teach this all to you and so much more in our coaching programs – I can’t wait to help you start!
Want to get the secret to supercharge your commission?
Are you ready to launch an awesome referral program? You’ll learn all this and more at our 3-day Independent Insurance extravaganza, November 4-6, 2021!
My name is Mike Stromsoe, I'm widely recognized as the leading author, speaker and coach for the independent insurance agency industry. You can find me at www.unstoppableprofitproducer.com.
If you're interested in attending a virtual or live event please visit www.uppfaststart.com or www.beunstopablebootcamp.com. I want to share with you some of my best money making strategies, proven over 35 years of research, in our industry to help you grow your business, create wealth so you can have more freedom to live life on your terms!
We’re gonna dive back into the third P which is Promotions the fun and the sexy one that everybody wants to start with!
Strategy reminder, don’t skip the first and second P, but when we get over to the third P and the Promotions one of the other strategies that you definitely want to have in place in your unstoppable agency machine is a welcome kit series to onboard your new customers to your organization because I mean think about it like this somebody just left a relationship let’s say they left a relationship with their agent or other business of say 20 years of 25 years. Did it make him really, really happy to leave that? No, there was a reason they left, but they left. And so the last thing you would ever want anybody to ever have after they put their 100 commitment in you and your team, in your organization, is buyer’s remorse.
So what the welcome kit series does, if you properly implement it, starting on day zero you will let them know that they made the right choice you’ll completely remove buyers remorse. And by the end of the 30th day or so, they’re going to be thinking to themselves, oh my gosh why didn’t I make this move sooner. They’re going to fall in love with your agency. They’re going to know who they’re dealing with. They’re going to look back and say I made one of the best insurance buying decisions that I’ve ever made. I finally found the right agency.
And so it’s the strategy of employing a welcome kit series that back to if you listen to our first segment in the third P, if you want to reach 100% of the marketplace you’ve got to use 100% of the ways. The welcome kit series also employs that same thought process, so if you’re going to reach a 100% of your new customers you’ve got to use 100% of the ways. Alright both online and offline. We’ve got it mapped out and now our onboarding and welcome kit series is over two full years over 460 days of steps to welcome people onto the team.
In addition to all the nurturing strategies and everything else that we do, when people become part of our agency family, if you will they stay. And they stay longer and they invest more money in their insurance program and better than that they tell their friends. And that’s one of the biggest, biggest benefits of our welcome kit series, is they’re telling their friends, their neighbors, their co-workers. The people they go to church with and everybody else, oh my gosh you should hear about the agency that I found and it all starts with the welcome kit series.
Friends, if you have picked up one, two or three or more strategies and what we talked on today, and you want to know more and you want to take immediate action we strongly recommend that you simply go to www.unstoppableprofitproducer.com and make it happen for yourself.
My name is Mike Stromsoe. I’m widely recognized as the leading author, speaker, and coach for the independent insurance agency industry. You can find me at www.unstoppableprofitproducer.com.
If you’re interested in attending a virtual or live event, please visit www.uppfaststart.com or www.beunstoppablebootcamp.com. I want to share with you some of my best money-making strategies proven over 35 years of research in our industry to help you grow your business, create wealth, so you can have more freedom to live life on your terms.
Imagine if you had a simple, PROVEN 3 Step Blueprint to grow your business, create financial security and give you all the FREEDOM you wanted – Guaranteed? Well you can!
Check out the video below, where Mike Stromsoe shares his secret Blueprint To Your Million Dollar Agency. In this video you will discover:
Secret Formula To Attract Top-Notch Team Members That Will EARN More Clients and Make You More MONEY!
Specific, Time-tested Processes To Will Have You Producing Maximum Results, Even While You Are On Vacation!
Secrets for Instant Retention Boosters To Unleash 100% Of Your Agency’s Profit Potential!
If you are ready to take your agency business to the next level, join us and hundreds of other high-achieving agents, just like you, at Mike Stromsoe’s upcoming 2019 BeUnstoppable Bootcamp – October 21-23, 2019 in beautiful San Diego, CA!
Act Now and SAVE… Fast Action Discount Only $297 with Free VIP Upgrade – Don’t wait… ONLY 7 VIP Tickets Remain, visit beunstoppablebootcamp.mikestromsoe.com/ Today!
The New Year is here, and that means many of us have started our New Year’s resolutions. While we may be working on personal goals, what about your agency? To help set smart, reasonable, and achievable goals this year, read on.
Write down goals that align with your values. There’s little to no point writing down goals that you know you aren’t going to achieve because they aren’t aligned with your values. You want to make sure that you feel comfortable with each goal and that it represents your business well.
Think big. Note that there’s a distinct difference between big and impossible. Your agency’s goals should still be attainable, even if you’ve set your sights higher than most might believe to be practical. The best part of aiming high is that even if you don’t achieve your goal, you will have still worked very hard to get there and you will have gained some success in that.
Manage your risks. You want to make sure you have all of your bases covered if the worst does happen. You don’t want to jeopardize your goals, so make sure you have a plan to safeguard your agency as well as advancing it.
To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.
In the world of insurance, agents are always connected and always working. The biggest problem with this is that it leads to workers being tired and disengaged. Worse, workers suffer greater tension and make more judgment errors. Of course, everyone needs sufficient downtime and rest in order to do well and succeed. While that is out of your hands as a business owner, there are ways in which you can inspire an energized workforce. Since happy and engaged employees lead to improved customer retention and satisfaction, check out these tips to boost employee morale.
Encourage frequent, short breaks for workers to get up, stretch, and get some fresh air. Movement will help to ‘wake them up’ and inspire new momentum.
Help team members find possibilities rather than dwelling on problems.
Empower workers to help others on their team.
Maintain an honest, open, and encouraging flow of communication.
Help employees connect to their purpose. They often want more than just a paycheck.
Recognize team members that go the extra mile for a fellow co-worker or client.
Host a friendly competition where the person who makes the most sales gets a prize at the end of the month.
Talk with a benefits specialist about ways in which you can create affordable and engaging benefits such as a flexible work schedule, travel opportunities, and giving people their birthdays off as an extra paid holiday.
To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.
Understand these reasons why people buy insurance to boost your customer value.
Even though you’re an insurance agent, you may have never really taken a step back to wonder why people buy insurance. State law requires some insurance, and most individuals express a want to protect their assets, but what about the psychology behind it? A crystal clear understanding of this can quickly take your agency to the next level, especially now that we’re in the age where targeting the audience has become a fine art.
Research was conducted into why exactly people buy insurance. It turns out that two separate ‘psycho-motivators’ drive the insurance decision – price and peace of mind. Convenience came third. More often than not, consumers have to decide between a policy within their budget and a policy that provides ample protection and peace of mind.
Success hinges on selecting the right customer segments, offering them a tailored proposition, then giving them a successful experience with superior service. Remember that consumers are driven by price and peace of mind, and you will want to address these two points when talking with a prospect. Ideally, all customers would care about protection and be driven by peace of mind. They would want to have a relationship with the agency they can count on. After all, the most profitable customers you could ever have want a real relationship, not just a transaction.
Loyal clients are more inclined to stay longer. They are dedicated to an agency and like to develop a relationship. In fact, research found that loyal customers are likely to refer a friend, too. This ties in with the ‘peace of mind’ reason for buying insurance – if customers feel satisfied with the service and product that protects their assets, they are more inclined to share this information with friends and family.
You can help capture more clients by delivering ongoing value and creating deeper relationships.
To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.
Easy ways to ask for referrals to progress your agency.
It’s a common feeling for business owners to feel like they’re bothering clients when they ask for a referral. More often than not, customers will happily leave a nice review if they feel they’ve had particularly good service. However, it isn’t always high on their list of things to do. So that your business can get the referrals it needs and deserves, check out these tips to earn more referrals.
Think differently about referrals. Stop telling yourself that you’re asking for referrals. Instead, think of it as progressing your business and caring about customers. In fact, you could be saving your clients’ friends thousands of dollars. Changing your mindset towards referrals will help you to ask for them!
Make a referral reward program. Create an easy-to-follow procedure on how customers benefit from referring your business. If your customers know exactly what to expect when they refer someone, they are more likely to do it.
Add a recommend-a-friend section on your website. This strategy continues to be effective time and time again. Have a page or box somewhere on your website that allows people to send an email to a friend recommending your agency.
Include it in your email signature. Your email signature is a block of text that automatically shows up at the bottom of your emails. Most businesses have their name, contact information, and maybe a link to their website. This place is a great opportunity to request a referral because it’s not a direct email asking a client, but it does allow the reader to quickly forward on your contact information to friends and family.
Hand out two business cards. When you hand out your cards, give everyone two and ask them to hand out the second one. Mention that the second card is for a friend or family member.
Thank referrers on your Facebook page. When you receive customer referrals, go to your social media sites (Facebook, Twitter, Instagram) and thank the people who have provided referrals out in the open for everyone to see. Not only does this show the referrer how much you appreciate their gesture, which should get you more referrals from them, but it shows everyone else how you appreciate referrals, encouraging others to leave you one!
To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.
Tips on how to boost your sales without taking on new clients.
Did you know that one of the best ways to increase the size of your book quickly is by tapping into your existing base of customers? Believe it or not, but there’s always more business to be had with your current client list. Here’s how to get started.
Start by doing a review of coverage with each client. This ties in perfectly to the end of the year review, and many will be thinking about going over their coverage to make sure it is in line with their current needs. Sit down with them and ask the right questions to elicit and uncover coverage gaps that you can offer to fill. What’s more, you can also talk about the benefits of raising their policy limits or tacking on additional policies for better protection. Use this opportunity to boost customer loyalty by showing how dedicated and considerate you as an agency can be.
You’ll want to start with your top premium clients and then work your way down. Introduce the idea of a personal line to commercial-online accounts, and ascertain if your personal line clients have businesses you could potentially write for them.
This is a simple and easy way to increase revenue without taking on new clients. Not only does this increase revenue and loyalty, but it makes clients less likely to move their business elsewhere. After all, they know that you are looking out for them!
To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.
Sales tips to help your clients understand the value of insurance coverage.
When a consumer knows they need insurance, they often view the policy as a burden. To help them come to terms with the policy, they might opt for the cheapest one possible, so that they have some coverage but they aren’t spending too much money on it. You, as a professional insurance salesperson, must be able to connect with prospects and help them understand and internalize the value of the insurance you’re selling. This will then help them to opt for coverage that suits their needs rather than their wallet. Here’s how you can get started.
Ask why they bought their assets. When you find out what kind of car, home, motorcycle, etc. the prospect owns, ask them what made them choose that one. It’s rare that they will respond with, “It was the cheapest.” Instead, they’ll talk about its value, safety, location, or characteristics. Although an insurance policy will never be as fun as a new Harley, this question will make your client think about why insurance is important – to protect what matters most to them.
Talk about claims. When consumers look for an insurance policy, they often focus on the price. Rarely, they will think about ever having to file a claim. It’s your responsibility to make them recognize they may need to file a claim one day. Explain the claims process and how your agency can help them think outside the box.
Ask about the potential cost of no policy. “If you don’t purchase higher coverage limits you’ll save $10 a month. But what’s the potential cost of becoming disabled in a major accident?” When they’re weighing up the pros and cons of getting coverage, remind them of the extreme situations they could face. They may not have ever thought about needing financial coverage in the future.
Working to help clients understand the value of insurance can only benefit the business! To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.
