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 Posted: Sun Apr 05, 2009 7:44 pm Post subject: Why do so many new insurance agents "wash out" so |
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I have seen firsthand many new insurance agents nearly go broke trying to figure out this business, and have nearly done so myself. When I look back on the mistakes I have made I always come back to two things in common with everyone else I have seen leaving the business which are:
1. Over spending their marketing budget
2. Not having the sales skills to close deals
The only reason I was able to stay in this business and prosper was because I worked hard and was stubborn. Do you think that the high rate of agents leaving the business before the first year is more attributable to personal qualities, lack of knowledge, lack of sales skills, lack of work ethic, or just not knowing how to market effectively?
I would like to know your thoughts on this...
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beatuplunchbox
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| Posted: Sun Apr 05, 2009 8:15 pm Post subject: |
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i think in majority of the cases it is because of not budgeting the expenses of the entire sale. Agent gets a feeling that this work is not suitable because it is not economically viable for the person to spend on some basic things i.e. transportation, paperwork etc. but it is required for the business if one is reluctant and does not properly manage one's expenses then it is really difficult for one to survive in the industry in a long run. 
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amit
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| Posted: Mon Apr 06, 2009 2:02 am Post subject: |
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The answer to your question can be a combination of things. Sales skills are a must. You must be a people person. You have to educate your client while not going overboard. You must also market wisely. Always keep in mind that every person you meet is a potential client. With that in mind, inexpensive marketing is word of mouth and business cards. Also, referrals and family members are also a good source. Network, network, network.
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stlbroker
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| Posted: Mon Apr 06, 2009 5:12 am Post subject: |
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| An important aspect of business is the choice of right product. Many people follow the big comisiion figures and they are mistaken. In fact, people in the market are never NIL on insurance information, when you approach them. With goal of higher earnings, you may force them against their opinion and this result into a negative. If you take a right product, a good options for customers to choose in between and then if you approach with enough knowlwdge , your body language will will automatically let the customers believe you. This way you earn smartly. Going mess with follow ups and frequent up-downs do not make the sense. |
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VIJAYRAJ
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| Posted: Mon Apr 06, 2009 6:07 am Post subject: |
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There are so many aspects to being successful. You can't stop at one or 2. I think the power to communicate well is of utmost importance and also knowledge of the product you are trying to sell. If you can communicate well and convince well, you can be successful. Honesty is another great aspect. If you are not honest about your job, you can't convince your clients about a product. You cannot always be thrifty and get business.
Customers also judge you and your product based on the body language that you portray. Being competitive and thriving for betterment can be other 2 factors that can help an agent become successful.
I personally think why agents “wash out” easily is because of their body language and poor knowledge of products.
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sil
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| Posted: Mon Apr 06, 2009 2:20 pm Post subject: |
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Hey...this one is a pretty dynamic profession. Agents don't usually get a cake walk..they do need to trudge through a variety of client databases that are often aimed at targeting different economic strata of our society.
| Quote: | | 2. Not having the sales skills to close deals |
I guess..this is not everybody's cup of tea.
Purpleheaded08
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Purpleheaded08
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| Posted: Mon Apr 06, 2009 3:34 pm Post subject: |
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New Agents are just lazy. They want a quick fix. They want to stay home all day and do nothing.
They just want to buy some cheap leads, that already want to buy the insurance, and never leave their homes to sell them. They want to do it all over the phone. They don't want to read anything.
Just Lazy.
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john k
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| Posted: Tue Apr 07, 2009 1:58 am Post subject: |
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Laziness is abundant in the world around us, and most everybody thinks they can run their own business. Few people truly understand what is involved with such a venture until they get into it. Even those that are very ambitious can have a problem with staying focused and efficient.
Insurance, like other industries, can pay VERY well...and most outsiders looking in think that it would be an easy job. It CAN be easy, but it takes work to get to that point!
I don't want to offend anybody, but many people are made perfectly for their jobs in hospitality and food service. Some are happy doing what they do for a paycheck, but then there are those that refuse to accept anything less than their best. If everybody was motivated and willing to do their best...... |
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ChrisBantly
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| Posted: Tue Apr 07, 2009 2:34 am Post subject: |
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Chris, you are right about laziness and the perception that starting your own business is easy, but is that the only factor?
I have seen many hard working agents that would really put in the extra effort fail. There is no cure for lazy but what about the group that is dedicated and works really hard yet still fail?
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beatuplunchbox
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| Posted: Tue Apr 07, 2009 10:27 am Post subject: |
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Hi,
| Quote: | There is no cure for lazy but what about the group that is dedicated and works really hard yet still fail?
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May be they don't develop a fair idea of the market before stepping into it. It's not always hard work or dedication that brings success. Some times it's about a good bit of home work, especially studying the current market traits and the economic stability.
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roddick
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| Posted: Tue Apr 07, 2009 1:49 pm Post subject: |
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hi chris, im interested to this statement, can you eleaborate this more?
| Quote: | | I don't want to offend anybody, but many people are made perfectly for their jobs in hospitality and food service. Some are happy doing what they do for a paycheck, but then there are those that refuse to accept anything less than their best. |
thanks... |
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dritz
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| Posted: Tue Apr 07, 2009 2:06 pm Post subject: |
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There are many people who are happy working jobs that, although may be easier than they could handle, they fulfill their needs. For example, I have a friend who works as a cashier. She is intelligent, good with people, and communicates well...but she enjoys an "easy" job. She is not stressed with things at work, and it pays her enough to pay her bills.
That is what I mean by settling. There are many different ways to define success, and some define it as going for the top.
I think there are also many people who try very hard to do something and fail. 80% of all new businesses fail in the first couple years, and most of these entrepreneurs sink their blood, sweat, and tears into these ventures. Maybe there is a lack of experience, inability to learn / adapt, or just a misunderstanding of the needs of the industry. |
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ChrisBantly
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| Posted: Tue Apr 07, 2009 3:29 pm Post subject: |
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| Quote: | I have seen many hard working agents that would really put in the extra effort fail. There is no cure for lazy but what about the group that is dedicated and works really hard yet still fail?
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One has......
So many good leads with one.......
A good knowledge about the insurance sector....
A nice assistant to help out minimize the processing time of any inquiry....
Website of one's own in order to give the service to the customer....
Despite of all the above things if one fails in the insurance sector then God knows what is the reason for the failure of the business.
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amit
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| Posted: Wed Apr 08, 2009 4:33 am Post subject: |
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Thanks chris. I get your point. But isnt that nice if you work more than just being a cashier? Paying bills is not enough for me to be successful. And i dont want to get old just doing only one thing in my life. Besides, the cost of living every year gets increase.
Business is like gambling. You dont have any assurance whether you will be successful or not. Your skills and abilities are not the only factor to success. External environment plays a part of it. So no matter how hard you do, if its against the external environment you will fail. Thats where experience takes it role. |
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dritz
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| Posted: Wed Apr 08, 2009 4:45 am Post subject: |
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This is a really good point:
| Quote: | | External environment plays a part of it. So no matter how hard you do, if its against the external environment you will fail. Thats where experience takes it role. |
There is no better teacher than experience. I guess the one common factor in all of the agents that I have seen have any level of success is that they are able to deal with their failures by learning from them and being determined to keep going.
Besides having this quality, what can brand new agents to to "sandbag" themselves against common mistakes?
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beatuplunchbox
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