10-3-1 Real World
- Thread starter briko3
- Start date
FWIW, the world has changed since I last cold called for business (in person and via phone). My guess is, the Al Granum process and numbers still hold true. The difference is in how you define a suspect.
People are busy. More so than in the past especially with the economy in the tank.
If you have a job good chance you are working more and enjoying it less just to keep what you have.
If you are self employed you are working more just to maintain.
We have an electronic age now where there is more information from multiple sources. Some of the information is actually good but there is a lot of junk.
Print information and mainstream TV is no longer a primary source for most folks. Instead they rely on the internet and it seems almost everyone views themselves as an intelligent, informed consumer.
Of course when it comes to insurance, those of us who work in the market know otherwise.
People don't need an agent to get a quote. The day of a live agent toting a rate book and working up a proposal before your eyes is gone. Same for the 2 - 3 step sales process with data collection, leave, come back with a proposal, get the app or schedule a follow up "closing" interview.
If you are going to cold call for suspects you need to understand that most folks view us as dinosaurs. Or they see us as jerks who are only chasing a buck.
Sadly, there are still plenty of both in our business.
You have to be able to cut through the clutter and find that person who wants and needs you. At the same time you need to be able to recognize the tire kickers who will simply waste your time.
It's tough, but I do believe what worked for Al and numerous NML agents he trained still works.
People are busy. More so than in the past especially with the economy in the tank.
If you have a job good chance you are working more and enjoying it less just to keep what you have.
If you are self employed you are working more just to maintain.
We have an electronic age now where there is more information from multiple sources. Some of the information is actually good but there is a lot of junk.
Print information and mainstream TV is no longer a primary source for most folks. Instead they rely on the internet and it seems almost everyone views themselves as an intelligent, informed consumer.
Of course when it comes to insurance, those of us who work in the market know otherwise.
People don't need an agent to get a quote. The day of a live agent toting a rate book and working up a proposal before your eyes is gone. Same for the 2 - 3 step sales process with data collection, leave, come back with a proposal, get the app or schedule a follow up "closing" interview.
If you are going to cold call for suspects you need to understand that most folks view us as dinosaurs. Or they see us as jerks who are only chasing a buck.
Sadly, there are still plenty of both in our business.
You have to be able to cut through the clutter and find that person who wants and needs you. At the same time you need to be able to recognize the tire kickers who will simply waste your time.
It's tough, but I do believe what worked for Al and numerous NML agents he trained still works.
With respect to bob, hes wrong. Dinosaur, he may be, but I certainly dont get that from small biz owners that I cold call. I am seen as an advisor, and someone who helps biz owners out. Go to ehealth, can you go through all those plans and pick out the good ones? Nope. Jerks? Maybe one call per hour thinks that.
Who told you that obama or MSNBC??????
- 1,802
I wouldn't invest all of your money just yet.
That ratio was developed over thousands of records kept by NML agents. I have a CD that has Al talking about keeping the records and when they cam to that ratio.
There's one issue that anyone with a background in statistics would take with Al upon listening to his recounting the story. He states something to the effect of: "We took the records from all the agents who were willing to keep records." (my emphasis added)
Al never elaborates on how many agents ignored the request to keep records that led to the 10-3-1 ratio. They did have a lot of agents and a lot of data, according to his personal recollection of the story. The issue though, besides just the fact that this was all voluntary, is that is was all self reported. The "study" that determined 10-3-1 was severly biased.
I'm not trying to burn down Al's margical ratio. Personally I've always thought it was a little cryptic when it came the description. I've also more recently heard 10-3-1 described by NML agents and managers differently than Al's original describtion.
Personally I've realized way worse and way better results. I've never had a real go at personally cold calling for business, and I'm under the impression this was never intended to measure that sort of prospecting.
There's one issue that anyone with a background in statistics would take with Al upon listening to his recounting the story. He states something to the effect of: "We took the records from all the agents who were willing to keep records." (my emphasis added)
Al never elaborates on how many agents ignored the request to keep records that led to the 10-3-1 ratio. They did have a lot of agents and a lot of data, according to his personal recollection of the story. The issue though, besides just the fact that this was all voluntary, is that is was all self reported. The "study" that determined 10-3-1 was severly biased.
I'm not trying to burn down Al's margical ratio. Personally I've always thought it was a little cryptic when it came the description. I've also more recently heard 10-3-1 described by NML agents and managers differently than Al's original describtion.
Personally I've realized way worse and way better results. I've never had a real go at personally cold calling for business, and I'm under the impression this was never intended to measure that sort of prospecting.
- 437
In my opionion 10-5-3-1 is as accurate today as it was when Granum's Chicago agency created this system over 50 years ago.
The one key to truly seeing these ratio's come to fruition is like someone mentioned earlier....you have to ber very careful in who your counting as a prospects (the 10 in the equation). Granums definition of a prospect is someone who you have been personally referred to and you have "qualified them", meaning you know:
--their name
--age
--occupation
--maritial status
--income (estimated range)
--daytime telephone number (business or cell)
I built my practice from the ground up, in a town where I knew no one, using Granum's principles and this system. The big catch with making Granum's principles and system work for you is that you have to fully commit to building a referral business.
Consider this, Northwestern uses this system as the cornerstone of not only training ALL new people but for their company culture in general. I know several producers from NML/Mass/Guardian who are 500-1mil producers who use Granums One Card System and it's ratio's as the guiding principle of accuiring new clients.
The one key to truly seeing these ratio's come to fruition is like someone mentioned earlier....you have to ber very careful in who your counting as a prospects (the 10 in the equation). Granums definition of a prospect is someone who you have been personally referred to and you have "qualified them", meaning you know:
--their name
--age
--occupation
--maritial status
--income (estimated range)
--daytime telephone number (business or cell)
I built my practice from the ground up, in a town where I knew no one, using Granum's principles and this system. The big catch with making Granum's principles and system work for you is that you have to fully commit to building a referral business.
Consider this, Northwestern uses this system as the cornerstone of not only training ALL new people but for their company culture in general. I know several producers from NML/Mass/Guardian who are 500-1mil producers who use Granums One Card System and it's ratio's as the guiding principle of accuiring new clients.
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