6 Reasons Why Many Agents Fail

[JohnWalker]

While you make excellent points I think the most important reason any business fails is lacking an effective marketing strategy.

I started my business with $4500 and a clear idea of how I was going to consistently bring in new business and generate revenue. I lack/lacked 5/7 of the things you are stating but I'm track to hit 6 figures my second year in business. I know I could be making more if I implemented the rest of your points and I plan to change these things so I make it in the long run but I don't find anything to be more crucial than a solid marketing plan.

just my 2 cents.

 

[nyc2phi]

While you make excellent points I think the most important reason any business fails is lacking an effective marketing strategy.

I started my business with $4500 and a clear idea of how I was going to consistently bring in new business and generate revenue. I lack/lacked 5/7 of the things you are stating but I'm track to hit 6 figures my second year in business. I know I could be making more if I implemented the rest of your points and I plan to change these things so I make it in the long run but I don't find anything to be more crucial than a solid marketing plan.

just my 2 cents.

Whats your marketing plan?

What do you sell p&c or l&h?

 

[scottstreet]

Is the lack of capital an issue mostly because people need to eat and thus they quit too soon or are you advocating marketing expenses? Several form members are convinced through experience that purchased leads are a rat hole. Where do you advocate using the capital beyond eating/shelter?

 

[xrac]

To me it is because people need to eat. As we all know it takes time to learn how and what to sell and time to fill a pipe line.

 

[Guest]

I suppose that would fall under preparation, or planning and then capital both where it could have been more elaborate so excellent addition! And awesome job!

While you make excellent points I think the most important reason any business fails is lacking an effective marketing strategy.

I started my business with $4500 and a clear idea of how I was going to consistently bring in new business and generate revenue. I lack/lacked 5/7 of the things you are stating but I'm track to hit 6 figures my second year in business. I know I could be making more if I implemented the rest of your points and I plan to change these things so I make it in the long run but I don't find anything to be more crucial than a solid marketing plan.

just my 2 cents.

 

[medsuptage]

One other thing that a lot of new agents overlook is knowing their limitations.

When agents first start out, buying leads always sounds like the best and most convenient option to generate business. However, if that agent doesn't have the sales skills or fully understand what ROI they need it can be a recipe for disaster.

Using very inexpensive marketing methods, that cost a lot more time then money is a often overlooked, and underestimated method of starting.

Dialing and door knocking is not only inexpensive, but on a per prospect basis, you'll have much less competition with a very high ROI. I'm certainly in favor of dialing over door knocking but either way the capital investment is minimal in both cases.

I think it makes sense for most agents to start this way, at least until they have refined sales skills and have generated a marketing budget to expand.

There are plenty of successful agents that do no dialing, or door knocking but spend 1000s of dollars on marketing, with refined sales skills and that agent is fine spending a large portion of FYC on gaining a new client.

It doesn't seem to be immediately apparent to new agents the huge advantage seasoned agents have over new agents when they're both competing for the same piece of business.

 

[VB Specialist]

Great post! I definitely think the number one reason, is to much focus on training and not enough on marketing........

 

[Tony Mak]

This is an excellent thread with great information. I am looking to enter this sales space and appreciate the sound advice from experience.

 

[Guest]

Depends on which type of training, spending too much time watching product webinars before pulling the trigger is common but is also because many agents lack a designed presentation and sales skills so they don't know what to do once they get on a call.

You need three things to succeed:

1: Product training (yours and the competition)
2: Sales skills
3: Potential clients

Remove any one of the three and you won't have the career that you desire and deserve.

Great post! I definitely think the number one reason, is to much focus on training and not enough on marketing........

 

[VB Specialist]

Agreed! Now this should be interesting move for VB reps getting conditions

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