- 14,808
I agree with this. There are very few examples of building and retaining wealth in this country when money was the initial and only goal.
Ninety-Two Percent of All Agents Fail - Why?
- Thread starter JacquesWerth
- Start date
- 198
guess im in that 8 percent 
- 14,808
Well that's the problem - too many people look at the exception instead of the rule. That's why people are going with what they know and what they love and instead are buying "get rich quick" schemes on 1am infomercials.
I will admit I got into health insurance for the money but found very quickly that I truly enjoyed selling it.
I will admit I got into health insurance for the money but found very quickly that I truly enjoyed selling it.
G
Guest
Guest
My Dad always says:
"Worry about taking care of the customer and you'll never have to worry about the money, it takes care of itself!"
"Worry about taking care of the customer and you'll never have to worry about the money, it takes care of itself!"
agentexhorter
Expert
- 94
My personal production and sales management experience is restricted to life insurance sales only. These comments are meant to pertain to life insurance. Any relevance to any other form of insurance sales may or may not exist.
The reasons so many life insurance agents fail can be grouped into two categories, the life insurance industry itself and the agent in particular.
The life insurance industry is comprised of hundreds of thousands of life insurance agents, working for hundreds of insurance companies, offering essentially the same thing. Look at the yellow pages, look at the mail box of those who just closed on a home mortgage and look at the mail box of people reaching a certain age.
The problem is finding someone to sell to. This is especially true in the life insurance industry where the product is almost always sold rather than bought.
Even when a marketing plan (direct mail, phone solicitation, and/or purchased leads, etc) actually provides a solution to the problem of finding someone to sell to, the limitations and shortcomings of the individual agent come into play.
There are many similar characteristics among that group of agents who fail. There is also a very common characteristic among those agents who succeed and that characteristic is what to focus on. The successful agents discovered what desire existed when the prospect responded to the marketing plan and satisfied that desire.
The problem is that most agents try to sell what the prospect needs and not what they want. People very rarely buy motivated by logic and almost always buy motivated by emotions. This is evidenced by the homes we live in, the cars we drive and the clothes we wear.
LIMRA statistics show that only about 61% of adults have any life insurance and about 50% of those that do only have a group policy where they work. These levels are below where they were before the Trade Towers fell.
In a family of four, the need (logic) for life insurance seldom takes precedence in the family's budget over the desire (emotion) for cable television and/or high speed interenet.
High commission contracts, competitive pricing and superior training actually only give the life insurance agent a "tool box". A marketing program that produces interested prospects only produces "leads". The agent who can focus the prospect on the emotion that triggered the response will result in a family being protected which is the win-win result that produces success.
The reasons so many life insurance agents fail can be grouped into two categories, the life insurance industry itself and the agent in particular.
The life insurance industry is comprised of hundreds of thousands of life insurance agents, working for hundreds of insurance companies, offering essentially the same thing. Look at the yellow pages, look at the mail box of those who just closed on a home mortgage and look at the mail box of people reaching a certain age.
The problem is finding someone to sell to. This is especially true in the life insurance industry where the product is almost always sold rather than bought.
Even when a marketing plan (direct mail, phone solicitation, and/or purchased leads, etc) actually provides a solution to the problem of finding someone to sell to, the limitations and shortcomings of the individual agent come into play.
There are many similar characteristics among that group of agents who fail. There is also a very common characteristic among those agents who succeed and that characteristic is what to focus on. The successful agents discovered what desire existed when the prospect responded to the marketing plan and satisfied that desire.
The problem is that most agents try to sell what the prospect needs and not what they want. People very rarely buy motivated by logic and almost always buy motivated by emotions. This is evidenced by the homes we live in, the cars we drive and the clothes we wear.
LIMRA statistics show that only about 61% of adults have any life insurance and about 50% of those that do only have a group policy where they work. These levels are below where they were before the Trade Towers fell.
In a family of four, the need (logic) for life insurance seldom takes precedence in the family's budget over the desire (emotion) for cable television and/or high speed interenet.
High commission contracts, competitive pricing and superior training actually only give the life insurance agent a "tool box". A marketing program that produces interested prospects only produces "leads". The agent who can focus the prospect on the emotion that triggered the response will result in a family being protected which is the win-win result that produces success.
G
Guest
Guest
Great post and I'd like to add this as it confirms the piece of your text below.
People want two things when they make a purchase:
1. Expert service
2. Value
So the service part of it will set you apart from the other agents, be an expert!
And learn to build value in what you offer.
People want two things when they make a purchase:
1. Expert service
2. Value
So the service part of it will set you apart from the other agents, be an expert!
And learn to build value in what you offer.
Interesting statistic. I wonder if people figure that the government will take care of them if something happens? Or if there is no connection?
Between donations and the government payment to the families, most of these families 'did okay' financially from this event. I don't want to imply that they took advantage of anything, just curious if it had an impact on the mindset of Americans.
Dan
- Thread starter
- #48
JacquesWerth
Expert
Most agents fail to identify and specialize in their best niche market.
They believe that everyone is a prospect. So, they waste most of their time and opportunities on prospects who will not buy from them.
They believe that everyone is a prospect. So, they waste most of their time and opportunities on prospects who will not buy from them.
- 9,744
"In a family of four, the need (logic) for life insurance seldom takes precedence in the family's budget over the desire (emotion) for cable television and/or high speed interenet."
And there you have the conundrum. Fantastic post by the way, should be required reading.
And there you have the conundrum. Fantastic post by the way, should be required reading.
G
Guest
Guest
There are many who disqualify clients instead of qualifying them.
Very often a consumer is a potential client but are passed by, during a disqualification process.
Very often a consumer is a potential client but are passed by, during a disqualification process.
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