The Art of Cold Knocks

[DayTimer]

Almost everyone I have known that has made really good money in personal production specialized in a single product or concept.

I read it this weekend as well. And that is a good point, Louis. It fits well, I think, with the chapter that seemed to have the greatest affect on my thinking, the chapter that caught my attention was the one entitled "Easier to Succeed than to Fail" where he compares the effort required to succeed versus that which brings failure as a difference of concentration and focus.

"If you should concentrate the rays of the sun through a magnifying glass on one spot on a fallen log you will start a fire within minutes. Yet the sun could shine for decades on the same piece of wood and it wouldn't ignite without the glass. In time, under ordinary circumstances, the log would merely decompose and become part of the earth. Similarly with you and me: It takes time to succeed - it takes time to fail. But it takes less time to succeed than to fail."

How apt a metaphor. How many folks do we see (maybe even ourselves) going about this business chasing any and every opportunity but never truly focusing on one lane. Compare someone like JD who is focused like a laser beam on FE, to others who seem to be changing their business plan and business model on a monthly or quarterly basis, or who pursue any and all manner of products as their license allows.

It seems to me that that if someone wants to do FE - commit to FE. If someone wants to be a medicare agent, commit to medicare. If someone wants to market LTC, then focus like a laser beam on that. Many of us are always looking "to add" something else for cash flow or increased revenue, when it is likely the easiest path to increased revenue and profitability is to stay in a lane and own it.

 

[shonceman]

I read it this weekend as well. And that is a good point, Louis. It fits well, I think, with the chapter that seemed to have the greatest affect on my thinking, the chapter that caught my attention was the one entitled "Easier to Succeed than to Fail" where he compares the effort required to succeed versus that which brings failure as a difference of concentration and focus.

"If you should concentrate the rays of the sun through a magnifying glass on one spot on a fallen log you will start a fire within minutes. Yet the sun could shine for decades on the same piece of wood and it wouldn't ignite without the glass. In time, under ordinary circumstances, the log would merely decompose and become part of the earth. Similarly with you and me: It takes time to succeed - it takes time to fail. But it takes less time to succeed than to fail."

How apt a metaphor. How many folks do we see (maybe even ourselves) going about this business chasing any and every opportunity but never truly focusing on one lane. Compare someone like JD who is focused like a laser beam on FE, to others who seem to be changing their business plan and business model on a monthly or quarterly basis, or who pursue any and all manner of products as their license allows.

It seems to me that that if someone wants to do FE - commit to FE. If someone wants to be a medicare agent, commit to medicare. If someone wants to market LTC, then focus like a laser beam on that. Many of us are always looking "to add" something else for cash flow or increased revenue, when it is likely the easiest path to increased revenue and profitability is to stay in a lane and own it.

Years ago I got to see Zig Ziglar in person. Since then I've become a Ziglar student of sorts. (As you're likely aware, he spent some years working for W. Clement Stone as a Combined agent, and often referred back to that experience as well as Stone's influence on him.) The biggest takeaway I got from that session was the importance of mission and focus.

Here are a few Ziglar quotes on those topics:

"Outstanding people have one thing in common: an absolute sense of mission"

"Don't become a wandering generality. Be a meaningful specific."

"People do not wander around and then find themselves at the top of Mount Everest."

"Lack of direction, not lack of time, is the
problem. We all have twenty-four hour days."

"I don't care how much power, brilliance or energy you have, if you don't harness it and focus it on a specific target, and hold it there you're never going to accomplish as much as your ability warrants"

 

[Todd King]

I read it this weekend as well. And that is a good point, Louis. It fits well, I think, with the chapter that seemed to have the greatest affect on my thinking, the chapter that caught my attention was the one entitled "Easier to Succeed than to Fail" where he compares the effort required to succeed versus that which brings failure as a difference of concentration and focus.

"If you should concentrate the rays of the sun through a magnifying glass on one spot on a fallen log you will start a fire within minutes. Yet the sun could shine for decades on the same piece of wood and it wouldn't ignite without the glass. In time, under ordinary circumstances, the log would merely decompose and become part of the earth. Similarly with you and me: It takes time to succeed - it takes time to fail. But it takes less time to succeed than to fail."

How apt a metaphor. How many folks do we see (maybe even ourselves) going about this business chasing any and every opportunity but never truly focusing on one lane. Compare someone like JD who is focused like a laser beam on FE, to others who seem to be changing their business plan and business model on a monthly or quarterly basis, or who pursue any and all manner of products as their license allows.

It seems to me that that if someone wants to do FE - commit to FE. If someone wants to be a medicare agent, commit to medicare. If someone wants to market LTC, then focus like a laser beam on that. Many of us are always looking "to add" something else for cash flow or increased revenue, when it is likely the easiest path to increased revenue and profitability is to stay in a lane and own it.

Yes, you should commit to marketing one product, but that doesn't mean you shouldn't cross-sell or bet set up to cross-sell.

For instance, if you are concentrating on med supps and you're in the house with the client, why wouldn't you ask about life insurance and write it if needed? To walk away from it because, "I only do Medicare", is actually kind of ignorant. The Senior market is not a complicated one. It does not take a rocket surgeon to understand FE and/or Medicare. Annuities? A little different, yes, but still fairly easy if you have the right people in place.

 

[NAF1138]

Yes, you should commit to marketing one product, but that doesn't mean you shouldn't cross-sell or bet set up to cross-sell.

For instance, if you are concentrating on med supps and you're in the house with the client, why wouldn't you ask about life insurance and write it if needed? To walk away from it because, "I only do Medicare", is actually kind of ignorant. The Senior market is not a complicated one. It does not take a rocket surgeon to understand FE and/or Medicare. Annuities? A little different, yes, but still fairly easy if you have the right people in place.

To say one has a singular focus does not mean that they sell a single product. It just means they have a singular focus. I have found, and I think Mr. Stone would have agreed with me, that it is more important to focus on a single type of prospect and to service all the needs of that prospect than it is to focus on a single product and try to sell it to everyone you meet.

I sell FE first as a prospecting tool, but i sell more than FE and always have. But I only have one type of client. I am an expert in my clientele and their needs.

 

[Todd King]

To say one has a singular focus does not mean that they sell a single product. It just means they have a singular focus. I have found, and I think Mr. Stone would have agreed with me, that it is more important to focus on a single type of prospect and to service all the needs of that prospect than it is to focus on a single product and try to sell it to everyone you meet.

I sell FE first as a prospecting tool, but i sell more than FE and always have. But I only have one type of client. I am an expert in my clientele and their needs.

I guess I mis-read it then. Most of the time it is advised on here to pick one product and stick with it. I have always hated that advice!

 

[NAF1138]

I guess I mis-read it then. Most of the time it is advised on here to pick one product and stick with it. I have always hated that advice!

I think the idea behind that is coming from the same place. You have to be coming from somewhere and heading somewhere and you need to be like a laser on that path. It's much easier to say pick one product and stick with it than it is to try to explain that you need to focus only on products that serve your preferred clients and then to try to detail what that means for every individual agent.

 

[Todd King]

It has been said on here, over and over, "Master one product" before learning others. That's such a crock! That's what I'm talking about.

 

[rousemark]

I guess I mis-read it then. Most of the time it is advised on here to pick one product and stick with it. I have always hated that advice!

Yet, that is exactly the advice WCS was giving.. I don't know what they do now but back in his day, the accident folks didn't sell the life... They were two separate crews. He did pretty good with that system but It could be said that he didn't follow it as a company since the company sold more than coupon accident policies.

 

[DayTimer]

Yes, you should commit to marketing one product, but that doesn't mean you shouldn't cross-sell or be set -up to cross-sell.

I didn't say not to cross sell, but at the same time ...

It has been said on here, over and over, "Master one product" before learning others. That's such a crock!

When it comes to Final Expense, history indicates that $200K producers become $200K producers by focusing on that one product. Along the way they will probably sell some term, some GUL, an annuity, a single premium whole life. But the focus is FE. The most likely path to $200K+ in sales in FE is to focus on FE and FE only. FE is truly a unique market, in my opinion.

I do not know how many producers you have taken from scratch to $200K but of those whom I do know to have done that, the training and focus is 100% FE, with exceptions being on a case by case basis.

it is more important to focus on a single type of prospect

Good post, Nick. I would only add that in addition to your scenario, where the focus is on a single type of prospect and cater to all his needs, there is an alternative: Focus on a single type of prospect and focus on one big need with a coherent and comprehensive strategy for addressing that need.

I sell FE first as a prospecting tool, but i sell more than FE and always have.

But is it not fair to say that when you came to FE you were not typical of the greenpea recruit? You had some serious sales training and you were already working that market from a supplemental products perspective. You had skills most are lacking, at least when they start. And you obviously have more talent than most ever manage to develop.

 

[shonceman]

Well, I'm a jack of all trades in this business, but for many years was a master of none, as they say. Not that long ago, I realized that I was what I call an "opportunity addict". But one day I realized that I had become (as Zig said) guilty of being a "wandering generality". So I decided to narrow my focus to FE & debit life insurance (which are really more or less the same thing). Since making that change, I've been much more successful. That doesn't mean I won't write other products, or sometimes work with a more sophisticated prospect that's been referred to me. It just means I avoid the "grass is greener" syndrome, and avoid distractions from other "opportunities".