When does prospecting end?

Aug 13, 2008

  1. Crazy Rick
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    Crazy Rick Expert

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    I’ve been told and I have read several places online, that it takes a good three years to build a good book of business when you’re first starting out. I.e. 200+ clients, not having to prospect anymore. Any truth to this?

    Because three years from now if my book isn’t a third of that and I’m still chasing down leads that only understand Russian, I’m packing up my gf, my guitars and guns and I'm buying an indy agency somewhere in the Midwest. I've already got the paperwork together to become an non-resident producer out there. :cute:

    -Crazy Rick
     
  2. CHUMPS FROM OXFORD
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    CHUMPS FROM OXFORD Guru

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    Prospecting never ends. But it gets a bit easier as you go along.
     
  3. Expat
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    It never ends. Just remember that second year commissions are around one third of first year. You alway need fresh clients in order to maintain the level of your pay cheque.
     
    Expat, Aug 13, 2008
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  4. Marker77
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    I was told something when I started in the business a long time ago;

    Successful Agents are;

    • Not all are great presenters
    • Not all are great closers
    • They are not all organized
    • THEY ARE ALL GREAT... PROSPECTORS
    Prospecting really never ends. When you start out your time should be spent 80%+ prospecting. After you build a book that could go down to 25%+. But I believe you will always need to bring in new clients and add to your book.

    Regarding Prospecting- I hear some gurus selling programs for $500 and up to share all the secrets of selling and building a business over the phone. There is no secret to that.
    • Have a streamline system preferably web based
    • Have a standardized system that works
    • Have a crucial supply of exclusive leads
    • Have high commision contracts
    • Have support wilth following up written business
    Posture on the Phone
    Posture is not an attitude- That is a myth!
    Posture is automatically created when you have more leads to handle than you have time. When you are in lead prosperity, your attitude will change and you no longer sound desperate over the phone. Lead poverty will sink you fast!
     
    Marker77, Aug 13, 2008
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  5. Crazy Rick
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    I appreciate all that. Web Based....oh boy, getting lost in the sea of insurance websites: not! But thanks for all the rest of the info.
     
  6. Guest
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    200 clients within 3 years is quite do able without even really working hard. But you must work smart.

    If you work 50 weeks per year and get 1.3 sales a week, that's 200 clients after three years. I have agents getting 1 sale per day.

    If it took me that long I would switched careers a long time ago. So it won't take you that long.
     
    Guest, Aug 13, 2008
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  7. Crazy Rick
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    I'll take that under advisement Mr. Quint. 1.3 sales a week I can do. Despite what some folks on this forum may think about only getting one lead a day and loss ratios and all that other negative jargon.

    Scream for me Long Beach! No, wait that's California thanks to Mr. Dickenson. Long Beach NY, nice area, so many lights on that main drag mate....one every 50' is totally unacceptable.
     
  8. xrac
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    xrac Guru

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    Crazy, you will never be able to stop prospecting. You may be able to employ different methods of prospecting than you use now but it MUST continue. Your question may indicate a wrong mindset for this business. I think we need a long term horizon and a commitment to making it work no matter what. A newby without that is going to have a difficult course.

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    xrac, Aug 13, 2008
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  9. arnguy
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    arnguy Guru

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    NEVER!
     
    arnguy, Aug 13, 2008
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  10. Crazy Rick
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    Aaaah, look. I was looking forward to my mentor's words coming true. "Rick, after about two years, you won't have to prospect really anymore. This is a referral business. Things fall into place quicker than you can imagine." What I got out of that was: In three years: 25% prospecting, no more 80%. :cool:

    I was out the other day and in walked into an acquaintance I knew from way back. Here's how it went: "Hey! How have you been?! Do you have Life Insurance?" He replied "I do, thru my school." Ok, well, you could always use more and I'll bet it's Term. "You maybe right, I'll look it up. I'm really concerned about my retirement though. My co-workers are always asking me what I have put away and I tell them, nothing" Ok, since you're a professor I can recommend a 403b or even a fixed Annuity. "What's that?" Etc, etc...That's not prospecting to me. Calling warm leads, anticipating they're just shopping around is.:no:
     
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