When is a sale, not a sale?

[Delta76]

I apologize, the link to the point system isn't working on my blog. In fact, the company who I hired to provide the password code is no longer in existence, their webpage doesn't even exist. Good thing I found out now, all my client account log-ins are not available any more either. I'll post a new link once I get it up again.
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I apologize, the link to the point system isn't working on my blog.

It's fixed, if anyone wants to access the point system I referenced earlier in this thread, it's available on the right hand side of my blog labled as "health insurance producer point system". The link to my blog is posted in the signiture area below.

 

[Guest]

Yeah, attain and maintain, much easier than playing catch up.

And let's be realistic, some people just need the advances to survive and throw money back into the biz. If you keep writing, they'll keep getting issued and while a charge back still hurts, it doesn't hurt as much if another sale catches that fall.

Rob,

You have an excellent point. Don't count anything until the check is in the bank and it clears. If you are on advances, it doesn't count until the first year funding is complete.

A big mistake I have been guilty of myself is to relax when I have some big cases in the pipeline or in underwriting. My activity level falls, something doesn't go through I was banking on, and all the sudden I'm hurting. Even if the case does go through, the pipeline starts to dry up and we all know the hardest part of keeping the pipeline full is building it up, maintaining it is fairly easy.

 

[michaelsavannah]

It goes like this: "I have 5 sales this week"

Then they say that 2 of the sales are appointments and 3 are people calling them back.

Translation: You have zero sales!

Right on brotha! It's crazy how many agents tell me what a great week they're having because they have X number of appointments and Y number of prospects with their application "on the way." This is a result of a flawed understanding of productivity stats.

Lots of appointments/apps on the way are great - shows you're building your pipeline. Now work on your closing skills to beef up your "app submitted" pipeline. If your upfront qualification is top notch and you've positioned yourself as the ONLY agent your prospect should work with, then your appliction-to-issue ration will be healthy. NOW tell me how your week/month was!!

 

[motoxxx]

RE: "I have five sales this week"

I used to hear Mega agents talk like that at our weekly damage control meetings!

A sale is a sale when my client is happy to pay their bill and I get paid.

 

[Guest]

I'm not sure if that makes them feel better, or worse, maybe both, in that order, LOL

Better before, worse after they make no money.

RE: "I have five sales this week"

I used to hear Mega agents talk like that at our weekly damage control meetings!

A sale is a sale when my client is happy to pay their bill and I get paid.

 

[moonlightandmargaritas]

RE: "I have five sales this week"

Just more of the shortsighted thinking of most of the large insurance marketing organizations. The "week" unit of measure is designed mostly for reporting purposes to the (mainly) incompetent and know-nothing managers...

What I like to call the "week-to-week" scramble.

No longer term strategic or tactical planning. One of the prime reasons for the high washout rate in this business.

Manager to agent: "How was the week?"
Agent to manager: "Weak."

 

[Guest]

That's so funny, and you're right, and of course they have to look like they're working right?

"Put me on the Cadillac board!"

Just more of the shortsighted thinking of most of the large insurance marketing organizations. The "week" unit of measure is designed mostly for reporting purposes to the (mainly) incompetent and know-nothing managers...

What I like to call the "week-to-week" scramble.

No longer term strategic or tactical planning. One of the prime reasons for the high washout rate in this business.

Manager to agent: "How was the week?"
Agent to manager: "Weak."

 

[Bob_The_Insurance_Guy]

In actuality, a sale is not a sale, until you receive the third months' commission. Here's why:

The first month is a Transaction. They gave money for a good or service.

The second month is a Consideration. This gave them time to look around, while they have the coverage, to make sure it is right for them.

The third month is when it becomes a sale. At that point, they believe that what you offered and provided, was actually beneficial for them.

 

[Guest]

Good point, in some cases very true, and overlooked, nice Bob.

In actuality, a sale is not a sale, until you receive the third months' commission. Here's why:

The first month is a Transaction. They gave money for a good or service.

The second month is a Consideration. This gave them time to look around, while they have the coverage, to make sure it is right for them.

The third month is when it becomes a sale. At that point, they believe that what you offered and provided, was actually beneficial for them.

 

[midwestbroker]

All great points.

I had a sales manager tell me in the past that a sale is a sale when you get paid.

Try taking a book of potential clients to the bank and deposit it. Just tell the banker what the expected commissions are and see how much they put in your account. 0.