Brush Your Teeth?

Quite a while ago I attended a dinner presentation to listen to an individual who trains insurance producers. He does this full-time and his job is to help them be more successful. He explained that many times he must revert to the most fundamental topics when working with some individuals. Specifics? OK. How about, make sure you brush your teeth and comb your hair when going to meet a client or prospect.

Maybe I’ve been insulated too long, but I found this unbelievable. If this is true – AT ANY LEVEL – then no wonder the industry continues to struggle with a negative persona. Brush your teeth??? Wow. And that is why the topic of that dinner presentation has stuck with me for many, many months.

Somebody please tell me I am wrong.

A Bowl of Chocolate

After attending (and exhibiting) at many Trade Shows/Conferences, I continue to be intrigued with one thought. What do the attendees really do with all the pens, stress balls, notepads, calculators, brochures, canvas bags, luggage tags, hats, etc., etc., etc. (I do like the chocolates.) I would say – very little. I have watched other exhibitors unpack boxes of materials, set them out on their tables, then pack it all up a few days later.

As a matter of fact, I wonder if 90% of the stuff doesn’t end up decorating the hotel room. I know a lot of companies still have those giveaways – we used to – but last time we exhibited I brought nothing. Nothing printed. Duplicated. Fabricated. We had business cards. Everything else I wanted people to see/learn about was displayed on a flat panel, iPad, smart phone, or computer.

It’s technology and its impact on insurance. Everything has changed. People have changed. It’s information on demand. That’s what we all want regardless of the venue…along with a compelling story and a large bowl of premium chocolate.

 

Good Meat Isn’t Cheap. Cheap Meat Isn’t Good.

GOOD MEAT ISN’T CHEAP. CHEAP MEAT ISN’T GOOD. That sign hung in the Italian Deli my mom took me to in the 1960s. The products and service you got in that little store in a blue-collar neighborhood of Philadelphia was everything the sign said. Wood floors. No frills. But, the food… it was outstanding and Mom was a loyal customer; they knew her by name. All that made her four boys and their Dad VERY happy.

Insurance producers and financial advisors can learn something from those folks who sold sausage, fresh rolls and the best lunch meats, speaking in their broken English always with a big smile. My mom (the customer) recognized the value. She knew she was paying a premium to shop there but it was well worth it.

Same goes for the advisor who positions themselves as having something different. Being something different. Position yourself as a trusted advisor. Someone who is there to listen. What you know about product “XYZ” may be important – later. (FYI. Every insurance person has pretty much the same products.)

The customer – and potential customers – are looking for help. In plain English. They need a good listener. Someone who understands.

Once they begin to see you as you see yourself…the “sale” will follow. It’s not new and there’s no magic. It’s human nature 101.

Generation V

Who the heck is that? Well Generation Y is comprised of the common range of people born between 1980 and 1999; whereas Generation X are those “old folks” who showed up between the 60’s and 80’s. I would say they both really belong to GENERATION V. Generation Visual or better yet, Generation Video. People raised on video…addicted to the medium. They like it – want it – expect it – and want information delivered to them on demand, in short video snippets. Let’s skip reading and get straight to the point.

So what does this have to do with insurance and financial services? Plenty. These are the new prospects. These are the people who will at some point control a buying decision, if they don’t already. These are the “future.” And what about future advisors…individuals we need to come into this business. The future “thunder cats?” Those individuals who know how to relate to people and are ready to engage. They’d be very successful in this industry, but we better recognize (quickly) to ditch the ring binders, PowerPoint presentations and figure out how they want their information. It’s video. All day. Every day. And keep in mind, these people are (very) sophisticated consumers of the medium…so, it better be good.

GENERATION V. They are here to stay. Look no further than the adoption of the iPad/iPhone.

Belly to Belly

I was speaking with an insurance producer the other day. This guy has been around…just about 39 years in the business. He’s successful and knows his trade; the focus of his business is advanced markets. He works with business owners, and often includes the CPA and/or attorney in the conversation.

He’ll use email, has an iPad and isn’t afraid of technology. But as he explained to me, “Michael, I do my best work belly to belly.” That’s where you connect with people and ultimately establish trust and confidence. No one is going to make a serious investment of their time, money, security, future… because you have a lot of followers on Twitter or a Facebook profile. I would agree. The internet, email, social media has its use but will (likely) never take the place of a frank, face-to-face discussion.

His perspective leads me right back to one of my core concerns with the insurance industry. Attrition. And the accumulated knowledge – “technique” – these individuals have refined is being lost, little by little. Oh there are some evangelists out there but for the most part I do not know of any effective, organized mentoring program…and that is unfortunate.

This will start to sound like a broken record (for those of us who still relate to the metaphor.) Revenue. Retention. Recruitment. All three would benefit immensely from mentoring.

Comedians and Insurance Producers

What do comedians and insurance producers have in common?  I say, a lot.

Comedians try their best to have an audience pay attention, stay engaged and listen. The one thing they want to “sell” is themselves. And the best comedians go about their trade telling stories. Stories people can relate to…which equals entertainment. Success. Everybody likes a good story and loves a good storyteller. People line up and pay money to sit and listen.

Insurance selling is no different. The advisor has to “sell” themselves first. If you want to engage your customer and diffuse the sales person stigma, set the product discussion aside. Engage your client/prospect with a story. Make sure it’s relevant. Short. Clear. Start a conversation. And don’t talk about “product.” Your customers may not pay to come and listen, but you will be sufficiently compensated.

Not everyone can do this. Not everyone has the patience…they want to sell that product right now and they’ll beat the weeds hard and fast. Bad idea.

Practice the art of storytelling – and it is an art. Your customers will respond.

This technique is not new, its been done successfully for many years. But the industry (as a whole) has been distracted by “product.” Therein lies the root of the problem.

A New Voice in the Insurance Industry

Insurance and financial services. An industry with a lot of history, a lot of success and a long track record of helping millions of people. But for the most part the general public remains suspicious. They need insurance but they sure don’t like it.

Don’t agree? At the next party, mention you’re in the insurance business and you’ll instantly clear a path to the food and adult beverages. Why? Everyone believes you have one objective…to SELL them something, anything.

We been focused on this problem – along with a few others – for more than 17 years and we have developed an effective remedy. It’s simple, easily repeatable and it works. But since this is my first blog I’ll keep it short and sweet.

This industry has three universal problems. Revenue. Retention. Recruitment. To fix them, requires “change.”

There’s a lot of talk about it, but I do not believe there is much commitment.

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