This blog post is taken from the December 2011 issue of For The Record. The full article can be found here:
Growing organizations concentrate on what they can control year in and year out. Economics 101 says that if you need to reach your organic growth goal, the options are to increase price, add new products or sell more existing products. In the insurance world, the best option is to sell more existing products. The other two options are limited. While there are several strategies that could impact growth, the following are key components in building a sustainable growth model:
- Applying Negative Consequences
- Sophisticated Staff
- Sales Training for Producers
- Differentiated Client Offering
- Pipeline Accountability Systems
While executing on an organic strategy is the challenge, the first step is comparing your organization to each measurable metric. For example, do you enforce negative consequences for producers who do not hit their sales goals? Taking a step back, are those expectations communicated and defined to the producers? Before enforcing negative consequences, it is critical that producers know and understand their sales goals. If producers are not meeting their expected goals, find coachable moments in their shortfalls and enhance their sales techniques through training. Ask similar questions for each of the key drivers of organic growth. The results of growth cannot be changed until measured and benchmarked. With the new year approaching, now is the perfect time to regroup your sales team and implement a solid game plan for hitting your numbers throughout 2012. Whether measured monthly or quarterly, you can be certain that a fresh approach will motivate and inspire your sales people.
For information on how to subscribe to this newsletter, you can contact me HERE.