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Authored by Justin Berry, VP, Sales Mgmt. and Jim Wochele, Sales Mgmt. [email protected], 440-220-5431 / [email protected], 440-392-6559
Hit Your Numbers in 2012Growing 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
The graph below illustrates the key drivers of organic growth. The average agencies represent the bottom 75% of agencies in our database in terms of organic growth (average organic growth is -3% to -4%). The high-growth agencies represent the top 25% in organic growth, with an average 4% to 5% in organic growth rate.
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.
•Sales Training for Producers•Differentiated Client Offering
•Pipeline Accountability Systems
0%
100%
30%
20%
10%
90%
80%
70%
Average Agency
High-Growth Agency78%
66% 64%69% 67%
46%
36%
60%
74%
41%50%
60%
40%
Applies Producer Negative Consequences
Provides Well-Defi ned Differentiation
Has a Sophisticated Service Staff
Utilizes a Pipeline Management System
Provides Well-Defi ned Sales Training
FOR THE RECORDA MarshBerry PublicationVolume V, Issue 12 December, 2011
MarshBerry • 4420 Sherwin Road • Willoughby, Ohio 44094 • 800-426-2774 • www.MarshBerry.com • [email protected] portion of this publication may be reproduced without express written consent from Marsh, Berry & Company, Inc. All rights reserved © 2011.
Learn. Improve. Realize. For a complete library of reports and newsletter back issues, please visit www.MarshBerry.com/Articles.
LexisNexis® Sales Portal
The LexisNexis® Sales Portal is a state-of-the-art sales automation tool offered by the LexisNexis® Insurance Exchange. The Sales Portal is a natural complement to the marketing and placement capabilities of the Insurance Exchange and adds proven best practices in new business development and account retention. LexisNexis is committed to the insurance industry and to providing leading-edge tools and technology that help your business succeed.The Sales Portal (formerly a MarshBerry product) is an innovative, web-based tool that automates all three aspects of the sales process: Lead Management, Pipeline Management, and Service Timeline and Stewardship Reporting.
The easy to use technology allows agencies and brokers to track pre-appointment activity, track and monitor producer sales activity throughout the sales cycle, track service commitments relative to customer accounts, and provide customized, stewardship documents to clients.
Risk SolutionsInsurance
Drive new business production by automating the sales process.
Lead Management
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Stewardship
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