Keep your pipeline full

It's not uncommon to lose focus on your pipeline - or funnel - and consistently filling it with new opportunities can be challenging. Insurance agents often spend too much time on a few opportunities that are on the verge of closing at the bottom of the funnel, and don't seek out new leads to fill the funnel. This creates a roller coaster ride in terms of performance and results in the eyes of a sales team leader, and commissions in the pockets of a field rep. Without enough opportunities, a field rep runs the risk of missing their quota and their commissions.

The key rule for determining if you have enough opportunity to achieve your quota is to measure the size of your pipeline. Successful field reps maintain a minimum of 3 times their quota in their pipeline at all times. For example, a $10,000 per month sales quota should mean you maintain a pipeline value of $30,000 per month.

Combined with a disciplined sales process and consistent prospecting, a pipeline 3 times your quota will ensure a continuous flow of new leads and new opportunities closing.

So how do successful insurance agents do it? The following topics should be considered as we develop the 2014 agency goal of ‘Finding New Customers’ and how to maintain a healthy pipeline.

Disciplined Sales process

Focus on the follow-up process. Most sales reps make the initial contact and close the easy deals. What distinguishes the top reps from the rest are those who follow-up when the appointment isn't immediate.I think an open mind in the sales process is key - really listening to the customer and their struggles and customizing a solution for them based on their needs.

Don't lose site of the smaller sales. The problem with field reps today is they lose sight of their customers that give them smaller sales throughout the year. They get lost in the shuffle of larger sales (since we love those big elephants). It's the small sale that gets us through those rough periods. While this is elementary, it is difficult to keep track when you have over 1,000 clients you deal with year round.

Be memorable. Make a hard commitment in each discussion for the next deliverable and meet it. Personally, I set most immediate action items to be done within 24 hours and deliver on it every time. Both the need and impression left are still active in the prospect's mind. Delivering on the next step quickly makes a difference and sets an impression.

Consistent Prospecting

I think that discipline at the beginning of the sales cycle is key - cold calls, prospecting, networking, and reading. All of that requires discipline, motivation and enthusiasm.

Ask for referrals. Set a goal for yourself to secure a specific number of referrals each month. Dig deeper and penetrate your customer base.

Look for alternative contacts who can serve as inside coaches for you and connect with them quarterly.  

Watch and read the news so you can use new ideas as a way to get attention. Get creative information to approach prospects and customers with a new idea.

Set weekly objectives for the number of new referrals, prospects, meetings, and proposals. New lead generation matters. Existing customers are critical but don't lose focus on a weekly objective of meeting new qualified leads. They represent the future.

How closely do these tips align with your strategies?

                                                         ********