Building Vision for Your Insurance Business

One of the most essential things for any business owner to do is to build a vision for his business. Unfortunately, many insurance agents skip this part of things and end up wasting their time with cold calls and directionless advertising. What they should be doing is building a vision for their sales strategy, their customers, and their lifestyle. Essentially, they need a vision for every aspect of the business, and that vision needs to go deep. If you’re struggling with vision, here are some tips for getting to where you need to be.


Your Sales Strategy

The first thing that you should do when building a vision is to bring your senses to life. Don’t just make a general statement like, “I have to sell enough to make $5,000 worth of income a month.” Be more detailed than that. Envision how you get there. What customers do you target? How do you go about reaching them — online, by phone, in the real world? If online, what social media networks or lead capturing techniques will you use. Once you have the leads, how will you go about contacting them? When the first contact doesn’t work out, how will you approach them the second, third, fourth, and even fifth times? Will you keep doing the same thing over and over again, or will you experiment and be flexible depending on the customer? When will you get up each day to enact these strategies, and how late will you work each day? How much will you take on yourself? How much will you outsource? As you can see, there are a ton of questions to answer before you can have a clear vision of your sales strategy.


Your Customers

When building a vision, many insurance agents often neglect the peculiarities of their insurance leads (aka future customers). They feel lucky to get any business whatsoever, so they don’t bother breaking down the customer and learning as much as they can about them. They simply move on to the next sales attempt. Big mistake! While new business may be your primary focus in the beginning, you need to learn when and how to transition to up-selling your existing customers. That means learning where they are in life, and, specifically, what products they have a need for now, and which ones they’ll need two years from now. As with your sales strategy, start asking questions. What does my ideal customer look like? How do they behave? Are they married or single? Do they have children? If so, how many? Are they saving for retirement? Thinking of building a home? You get the point.


Your Lifestyle

Building a vision for your business isn’t just about all work and no play. If you’re going to be successful at this — or any endeavor, for that matter — then you’ll need to know when to “turn it off” and enjoy what you have. But what DO you have — or at least, what do you WANT to have? How big of a house? Are you single or sharing your life with someone? What insurance products do you value for your own life? What kind of car do you drive? Do you have any exciting (or even dangerous) hobbies? Start thinking about how you want the story of your life to go. That will inform you of what type of insurance agent you need to be, and it will aide you in developing aggressive, moderate, or light sales strategies. It could also influence the type of customer you work with, since we have a tendency to sell better to those who are like us or younger.


In Summary

As you consider building your vision, don’t slough it off! Take a couple of days for each area and really unpack it. Ask as many questions as you can about your approach, your customers, the lifestyle you want to have — even if it seems mundane and pointless, let the question be heard. Only by digging as deeply as you can on each of these things will you have a vision worth anything. Good luck!

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