What to Do When It All Stops Working
If you are an insurance agent who has hit a dry spell, then you may be wondering what is “wrong with me.”
At some point in the life of every professional, it happens. Everything that used to pay the bills now can’t pay a SINGLE bill — or at least that’s where it feels like it’s going if something doesn’t change in a hurry.
The first thing you need to do is NOT panic. You didn’t forget how to do your job overnight. You still have the skills it takes to be successful. But you DO need to reevaluate the situation and follow these tips for getting back your groove.
Tip 1: Start with ‘the bird in the hand.’
The old saying, “A bird in the hand is worth two in the bush” means that you shouldn’t be giving up what you already have in a desperate attempt at something that isn’t guaranteed.
In struggling insurance agent terms, it means you should look at the clients that you already have.
How many of them have only purchased a single policy? How many need to increase coverage limits or add a life insurance policy?
Agents can sometimes get sidetracked drumming up new business when they don’t realize they’ve left potential revenue options unexplored.
Also, your existing clients can be great sources for referrals, particularly when they’re multi-product clients, who trust you with all their insurance needs.
Tip 2: Translate your strengths into new outreach methods
What makes you a great salesperson — or at least a salesperson capable of making a living in this industry — is still there.
You may just need to find a new way of applying those skills. Think for a moment about how you generate insurance leads.
Are you still using outdated methods like cold calling, or are you buying leads from sites that don’t vet them closely enough?
Maybe you’ve failed to cultivate a proper online presence: you’re not blogging, you’re not on social media, you barely have a website, your SEO is a mess?
Define what it is that you do well; then find a way that you’re not currently using to go where your customers are and bring them to your door.
Tip 3: Get spending down to the bare essentials
Whether it’s in your personal life, business, or both, there is something cathartic about taking control of your expenses.
When sales especially are slow in coming, you can feel like you’re not in control. You don’t know when the next conversion will be, and the only way to keep from panicking is to see where you’re wasting money and put a stop to it.
Reducing your unnecessary expenses can help you feel like you’re regaining power, and that can be an enormous morale booster that leads to the next sale and the one after that and the one after that.
There is also something very refreshing about this tip that can lead to cleanup in other areas of your life and business. It all leads to more positive energy that you can take with you into that next meeting.
An ancillary benefit of hard times is that you can learn a lot about how to conduct your business when things come roaring back.
When you emerge from a dry spell, you often do so wiser and more effective at what you do. While you still want to work to avoid this sort of thing, it is a growth opportunity that helps you become a stronger insurance agent and businessperson.
Are you going through hard times, or have you been through them lately enough to still remember what it was like? What got you through? Sound off in the comments section!