logging in or signing up Prospecting-2013 dgwilwayco Download Post to : URL : Related Presentations : Let's Connect Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Copy embed code: Embed: Flash iPad Dynamic Copy Does not support media & animations Automatically changes to Flash or non-Flash embed WordPress Embed Customize Embed URL: Copy Thumbnail: Copy The presentation is successfully added In Your Favorites. Views: 1071 Category: Education License: All Rights Reserved Like it (1) Dislike it (1) Added: March 31, 2012 This Presentation is Public Favorites: 4 Presentation Description Prospecting Slides Comments Posting comment... Premium member Presentation Transcript PowerPoint Presentation: What Makes a Qualified Prospect? Does he or she have a NEED for life insurance? Can he or she AFFORD to pay for it? Can he or she QUALIFY ? Can he or she BE APPROACHED under favorable circumstances? 2 What Makes a Qualified Prospect?: PROSPECTOMETER (Measuring the Value of a Name) HOT 50% WARM 35% 20% COLD 10% PROBABLE BUYER (A Prospect for You, Now!) TIMELINESS: Has there been a recent change resulting in: Financial Improvement? Increased Responsibility Increased Receptiveness? (PLUS INFORMATION BELOW) QUALIFIED PROSPECT (A Prospect for You) PROSPECT’S ACCESSIBILITY/AGENT PREPAREDNESS: Can you get to see the prospect on a favorable basis? Are you fully equip to satisfy the prospect’s particular need? (PLUS INFORMATION BELOW) PROSPECT (For Some Lucky Agents) CAN AFFORD/QUALIFY: Does the prospect have purchasing power? Does the prospect have a need for your product? Can the prospect meet medical and underwriting requirements? (PLUS INFORMATION BELOW) SUSPECT BASIC INFORMATION: Do you know the Prospect’s Name, Address, Phone Number, Place of Employment, Occupation, Age, Family Status, Hobbies, Interests , etc. DEGREE OF PROBABILITY OF BUYING NOW 3 PROSPECTOMETER (Measuring the Value of a Name): A Lot of Things Happen as a Matter of … “ Timing” 4 A Lot of Things Happen as a Matter of… “Timing”: SITUATIONS THAT INDICATE NEED FOR LIFE INSURANCE Financial Improvement Increased Responsibility Increased Receptiveness 5 SITUATIONS THAT INDICATE NEED FOR LIFE INSURANCE: FINANCIAL IMPROVEMENT Appointment or Promotion Salary Increase Bonus Inheritance Probate of a Will Winning a Law Suit Completion of Installment Payments on Car, Home, etc. Policy Becomes Paid-up or Has Matured Dependent Relative Dies or Becomes Independent Successful Speculation Real Estate Transfers Awarded Business Contract Business Expansion Gets Building Permit Patents Awarded Government Action Gets Favorable to Business Winning in the Lottery Increased Prosperity 6 FINANCIAL IMPROVEMENT: INCREASED RESPONSIBILITY Marriage New Child Adoption of a Child Engagement Taking First Job Changes Job and Loses Group Insurance New Home Borrows Money Parent/Relative Becomes Dependent Death of Wife Death of Husband Child Enters College Interest in Some Charity Has a “Special Child” Becomes a Key-Person Improvement in Standard of Living 7 INCREASED RESPONSIBILITY: INCREASED RECEPTIVENESS Death of a Friend or Relative Narrow Escape From Death Observing Narrow Escape Sees Life Insurance in Action Sees What Life Insurance Could Have Done Birthdays Age Changes Approaches Retirement Becomes Uninsurable or Rated Financial Losses Graduations Becomes Executor or Administrator of Estate Improved Social Status New Resident Friend/Relative Buys Birth of Grandchildren Child Gets Special Honors Failure of Competitor Death of Competitor Favorable Business Forecast Takes Child Into Business Change in Management Business Re-Organization Another Agent Sold Idea but Didn’t Ask for the Application 8 INCREASED RECEPTIVENESS: Who Do You Know Who… 9 Who Do You Know Who…: * from the “Business of Selling,” Allesandra & Cathcart The Sales Pipeline* General Public Initial Contact Proposed Solutions to Client’s Problems Assure Client Satisfaction Confirm The Purchase Study of Their Needs Targeted Market Specific Prospects It’s in “Seeing the People” There is not a business going that does not depend on new people to see. Somehow someone must put names into the pipeline so that what comes out the other end are completed missions. Although there are multiple facets to operating any business, the entrepreneurial spirit would mean nothing without new prospects, and these mean less if no contact is made. The success of any business venture can be measured by the percentage of time spent face to face, and this time occurs only when someone asks for the meeting. 10 No Need At This Time Proposal Inappropriate Eliminated by Choice The Sales Pipeline*: Client Referral Model Occupational Referrals Social Referrals Key Business Relationships Business Associates Business Contacts Acquaintances Neighbors Social Contacts Family Relatives Friends Personal Referrals 11 Client Referral Model: Attorney 1. ____________ CPA 1. ____________ Doctor 1. ____________ Personal References 1. ____________ 2. ____________ 3. ____________ Best Friends 1. ____________ 2. ____________ 3. ____________ Sports 1. ____________ 2. ____________ 3. ____________ Greeting Cards 1. ____________ 2. ____________ 3. ____________ 4. ____________ Professionals 1. ____________ 2. ____________ 3. ____________ 4. ____________ 5. ____________ 6. ____________ 7. ____________ Family 1. ____________ 2. ____________ 3. ____________ Neighbors 1. ____________ 2. ____________ 3. ____________ 4. ____________ 5. ____________ Associates 1. ____________ 2. ____________ 3. ____________ CENTER OF INFLUENCE ________________________ REFERRAL POSSIBILITIES 12 PowerPoint Presentation: BUILDING & EXPANDING YOUR MARKET 13 BUILDING & EXPANDING YOUR MARKET: The value of the method increases as you move from the bottom to the top. What’s the Best Prospecting Method? Cold Calling Mailing or Telephone Lists Leads Advertisements Seminars Professional References Endorsements Client Referrals Client Prestige Referrals 14 What’s the Best Prospecting Method?: COURT OF THE TABLE MDRT TOP OF THE TABLE Impact of Various Prospecting Methods The following Prospecting Pyramid clearly illustrates the impact of various prospecting methods on an agent’s career. Generally, the more an agent relies on “cold” methods of prospecting, the lower his/her productivity and the shorter the career in sales. Agents who direct their prospecting efforts toward Target Marketing achieve the highest production and maintain long-term, successful sales careers. SHORT CAREER Target Market Network of Advisors Referrals Research Followed by Phone Call Face-to-Face Direct Mail Followed by Phone Call Cold Calling Direct Mail Natural Market PROACTIVE REACTIVE AGENT CONTROL PROSPECT CONTROL 15 Impact of Various Prospecting Methods : First Year Commissions and Lives/Cases Sold Averages for U.S. Agents and Members of MDRT Table Levels Category Group 1999 2000 U.S. Members Basic MDRT (excluding COT/TOT) Court of the Table Top of the Table 14,703 2.087 853 16,868 1,982 969 Average Commissions U.S. Average* Basic MDRT (excluding COT/TOT) Court of the Table Top of the Table $35,159 $83,158 $236,317 $543,122 N/A $96,583 $252,250 $636,474 Average Lives/Cases U.S. Average* Basic MDRT (excluding COT/TOT) Court of the Table Top of the Table 47 111 197.6 278 N/A 128.2 210.6 299.3 Average Commission per Case U.S. Average* Basic MDRT (excluding COT/TOT) Court of the Table Top of the Table $748 $749 $1,196 $1,954 N/A $753 $1,198 $2,127 * U.S. Average Commissions and Lives/Cases from LIMRA 16 First Year Commissions and Lives/Cases Sold Averages for U.S. Agents and Members of MDRT Table Levels: 2003 Million Dollar Round Table Statistics 17 2003 Million Dollar Round Table Statistics: 2004 Million Dollar Round Table Statistics 18 2004 Million Dollar Round Table Statistics: AGENT SURVIVAL RATES Remaining After 36 Months Number of Policies Number of Agents Number of Agents Surviving Percent Survival <9 398 147 37% 10-19 517 202 39% 20-29 384 200 52% 30-39 176 104 59% 40+ 177 135 76% GAMC 19 AGENT SURVIVAL RATES: Organized Prospecting List Names Evaluate Names Record Names & Data Organize for Calls Record Results 20 Organized Prospecting: Methods of Prospecting NEW CONTACTS FOLLOW-UP CONTACTS CASES OPENED CLOSING INTERVIEWS SALES SUSPECTS PERSONAL OBSERVATION FRIENDS & ACQUIANTANCES DIRECT MAIL CENTER-OF-INFLUENCE’S LEADS REFERRED LEADS (Endless Chain) COLD CANVASS COMMISSIONS: $ ____________ SEMINARS/WORKSHOPS 21 Methods of Prospecting: Weekly Sales Success Formula NEW CONTACTS FOLLOW-UP CONTACTS CASES OPENED CLOSING INTERVIEWS SALES SUSPECTS 20 12 8 10 6 2 G U I D E L I N E S YOUR S T A N D A R D S COMMISSIONS: $ ___________________ PERSONAL OBSERVATION FRIENDS & ACQUIANTANCES DIRECT MAIL CENTER-OF-INFLUENCE’S LEADS REFERRED LEADS (Endless Chain) COLD CANVASS SEMINARS/WORKSHOPS 22 Weekly Sales Success Formula: “SUSPECT ” - New people whom you plan to contact in the near future. You only have a “Suspect” when you know the name, address where to be contacted, phone number, occupation, approximate age, family status, hobbies, interests, etc. “NEW CONTACT” - A ‘New contact’ is when you have an appointment to speak to someone for the first time about one of the company’s products. “FOLLOW-UP CONTACT” - A second or subsequent interview, as part of the selling process, on any previously Opened Case. “NEW CASE OPENED” - A “Case” is “Opened” when you have had your first interview and decide to continue your negotiations. “CLOSE” - A “Close” consists of a face to face (not telephone) conversation during which you ask the prospect to take some positive action, such as signing the application, to be recorded whether the attempt was successful or unsuccessful. “SALE” - A “Sale” is any interview which results in your obtaining all the necessary requirements to complete a sale: — signed application, premium payment, medical evidence arranged. Below, the Weekly Sales Success Formula is charted in the form of a funnel. On the left-hand side of the funnel, you will see “ Guidelines ” showing the suggested number of Suspects, New Contacts, Follow-up Contacts, Cases Opened, Closing, Sales and Commissions. On the line below the funnel, enter the average weekly amount of “Commissions” you wish to generate. Then develop, and fill in the lines down the right-hand side of the funnel, “ Your Standards ” — as required to generate the “Commissions” you set to achieve. Weekly Sales Success Formula 23 Weekly Sales Success Formula: 24 Are You Seeing 3 People Per Day? “If you are not seeing 3 people per day, you haven’t earned the right to complain about the state of your financial circumstances.” PowerPoint Presentation: Always remember the basic premise of any sales endeavor: “You’ve Got to Kiss a Lot of Frogs to Meet a Prince.” That’s the job and you’ve got to kiss them Don’t try to substitute You can’t mail them a kiss You can’t stay in the office and wait for them to hop in and kiss you You can’t let advertising change them into princes You can’t ask your secretary to kiss them (he or she hasn’t got the stomach for it) It doesn’t take a lot of smooching to tell a prince from a frog You can’t change kissing styles every 30 days or spend all your time in Kissin’ School You’ve got to spend time with frogs and you’ll find them out there in the marshes Then, when you find one, you got to make contact Kissing is a contact sport -Source Unknown 25 Always remember the basic premise of any sales endeavor: “You’ve Got to Kiss a Lot of Frogs to Meet a Prince.”: PROSPECT 50% of salespeople give up. 65% of salespeople have given up by this point. 79.8% of salespeople have given up by this point. 89.9% of salespeople have given up by this point. You are becoming a factor in the prospect’s mind. Nurturing slowly, your prospect gets to know you and your company. You are building top-of-the-mind awareness (TOMA). You are probably the only person to make eight contacts with this prospect. At this point, when your prospect is ready to buy, you have a 90% chance of being called. 26 PowerPoint Presentation: 27 Success in Our Business is All About Quality Prospecting… Everything else is Commentary. HOT 50% WARM 35% 20% COLD 10% DEGREE OF PROBABILITY OF BUYING NOW PowerPoint Presentation: Success Triangle 28 Success Triangle: The 8 Keys to Bullet-Proofing Your Practice Relationship Management Activity Management Time Management Inventory Management Referral-Based Prospecting Values-Based Fact-Finding Product Expertise Assistant Coordination Rate your practice from Scale of 1 to 8 with 1 representing your best practice 29 The 8 Keys to Bullet-Proofing Your Practice: “You Miss 100% of the Shots You Don’t Take.” Wayne Gretzky Great Hockey Player 30 “You Miss 100% of the Shots You Don’t Take.”: One Reason for Sales Slump The vast majority of salespeople experience sales slumps. The one reason why dry spells occur can be understood with the aid of this chart. Let’s say you start a job in January and spent a lot of time in prospecting, in fact, it took 90% of your time that month. Naturally, there is a time lag between your initial contact with your prospect and the confirmation of a sale. This is called the Sales Cycle, and generally, the higher the price, the longer is the sales cycle. As time goes by, sales increase. Your prospecting activities begin to pay off. You become more and more impressed with yourself. You’re making customers happy, your sales manager is thrilled and your bank account looks better all the time. But as your sales increase, you keep decreasing your sales activities because you think “I don’t need to prospect, I’m making sales?” Months later, you enter a dry spell but you can’t figure it out. The answer is simple, you have stopped prospecting. The prospecting groundwork you laid at the beginning of the year has already paid off, and the well of new business is starting to run dry. Sales slumps can be avoided by continually prospecting. One simple truth to remember in this business is that “If you stop planting, you stop reaping.” JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Prospecting Sales One Reason for Sales Slump: Synergia Business Presentations Joaquin “Duke” G. Wilwayco 8301 Ephraim Road, Austin, TX 78717 Phone: (512) 799-2999 Email: firstname.lastname@example.org You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.