An uncertain economy brings uncertainty for customers, sales reps and team leaders. When both sellers and buyers feel shaky ground, closing deals slows to a crawl.
So, what is the answer? How do insurance sales professionals keep moving forward?
By facing the challenges and embracing solutions.
While that doesn’t mean rejoicing over the uncontrollable, neither does it mean denying it either. The key is to take control with more knowledge than ever before. We need to arm ourselves with a 360-degree grasp of what is happening today and what may be ahead for tomorrow.
It’s important to recognize that economic uncertainties and challenges are impacting all of us. As professionals, we know that business never goes on as usual when there is something very unusual going on, and so do our customers. That is why "getting real" has become so vital in every phase of the sales pipeline and in team training.
To move through each selling phase—from prospecting to closing, and hopefully land a referral or two—we need to shift our mindsets from selling and servicing to teaching and nurturing. The most successful sales leaders and high performers already bring this dynamic to their client relationships, but now it’s more important than ever that everyone takes this approach.
Agents need to study and fully understand what customers are facing and how that relates to what they’re selling in a backdrop of current economic trends. Sales without context just won’t happen. To be successful in today’s world, we must reach a higher level of professionalism. This means providing guidance to customers through every step of the journey, leading to calm decision-making during chaotic times.
Successful producers have perfected the art of being proactive and approach each opportunity with a sense of urgency. This strategic sensibility must be paired with tools and mechanisms suitable for the current economic conditions and concerns.
Leaders also need to shift incentives from rewarding the close to rewarding the steps achieved along the way. Pipelines can be too long to only recognize reaching the end of the tunnel because fast and instant deals are few and far between. In fact, tracking the speed of sales, or even the volume of transactions, can no longer be how we measure success. It is time to shift motivations by celebrating the thoughtful-and-deliberate approach with incentives that acknowledge new systems and honed skills. Essentially, focus on client education and relationship-building versus behaviors that only feed adrenaline-soaring risk and fervor.
Moving further into this decade filled with ongoing uncertainties, a changed mindset will set you apart from competitors. Being able to clearly and precisely communicate how your offerings are a match to their solution in the context of these turbulent times won’t just be nice but necessary.
By not being afraid to identify and face obstacles instead of ignoring and pretending them away, we will create a pathway forward. A shared lens becomes a shared opportunity for us and our customers to look through together. Educating will be the biggest factor to serve us in establishing the trust and confidence required to advance the process.