Why Do Many Producers Fail?

[entrep1776]

You just have to be willing/able to invest $800-$1200 a week.

Appreciate rough breakdown on how to spend $800-1200. thanks.

 

[Thedude]

All while driving luxury cars, eating out every day, & always buying the latest Jordan's.

"What's the ROI on those J's bruh??"

J's actually have great ROI lol.......

 

[NSRH]

This can all be summed up in two words. Self discipline. Producers who fail, lack in self discipline.

I have found that those who fail aren't disciplined enough to either, work consistently, manage their time/money, our invest in coaching. I believe that's what it boils down to. Everything else is a bunch of excuses.

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Appreciate rough breakdown on how to spend $800-1200. thanks.

Marketing budget. Typically direct mail for an independent face to face FE agent.

 

[entrep1776]

Marketing budget. Typically direct mail for an independent face to face FE agent.

Any suggestions on how to scale up so money made pays for marketing budget? (planning to sell med supps) Plus minimize losses if I can't sell. I have enough $$ to get started.

 

[NSRH]

Any suggestions on how to scale up so money made pays for marketing budget? (planning to sell med supps) Plus minimize losses if I can't sell. I have enough $$ to get started.

If you're nervous about not being able to sell, I would take a commission cut and work out of a local captive shop. Do your research before making a decision, but this will minimize your risk.

Many would disagree with me on this, so ask around, but that's how I started, and many other successful people in the business started the same way.

 

[KRobby]

Oh, Oh.. Mr Cartah, Mr. Cartah.. can I speak now?

Debating a high level producer on their sales tactics(routine) is funny to me..

Which high level producer is having to defend their sales routine?

The fall out rate is astronomical in FE.

What metrics are you using to calculate this rate? Is there a minimum production requirement, like at the wires or indy b/d's? Or is everyone that leaves considered a failure?

But, I'm still going for my license end of month because I believe the $$$ making opportunity is still there for the agents looking for the long term not just 'hoping' to squeeze by the first two/three DM cycles.

Since you're not in the trenches, what is the basis for this projection?

I can't seem to figure out which company is the best fit.. So many to choose from and frankly, even the experienced rep gets burned by an IMO with a "stellar" reputation..

What do you mean by burned? Can you provide a few examples?
And what do you mean by "stellar reputation"? Based on a review by who?

The shady aspect of the business is a turn off-TBH.

Probably, but due diligence is always a requirement for a businessman.

 

[entrep1776]

If you're nervous about not being able to sell, I would take a commission cut and work out of a local captive shop. Do your research before making a decision, but this will minimize your risk.

Many would disagree with me on this, so ask around, but that's how I started, and many other successful people in the business started the same way.

Thanks I appreciate the advice. Thinking this business (sales) is 90% prospecting 10% selling. I'll go independent to start. But if I don't get success, investigate going captive. My past sales endeavors were more fails because I wasn't getting in front of people.

I worked some on these fails. But if I'm not getting any results /activity hard to keep working hard with zero results. Hard to know where/how to work harder when nothing is happening.

 

[HoosierLife]

Thanks I appreciate the advice. Thinking this business (sales) is 90% prospecting 10% selling. I'll go independent to start. But if I don't get success, investigate going captive. My past sales endeavors were more fails because I wasn't getting in front of people.

I worked some on these fails. But if I'm not getting any results /activity hard to keep working hard with zero results. Hard to know where/how to work harder when nothing is happening.

I would reverse those %s. I spend 90% of my time selling. I farm out everything else i.e. setting appts and leads.

 

[VolAgent]

I would reverse those %s. I spend 90% of my time selling. I farm out everything else i.e. setting appts and leads.

Depends on how you measure it.

He is correct, success in insurance is dominated by successful prospecting. You and many FE agents have successfully farmed out the task so you don't have much time investment there. But you definitely have a monetary investment and your success depends on that.

It is why insurance agents love leads. They are farming out the hardest task. Unfortunately, not all leads are created equal and there are many vendors who are delivering an inferior product.

 

[DecisionMan]

Excellent thread. Here are a few items from my experience:

1. Afraid to prospect: A lead card still requires a call and/or door-knock. Lead cards are great, but useless if not followed up on quickly.

2. Great at selling, suck at confirming the sale. I know a highly successful FE guy who write a ton of business each month but has about $40,000 in chargebacks! He'll never be able to leave his agency with that kind of debt balance, but he never learns. He's pushy, won't leave till he gets the signature, takes his advance and then sees a chargeback from cancellation a few months later. Stupid.

3. FE isn't for some people. I great up on Medicare sales, but the FE sale is much different. In my FE fact-find I would come across all sorts of Medicare need and ended up confusing the client and not getting anything. IMO FE requires sticking only to FE and nothing but FE.

4. FE is transactional. Some agents prefer more analysis on cases and are better on higher-dollar more complex sales that take longer but pay pretty well.

But regardless of what product and market you're in, the basics of banging the phone and doors and following up to keep momentum are required in every sales environment.