Improve These 3 Areas To Double Your Production | 7 Figure Annuity Sales Podcast | Ep. 180

Today we're going to be talking about.

The top three areas to focus for success in 2022.

Hey, everyone.

Welcome to this week's episode. I am Chad Owen, the annuity sales.

Coach and some sales. Seven figure sales expert, guru, something. Do you know Leilani does not like the word guru?

Really?

Yeah, she said it. She pictures me going, that's funny. Yeah. So that's not her word.

I'm gonna. I'm gonna start referring to you as.

The guru around her.

You know what? That might be kind of funny.

That was your idea, though.

That was not my idea.

Chad put me up to it. No, I didn't.

Are you kidding me?

Y' all heard it.

No. I've been married for 29 years and I'm keeping it that way. Well, no, then it'll be 29.

Yeah, exactly.

Yeah. Keeping it at 29.

So it's always good.

I know we're already into January, but you know what? We want to keep those things in front of you.

Absolutely.

On how to stay successful and keep successful.

Yeah. Well. And the idea of the top three things for focus in 2022 stems from the three areas that you can improve that we've mathematically, it just. The numbers are what?

The numbers are only three areas.

Three areas.

I can think of 15 right now for you.

Yeah, well, I'm a little bit different though.

Three areas that if you can just a 20% improvement in your process, you will actually more than double your overall production on the same amount of leads.

And number one is.

Number one is phone process. Phone process. Because I say phone process is the area of focus.

How do you know when you're improving your phone process?

You're seeing a higher appointment rate.

Good job.

So.

And here's another piece of candy. A higher qualified appointment rate. Because there's a lot of people that you talk to that you realize they're not, based on what they've shared with me on the phone, not actually qualified for this. It's not.

You know, it's funny. Yeah. Because we. We show my tracker and you can see it. Wow. He gets these number of leads, but he only gets that number of appointments.

That's four out of 10.

Because stinking half of them don't even qualify.

Half don't qualify. You're already dealing with 60 or 30% of them don't answer the phone.

Yeah, that's true.

You can't get in contact. You're down to seven, and you book point appointments with four. That's pretty stinking. Your process is strong.

I remember putting that on LinkedIn one time and some guy goes, that's a horrible, fun process. And then you had someone who is in this industry that they, they are an owner of a very large lead company and they go, are you kidding me? Those are phenomenal rates. I would kill for those rates.

I'd kill for half of those rates.

Because they know that if you don't have 50,000 emergency funds and savings. 50,000 investable amounts, I don't help you.

What do you do with that?

Well, that's called emergency funds.

Exactly.

You know, so I'm not going to take someone's emergency funds and put them into annuity. Well, Chad, technically you could do 50,000. If they had 50,000, you could put 25,000 into annuity. 25,000 emergency funds? Yeah, if they're 65 years old, I'm not leaving them with 25,000 in emergency funds. Yeah, that's, that's, that's too much life in front of you. And so I'm, I Minimum, you've got to have 50,000 emergency funding savings.

That's good. And that's the foundation because the next two are areas improve, areas of improvement. Excuse me. That will come after you accomplish this. So if you can get 20% improvement in your phone process, meaning you're booking that many more appointments on the same number of leads, the next couple of things will have their place. And the next is the appointment process.

And number two is appointment process. Appointment process.

Having more qualified. Again, qualified appointments. People that are good fits for an annuity that convert into a purchase decision.

So how do you measure your appointment process?

Well, you track the number of appointments you have to the number of applications that you submit or the number of cases overall.

You get another cookie.

Oh, sweet. Raking in the.

Excuse me.

A piece of chicken. You get a piece of chicken.

You don't care about cookies.

You know, for the longest time is totally off top. For the longest time I said I would take the most mediocre piece of fried chicken I've ever had over the best steak I've ever had.

Until you tasted my steak.

I can't say that anymore. I can't say that I, I steak is too good now. I don't know what it is, but it's called maturity.

Maybe it is.

I turned a quarter of a century and now all of a sudden, like, steak is the thing.

Quarter percent.

Does that make me sound older than I am?

No, it makes you sound like you're young, buck.

Well, you're almost half a century.

Yep, I am. And I'M ready. We're already talking about the celebration. I want to do Iceland. Oh, yeah. I want to do Iceland. I really want to go around the entire continent of iceland for my 50th.

That's awesome.

Yeah. Maybe sacrifice something in a volcano.

She's like, what do they have?

They're like, goats.

I say goat.

Yeah. At least get it close enough where you can kill it so it doesn't suffer. Because I hate it when animals suffer. Yeah, Just kill it quickly, cook it next to the lava and say, you had barbecued lava goat. I like goat.

Chad, you. You know what's funny is, like, I'm imagining Chad on this, like, volcano having the time of his life doing this, and Leilani, like, not even getting out of the car because she's so repulsed by what you're.

No, no.

We just had something where she's watching me. We went to Nashville, and she's watching me do what I'm doing, and she's freaked out of her mind that I'm gonna get hurt. I'm like I said, at no time was I in any sort of danger. And she goes, people are watching you, thinking, oh, what's this guy doing?

So, yeah, I do take a little.

Bit of risk, but you know how.

Many people could say they roasted me over lava?

I can't say that. I doubt that many can.

I think that would be pretty sick. Anyway, how do we get off on these goat roasting candidates?

It's a good question, but appointment process again.

Oh, my gosh.

We went.

We went way far away. So if you have a good appointment ratio, I will.

Cookie roasted go over lava in Iceland.

Buy your own ticket.

Yes, exactly. No, I will charge you. Because if you're gonna watch me. Gross. Go over a lava, you're paying the price for that.

Front row ticket.

I would pay the price. I would.

I would.

I would pay that price. I don't care what that price is.

I would.

I would find a way to scrounge that up to watch Hank dangle. I'm, like, imagining you dangling over the edge, like, with your little goat.

No, you can't. You have to have a pole long enough. Because if I've been so close to.

Lava that literally you could only stand for a couple seconds because it was that hot.

So it's like, take the picture and move.

We were probably. Well, from here to camera, we're probably less than 5ft, about 5ft away from the lava, and it was so hot that you had to, like, take the picture. Yeah. Boom. We're out of there.

Is that how you feel being this close to me.

My wife?

Yes. Not you. No. Anyway.

Oh, my gosh.

Will you get back to the appointment process?

Yeah. So if you. Again, you measure that by tracking how many appointments did you set, how many did you have? But then of those that you had, how many actually converted? And if you can have a 20% improvement there, now again, you're setting yourself up for the next piece and the third. Do you want to do the drum roll on that? The third step is embarrassed. Yeah, you would.

Josh is a drum major, by the way. The.

The third would be your fact finding process is what you're going to want to devote time to so that you can have an increased average case size.

Tell me to stop. Can you repeat that?

Yes.

Since you were being so disruptive.

So that the area of focus is the fact finding process, but the goal is to have an increased average case size. So, yeah.

Think about this. I mean, if people, so many people are talking about, I want more leads, I want more leads, I want more leads. Why wouldn't you say, I want to have twice the amount of business per lead?

Which means you're doing more for the client.

Right.

You're not getting different clients.

I mean, I. I'll argue with people all day long on this. Oh, that lead system stinks. That's funny. It's the same lead system I use, and I wrote 4 million off of it last year. Yeah, it's rarely the lead's fault.

It's true.

Rarely. And so I just want to become better and better and more of an expert to where I'm able to find out where they have their money, what the purpose of it, and how I can help best protect them. Yeah, that's what gets the bigger cases.

Well, and I'll say, too, last year, Chad, you finished the year with an over $500,000 average case size. Now, crazy it is.

I did have really big sales.

You did. If you. If you take out the $3 million deal, you had to call it an outlier and say, okay, we won't factor that case into it. You still had an average over $350,000 in average case size, which is what.

Almost triple the industry.

Almost true. I mean, the industry average. You're talking about 100, 120 to 150,000. One. Yeah. 136. Whatever.

So 120 to 150. 50,000. That would be about 136.

About give or take. I mean, 136 is a little bit more accurate.

I just said 136, but it is, it's almost triple.

Yeah, it literally is almost triple. And so you're talking about you need.

One leads, everybody else does.

You have one. You need one third the number of leads to write the same amount of business as the average person.

And you know, Austin, San Antonio is not an annuity hotspot.

It's really.

Denver is pretty much all of Florida. Denver, Phoenix, Tucson.

Oh, where people are retiring, living.

Yeah, those, those are the things where you have a large population of.

Retirees and Houston's kind of getting there. Houston's another place where a lot of people are retiring. Yeah. The reason why you don't see a lot of people retiring in Texas is humidity. Most people like to retire in driers type climate.

Climates drier, warmer.

Blows me away because Florida is still very high humidity. It is, but you don't see a huge flocking of retirees to Louisiana or Mississippi, you know, or Alabama.

That's just not Gulf Shores maybe.

But yeah, yeah, once you're, once you're down towards the coast, you can see that. But then you don't have the 100 degree temperatures usually.

It's true.

So yeah, I mean it's not a hot spot and it's still do more business per client than. I mean, triple the industry average, at least.

Well, and I'll shout out your last year because you wrote slightly more. Okay, this is, this is what was crazy to me. In 2020, in the midst of global pandemic, you write to 26.4, 26.5 million or something. Okay. Last year, 2021, having. And bear in mind 2020, you took virtually no time off. Like you didn't have.

No, I took, I took off. No, no, I took off like nine, seven or eight weeks.

Was it that much?

But it was, it wasn't vacation.

It was. Yeah, it was just. Just not. Yeah.

Okay. It was. For whatever reason we, I think we did do. Yeah, we did some traveling, but it wasn't a lot.

Yeah.

All I have to do is look at Facebook.

Yeah, that's true. And go back and read because I.

Know we definitely had Maui. Two weeks in Maui.

Yeah, we did.

No, not Maui, Big Island. No, that was maui. That was 2020. That's when everything went down.

Yeah, 2020 was.

Yeah, we were in, we were in Maui when that happened. And then that's when it wasn't what, a week or two after. That's when everything started changing.

Well, I didn't know there for a while if we were going to get to Come back. I thought, man, one of two things. Like my brain's like, oh, man, if we do. If we're not able to board planes and travel back to the mainland, how awesome to be stuck in Hawaii. Also how expensive to be stuck in Hawaii.

You wouldn't have had to worry about it.

Your dad would have.

I mean, I figure out what to.

Do but like, golly, find some vacation rental or something.

But you live on the beach.

Well, and I'm. I'm cool with that. I love adventure and camping and cool ocean salt breeze.

You actually might have been on a spearfish because I would have let you.

I would have been.

Needed the food to survive.

Just don't shoot a humahuma Nuka nuka Appawa.

Yeah. Or the willy willy nickel.

I don't know what that one is.

That's the. The butterfly fish with the long pointy nose. It's all yellow. Yeah.

Forgive my brain. Never mind.

I'll tell you after the episode.

So sorry.

We are very discombobulated.

We are.

But you know what you're getting once.

Again, this is real. You know, when we're, when we're dealing with how we're helping agents, we're not going to have the scripted. We talked about this before. We're not scripted. Caleb has an outline. I don't know what we're talking about until I announce it. And I still have no clue what he's talking about even when he is talking. Because that's just normal conversation when I'm talking with Caleb. Because someh how genome and chicken and some cross genes and I love how you. How does a variable annuity. Can a variable annuity and an immediate annuity ever marry and create an indexed annuity? It's kind of what happens. The variable annuity met the fixed annuity and it created the indexed annuity.

And now the indexed annuity in some situations is breeding back to the variable annuity and creating these Ryla type products.

Hate those. There's two things you, you know, and this is a little bit off subject, but there's two types of annuities I do not like or two types of things about some of these annuities are coming out. I don't like fees on indexes.

Yeah.

I don't like that. And then I don't like these Rylas. Right. Right.

Registered index linked annuities. Ryla.

Yeah. Right. I don't like those either because we are dabbling way too close in the variable world.

I agree. It's getting dangerous.

Yeah.

And I think what can Happen.

If we. We keep doing that, then the SEC is going to go, well, see, I.

Told you there's security. I told you so, man. We got to be told you so.

And we've got the administration for that.

Yeah. Do we really haven't?

No, I'm saying for that to be a thing that.

Okay, anyway.

But no. So we've talked about. What have we talked about?

We've talked about the three areas of focus.

We're talking about point, phone process, appointment process, and then. And then your fact finding process. So your phone process, allowing you to book again, shoot for a 20% improvement in your phone process, booking more appointments, a 20% improvement in your appointment process, again, getting more deals, and then a 20% improvement in your average case size, writing more business per deal. If you do those three things, have.

An actual number that. That helped increase. Increase your volume by.

I have it.

I remember you doing something like that.

Let me see if I can find it.

I.

It's astonishing.

It is astonishing how if you just do 20 in those three areas, how much it increases your volume.

Oh, here we go. Okay. Okay.

I think I found it.

Yeah. I'm not sure.

No, this is it. This is it. Yeah, yeah, yeah. Okay, so if you spend $20,000 in leads at $300 per lead, and you can write this down on paper if you want to check my Math, you get 66 leads. Let's say you have a 75% contact rate, a 50% appointment rate. You booked 25 appointments on that. Let's say you have a 50% close rate and $130,000 average case size. You wrote $1.7 million in business. If you take that same $20,000 in leads at $300 per lead, you get 66 leads and at a 75% contact rate, because that has to stay the same. But your phone process improved by 20%. So now instead of a 50% appointment rate, you got a 60% appointment rate. You got 30 appointments. Your appointment process improved from 50% to 60% close rate, and your average case size improved by 20%. Now you're writing a $200,000 average case size. You would have gone from $1.7 million in production with that 20,000 in marketing to 3.6.

More than double in those three areas. More than double.

More than doubles your volume.

You think this is important to pay attention to?

I mean, that's why we focus on process. Like, we. We beat process like it's a. Like a drum. I mean, it's a dead horse.

I was gonna say it because I grew up on a ranch, so we don't actually beat dead horses.

I did.

Go figure. I figured with the accent, you grew up in the back of the hills.

Not even just in the hills, but, like, the back side of the hills.

Place that has no roads, that nobody gets to.

The place where the people on the hills, like, over the. Over the back of the hill.

Oh, my God. Well, I'm leaving you on that note.

Guys, obviously continue to listen if you choose. This was a rough one. But you know what?

It's all about improving the process. We did not do that today, so.

You have a great day, and happy selling. We'll talk to you later.

Sam.