The Ultimate Insurance Agent Training
Matt Ryder coaches insurance agents on sales strategies, warm market approaches, and lead management. He walks through sales process mapping, client avatar development, and goal setting to boost sales effectiveness and profitability.
Hey, guys. So in this video, I'm speaking to a bunch of insurance sales reps, and I'm going through, like, the exact processes they need to do to really be more successful, not only in insurance, but as a sales rep in general. So going over exactly, like, how they need to plan stuff out, what they need to do, the processes involved, the skill sets involved, and really kind of how they actually utilize the leads that they have, the warm market stuff, the cold market stuff, and how you create a sales process that makes sense and is actually profitable for the individual and also for the business. All right, so if you watch all the way through to the end, okay, there's a lot of good stuff in there. We get kind of down and dirty, nitty gritty with it. And if you take notes, you should be able to take a lot away from it. So make sure you, like, subscribe, hit notification for all that kind of good stuff and make sure you watch the whole video.
Bye.
What have we going over the last few months? So first things first is like, warm market strategies. So warm market strategies, I think are essential, right? And they're a phenomenal way for everyone to kind of like start dipping their toe, especially if they're in the middle of contracting or looking to move from the more simple products more to the advanced markets, right? Reason being is because, like, you can. You don't have to be the one that closes them, especially for the advanced market stuff. What you can do is start leveraging your warm market, right? And then, like, send it off to Kaden, do it with them, right? And then you have a couple of different things in play. First things first is like, warm market is that you're allowed to make mistakes, right? Because you can preface it with like, hey, I'm trying to learn this stuff. Do you mind if we just have a look at your policies and what's going on so I can kind of walk through it and then, like, you know, if I see that there's any sort of glaring issues that we can do better, we can talk about it. But really it's about me kind of like learning the process of how to kind of assess this and how to talk to people about it. Like, would you be cool if we could sit down and do that? The chances that people say no or take the fuck off is pretty low.
Okay?
So, like, just having that genuine conversation is fine. Like, your friends, your family, your brother, your sister, your parents, like, you know, all of your family should have insurance through you. Does anyone here, their family not have insurance through them? Has Anyone here not, like, asked their family like, hey, should we, should we have a look at what's going on? All right, Anyone here a fucking idiot, Right? Same people. Raise your hand. Just kidding. I love you. All right, so like, that's step one, right? Warm market, okay? Like, use the network that you have. One of the cool things about insurance is that, like, everybody needs it, everyone should have it, you can provide it. And like, one of the bad things about insurance is people can get hosed. You guys know that you can hose people if you want to. You don't because you're good people. So it's like you can get people into ridiculous, crappy things that have high comps, right? And if you explain that to somebody, a lot of people don't even know that there is commissions in insurance. So it's like, hey, you can talk to your market and be like, hey, sometimes people just get people into stuff that doesn't really suit them. It just has the highest commission value for the rep. So it's like, let's just have a look at it, right? And if it's awesome, it's awesome. We don't need to fix something that ain't broken, right? But that's step one, okay? And then from there you can go through your network, all right? People are going to be more accommodating what you think, especially if you're just like, looking out for them.
Okay?
Then step two is if you bring people into the more simple stuff like general life or final expense or mortgage protection, then you want to get them more into the advanced markets, but you're not comfortable doing that, right? One of the best ways to get runs on the board is to, like, give it to someone who's good at it. Give it to Jacob, give it to Kaden, do that with them. Organize a comm split, right? But be a part of the process as they do it. Watch them go through it. If you send them five people, right, and you're there every step of the way, that's an invaluable learning curve. You will learn an awful lot about it. You get some sort of, like, you get some money, right? And all you had to do is kind of, you know, supply the people. So it's a. It's a. It's a great step to take and it's not that difficult. So one of the first things that I had everyone do, right, for most of you are probably too new to know this, but is create your, like your sort of. You can call it different things. You can call it a dream 100 if you want to. Or you can call it like just a 250 list is what I used to call it. So I used to segregate my entire network into abc.
Okay.
A is like my clients, right? People who are like actually clients of mine or people who will become clients if I just speak to them, right? And you create a document which is like, hey, like name, phone number, email, right? Create a little spreadsheet and then from there you just start putting people down on paper, okay? So your 250 list, ABC. A's are people who will give you money. B's are people who are given the right offer and opportunity, okay. May become customers or clients. And Cs are people who like, if you scream at them loud enough, you know, maybe they'll consider it. That's how you're going to do your referral drives, right? That's, you know, you can speak to your family, you know, and I think come at it from a really genuine angle of like, hey, I'm looking for feedback here. I'm looking for help. I'm looking to, you know, see if I can, you know, like, get better at this and have a look at your stuff in the process. And if we find better, we can talk about it. But like, at least you know that you're haven't been screwed and that you have an appropriate policy that's actually going to pay out on time, right? So not many people are going to say no to that, okay. Even old high school friends, stuff like that. So that's a really, really good activity that you can do, which is very low time and very high value. And the only reason people don't do it is because they can't be fucked. And they don't like the thought of like putting themselves out there like that. But like, salespeople are supposed to kind of like live in the awkward, right? It's kind of like where we live. And it's really not an awkward thing to do anyway. It's just like, hey, can I help you? Or could have been a guy comes into your office and tries to sell you something and then you start coaching him because he's doing so badly, right? Which I did yesterday. Okay, so we do that. So warm market 250 list and really start to hit that. Everyone in your network should have insurance from you. Your parents should definitely have insurance from you. You should definitely have insurance from you because you still get the comms on certain carriers, right? Everyone know that?
Yeah.
Sweet. So you're getting insurance your first Year is like, what, 70% off, 80% off, right? So yay.
Okay.
Like your brothers, your sisters, your partners, your network should all go through you. That should be like your first and foremost. Like, if you've got 20 people in your tight group and. Or your friend circle and your family circle, there should be 20 sales immediately. Then from there we make the 250 list, okay. And we kind of go a little bit broader and then we start to do that, and that's where we kind of add our clients to that as we go, and that's where our client list comes from. Okay, with your client list, like, you really want to have as much information as you can. If you have their birthdays and their address and stuff like that, just send them little things, you know what I mean? And then that's how you start to create referrals and stuff like that, right? Because, like, if you. If someone's my insurance broker, right, there's no reason why I can't refer them to my friends because I'm happy with their service, I'm happy with what they did for me. There's no reason why I wouldn't want my friends to have the same level of protection that I do. So one can become two, two can become four, four can become eight. It's like if you door knock, you always do the door to the left and right as well. It'd be crazy if you're doing solar and you don't go to the neighbor. Hey, Terry said that you love the environment. All right, so, okay, so we got that. Then from there, it was all about kind of like the mapping of the sales process. Okay, so we'll go over that now. Just real basic, right? And this is kind of what we started to go over. Okay, so got the sales process. Okay, so this looks complicated, but it's really not. And what it is, it's kind of described to like, the. All the decisions that have to be made. Okay, so we've got new digital leads. Let's just say, for example, $500, 50 pickups, right? What are the things that can affect the pickup? Okay, it's gonna be local area dialing, right? If you're dialing somebody in New York and you have an LA number, they're probably not gonna pick up time of day. So time of day obviously plays a huge factor. And we can talk about in a second, double dialing. So are you double dialing or not? Lead volume and frequency is just like if you got eight leads and you're doing 500 dials, right? And speed to lead.
If you're.
If you're, you know, obviously age, leads won't pick up as much as a brand new lead.
Yeah.
Pretty. Pretty straightforward.
Okay.
When it comes to time of day. So if we have a look at, like, say, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday.
Right.
And then from there we go, like, all right, we dialed here and then from, like that was, you know, from 9 to 11. Or from 9 to 11, and we had a 17% pickup rate.
Okay.
And then from there, I dialed here, and that was 2 to 4, and that was a 12% pickup rate.
Okay.
And then I had. And then here and there and there. I'm only doing this because I'll keep this marrow.
Right.
And that was say, 5 to 7, and this was 6%. Whatever.
Okay.
So then from there, like, what you're going to do is if you do that over the course of like, a month.
Right.
And you track that in a diary, which you can just do in here.
Right.
You just do that here. You know, I mean, and then from there you might assign, like, a color to it. So this might be green.
Okay. Yeah.
So like, let's say green is like over 10%.
Right.
And then we've got like. And then that's like. Say it's a red.
Right.
Like below 10%, whatever, magenta.
Right.
And then, so if you have like a stoplight system, then it's gonna be like, okay, cool. You'll start to see a pattern. If I dial during these times, then I get these rates. Then you can start to optimize when you're gonna, you know, when you're gonna dial. Okay, makes sense. So that's how you can sort of track that in your diary.
Right.
And that's going to play a huge role because, like, if you've only got 40 hours a week to work, let's say you really want to kind of optimize the times that you're dialing based on what they're going to do. And that might be different per, like, type of insurance. So, like, final expense.
Okay.
If you have a look at the avatar of final expense, they probably don't have a job. Can we agree on that?
Right.
So calling them during the day, probably more effective than calling mortgage protection leads during the day. Obviously, it might not be a rule, but, like, off the top of my head, that would be a good place to start.
Right.
Because mortgage protection, they all have jobs. Why do they have jobs? We can safely assume because they have a mortgage.
Right.
So of which they would like to protect. So they Have a job. So, like, during the day they're probably at work, right? So maybe it's after work, you focus on them. Then from there, like once they pick up. Okay, then like, what happens? Because a lot of people are just going like, pick up how many bookings? It's not really the whole story. So from pickup, they can tell you to go away. They can have a conversation with you or they can go to voicemail. The reason why you want to track that is because if you have a really low conversation rate, your opener sucks. Like, if you scream like a wookie, a lot of people are going to tell you to go away. But if you're Kayden and you have that beautiful tonality. Okay, I'm really sorry. You probably had a ton of these phone calls, but it looks like you kind of were looking for some, for some mortgage protection. Is that, Is that, is that right? Like, what ended up happening with that? Do I mean, like that? I mean, I think I don't sell it, but that would have a better chance than like, hey, man, you, you. You were looking. This is, this is just, you know, such and such from whatever. And you want insurance.
Yeah.
Right. So like you're gonna get told to go away with one and you're gonna get like, oh, yeah, I'm trying to sort that out.
Right.
So that plays a huge role. So if we have a look at like how that flows on, if that number conversation is 10, like, we don't get very far down the road.
Right?
Like that it's not gonna equal many people. So if you have a low conversation rate, your lowest hanging fruit is always that. So instead of like desperately trying to figure out a handle every objection, just really work on your opener.
Right.
Then speak to more people. And even if you're terrible, you'll have a far better flow through because, like you have more people at the beginning, it's just putting more water in the funnel. Yeah, that's all it is.
Little subtle things make a big difference at that point in the conversation too. Like the little. There's little different changes that tweaks that can change that percentage of conversations you're having greatly. So it's a really important part of it. Like for example, Matt, after we spoke about it last week, Daniel was tracking his numbers. What was the percentage of increase you had, Daniel?
Oh, after that, 20.
A 20% increase. What was the change you made?
I was saying, just had a second to get back to you and I apologize. I don't know why things didn't get updated. I was Saying both of them in the same call. I noticed after reviewing yours you only ever said one of them, so I switched it to one and my conversation rate went from like 30 to like, I don't even know, like 38, 37. So if you're looking at a hundred people, that's eight more people, okay. That he's now putting into it. So if he has a, you know, if he closes one or two of those, like that's pretty significant through the taking away one question, right? So not doing something is going to increase, like, let's just say that's one extra sale a month, 12 more sales for the year, right? Because he's speaking, he's having a conversation with eight more people. That's a lot. That's a significant difference. And so you have, you know, poor opener, bad tone, you know, like saying too much or not enough.
Right.
There's like tons of things that you can do to sort of fix some of that stuff, right? So like it's important to have an understanding.
Right.
Um, also, you know, that'll kind of, if you're getting tons of voicemails or whatever, I mean, like that could tell you you're calling at the wrong times. Now because we're doing leads like, and because like that, you know, from there really your goal is to qualify people into mortgage protection, general life, final expense are not qualified pretty much, unless we're doing advanced market stuff. But this is outbound leads, you know, I mean, generally speaking it's going to be the more simple stuff. And so if you're not qualified, it's a see you later buy of which you may then put into like a follow up sequence. But the reason why we want to know this is because this lead source is producing this. And if we have three lead sources, right, and one of them is $5 a lead, one's $10, $15 a lead. But the $15 lead one produces 90% mortgage protection, right. It might be a beneficial business move for you to go with that, even though it's more expensive over the one that produces 90% final expense. So without tracking that, you'll never know that. And you're potentially putting the money into the wrong part of your business, right? You are a business owner now. You have cost of goods sold, you have like all those things. So like understanding and tracking the efficacy of your lead sources is really important. Makes sense. You know, B5 leads produce this and you know, yada, yada, yada, right? So then from there you want to be able to distinguish that and then you want to have a process in place for all of them now, mortgage protection, pretty much. We're going to offer them a call because we need more information and we probably don't have enough time to go over that on that call. And then we're going to book the call and we're going to get a thanks or no thanks. So the reason why I want to know that is because, like, how am I offering the call? Is it being offered? Well, If I'm offering 10 calls and eight are saying no, that could be trouble. Like I would like to know that. So. And then from there, general life, we can offer the application. Submit application, no thanks. Approved, denied, underwriting.
Okay.
Then from there, if they get approved, follow up the next day, send the email with all the details, show no show. It's never going to be 100% sure. Anyone tells me 100% anything, it's like, that's not true, it's never happened. Then from there, if they're denied, we can pivot to the different carrier, repeat. And then denied or approved, Approved, go to final policy, you know, yada, yada, yada. And then it's going to be like nine policies finalized, one chargeback, eight good to go.
Right.
And that's going to be a different metric for everyone, obviously. I think, I think Cadence only had like what, two or three chargebacks the whole year, right? So like that's an interesting metric as well that you want to know because if you have a 20% chargeback rate, we need to have a look at your closing and how you're doing that and what we can do to kind of like stop that from happening.
Right?
You're being a bit bullying, stuff like that. But I think like that's why important to kind of track this stuff is because first of all, if you think that you're having eight approved here and then two more approved. So if you think that you're selling 10, but you're really only selling eight, then that could be trouble. If you're forecasting, which I hope you are because you really should be. And we can go over how to do that in a minute. Okay, but does that make sense to everyone? So in here is a combination of skills and processes. Like the show up rates are sort of going to be how are you asking for that booking and what communication are they getting in between? Are you booking out seven days out, they're going to no show. They just forget you exist.
Right.
Are they getting too much? Are you overwhelming them with information? Are they not getting enough information? And Again, like, there's no one thing that I can tell you which is the right answer. All I can do is say if you track it and try different things, then you will come up with the right answer for that particular time. And then as time goes on, if it starts to become less effective, then we just make small changes, knowing that we have a good foundation because nothing is perfect. And marketing and sales have like an ebb and flow to them. Just things change, you know, I mean, so. And it's because, like, the more effective a marketing campaign is, the more people use it, which means that the more numb the market gets to it. And then that a different style of marketing then goes to the wayside and then people stop seeing that style of marketing. And then from there that someone starts using it again because no one's using it, then that comes back into trend. That's how it works. Especially in, like, there's a pretty fast rotation of things, you know what I mean? Like, there was a time where we stopped doing discovery calls at the seventh level altogether, and now and then they've been brought back.
Right.
So, you know, it's just kind of a cyclical nature of sales and marketing because people are inundated with sales and marketing all the time. And so you need processes that don't necessarily look like sales and marketing processes, which is a difficulty.
Okay.
So once we've kind of done our warm market, created a 250 list and mapped out our process, then from there it's about putting in, putting in the data tracking and then starting to like, figure out what it is you're good at, what it is you're bad at, and then using that to kind of mold what you're working on.
Yeah.
And then from there it's about just kind of getting better day to day. Alrighty. That's basically, you know, what we run it. And then what we went through, like last week was sort of starting to understand the real problem sets. So sort of the five key questions that we want to answer. And this helps us to understand our avatar. What problem do you solve? What's the root cause of the problem? How do those problems affect your prospect personally? What are the consequences? Not solving. And then how does your solution solve the problem? So what we went over was final expense.
Okay.
And the sort of quote that we sort of came up with was like, you know, a society grows when the. When old men plant trees who shade, they shall never sit. Shade that.
Yeah.
Okay, so some guy said that a long time ago. Basically, it's like, don't be a burden. You know what I mean? And so, like, you're doing your job if you're thinking ahead and not leaving that burden behind.
Right?
And so I thought, we thought that was kind of a fitting quote because it sets the right tone for that particular insurance. And so the problems that we solve make sure they don't leave a burden for their kids or kin. Lack of access to money so the family can have a proper burial and say goodbye. Feeling of comfort knowing that the last memory won't be a shitty one.
Right?
Peace of mind. People want a burial but don't have any kin.
Right?
That's a stressful one for a lot of people. Their kids have money, but they don't want them to use it. Okay, the bury me in a box guy in the backyard, right? We've all probably had that conversation. No legacy to leave, but they want to leave something for their kids, right? So he doesn't really care about the burial, but that 15, 20 grand they're going to get, they can spend five on the funeral and then pocket the rest, right?
All right.
Giving friends and family the option to grieve without unnecessary worry over finances. Yada, yada, yada, yada, yada. Okay, so those are different problems that you guys solve with final expense, right? And the thought process of going through it allows you to get much more into the mind of the prospect. Then you start to understand the process they're going through. You understand the marketing they're coming from, which is. What is marketing supposed to do? It's supposed to identify problems. Marketing does. It does the job of making someone problem aware and then solution aware. Hey, the problem is like, you don't have any money to bury yourself or like, you need some. You know what I mean? Like, those are the problems, right? And then from there they become solution aware with like, oh, there's a thing called final expense insurance, okay. Which will cover that. They're like, oh, shit, I didn't know that.
Right.
And then from there, like, your guys's job essentially is to make them sort of brand aware and product aware. So it's like, we're gonna go with this carrier with this particular policy, all right? And that's the process that you guys take them through, all right? So the root cause of their problems, right? Why do they have these problems in the first place? Again, this is gonna give you just a thought process around it. By having a look at these and then putting them in there, it's like, okay, I start to understand these prospects a bit better now. Which means you can start to predict the conversation a bit better. You could even take all this, put it into a chat GPT and then tell it to make a Persona of a couple of different people and then you can talk to it and ask questions. Make a Persona around the person with these problem sets done. And then it's like, give it a name, give it a, like where they live near you, income level this.
Right.
Age, this. Give it a background of some people that you've spoken to, right? And then from there you can legitimately ask your questions and it will give you a pretty good outcome.
Okay?
But having an understanding of how the prospects, the root cause of it. Well, like that's sort of part of your presentation, right? Like when you're, you know, that's sort of how you're linking everything together. Like this is the problem that you have and the root cause of that is this, and this is how we solve it, you know? And this is basically like the blueprint to a pitch, right? So when you do a pitch, I can show you guys real quick. So this is how my head works. So it's like if you start putting stuff down, then you can start thinking about shit, right? So this is like fundamentally what we're sort of looking at from like a visual, okay? And then it's like, this is what we have access to, this is what the pricing is going to be. And then I was like, okay, cool, what problems do we solve? And I'm going to go through those and fill those out, right. For each particular one. Because like the buyer for 2.0, 3.0 inner circle, just a bit different, right? They have different, slightly different problem sets, you know, I mean, so we've got to kind of think about that. And I'm going through all the survey data that we have, right, to kind of pull out the Differences between the 2.0, 3.0 inner circle buyers and what problems we solve for them specifically. So that I can create really nice custom bespoke understandings of avatars, right? And we have a pretty good avatar mix. And then from there, like this is how you craft together a sort of presentation. So you've got sort of three main types of presentation, which is presentation right into funding options, right? So like that's more of a quick one, which we would do. You've got a presentation then into a core for a proposal. Proposals where you talk about money, presentations where you talk about features and benefits, right? Like what problems it solves for you and that kind of stuff. But the money is really Kind of like this is exactly what we're going to do and for how much. Then you've got a demo and presentation, you know, whatever. So it's like step one, bring back up the problems, rebuild the gap. This is stuff that me and you went over Caden for the Iuls. Like, Caden was doing the Iuls. He's selling the Iuls and the annuities. So what we did is we structured a pitch that was just a bit simpler to try and take away some of the mysticism of it. And it seemed to have made things a little bit easier. Right, so what's the problem that we're trying to solve and how do we rebuild that gap? Because we just had a conversation for 20, 30, 40 minutes, whatever it may be. So we just got to make sure that we re establish like, what that gap is and what that problem is, and then that links into, like the root cause, and then from there that links into the consequence of the problem. And what you want to do is you want to anchor the price of the solution to the cost of the consequence. What's the problem that we're trying to solve and how do we rebuild that gap? Because we just had a conversation for 20, 30 months. So it's like if we're looking at like a digital marketing agency, okay, we go like low quality leads and lack of predictability. Internal sales team doesn't know how to X, Y, Z, right? You know, I mean, like, the internal marketing team doesn't isn't producing effective, like, predictability and lead quality because of their lack of experience and skill. Yada, yada, yada, Whatever. This sort of had been discussed with. The consequence of that is that you can't grow and you have bad returns and they can't get to $50 million a year and they're stuck at 25, okay? So like, that's tying in the cost of the consequence, like it's costing you this. What we want to do is come in and take over and do XYZ so we can increase the lead quality, give the business more predictability. So 30, 40 minutes, whatever it may be. So we just got to make sure that we reestablish, like, what that gap is and what that problem is. And then that links into, like, the root cause, and then from there that links into the consequence of the problem. And what you want to do is you want to anchor the price of the solution to the cost of the concept that you can go from that 25 million to that 50 million, like where you guys should be, okay, we're bridging that gap make sense. And then from there you can give the three options, which is like your high price, your mid price and your low price. You can do it that way or you can just present the one. But if you do have the ability to do like the three prices, it's good. And depending on what you want to sell is where you, how you price things. But that's for you guys, you don't really have that option. But, but just for your knowledge, if you want to sell a lot of the mid range, if you want to sell a lot of the mid range, you put the mid range much closer to the cheap price. So like it's a. Oh, that makes. Fuck, I'll just do that one. And then if you want to sell the high price one, you put the mid range one higher, right? And then you put the higher price one closer to the mid range. So like wherever you place that mid range is where they're, is what they're going to buy. Like tell them what to buy, right? For me, like what I did is I went through and just sort of like create ones. So it's like if we're looking at like a digital marketing agency, okay, we go lighting. I put like our survey data into ChatGPT, right? And then started asking a question, what do we solve?
Right?
And it was quite interesting. So time management, difficulty overcoming objections, challenges in closing deals, performance, lead generation. It was like, well, what is those? How do those problems affect the prospect personally? I mean, increased burnout, insufficient use of resources, damage customer.
Right?
So kind of made sense. So problems affect personally, okay, consequences of not solving. And then how do we solve the solution, which is a really good one, right? How do we solve their problem? You know, really understanding that is a big one. And then from there you just do it. You know, you can create a client avatar like who are you selling into these things, right? Like who is ideal for finding like low quality leads and lack of predictability. Internal sales team doesn't know how to xyz, right? You know what I mean? Like the internal marketing team doesn't isn't producing effective expense. Who's ideal for annuities, who's ideal for market protection, you know what I mean? And then you know, by doing all this stuff like you just start to really understand exactly like who you're talking to, what their problems are. And then you can start to sort of really make the conversations a lot easier. And then from there we went through goal setting, right? So you want to make 20k per month. If your average commission is 500 bucks, you have to do 40 sales. I need to present to 120 people to make 40 sales, right? To get to present to 120 people, I'm going to pitch say 60 of them over the phone and I'm going to book 60. I'm going to have 60 people on a call that I did, I do that with. And then from there to get those 60, I need to book 80 to get 60 to shop, right? To get those 120 people I got to speak to, I got to offer it to 200 to speak to the 200. I got to get 400 to pick up to speak to the. To get the 400 to pick up, I got to do four predictability and lead quality. Because of their lack of experience and skill, yada yada yada, whatever this sort of had been discussed with. The consequence of that is that you can't grow and you have bad returns and they can't get to $50 million a year. And there's thousand dollars to get the $4,000, I need to spend $5,000 on leads. Easy peasy. Makes sense. And then from there, time management, now that you know what you have to do on this perspective now, you know how much sales time, how much admin time, how much training time and how much time you're gonna spend on pipeline, right? Then that will give you how many hours you have to work. And then from there you can go through and you can set up your diary. As such, they're pretty clear stuck at 25. Okay, so like that's tying in the cost of the consequence, that is how to be a successful salesperson 101.
Any questions on the Iuls? I noticed that you went through with like the problems that they are coming up.
Like it's costing you this. What we want to do is come in and take over and do XYZ so we can increase the lead quality, give the business more predictability so that you can go from that 25 million to that 50 million like where you guys should be. Okay, we're bridging that gap. Makes sense. And then from there you can give the three options which is like your high price, your mid price and your low price. You can do it that way. You can just present the one. But if you do have the ability to do like the three prices, it's good. And depending on what you want to sell is where you how you price things. But that's for you guys, you don't really have that option. But just for your knowledge, if you want to sell a lot of the mid range, if you want to sell a lot of the mid range, you put the mid range much closer to the cheap price. So like it's a. Oh, that makes with.
Can we jot our own things down or do kind. Or should we just kind of follow your guys script and do all that? Because it sounds like you're making us kind of do the whole. Or having us do the whole process of kind of discovering all that with our avatars. I'm curious, should we go through that entire brainstorming or should we just.
I'll just do that one. And then if you want to sell the high price one, you put the mid range one higher, right? And then you put the higher price one closer to the mid range. So like wherever you place that mid range is where there is what they're going to buy. Like tell them what to buy.
Right.
For me, like what I did is I went through and just started like creating. I put like our survey data into ChatGPT, right?
It's kind of like, hey, you know what, here's a script, this is what we got. Just keep this in mind.
I mean I would highly recommend going through the process because you'll understand your avatars better. And like the more that you understand the problem sets of the customers that you're speaking to, the more you'll be able to identify what the actual key and core problems are. Most salespeople, the reason why they don't. And then started asking a question, what do we solve?
Right.
And it was quite interesting. So time management, difficulty overcoming objections, challenges in closing deals, performance lead generation. It was like, well, what is those? How do those problems affect the prospect personally? I mean, increased burnout, insufficient use of resources, damage customer.
Right?
So kind of made mike sales because they failed to identify the actual problem that the prospect's having. All right, that's 99% of the time if I list since. So problems affect personally, okay. Consequences of not solving. And then how do we solve the solution, which is a really good one, right? How do we solve their problem? You know, really understanding to a sales call, I can go, you missed it. It's done.
Right?
Because then what you do is you end up kind of like doing that is a big one. And then from there you just do it. You know, you can create a client problem awareness on things that don't really matter. Then you do solution awareness based on a problem that doesn't matter. So then the solution doesn't really carry the same weight. Because it's not based on the actual problem. So you don't. You're not actually getting, like, what the key, like, motivating driver is. And then from there the consequences meaningless because it's tied to solving a problem they don't give a fuck about and getting to a solution of which they're like, apathetic at best, right? And that's 99% of sales calls, right? So. And it's basically because, like, sales, you know, for lack of a better term, most salespeople are incredibly fucking lazy, right? And so, like, what they do is they just kind of like go with the flow and get leads and kind of do their thing. And that's why, you know, you know, Steph Curry does Steph Curry things, right? And so, like, the better you have an understanding as to the process, your data, who you're talking to, why you're talking to them, the problems they have, the problems you solve, how you solve them, and really kind of get into the mind of that and have a really, really deep understanding of it. The easier everything becomes. And then, and then from there you can start to, like, when you're tracking your data, then you can start looking at things and going like, okay, well, what am I not getting here? What am I not seeing? What am I not understanding? Because, you know, everything might sound right on the surface of it, but really, you know, you're having the same conversation with a final expense person as you are with a mortgage protection, when really they're just a different type of person.
Kind of like coaching yourself. You can coach yourself once you have all this.
Yeah, yeah, yeah. Like, I mean, no one's gonna, like, no one's gonna like, you'll coach yourself better than most people. We gotta coach you because, like, you understand your thought process, right? Like, you know, seeing blatantly obvious things. But like, the decision tree within a sales call is what really determines the outcome. Like, the execution of it is the thing that takes time and all that kind of stuff to get better at. But it's like the decisions that people make within a call. I can tell if someone's any good very, very quickly, even if they're using a garbage script with terrible tonality, right? But you can, you can hear. It's the. It's the probing and it's. It's the thought process and being able to justify their decision making, right? If people are like, I don't know, it's like, well, that you weren't. You weren't doing the sales call. The sales call was happening to you. You know what I mean? And it's. Yeah. So that's really the reason why most sales aren't made. It's just because the salesperson just really doesn't understand what's going on or they're sort of overwhelmed with like the script and the people because, you know, you know, there they haven't like done the practice.
Right.
Like the on the unfortunate thing is like, you know, if you. I say this all the time, but if you want to be the world's greatest free throw shooter, like, I mean, the method is there. It just sucks. Yep. Hundred free throws a day. Don't miss a single one. If you miss the 99th one, start back from one. Yeah, you do it every day. You'll become a fucking savage. It just sucks. You know what I mean?
Which have a mental block like, like, hey, I'm writing this up. Like right now I'm even having one. I'm like, the only problem I can think of for an IUL is like a future pace problem, you know? Like, what if, you know, you could have been earning this much on the interest while you're only earning this much and the debt problem or not the debt tax being taxed on it.
Like, why would somebody get an IUL More money? Why do they want more money?
So they can get more stuff. I see. Okay, cool.
Oh, is it more stuff?
No, no, no. Be live able to live a little. Live on it. I see, I see. But if you can't live on. But isn't that like a future consequence? Like, would you have to do a, like a mini consequence? Anyway, I don't want to derail this.
Why do people get an iuo?
It's a retirement vehicle. Like, it's okay something.
Yeah, but why, like, why get an iul? Why not just put in a bank?
It's you. You don't have to worry about taxes. Like, you don't have to worry about a loss.
Why would that be a problem?
Because it could happen with what certain people can get into where they could get a loss if they put in certain investment vehicles.
Okay, and what would. What would be the. The consequence of that?
Oh, not having enough money that they thought they were going to get when they do the retire.
And what would that do?
Oh, they'd be stressed out. Okay.
Why would.
Why would they be stressed?
They might be in an income that is not up to par with the living expenses.
Okay.
And what would happen, like, if they didn't fix that?
They'll be living in, I guess, poor standards, not the Standards that they're used to when they. When they did have an income.
Okay, and then what would the, like, possible ramifications of that be?
Oh, it could get bad. I mean, rent being too high, they can't afford their home.
It could be trouble.
Yeah, it could be trouble.
All right, so why. So why not just, like, bury your money in the backyard or like, you know, go do Robin Hood, you know what I mean? Like, why not just go and like, do this themselves? Why not just find some good investment vehicles and then kind of do that?
Well, I don't want to put myself in that horrible predicament. Okay, thanks for the journey, Matt. That's exactly what I need.
Yeah, but like, you know, you can go further down the rabbit hole. Like, the reason is because they don't know what the fuck they're talking about. Like, I have a wealth management guy. Do you know why? Because I don't know what the fuck I'm talking about. He messaged me the other day. This is what he messaged me because I don't mind asking stupid questions. He said, also with your approval as we work towards the X amount, that you're happy with me moving overnight into fixed income, earning 89%, which gives us a solid LVR liquidity and less volatility than equities. I'll create a new investment strategy tomorrow and send it over. I was like, what the fuck did you just say? That's what I said to him. I said, what the fuck did you just say? Send me a voicemail. I'm not the fuck you're talking about. About, like, that's your job. You know what I mean? So, like, you know, and then, and then he mess. And he explained to me. I was like, oh, yeah, do that, right? You know, so that's like, it's not my job to know that. Like, I don't care about it, right? It's not my job to understand market volatility and like, you know, secured, like, secure strategies for like a capital growth versus a cash growth, you know, versus, like, you know, if I'm like, if I'm someone who's younger, like retirement planning, chances are you're doing capital growth when you're older, you're doing cash, right? You want to be able to pull out an income from it. I don't care about income. I make enough money, right? So everything's just going to build it so that, what, when I do retire, what do I have an income? Why do I want that? Because I don't want to pull from the wealth that I've managed to create over my life because I want to be able to give that to my kids, right? I like, I want to be able to buy my kids houses, I want to pay for my kids weddings, I want to do all that stuff. And so like, you know, there are just flow ons and consequences. And I think like it's a really important thing to think about the prospects that you're speaking to, what problems they have and what you solve. And really a lot of people don't understand their products enough to really understand how they solve the problem, right? Like Kate, you understand Iuls and annuities pretty well, right? So like to you, like, why is an IUL a good thing? Like, why would someone benefit from it? Also like for business owners, like, I think I could be wrong, but I'm pretty sure Iuls are basically impossible to get to. So like if you get business owners like from an asset management strategy, like if your business gets sued to the shithouse or some regulator comes in or whatever, like they can't go after that asset.
I thought that was infinity banking. Is that Iuls as well?
Yes, but he's talking about something different, right?
So like if the FTC comes in and shuts a company down, they freeze all personal assets of the business owners. And generally speaking, the asset strategy that a lot of lawyers put in place is things like Iuls because like they're, they're hard to get to. So there, there are lots of reasons like why. So like the reason why you know, Jeremy would get an iul, right, is different from why Joe Blow would get one. Like, because there might be multiple things in play and they might not know about it. So the more you understand about the product and the services and the benefits and also like the detractors, right? If you know that there are things that are somewhat unattractive about something, you have to understand that because you've really got to know how to play that game. And then like everything has a pro and a con. There's nothing that's all pro. Having that deep understanding just makes those conversations way better and it really shorts the learning curve. So I recommend everyone kind of go through those processes and then from there really understand, like even go through the carriers that you're most likely to, that you're most likely to use and sort of weigh them against each other. Have a look at the messaging of the carriers, have a look at their websites and have a look at what they offer people and all that kind of stuff. Because like, the more information that you're armed with, the easier this stuff becomes. And that's why, like, I like to create those mind maps for like, everything because, like, it allows me to sort of go, like, what are all the boxes that a business owner would want checked if they're getting a retirement planning solution? You know, what are all the boxes that these people want? Check these people. Like, what are the last 10 people that I spoke to, last 20 I spoke to? Like, how can I group them into problem sets and avatars? And that's sort of why, you know, when I see really successful sales reps, like, there are some commonalities and it's this stuff, it's like, it's a level of professionalism. You know, it's the guy that rocks up to practice early and the guy who stays a bit late versus the guy who rocks up at the time and leaves straight away, you know, like that. Like that's the real difference. And it's not something people like talking about. But, you know, most salespeople don't last very long in any industry, insurance especially, because most people just don't really want to do what's required to be successful. But what they don't realize is that it's the same thing that's required to be successful in every other field. Field of sales. Understand your prospects, understand your products. Have a really well thought out way that you're going to deliver that information. Have a script, work on it, have some data to make sure you can get better and better and better. And then, you know, have process, do as much of the heavy lifting as you can and try and minimize as many variables as you can so that, you know, when you do go to problem solve, it's not random chaos, you know, and none of it's particularly difficult. And most of it's common sense. It's just about the doing, the setting up and the architecting and the maintaining. Does that make sense, everyone?
Yeah.
Cool. Any, any sort of questions before we bounce out? Are you able to share that, that mind app, the mirror one, the process.
One in regards to reaching out to the warm, the warm market and you know, family and like outlaws in the family, if you're getting like some skepticism or pushback about talking to them and then regards to a sale, do you have any suggestions on how to handle that or kind of skate, skate through that?
It would depend on how close you are to them, I suppose, in the relationship because everybody's going to be a little bit different, you know what I mean? Like if it's a sibling, most of us are a little bit more candid with our siblings and it's just kind of like, shut up. Like, I just need to talk to you about this. Like, just shut up. You know, but if it's like my great Aunt Lois, you know, I'm probably not going to tell her to shut up. So I think that that can play variants in it. What have you had that happen with this specific conversation?
I mean, I could just see, like, you know, with the holidays coming up, come running into like cousins and extended family. Some people might be more, you know. You know how some people are just, they don't want to talk, they don't want to be sold kind of a thing.
Don't, don't get in the headspace of preempting everything. There's a thousand reasons to not do everything, but it's just like, hey, man, I know I'm spoken to you for a while. You can help me out. I'm starting this new gig in insurance. I really don't want to fuck it up with people that matter. And that's not you, right? Depending on the relationship, you have them. That's kind of what I would say. And then just go, like, did you mind if I, like, could we like, spend 20 minutes maybe? Like, not now, obviously, because we're eating food and doing Christmas stuff. But, like, maybe next week I could book in with you, like 20, 30 minutes, go through what insurances you have. Because what I'm trying to do is learn how to like, audit people's shit to make sure they haven't got screwed over. Because I don't know if you know this, but there's good commissions in insurance and some people just sell the stuff, stuff that gets them the best. So, like, do you have insurance? If not, why not? But if so, can I have a look at it and we can see if there's anything better. But really what I want to do is just learn how to have these conversations. Would you mind helping me out? Like, who the hell is going to be like, no. Do you know what I mean? Like, if you just approach it, like, normally, like, it's just. I can't see it being an issue.
You know what I mean?
And if it is, then them, that's their thing. Like, it's, it's just, it's just not a big deal. I think like normal people, people just try and do weird, weird things, but in reality it's just like, be, be nice and normal and it should all kind of work out. All right, guys, that's it. I'M done. See you next week. Put that coff.
