The Sexy P - Promotions

Welcome to the Unstoppable Profit Podcast. This podcast will give you all the tools to grow your business and live life on your terms. Millionaire agents and entrepreneurs think and act differently than others. This podcast will give you a simple, proven three step blueprint to grow your business. Over the past 31 years of research in your industry, Mike Stromso has created a unique philosophy called the three people Process and Production Motion. This outside the box thinking and guidance provides agency entrepreneurs just like you the knowledge and tools you can quickly implement to explode your agency business. He has been there, done that, and he's still doing it. Wherever you are today, if you're starting with nothing or are well on your way to the success you desire, with the right people, processes and promotions in place, you will be unstoppable. And now I'd like to introduce your host, Mike Stromso.

Welcome to episode 41 of the Unstoppable Profit Podcast. This is Mike Stromso coming to you live from the Living Agency Laboratory. And today we're going to be talking about the sexy P. Yes, it's the third P. Promotion.

So once you have the excellent people in place, they're operating within your world class processes and systems. Now we get to the fun stuff. All you get to do is promote the heck out of it. I, I love, love, love marketing. It's one of my top three personal talents and gifts based on my evolution and my study of myself as well. I love coaching, I love marketing, and I still love to sell. And if I'm doing that 80 to 90% of my day, I am on fire all of the time. Just at the top of my game, at the top of the world, so to speak. So let's talk about something I love, love, love, which is promotion, the third P. It is about the marketing, the advertising, the strategy, the research and everything surrounding that. So my question for you today. Are you mining your acre of diamonds, my friends, everything you would ever want? Where do you start? Yes, I mean, you can get list upon list upon list. You can get cold list, cold list, cold list, or are you mining your acre of diamonds, my friends, everything you would ever want is right there at your feet. And, and if you don't know the answer to this one about your agents, you need to stop what you're doing and go find out the answer. Because The Bain and McKinsey studies revealed that out of 100 clients over a 10 year period, if you have just one policy, you are going to lose 90% of them. I'm sorry folks, that's the hard Truth, Bain and McKinsey, those companies, they have big time numbers and their numbers are historically accurate. However, if you have just two. Paul, if you have two or more policy, two policies, I should say you have two policies, you're gonna lose only 38% of them. And if you have three or more policies, you'll only lose 10% of them. That's where we want you to be, my friends. We want you to be in the three or more policy average realm. It's pretty rare that I run into an agency in the consulting realm that has two or more policies average within their agency. If they had 2,000 clients, that means they have at least 4,000 policies within their agency. That's the simple math. If you're not there yet, start there. Start there and you'll become a better agency, you become a wealthier agency because your book is more valuable, etc. Etc. Etc. Okay, so this is how we welcome new clients onto our team. Once we get a new client into our team, our goal is to elevate them from client to raving fan. From client to raving fan. And this is how we do it. We have a new client on boarding welcome kit from day zero to day one, all the way to day 680. These are strategic, effective things that we do all of the time to get them into our funnel, to get them on board, to get them into our world so that we can continue to elevate that relationship all the way to raving fan. In addition to that, we, we nurture our existing clients a minimum of 29 times a year. These are all the ways that we do it. This is a program called Mindmeister. It's out there for you. If you wanted to put together a platform such as this, it's really, really simple. There's a closer look of how we do that. So January, as an example, newsletter, nurture, email, direct mail, snail mail, email or e newsletter, I should say. So we snail mail the newsletter. We still snail mail 3100newsletters every time it gets developed. And why? Because the marketplace tells us that's what they want to see. I was recently in a social gathering. A lot of people at this gathering, a lot of people were clients. And I had multiple people come up to me and say, mike, I didn't see a newsletter last month. Is everything okay? Well, my friends, what happened was that we are so inundated with opportunity and frankly, we didn't publish the newsletter that month. We just repurposed one of the old ones. That's a marketing Strategy, repurpose, write that down, however. But they said, you know, I love getting your. I said, tell me more about your experience with the newsletter. They said, we love getting the newsletter in our mailbox. I said, so if we deliver it, don't you get the emails with our newsletter? And here's what the majority of them said. They said, yes, we do, but we don't read those. We prefer to read the ones that come in the mail. And a lot of these clients, my friends, were late 20s, early 30s people too. These were not the 40s, 50s and 60s. My friends. Think about that. If you're not talking to your marketplace every day in every single way, finding out what's going on in their mind, the message that's constantly playing in the back of their mind. We teach something called the three M's in the unstoppable profit producer programs, Marketplace, message and media. Okay? To understand that, to properly craft messages and to have those conversations, Websites, social media, referral programs, my friends, it just goes on and on. And we teach you all of this within our unstoppable profit producer coaching program. So it's absolutely magical. It's absolutely a phenomenal opportunity. And we love, love, love this. This is the front of some of our newsletters. If you look at something here though, how much do you see about insurance in the majority of these covers of our newsletters? Not very much. Right. Because we are building relationships. You have an opportunity coming up sometime this year to celebrate moms, to celebrate Flag Day, to celebrate Valentine's Day. Every month has a theme. I learned that from Joe Gerard, the most successful car salesman in the history of, of our evolution so far. So celebrate somebody, it's absolutely wonderful. And most importantly, always include an insert your newsletters. You can do things like meet the team. We're an elp. Recipes for, you know, people that come from your team members. It's just great relationship building stuff. And it's just an absolute honor. People love it. And we celebrate their birthdays. We connect with people three different ways on their birthdays. One of the things that is a great opportunity in that realm is to have one of your team members make birthday calls and have them make birthday calls at the end of the day. And you know, when they go home, who's gonna win in that situation? Is that the client or is it the team member who made the calls? Well, actually it's a win, win, both win. But so when that team member leaves that day and they made those birthday calls and they're getting the positive, oh my Gosh, you called me for my birthday. Thank you so much. That team member goes home and what do you think the day is like when they go home spending, investing with their friends or family? It's a much better environment because they've had that positive experience. So we do social media, we do live birthday cards, we do calls. The sky's the limit on people's special day. Now let me share with you a UPP Success member in the birthday card realm. This particular member had a birthday card that caught the client to renew their work comp policy, even though their renewal was $1,800 higher than another quote was on the table. Anybody that's had experience in the insurance industry knows that somebody's always trying to come in and lowball you. And you know as well as I do that the. The comparison may not be equal for equal. Right. However, this particular client was a key triple a client for this member. And so he decided to get on his horse and drove after the client says, I'm gonna come out and see you. We're gonna sit down and compare equal for equal. And got to the client's office and the client said, hey, thanks so much for coming out. I've been trying to get information on this other quote. I can't get a response from the agent. In fact, my correspondence with this person has been so hit and miss, I'm not sure about them. In addition to that, you've always been there. And I just got your birthday card. And you know what that tells me, Tim? You've always cared about me. You've always responded to me. And because you care about me, I don't care about this other guy. I don't trust him. I trust you. I'm going to renew this policy. But the birthday card was sitting right there on the desk when Tim got there. And my friends, that's what it's all about. Money follows trust. Money follows trust. And at the end of the day, that's what it's all about. Let me share with you secret number two in the third P Referral programs. Our referral programs have absolutely been a game changer within our organizations. Roi, or if you don't know what ROI is, return on investment. You got to think about it like that. All of the time, as high as eight to one. Always one to one or better. And that's first year commission only, my friends. First year commission only. And so at the end of the day, the rest of it goes on and on. And it really is predicated upon your ability to build lifetime Value within your organization. So uber, uber excited, my friends and let me share with you some details. We have had a formalized referral program since.

Going on 20 years. Going on 20 years. This is a 2019 flyer inspired by happiness in 2019 through giving to others is the name of our program. And at the end of the day we started theme naming. About 15 years ago we started theme naming our referral programs. It accentuates it for that particular year, allows us to build foundationally throughout the year off of our theme. And that inspired by happiness in 2019 through giving to others is also in line with our branding that we've created to send a consistent message out to the marketplace. Three easy steps. We have a monthly drawing. Not only part of that monthly drawing do we give a reward to the winner, but we give and.

Increase gift back to their favorite charity. There's the back side of the flyer. We've got social proof, we've got people with pictures and winners and all of that. And my friends, if you can't get a picture, just repurpose an old one. That's a ninja secret, alright, it's a ninja insider secret. But you should be getting pictures all of the time at every single opportunity. A picture or a video at every opportunity to support your marketing and promotional efforts. This and my friends, is the absolute key to our referral programs. It's our six step referral checklist. Six step referral process checklist I should say for new referrals when properly executed by our team, all six steps and beyond that, it is where all of the wins are for all of our referral programs. We've got to be executing all of these every single day in every single way. To point out to step two, the agent to contact a referrer within 24 business hours with the status of the referral. They thank them, they get their favorite charity information or make sure it's updated. We send the referral letter out of hot sauce and the gifts to the clients or the refer. It doesn't have to be a client that refers by the way. And step number six, the agent is to follow up with the referrer within seven business days to let them know the status of the referral. Now let me position this for you for just a second. Let's say Susie refers Sally for insurance, right? We take care of Sally, go through the process. But Susie might be wondering, you know, I wonder what happened. I referred Sally over and I want to know because I'm going to see Sally at a social function in just a couple of Days and I don't want to have egg on my face. That's where we come in. We contact Susie. We. Hey Susie. Mike over at Stompstone Insurance, I just want to let you know that we're continuing to work with Sally. She's had a lot of questions about her auto and her home insurance and her umbrella insurance. We're answering all the questions. I just want to let you know we're continuing to work with her. Everything's good. Thank you so much for your referral. Is there anything more that we could do for you in addition to that? Remember we provide a donation to your favorite charity with every single referral. And with every referral you have a chance to get into our grand prize drawings throughout the year. And that's your opportunity to reiterate what's going on with your referral programs which ultimately, at the end of the day, my friends, it will result in more referrals. Is that a good thing? Yes and yes. So this is the key, alright. We post winners everywhere, social media, visuals online and offline in our newsletters. Winners, team, every way grand prize winners. We get our teammates involved. The bonanza and the opportunities are just endless if you are willing to take the action. So.

You know that's that plate that that gentleman has in the middle picture next to our amazing teammate Marita and his wife. It's a giving plate and that was something that I borrowed from my wife. It was a fabulous idea. It's a giving plate. We shared that with them because we want to give back to them because they've given to us and it's a great visual. So video drawings. We have our. Do you. We have our own YouTube channel. We do all of our drawings Facebook Live and we've got positioning and some of our branding stuff there all of the time for people to see every single day in every single way. Let me share with you a UPP member. Success. This is the amazing Patty Lares. And she said believe it when Mike says just do something. Yes, just take action. When she first started rounding into our UPP programs, she learned about implementing the referral program. So she implemented her first formalized referral program. From 3:1 to 12:15 they recorded 3:142 referrals. Yes, they paid out 12,250 in all in prizes and so forth and so on. However, the agency profit increased by 30%. Wow. None of the numbers above will equal the morality gain. The office of the environment of the office, the spirit of the team. The gratitude letters they received are all more than any financial gain, all of our UPP family members success, my friends, is it the 12,000 that matters or the 30% agency profit year after year after year? Think about that, my friends. It's absolutely an amazing journey if you will implement. Let me give you something else to think about. If you don't know what the lifetime value of your client is within your organization, then you should. Let's say the client stays with you for six years at an annual commission of $500 times six years. So the annual commission is $500 times six years. That $3,000 would be the lifetime value of that client. What are you willing to Invest to earn $3,000 time and time and time again, that's the way I think about every investment that we put within our agency. How much are willing, willing to invest to get there? The ultimate roi. Do you want to make crazy money now? If you do personal lines, you're going to make some money and you're gonna do okay. If you want to make good money, do commercial lines. If you want to make great money, do niche business. If you want to make crazy money, do program business where you own the program. We do niche, micro niche and program business. And it's crazy money, my friends, when you become the authority in any particular industry, the opportunity for crazy money is absolutely there. Going to show you some examples of some niches that we're developing and have developed. Beerloversinsurance.com we love beer. It's really that simple. We've developed that particular individual website, the branding and everything around that. This is a brewery magazine called Breweries Today. Of course, we're on the COVID It's got our story inside about beer and how we came to love beer and how we got to the industry. My friends, you can begin to create awesome videos and things surrounding your program business in your niches just like that. Just get the creative juices flowing. Where do you get the creative juices? Well, hanging out with the people who are high achieving who have those same creative juices is the key. That's what we create within our coaching and masterminding programs. So this is another niche that we're developing. Nonprofits. Insurance is probably as far as amount of business, our largest niche at this time. It's absolutely awesome and incredible. And our third niche is correct comp.com, which is workers comp. We have been developing this niche as well. I'll take that back. It probably trumps nonprofits. They're kind of big in their own realm, but we love Workers comp as well. And that's what we focus on. Bear workers comp and nonprofits. This is just marketing ideas surrounding the workers comp realm. We have penalty flags that we take out to live events. We throw the penalty flag on people who may not be taking care of people in their workers comp realm. I also wanted to help you think outside the box a little bit. I mean this kind of stuff, I mean referee shirts, penalty flags, it's outside the box thinking it's more along the lines of outrageous marketing. And a lot of people aren't willing to be outrageous. We are willing to be outrageous. But I also wanted to encourage you, people that are consistently run into all over North America, that are high achieving entrepreneurs, whether inside of our industry or not, consistently comment on our ability to reach people online and offline, online and offline. So I wanted to throw you a little bone today about offline marketing, not digital. We do a lot of digital marketing as well and I think it's important to do both. But this is a little bone on offline marketing. I mean, these are messages that we send out to people, you know, our lost souls letters. And this is my custom thank you letter envelope or envelope for anything. The airmail envelope, notice that the stamp was a little bit is backwards and upside down, et cetera, et cetera. And custom letters that we send out on behalf of industry people to other people within the industry. I mean, my friends, it's absolutely incredible that when you separate yourself from everybody else. So my encouragement for you right this moment is look at what everybody else is doing and do the exact opposite. Look at what everybody else is doing and do the exact opposite. You will separate yourself from your competitors and from anybody else out there who's doing anything within the realm of industry. Okay, so this is the mail stack. Okay. Is this your package, the big yellow one, or are you one of the white envelopes? Do you think it will get open? Absolutely it will get open. I study my own mail consistently, all of the time and I only open the stuff immediately grabs my attention, grabs me by the throat, stops me from what I'm doing. So you've got to get people's attention like nobody else, all of the time, every single day in every single way. So you have to be answering the question all of the time. Why should people to be doing business with you over and above any and all other options, my friends, they don't need you, they don't have to do business with you. If you can't perform, they are going to find somebody else. There are 12 other options available to them at their fingertips right after you don't perform. So. So trust me, you've got to be answering this question all of the time. Why should people do business with you over and above any and all other options available to them? You've got to answer that every single day in every single way. It starts with social proof. That's also something that we teach within our coaching programs. Social proof. It's not what you say you've done for other people, it's what other people say you've already done for them that makes all of the difference out there. And one of the things on one of the whiteboards in our office that has been a focus of mine for a number of weeks now because I love the thought process. Practice like you've never won. Perform like you've never lost. Practice like you've never won. Perform like you've never lost. Absolutely game changing. You've got to practice every single day why people should do business with you over and above and in all other options available.

You've created something amazing. Now show it off. Get out in the community network. Tell your story. Remember facts tell and stories sell. Be yourself. Be you people. Do business with people they know, love and trust. You got this. If you want to learn more on how to get all three of your P's working together in synchronicity. So your agency is running like a well oiled machine. Check out my upcoming Be Unstoppable Boot camp. This is three full days jam packed with strategies that have generated millions and millions of dollars in revenue for me in my own living agency laboratory. And it keeps growing more every single year. This event does sell out quickly so go to beunstoppablebootcamp.com that's beunstoppablebootcamp.Com and reserve your your seat today. Remember, it all starts with the decision and these seats will not last. Act now before they're gone. Don't leave any regrets. Beunstoppablebootcamp.com or you can always call 800-770-9984. I can't wait to see you. I can't wait to meet you and I can't wait.

Thank you for listening. If you would like to listen to more episodes or share this podcast with someone you can care about, please visit www.unstoppableprofitpodcast. com. Now go out and make a difference. Be unstoppable and leave no regrets.