Short professional-tip video by Brent Kelly (Sitkins Group) titled "The Power of 20 for Your Agency." Kelly explains why the number 20 should guide agency thinking in two ways: (1) focus on the top 20% of current clients who likely produce ~80% of revenue and ensure their client experience and relationship-management are excellent; (2) build a "Dream 20" list of 20 future ideal clients and create targeted strategies to acquire them (identify type, decision-makers, influencers, and tailored value). The piece emphasizes daily/weekly discipline around the number 20.
Chapters
Hi, Brent Kelly here of the Sitkins Group with my profit tip, Professional Fitness. To help your agency gain clarity, to increase consistency and to make a commitment to become your best version possible. Well, I have the number 20 here on my chalkboard and you may be thinking, why 20? What's the significance of 20? Well, I'm going to share two areas specifically for your insurance agency. The number 20 should be really in the front of your thought every single day, every single week. And as you move forward, the first aspect of 20 is looking at the top 20% of your clients. Now we talk a lot about the 8020 principle. There's a lot of different facets of 8020 where 20% of something leads to 80% of something else. But let's talk about 20 just in the terms of your clients, your current clients. Now if 20%, your top 20% of your clients lead to 80% of your revenue. And by the way, most agencies, this is very close. Here's something to think about. How's your client experience now, of course, overall, but how's your client experience with the top 20% of your clients that produce 80% of your revenue? Do you have them rounded out as full time clients? Do you have a relationship management program in place? Do you have a continuation process? Have you positioned yourself as a truly indispensable risk partner by doing the things and understanding expectations of the top 20%? If not you, you're very vulnerable. The second thing I want to share with you if this kind of goes along is what if identifying the top 20%, you begin to realize your target account strategy, the accounts that you really want, both in makeup, right? The type of businesses they are, or from high net worth clients or certainly in the account size, their revenue. And understanding that we need to identify and have a strategy around 20 future ideal clients. This is one of the things that we do in our producer Fit program in our private client group is we challenge every insurance agency producer to have a minimum of 20 future ideal clients. The dream 20. Because when you identify these 20 clients, you can begin to build strategies and ideas and value that goes directly to those type of clients versus just hoping you run into somebody or that something. The phone suddenly rings and you're working with clients that really aren't the best use of your time and your energy. So this number 20 is huge. So I want you to continue to think about 20. 20% of your clients produce 80% of your revenue. So these 20% of your clients, what's the client experience look like? Are they wowed or are they going? Huh? It's okay, because this is a huge chunk of your revenue. Secondly, have you identified future ideal clients? Do you have 20 future ideal clients and have a strategy, a plan around how to acquire those clients, what they're looking for, who the influences are, who the decision makers are, and begin to find ways to continue to add value to those type of clients? Because just imagine if you had a moderate success of your dream 20, it would make a really, really great year, wish you all the best in your success.
