4 Truths About Insurance Sales That Will Change Your Life FOREVER

In this video, I'm going to go over four sales truths that changed my life and my business forever and how you can apply them. Let's start with number one. The goal of sales is to get someone to decide not to say yes. I'm going to tell you the embarrassing story of how I failed at real estate at 18 years old and what I learned from it. I was so excited to sell my first house that I quite literally forgot to prioritize my clients needs. It's so obvious, right, that you should prioritize your clients needs and their goals, but it's not. And what I did is I ended up calling nonstop showing houses I got in front of people. I was like building relationships. I was doing all the right things it felt like, and it wasn't panning out. I kept hearing all these different objections. Some people told me that I was too young or that it wasn't the right house or the kids want a different realtor. My cousin does real estate, whatever it is, but it wasn't because their cousin was a realtor or because it was the wrong house or anything. It was because my only priority was getting paid and they could feel that. And what's even worse is I was such a hard worker that I just kept chasing people down. And what I realized was if I wasn't dedicated to the mission of them helping find the perfect home and the more that I chased them, the more that they were going to run away. So when you're selling insurance over the phone or in person, what you have to remember is that the goal is to get them to decide not to buy the policy. Once I had this realization after real estate and I jumped into the insurance industry, my world completely changed. No more of these objections that I wasn't able to overcome. No more having to chase prospects down or worry about, you know, whether or not they would even call me back after being met with the insurance opportunity. Just a few short years later, I was able to sell well over six figures in premium facing to face using five and six year old bribe leads. Because now when I was met with adversity in conversation, it didn't matter. I no longer had mental skin in the game and I was still broke. Not much changed externally, but I had an internal perspective shift that changed absolutely everything. I was way more comfortable getting into really deep and hard conversations with prospects playing out what it would look like with them if they were to pass away after their death, the financial detriment that their family would be met with and any other possible outcome after This I was able to close more deals and become wildly more influential than I've ever been. Literally just by prioritizing their needs so that we could sit on the same side of the table instead of across from each other. People started receiving my messages so much better. A great book that talks about this concept is how to Win Friends and Influence People by Dale Carnegie. This is one of the best books in my opinion, that's going to actually help you shift your focus from being a commission breath desperate salesperson to someone who's actually able to build a relationship and prioritize your prospects needs. In fact, one of my favorite quotes from this is first you must seek to understand before seeking to be understood. And so before you try to tell them about your policy and whatever it is that you have for them, first find out what their problems are and see if there's anything that you can do to solve them. But let's talk about number two real quick. Sales is seduction, not rape. It's a dance, not a fight. Nobody will buy anything from you if they don't feel like you understand them. Again, first seek to understand before seeking to be understood. Now, what most people think is that sales is just some perfect script or the perfect pitch or one liner, or that one zinger that you say back to the prospect whenever they tell you that they're not interested, need to think about it, or whatever it is. But it's actually all the foundational pieces of the sales process that lead up to this that create the lay down after the one liner. It's not the one liner that gets them to buy, it's everything that comes before it. Sales at its core is quite literally just offering a solution to someone with a problem. So whoever has the best solution, or the person that is the best at communicating the solution to the prospect's problem is who ultimately wins the deal. And the only way that you can communicate that is by giving them questions that are prompting them to give you the answers that you need and highlight their problems so that you can present them with the solution. Here's an example of what that looks like. And Tracy, if you were to pass away and your daughter had to pay for everything that you have going on here, the mortgage, the car payment, the utility, and on top of that, if she were to have to pay for the funeral, do you think that she'd be able to financially handle that? What would that look like? And once they answer, simply transition. And so I'm guessing that's kind of why you reached out to me then, right? You want to see if you'd even qualify for one of these programs so that we can prevent any of that from ever even becoming a reality. Right. Sales truth number three, what you focus on magnifies itself. So Tim and I both have dogs, and it's totally embarrassing, but we never pick up dog. And yet we still walk in the backyard and we don't step in dog. 95% of the yard isn't dog. But most people only focus on the 5%. That is, we have such confidence that we will walk through the yard at night and play with the dogs and still not step in dog. But what most people do is they focus on the small percentage of things that won't go right versus the majority of things that will. We literally have it so good that we'll have a car that's in perfectly good shape. A bird will poop on it, or somebody will get a tiny little scratch that no one else but you is going to notice, and we'll literally lose our minds as if it's the end of the world. But the reason why I mentioned this is because sales is the exact same way. If you expect people to hang up on you, cuss you out, which would be, you know, in this situation, stepping in shit, you'll step in more shit. But if you assume the role of someone they want to talk to, your tone will convey to them that it would be illogical for them to hang up on you and you'll actually close a lot more deals. Let's talk about number four. What you track will improve. Track your numbers. I can't stress this enough. There was actually a study that came out with people who weighed themselves. They didn't change their diet, gym workout routine, nothing changed except for one group of people weighed themselves and one group of people didn't. What was crazy is that the people that weighed themselves lost 1.9 pounds over the course of the 30 day. Nothing crazy at all. But what was crazy was the people that didn't weigh themselves gained 4.2 pounds. Now why am I talking to you about weight loss? Let's talk about something that's a little more relevant. One of the agents I've worked with was working long hours writing tons of business, and somehow they actually losing money. After almost giving up and throwing the towel on his business, he was actually able to turn everything around and start making 20k a month simply by filling the holes that were leaking cash out of his business bucket. So here are the first three things that you need to track if you want to drastically Change the direction that your business is going in the next 30 days. Number one is one of the biggest levers in your business, and that's retention. Remember that it's easier to keep business you've already earned than to go out and earn new business. The example I always give to people is the gold rush in California. If every time that I struck gold, I then went to another mine and started trying to strike gold again, I'm just going to dig the whole time and eventually I'll get so frustrated with digging that I'll just stop. That sounds pretty stupid, right? But that's literally what we do when we don't focus on keeping the prospects that we have locked down as clients versus going out and finding new ones. It seems so obvious to us after someone tells us like, oh, hey, you should focus on keeping the clients that you've already earned. But it's just as easy to get caught up trying to find the next deal. And as someone who literally had that exact problem, my motto was, on to the next one, the next one's going to be it. Sometimes I would leave houses and not even do a proper cooldown process. And I wouldn't follow up with them after the sale. And then I wonder when it was time to draft everyone. I would have a ton of chargebacks. Sometimes we forget that we need to invest in the people that have already invested in us. And what I've seen is that you can literally double your business and your income sometimes by just keeping more people on the books. Let's talk about the second and arguably one of the most important levers that you can pull in your business, which is tracking your cost per acquisition. So let's take agent number one. Agent number one spends $800 to acquire a client. And that client on average pays him $1,000. Not bad, right? He's only got to spend 800 bucks to make a thousand bucks, but that means he's only making a profit of 200 there. Most of us are on a nine month advance. And so if I'm agent number two, though, and I only have to spend a hundred dollars to acquire a client, that means that I can grow my business about eight times faster than agent number one. And so one of the things that you that you want to track is your cost per acquisition. Because the lower you can get that number, the higher your profits can go and the more business you can write overall, grow your income at an exponential rate. And the third thing that you can track in your business is your closing percentage. Many agents are actually able to write quite a bit of business. But what ends up happening is they get eaten alive by chargebacks or they burn out from having to work six or seven days a week because they just don't track their numbers. Because what happens is, is we're so focused on getting the next deal that we don't even take a second to think about planning our work and working our plan. And so instead of having a predictable business, it's a very unpredictable, stressful, frustrating business model to work in because we're always having to out hustle yesterday. And so when you actually know your closing percentage, you can use this number to work backwards to tally up how many appointments you need to run a week, how many people you need to talk to, how many calls you need to make. And you can literally break everything down to not only predict your income goals, but also change the amount of income that you want to make that year if you want to make more. Now remember, it's just as easy to track your numbers as it is just as easy not to. And as an agent who completely botched this his first year in the business, I can't stress this enough. Please don't let ignorance or uncertainty be the reason that you don't see success in this industry. So if you enjoy this video and you want to see more like it, don't forget to click that like button down below and actually click the subscribe button as well and leave a comment down in which one was the most eye openening for you? I think for me, tracking my numbers was the biggest game changer how I ran my insurance business and I hope it'll help you as much as it did for me and we'll see you in the next one.