What business are you in ? Do you know ....

Meet the Client

Meet my client Bradsmur Richards (not his real name). Brad is a car salesman by day and has launched his own Insurance Agency business. Licensed to deliver both Home & Auto as well as long-term life insurance. Brad has been in car sales for over 20years, he's near retirement and really wants to focus on building a steady stream of leads for his Insurance business so that he doesn't have to depend solely on his retirement pension.

Challenges

After meeting with Brad we asked him about his market penetration. Meaning which segments of the city or demographic has he penetrated and to what degree. Secondly, which service was the most & least request by his customers or prospects. At that time Brad didn't know how to answer the questions, he had a philosphy that his job or business an insurance agent to deliver services He Thought they would be beneficial based on their lifestyle, age & demographic.

For example, a potential client reaches out and says I want the lowest car insurance that you have, Brad would assess the persons situation and add services A&B because based on the information provided out of risk factors presented by the prospect. Brad was great about upselling the insurance and explaning how beneficial it was, but the biggest challenge we assessed to his process was not giving the prospect access to the lowest rate.

We challenged Brad, asking Why wouldn't you provide both options to the customer and let them decide ? Ultimately Brad decided his job was to educate and lead his clients to what he thought was most beneficial to them instead of letting the customer be the driver.

Solutions

The biggest challenge with this mindset is that the typical customer/shopper does "Comp Shopping" or competitive shopping according to their values. If their value at that time is price for whatever reason then Brad loses the business and the customer's trust.

This happens far too often where Businesses forget what their business is exactly, sellers take the place of educators and educators want to be marketers. Remember the customer has already associated your service with your business title. As an insurance salesman it is valiant to want to educate your customers, but you must first gain their trust by delivering what they need and then educating them on why another option is more viable.

Understanding the demographic of your customers will help you deliver value to those segments. Most businesses are in the service business! So know your clients, serve them without Lording your intellect over them. Win the business, build trust, grow your market penetration.