The thing about prospecting is that it can be pretty time-consuming and tedious — but it’s absolutely necessary if you want to grow your business. There are numerous factors to consider when you’re out there trying to drum up new business, from market demand to competition. What you really need are ways to determine if a prospect is worth your time or not. We have some helpful tips to help you weed out low-probability opportunities and focus on prospects who might actually be a good fit for your agency.
Know What You Want
Start out by determining what makes a prospect the right fit. Being an independent agent allows you to choose what you specialize in and the types of accounts you want in your book of business. Choose two or three industries that excite you and where you can develop ten or more clients. It is also worth considering the average revenue per account and where you have existing influence or connections.
It can be tempting to offer expertise in more than one industry, but focusing your attention on two or three sectors will enable you to develop knowledge, keep your finger on the pulse of your market and show that you are in tune with the needs of your prospective clients.
Examine Buyer Behavior
To judge whether or not somebody is a high-quality prospect, you have to look at their behavior. Are they interested? Are they actively engaged with you? Can they commit the time necessary to engage in meaningful conversation, or are they slow to respond?
People who don't show respect for your time or won't engage do so because their interest hasn't been piqued or they are accustomed to not needing to actively participate to get a quote. This doesn't necessarily mean they're the wrong fit for you, but you should evaluate if it makes sense to move forward. Ask yourself if you have demonstrated an understanding of their business and its risks. If your prospect shows little engagement, you're likely not a good fit.
Use the Scarcity Trigger
When you come to the pivotal point of deciding if a prospect is worth your time, consider using the urgency/scarcity trigger. This is as simple as saying, "It appears we may not be a good fit for each other. I have a limited capacity to take on new clients this year, and I find what I have to offer isn't for everyone I meet."
This statement is powerful and also truthful. You don't have the capacity to work with everyone. The people who value what you offer and are open to collaborating earn a place at the front of the line. You can choose!
Affordable American Insurance offers the support you need to market to your target audience and help with your agency growth, including education resources and access to top insurance providers. Contact us today for more information.