Go Digital…Take Your Insurance Sales Team from Good to Great
Traditional insurance companies have long run their business on their reputation of ethical practices and a superior trust-factor. Other items that created a strong relationship were the quality of their brand, product reliability, second-to-none customer support and the salesmanship of their agents.The ability to reach out and touch someone face-to-face has been the stickiness that keeps their customers paying premiums year after year. But the landscape has changed. This personalized form of selling and retaining customers is slowly going to the wayside as customer buying habits have shifted. Deloitte forecasts that “familiarity is more likely to breed contempt than loyalty for traditional insurers that stick to the status quo, opening the door to new types of more customer-centric tech-savvy providers.”
With this new wave of business practices, companies are looking at the buying habits of the latest generations of shoppers, the Millennials and the Post-Millennials. These two new groups entering the business world will be composed of entrepreneurs, operations specialists, software service providers, doctors, lawyers, and home and vehicle owners….and the list goes on and on. They will be less concerned about “familiarity” with the insurance companies and agents and more concerned with how easy it is to purchase the products, pay for them, access their data in real time, and get it all at a competitive price point.
According to Forbes, “Millennials represent a fourth of the entire population, with $200 billion in annual buying power……..Companies have been struggling connecting with this generation because many of the traditional methods of advertising have proven ineffective at capturing their attention.”
So, what does this mean for your insurance salesforce? What can you do to take your sales team from the 20th century into the 21st century while capturing your market share of the millennial consumers? What metrics will need to be put into place to align your agents with the company’s new business strategy?
7 Easy Steps to Awesomeness
- Hire quality sales associates who relate to the new consumer. 87% of the millennials use multiple devices every day. By hiring and training new sales agents who are tech savvy and able to communicate on multiple devices using multiple platforms, you can open up additional avenues of service for this contemporary generation of insurance consumers.
- Train and mentor sales associates. “Out with the old and in with the new” is not a good practice in the insurance world. Retaining your seasoned top talent will be critical as the “new boots” hit the ground. Their vast knowledge of insurance products makes them excellent subject matter experts, trainers and mentors.
- Set corporate goals to address the new way of selling. Determine the key performance indicators (KPIs) that will drive your company’s success through the 21st century. Do not hold your corporate strategy hostage; communicate it to everyone on your sales team.
- Align all salespeople with the new corporate structure and goals. Make sure that everyone understands the customers' expectations, the corporation’s expectations, and any new processes put into place. By cascading goals from the boardroom to the salesforce, everyone will be shooting for the same target.
- Collaborate with your sales team on a frequent basis. Use check-in tools to coach and motivate your team. Giving frequent kudos and accolades will create a higher performing sales team. And, recognizing those who are struggling will give sales managers the opportunity to work with their team member on areas that need improving.
- Keep the competition alive. Most sales people are empowered and motivated by the idea of exceeding corporate goals. Identify the leaders of the pack by sharing sales data with everyone on the team…. ensuring the end goal is always in sight.
- Reward the winners. Every competition has a winner. Salespeople are built with internal drivers that create the need to win. So have a contest, set the bar high, reward the best and keep the momentum alive!
Although it may be challenging to change your current sales process, you must do so to compete in today’s insurance marketplace. To help you, there are embedded tools available within software platforms that capture your key performance indicators and cascade goals from the boardroom to everyone in the sales process.
And, help is on its way to identify your high potentials and your performers needing one-on-one mentoring. With an intuitive software that allows you to collaborate contextually, then coach, recognize and reward, you can manage the entire sales cycle of your team from any device… laptop, tablet or mobile phone.
For companies who want total visibility, there are also modules to integrate performance data from multiple systems. Business intelligence, along with sales team performance data, will provide endless analytics while streaming business-wide performance insights.
Thought that was interesting? Check out our blog, “The Workplace is Changing...Are You Listening” to find out what’s happening to businesses just like yours. If you’re ready to take your sales team digital, contact KPISOFT for more information.