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Where Is Your Revenue Coming From?

Posted on by Mike Stromsoe

I hope this finds you well and consistently implementing!

Today I’m discussing something that I find to be one of the most important systems in ANY business, including insurance agency businesses-Client Segmentation.

In the 1800’s a gentleman by the name of Pareto came up with a principle called the 80/20 rule.  What it means is that in many cases 80 percent of your revenue is generated by the top 20 percent of your existing clients.  I have been in business for a long time, and I have done the math time and time again and have found that this principle is pretty accurate.

  • – So, does your team know who your top clients are?
  • – Are you on the phone with them often?
  • – Do you they get preferential treatment when they call in?
  •  

…or is your team spending all of their time on the bottom 20 percent of your clients that are always complaining about something and constantly have problems paying their bills on time?

If so, then it is time to put our Client Segmentation system in place. I warn you – this is NOT an easy task.  It takes a lot of time and effort, preferably done by someone that is highly detail oriented and talented enough to understand the mindset and to go through your entire book of business.

In our ‘Living Agency Laboratory’ we like to think of all of our clients as an ‘A’ client.  This is why our segmentation is by ‘A’ clients, ‘AA’ clients and our top 20 percent, the ‘AAA’ clients.  In our agency, we try to pay extra attention to our AAA clients because let’s face it, we’re not spending enough time with them anyway.  We are too busy catering to the bottom 20 percent which we systematically do our very best to try to fire – meaning release them, send them on their way.

I can’t tell you enough, Client Segmentation is an absolute MUST DO in any business.

  • – Understanding where your clients are coming from, who your most important clients are.
  • – Who are the influential people that are your clients?
  • – Who are the people that if you touched that client would instantly open five more doors?
  •  

The opportunities are endless.  Are you ready to take charge of your agency today? Call 800-700-9984 or email me at info@unstoppableprofitproducer.com.  I’m here and ready to help you Explode Your Profits in 2012!!!

Are YOU Asking?

Posted on by Mike Stromsoe

Conformity- is that YOU? Are you falling prey to conforming and operating like every other agency out there? If that’s the case, then I am sorry to hear that you are experiencing tougher times right now.

BUT, if you are one of the leaders who conforms to profitable and efficient operations-CONGRATULATIONS!

In speaking to groups of agents over the past few years, one thing continues to AMAZE me time after time – AGENTS DON’T ASK!!!
Watch a quick video for an idea to change this bad habit in your agency…

Hope this helps, take consistent action. Good luck!

More Good News… You have NOTHING to lose and everything to gain! Call 800-770-9984 or email info@unstoppableprofitproducer.com and Just ASK for your complimentary 29 minute In-Depth, Agency Analysis call with me today! There is ZERO Cost and No-Obligations.

Top Notch Team Leaders Do This

Posted on by Mike Stromsoe

I hope this finds your week turning out to be an absolute, over the top, off-the-charts win! If not so far, you still have time to turn the tide.

Questions continue to surface on how we organize our team, keep our team together, keep them motivated, keep them moving forward, compensate them at a level that keeps that motivates them, keeps them producing, and so on.  It would be unfair if I did not share some of that information with you today. Here are few snippets for your implementation:

The hands down, number one thing that we do team wise is the weekly team meeting.  It happens every Wednesday morning at 8:29am, and it’s over by 8:59am.  It’s not very long, but I come to the table with an agenda every week, and I bring something of value to the agenda, a meaningful conversation that might be going on in the mind of my marketplace, and in this particular instance, it’s my team members’ marketplace.  I have to understand what they’re going through, what they’re experiencing, and everything associated with it.  If I’m not paying attention to that, then I can’t relate to it.  So this week’s team meeting as an example was talking about success, I discussed what it takes, it was talking about whether there’s really a magic pill that’s going to bring them more opportunities to write more business instantly, among other things, and what I’ve listed below are the items that are on the agenda, and I’ll give you some detail on that as much as I can:

  1. 1. Official opening of the work comp feeding frenzy in our home state is 09-01-2011. (Educate and motivate).
  2. 2. The reading of client report cards that came in recently. This totally motivates the team!
  3. 3. Distribution of pedometers. One of our health carriers sought us out this week because we are writing so much business, the pedometers were one of the gifts (the other was money).
  4. 4. New comparative rater discussion.
  5. 5. Input from team about marketing to a niche marketplaces. We are consistently launching new programs and this month is NO exception.

And at the very end of the meeting, I showed the following video to finish it off.  Now, the reason I showed this video is I want them to be successful and I want them to understand in the mind of the marketplace they are trying to reach, which are our customers and our prospects.

Here’s the Secrets of Success (video) – please watch it closely, 10,000 times if needed!

I hope this helps you, and I hope this helps you communicate effectively with your team.  One other thing that I do consistently is talk to my team…..all of the time.  I talk to them face-to-face, I talk to them via video e-mail, I talk to them by phone, I let them know that I’m always there for them and I’ve got their back 100% of the time, as long as they follow the procedures that we’ve set in place.

Remember to never, ever stop collecting those special moments from your customers and marketplace via video testimonials. Carry that camera everywhere and record the facts as they happen!

Are you ready for SUCCESS?  Never look back again, Call us at 800.770.9984 or Email info@unstoppableprofitproducer.com  to schedule Your F*REE 29 Minute, In-Depth Agency Analysis – you won’t be sorry you did, I GUARANTEE IT!

Mike put hundreds od thousands of dollars in my pocket…

Top 10 Reasons to Stay in Touch – Are You?

Posted on by Mike Stromsoe

Recently spent almost 3 hours with two of the brighter minds in the insurance industry and I am blown away how far behind some agencies are in today’s marketplace. Don’t risk being one of the casualties. This business is NOT rocket science. Little known secret – a close friend of mine is a rocket scientist. I consulted with Ron a couple of years ago, took his photo and keep it on my phone to share with anyone I am teaching because my friend, the rocket scientist, confirmed this fact – This business is NOT rocket science

KEEP IN TOUCH WITH YOUR CUSTOMERS AND PROSPECTS – ALL OF THE TIME

Here are the Top 10 Reasons to stay in touch and thoughts from the author:

1. Most businesses lose 10-17% of their business every year.
Thought: While I realize this likely does not apply to most of you, you are still losing business. Why? Do you have a relationship with your clients, prospects and COI’s that will stand the test of time and any other forces that might interfere? The easiest money you’ll ever make is the money you are already making (your clients and past clients)

2. 62% of your clients aren’t taking advantage of all of your products or services.

Thought: Again – The easiest money you’ll ever make is the money you are already making (your clients)

3. 91% of our customers say they would give us a referral, but 80% haven’t been encouraged to do so!
Thought: This I do not understand…I am sure everyone on your team is scripted to ask for  referrals every time they communicate with someone, don’t they? Each outbound contact includes a “motivator” in every email, outgoing envelope, etc. Everyone on your team is also motivated monetarily to act. Right?

4. Simply saying “thank you” to your customer will increase your business by 17%.

Thought: This one is easy. Every time your team speaks with someone, this is automatic. Isn’t it? And they are writing a minimum of FIVE thank you notes a week. Right?

5. You lose 10% of your influence for every month that you don’t have contact with your client.

Thought: Another no brainer….true? We communicate with our marketplace at least one to two or more times a month (email, newsletter, faxes etc)….don’t we?

6. A 5% increase in customer loyalty could yield 20-80% to your bottom line.

Thought: Ah the Pareto Principle. We build loyalty consistently, especially with our VIP clients, don’t we? For example, we send a special VIP package every month, right?

7. Studies show that an average prospect won’t do business with you until they’ve seen or heard from you
or your message at least 7 times.

Thought: Finally, an easier question…..we have an automated, automatic follow-up system that contacts our prospects a minimum of SEVEN times, in different ways (email, snail mail, fax, voice broadcast, video landing page). Don’t we?

8. 79% of all trade show leads aren’t followed up with. Most business from a trade show comes from the vendor following up with the prospect.

Thought: Ok. Maybe you don’t do trade shows, what about networking events or other social gatherings. We always send a hand-written note saying “good to meet you” etc including credibility boosters….right?

9. 66% of your business within the next year will come from your sphere of influence.

Thought: Opportunity knocking? Well, if we are executing on 1 through 8 above, then maybe this applies.

10. Only 3% of the mail we receive is personal.

Thought: Dare to be different and STAND OUT from the crowd!! If you want to be like everyone else, do what everyone else is doing and get the same ol same ol results.

YOU are in complete control of your destiny.
What is working for you? Why or why not? As marketers, we test. Are you testing consistently?

The above thoughts and comment did attempt to be a bit humorous until I really started thinking about my own team in the “Living Agency Laboratory”….. gotta run, we have work to do!

Last thought: The only time success comes before work is in the dictionary!!

If you have questions regarding this article or if you would like to learn more about the Unstoppable Profit Producer Program, Call 800-770-9984 or Email info@unstoppableprofitproducer.com.

P.S. Be UNSTOPPABLE!

There’s NO time like the present… Time Management

Posted on by Mike Stromsoe

Time… It can be hurtful.  But, in all seriousness, time is something that certainly can be controlled, and it is something that you MUST control.

One of the things we’ve identified in our studies is, everybody’s got the same 24 hours.  It’s not like somebody has an advantage over somebody else.  We’ve all got the same 24 hours, and the last time I checked, we all need sleep, and we all need to have downtime, and frankly time is another four letter word.

HOW are you controlling your time right now? 

You need to identify this, it’s tedious and meticulous, and it’s a pretty uncomfortable process.  It involves sitting down daily for a couple of days and writing down everything that you do.

It’s good to identify the things that you do well, and to spend the majority of your time doing the things that you do well, because that’s where you’re going to get your biggest bang for your buck.

It’s not easy, but once you get it under control… imagine when you walk down the hall and you have a little extra air under your step.  This can happen to YOU!

Your business life will be better, which will in turn make your personal life better, which will in turn allow you to be just better at everything you do.  You can give back to your community more, and it’s just a much more pleasant experience.

“Procrastination is the thief of time.”  –Joseph Heller

What are you waiting for?

To get all of the details about HOW You Can Take Total CONTROL of Your Time TODAY, call 800-770-9984.

Affinity Marketing – It’s a Natural Fit for You

Posted on by Mike Stromsoe

Niches to riches…..if this sounds good to you, then read on!

Affinity marketing is kind of a sub-segment of a niche marketing program, but it can make your niche marketing campaign and your entire agency machine more powerful than ever.

Read my own story below, it’s an example of how your “affinity” can positively affect a niche marketing campaign:

“I started working in my dad’s restaurant when I was 12.  He hired me with one condition. He made me agree that I would work harder than anyone else or I would be fired. I agreed. I started making pizzas. I’d stand next to the girls and they’d show me what to do. They would say, “Crimp the edge a little bit more here, don’t put so much pepperoni on it, and if you do this – don’t put too much sauce.”  They taught me the ins and outs.  After awhile I was making the pizza dough.  In fact, I still have the pizza dough recipe at my house, because I use it from time to time.  There was a long stretch there when I had it memorized.  It was who I was.”

 

“Nowadays, when I’m working in the agency business, I can walk the walk, I can talk the talk, and when I walk into a restaurant, I understand everything that’s going on in the kitchen.  I understand – to boot, I also ran a restaurant for three years as well. So I understand why the mats need to be cleaned every night.  Why they need to take the filters down and run those through the dishwasher, maybe every couple of nights, or maybe once a week is good enough.  I understand why their Ansul system needs to be up to date.  I understand the heat concerns, and the food-borne illness concerns, and what the implications are of someone getting sick off your food, and what the potential liabilities are, and how to talk to your people about serving liquor, and everything that’s involved with that, because it’s who I was and what I did for a number of years.  I was emotionally involved from the deepest part of my soul.”

By having a history deeply entrenched in an affinity market you can tip the marketplace in your favor… What is your affinity market?

Niches to Riches…

Posted on by Mike Stromsoe

Niche marketing can be a lot of different things… It could be that you are a restaurant insurance agency, a work comp insurance agency, etc…

What you’re nicheing in doesn’t really matter, but the fact that you are doing mostly the same thing, or have large segments of business in a particular niche, not only gives you more authority with your underwriters in your companies, it puts you in a position of leadership and authority within the industry to jump from one carrier to another.

In addition to that think of how this affects your agency team.  When they are dealing with the same type of mentality day in and day out, time after time, they tend to keep talking the same talk, walking the same walk.  It becomes much less likely they will make a mistake.  In the same breath, their confidence in their voice to the marketplace becomes that much greater, because they know what they are talking about.

And don’t lose sight of this, it’s absolutely true, I’ve verified time and time and time again: these people talk to each other.  If you go to seminars or conventions on an annual basis, your marketplace is ALL there, they’re all talking to each other, and they’re all trying to pick each other’s brains on who’s the best at what, including insurance. I’ve done trade shows for years in particular niche markets.

When you’re the go-to person, you’re the one they’re talking about, and you’re the only one that they’re talking about, and all of a sudden, as Michael Gladwell, the author, so aptly put it in his book The Tipping Point, “Pretty soon, the paradigm has shifted in your favor.”  You become the one, you become the ONLY ONE, and all of a sudden that entire marketplace wants to do business with nobody else but YOU.

Now let me warn you, this does not happen overnight, it takes a lot of persistence.

You must know the marketplace… What keeps them up at night?

Good luck, make a difference and be unstoppable!

Claim your 3 Free Gifts today at www.UnstoppableProfitProducer.com.  If you are ready to take charge of your future, call us today. 800-770-9984 or email us at info@unstoppableprofitproducer.com .  Don’t wait… Limited Space Available!!!

This is a No Brainer…

Posted on by Mike Stromsoe

Talk to lots of agency principles, producers and other agency team members. When we discuss referrals, most say “we get lots or most of our business from referrals”.  I then ask about the structure of their referral program. Normally, a period of silence follows.

Watch this 3 minute video with a pen and paper in hand >>>> http://bit.ly/gMP28r

When you do, your systematic structure begins.

Hope this helps to continually build the agency that will support the life of your dreams.

More good news – EVERY single piece of our referral program is ready for you to plug and play today at a very deeply discounted price of $299.00 (that’s 27% off). Call 800-770-9984 now before it’s too late.

The first 3 callers to order will also receive, as a FREE BONUS, the 6 CD set and workbook of a recently recorded interview by industry expert Ginger Rogers. In this interview, everything we did to take our scratch agency from zero to $1m in revenue in 9 years is revealed…… ALL of the details. Call Now – 800-770-9984!

Keep In Touch With Your Customers and Prospects OR Others Will!

Posted on by Mike Stromsoe

Here are the Top 10 Reasons to stay in touch:

1. Most businesses lose 10-17% of their business every year.

2. 62% of your clients aren’t taking advantage of all of your products or services.

3. 91% of our customers say they would give us a referral, but 80% haven’t been encouraged to do so!

4. Simply saying thank you to your customer will increase your business by 17%.

5. You lose 10% of your influence for every month that you don’t have contact with your client.

6. A 5% increase in customer loyalty could yield 20-80% to your bottom line.

7. Studies show that an average prospect won’t do business with you until they’ve seen or heard from you or your message at least 7 times.

8. 79% of all trade show leads aren’t followed up with. Most business from a trade show comes from the vendor following up with the prospect.

9. 66% of your business within the next year will come from your sphere of influence.

10. Only 3% of the mail we receive is personal.

What is working for you?  Why or why not?

As marketers, we test. Are you testing consistently?  Need help?  Respond today, we will be helping you tomorrow.

The Unstoppable Profit Producer Team welcomes questions, comments, or concerns below or if you are ready to change the life of your agency business TODAY CALL 800-770-9984 or Email andrea@unstoppableprofitproducer.com and schedule Your FREE 29 Minute, In-Depth Agency Analysis NOW!

Remove ALL Doubt

Posted on by Mike Stromsoe

How can anyone you propose to do business with really know that every step of their new business relationship is unconditionally guaranteed? Has every doubt of concern been removed right from the beginning? Is what you say you are going to do supported with a written guarantee?

If it’s not, it should be. It will set you apart, instantly. It’s so easy and the good news is every word is simply part of the policy language.

Do you want to be like every other agency or do you want to stand out from the rest of the crowd.

Today and today only, you can have an actual sample copy of the CURRENT Triple Guarantee we use in our “living agency laboratory”.

Get yours today, send an email to info@unstoppableprofitproducer.com and insert “triple guarantee” into the subject line.

The good news is every person who is a part of any of our coaching programs receives this document and hundreds of others in word or publisher for instant use in their agency.  Call 800-770-9984 Today for your F*REE 29 minute, in-depth Agency Analysis!

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