Keeping producers motivated and engaged is a key challenge for agencies of every size. Managing the morale of your team is an ongoing task and definitely not an easy one, to say the least. When things are good, it’s easy to for them to rest on their laurels and coast. At the same time, when things aren’t good their energy, confidence, and morale are low. If sales are up, the sales team is super busy but at the same time pushed to the brink. If sales are down, everyone is hiding from you and probably avoiding the phones.
Regardless of where you currently stand, the fastest way to boost revenues and grow your agency is to tap the full potential of your sales force. Here are 8 tips to improve producer performance and rev the engine headed into the next quarter.
Reengaging the Disengaged
According to Gallup research, on average, U.S. companies are running at 33% efficiency, or in other words, employees are producing 1/3 of what they are being paid to do.
Global Practice Leader at Gallup, Ed O’Boyle stated “Evidently, most people really aren’t much of an asset, but then again, they aren’t being invested in like the resource they are, either. Fixing that problem is a bigger issue than changing how you label employees and their value.” If this problem is affecting the majority of companies across the nation, chances are its likely affecting your agency.
Lack of engagement and motivation on your sales team will result in lackluster productivity, wasted talent and resources, and reduced profits and it’s clear. And in today’s hypercompetitive marketplace with automation technologies leading the forefront, it is imperative that your employees produce!
8 Tips to Increase Insurance Sales Productivity
Implement these 8 tips to improve sales productivity and maximize the value of your sales team.
We can’t get results without a gameplan. Introduce goal-setting initiatives based on the SMART goal-setting methodology. SMART goals are specific, measurable, achievable, relevant, and time-bound. Administer these goals in pursuing new opportunities to serve clients and grow the business as well as correcting real issues within your sales operations. Keep the sales team accountable for their professional development and numbers, introduce SMART goals.
Your producers are on the ground every day. You operate from the command center. You’re both operating with two different points of view, with different incentives, and different data sets. Constant and frequent communication is key to gaining a general sense of your sales team’s morale. Gather the team for ideation sessions, strategy session, constructive criticism, and surveys and anonymous feedback to stay on the same page. By staying on the same page and keeping open communication, you can more proactively address issues in your organization.
Show Them How It’s Done
Who better than you to fire up your sales team? One idea to raise the morale of the squad is to roll up your sleeves and get in the trenches with them. Get on the phones, service smaller customers, and share ideas, tips, tricks, and stories with the team. Let them see the fire and energy that initially built your company and they’re likely to follow.
Let Them Specialize
Today’s buyer is more sophisticated than ever. And specialized expertise and concierge-level service are needed to be competitive in today’s market. Let producers operate by their inclination. Allowing the team to focus on and expand their training in various interest areas in insurance is a win-win. Furthermore, you can invest in different channels for your producers to build their personal brands through opportunities within a niche or interested-based networking, trade publications, seminars, and research. Invest in their professional development and allow them to explore their interests. Either way, your agency will reap the benefits of cultivating niche-experts.
Everyone likes a game, especially your competitive salespeople. “Gamify” your sales surge by applying gaming elements to motivate and drive competition amongst your sales team. Not only that, gamification can instill positive behaviors beyond revenue producing activities. Gamification can also encourage and reward maintaining AMS records, timely follow-ups, etc.. Plus, there’s plenty of tools to keep your sales managers monitoring the numbers as a sports coach would.
Take stock of the tools your team uses every day to handle the job. Are they using outdated systems, processes, and tools? Or did you buy your team every tool under the sun? Either way, you should be auditing your team’s equipment for usefulness and redundancy. Technology changes. New tools pop up. Old tools become obsolete. You should be frequently considering new tools and getting rid of redundant and unnecessary ones.
Team Building Activities
Team building exercises sound cheesy, but they can be one of the best investments you can make for your people. Especially if you’re reading this right now, when’s the last time the team celebrated a big win? How about randomly doing something cool to spur a big win..? Day-to-day operations at the office get boring and stale. A fun team building event will boost the team’s morale and carry that energy back into the office. That newfound energy in the office will boost your bottom-line.
Work From Home
I’ve said it before and I’ll say it again, let the people work from home! Today, technology allows for it plus your team will appreciate being able to skip the morning commute. You hired them to work for you, you can trust them to work from home. Don’t like that idea? Let your team try local workspaces like WeWork. They are simple and easy, provide a hip and professional workspace, and your team can link up to work together. Either route you choose, work from home days are the perfect incentive for increased activity.
Wrapping It Up
There you have it. The answers may just be within. Producer morale does have a direct impact on your organization’s sales productivity.
Whether your sales team is in a slump or sales are through the rough, put these ideas in place to increase your insurance sales today.
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