Why insurance agents don’t make it in this business…
This is the second part of the blog article, click here if you have missed the part 1.
So you’ve been in this industry for a while. Not really have made it big, not too certain if you ever will, but not willing to give it up yet either. After all you have invested so much time and money into it. You tried keeping an optimistic outlook, you dress well, even bought yourself a nice pair of business suit. But somehow you are just not able to sustain, not just the numbers, but also the motivation in you.
Last article we spoke about several common reasons why you might be feeling this way, or why some gave up entirely. The reasons:
- Wrong mindset
- Having the wrong focus
- Can’t relate to client
- Not willing to work hard
- Seeing this as a job, not a business
We will be looking at a few more in this article.
6. Having unrealistic goals and expectations
You spent a few years looking at your friends and ex-colleagues who had joined this industry making it big and living a comfortable life. So you finally decided to join them. Wanting the same success and big fat commission that you think they must be earning. What you do not see are the blood, sweat and tears they had shed to achieve their success. So after several months and you still are nowhere near their success level, you made the conclusion that this career just isn’t meant for you. Somehow it’s just not your destiny.
7. Not having clear, sustainable goals
In the previous article we spoke about treating this career as a business and not a job. As with any business, solid planning has to be put in place. This includes clear, definite goals. How much you can achieve depends greatly on what and how much you can put into your business. And to define a clear goal, you will need to understand your capabilities and capacities first.
8. Not having the right training, skills and lack product knowledge
When I graduated from college many years ago my very first job was a marketing executive at a logistics firm. I remember being given a list of prospects that I needed to call. Suffice to say that I failed, very badly. I had no sales and marketing skills, I was given no training, I had very little knowledge of the product. So I was out of that place within a month. Many new agents experienced the same, hence they figured this is not the career for them. That it is too hard and too challenging. Not realizing that what they lack is training and education.
The courses/ exams that you have taken only gave you the license to be an agent. It doesn’t mean you will be a successful agent. To become one, you need to always improve and develop yourself, as a salesperson, who relate well to others, with great personality and in depth product knowledge.
Master your products. Understand the industry.
A successful agent (or anyone for that matter) never says that he has learned enough and that he knows all there is to know. The industry itself is dynamic and is constantly changing. New products are being introduced regularly. Competitors are always finding ways to dominate the market shares. If you don’t keep yourself abreast with knowledge on your product, on the industry, what’s new and what’s not, what are your competitors doing, you will be left behind.
Develop needed skills.
Continue to invest in training courses that can help you grow in areas needed to as an agent, and the ones that can polish your interpersonal skill. Such as communication skills, both verbal and nonverbal, listening skill, social awareness skill (I.e. being able to tune in to others’ emotions), listening and questioning skills. Not forgetting also sales and marketing skills. You may have wonderful people skills that everyone wants to be your friend, but if you can’t close a sale, it could mean you lack the right sales technique.
Get the help of a mentor. Observe how they do it. You can also get them to be present when you meet with a prospect and have them do a post-mortem after the meeting. The best way is to learn through experience. All that you learn through training courses are just theory until you have jumped into the pool and tested the water yourself.
Tip from us: Remove the fear in you. See your prospects as individuals who require help and advice from you. See yourself going into the meeting as someone who can provide value and to help them the best that you can. And understand that if you cannot answer some of their questions, it is perfectly all right! You can get the right answers from a mentor and get back to the prospect. There are no mistakes, only experience!
It is important to mention here that joining the right company/ agency and having a great mentor and support team can help you in this area. But bare in mind that they can only provide you with the right training, support and guidance, it is still your willingness to learn (among other factors) that will see you achieving success.
9. Not willing to learn from experience
To do this, you need to first understand what it is it that you are lacking. Why are you not achieving your goals. Do you have trouble explaining about your products? Or do you find it hard to talk to people or understanding their needs? Or do you have trouble closing sales even if the meetings went great? You know yourself better than anyone does. Spend some quiet time reflecting what had transpired after each meeting. Try to identify the areas that you feel you may be lacking. Or as said earlier, have a mentor observe you while you are with a prospect. Focus on those areas for improvement. You can only learn if you are willing to.
So there we have it. 9 common reasons agents don’t make it in this industry. Having the right skills is not everything. Neither is having a great attitude. They have to go hand-in-hand, because after all you are in the business of selling a product!
Leave us a comment if you agree or if you find that there are other reasons why insurance agents fail in their work.