Creating a TCOR Urgency

To really create a Value Proposition using Consultative Brokerage and TCOR you need more information than the usual insurance quote transaction. In many cases, the buyer is not motivated or is confused about what the process is. So, rather than spend the time required to get you the information (ie claims, risk control, financial data) they find themselves lost in other projects.

One of the most difficult issues for budding Consultative Brokers™ face is to create a sense of urgency in a new prospect’s mind.  Over the years I have heard many new TCOR converts exclaim, “I have a buyer who says they are intrigued and want to learn more, but I just can’t get them to the next step.”

Here is one reason why this happens.  To really create a Value Proposition using Consultative Brokerage and TCOR you need more information than the usual insurance quote transaction.  In many cases, the buyer is not motivated or is confused about what the process is.  So, rather than spend the time required to get you the information (ie claims, risk control, financial data) they find themselves lost in other projects.

But, the bigger reason is the fact that as a broker you have not created a sense of urgency.

Now I don’t blame most of you for this lack of creation.  As traditional brokers it is something you have never learned.  Why?  This is due to the fact that historically we have been providing a product that every buyer needs with an expiration date that forces a decision.  So, we have never had to create that sense of urgency.

If you intend to become proficient as a Consultative Broker and a TCOR advocate, here are some of the things you must first master:

  1. Become an Evangelist - The first thing is the fact that you must really believe what you are attempting to accomplish for your prospects.  A true Consultative Broker would rather cut his hand off, than revert to the old methods.  This belief must ring true in all your interactions with a client.   If you waiver, your momentum will be lost.
  2. Have your buyer visualize the result – Really understanding Business Risk allows you to have a discussion with the prospect that will show them how their business operations will benefit from your Total Cost of Risk and Consultative Brokerage methodology.  This is the glue that binds the discussion.  Or like the late Frank Bettinger used to say: “Show a person what they want and they will move heaven and earth to get it!”
  3. Show them how others have benefited – Our clients have numerous examples of accounts that have reduced costs by tens of thousands or in some cases hundreds of thousands.  Once a buyer sees that their colleagues or competitors are improving profits, competitiveness, productivity and human capital costs; they desire the same results.  But remember, it is not enough to provide nebulous ramblings about value propositions or total cost reductions. (see bellow)
  4. You MUST Promise to Deliver a Quantified Outcome – As we have said for years, “if it ain’t got that swing, it don’t mean a thing”.  Prospects will not spend time with you, without that payoff.  So, you must promise to provide them with a Value Report™* that actually shows how you will change their business operations.  This of course presumes you have the ability to prepare one!
  5. Make it easy on them – In most cases a TCOR presentation is a complex sale with many constituents.  It is unlike the insurance transaction that simply includes a buyer, you and underwriters.  It is critical that you gather data from other areas such as risk control and claims management.  You should interface with these functions inside their organization.  This also gives you a chance to build relationships.
  6. Prepare for tough questions – Over the course of my career I have built the best long-term relationships with buyers who seemed tough in the beginning.  That is because many astute business people test you initially in order to find out about your backbone and maturity level.  How you respond to these questions will determine their interest in you.

The skill by which you create a sense of urgency will have a direct correlation to your ability to be appointed the broker of record.  As with any Conceptual Sale it is important that you make it come alive inside a prospects business model.  This requires skill not simply as a sales person, but also as a Consultant.  Hence the term . . .Consultative Broker™.

- Rob Ekern

For more information on how to quantify TCOR, manage projects, build a value proposition, and consistently deliver stewardship reports and new business presentations to your customers, check out the Major Account Development System (MADS), an on-line consultative broker's toolkit. Available now!

Ready to learn more about Consultative Brokerage Sales Training? Visit the Consultative Brokerage Academy.

To learn more about C.R. Ekern & Company, please visit our website

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