Change Gears to Write Larger Accounts

If you ask any highly successful Consultative Broker(TM) this question: "How did your book grow to the size it is today?" They will give you an answer that will surprise you. Most of the self-made successes will tell you this. "I began to be highly successful when I decided to change gears."

If you ask any highly successful Consultative Broker(TM) this question:  "How did your book grow to the size it is today?"  They will give you an answer that will surprise you.  Most of the self-made successes will tell you this.  "I began to be highly successful when I decided to change gears."

Many will go on to say, "I was moderately successful as a producer who mastered the commodity market.  But, I never reached my full potential until I learned how to attract and retain larger accounts."

Here is the lifecycle of a highly successful broker.  Many start as a commodity seller while learning the insurance business, markets and coverages.  They build a nice book of that type of business.  They are moderately successful ...then lightning strikes!

They work on a larger account, one with a high degree of expectations and (of course) income.  They succeed.  Now they have a taste of larger accounts and want more.  They quickly recognize several things:

  • There is less competition at the top, than the bottom.

  • The income generated on these accounts is much more profitable to them.
  • They need to develop a whole new skill set that goes well beyond just the risk financing.

So, they make a conscious decision to work primarily with larger accounts and build their practice around them.  Of course, this takes an entirely new skill set, but these successful brokers have embraced the challenge.  It pays them handsomely to do so.

The hardest part of this transition is the "Changing of Gears".  This is due to the fact that there are not many places to learn how to do this.  I was fortunate in my career to be surrounded by successful senior brokers at Willis that I could emulate.  But, how does a broker make this gear change and develop the skill set required inside of a regional brokerage?

If you want to begin a transition to a highly successful Consultative Broker in 2013, here are some things you must do:

  1. Understand where your bread is buttered.  Take a look at your current book.  Take the top 10% of your accounts.  How much of your book revenue is in this small number of accounts?  I will wager it to be close to 50% if you are like most.  These are your Franchise Accounts.

  2. Determine the common denominator.  There is a common denominator that ties all of these Franchise Accounts together.  It goes deeper than simply a shared industry type or coverage requirement.  Usually, these accounts have a common business style that resonates from each particular client.
  3. Replicate your Sales Style.  A highly successful Consultative Broker quickly learns the importance of this.  It allows the ability to cover a much larger patch of ground in the prospecting process.  This involves creating a much deeper perception of resource capabilities, client business operations and dialogue.
  4. Create Deliverables.  The bottom line to attracting and retaining larger accounts is the ability to create an outcome that actually has a benefit.  This benefit must be more than simply a checklist or a sales technique.  When you are able to do this, your reputation will precede you.

Changing gears is the key to becoming a highly successful Consultative Broker.  Once you do that, it is amazing what other impacts it will have on your business life.  Your clients, prospects, colleagues and competitors will see you differently.  Changing gears will allow you to cover a great deal of higher ground.  So, don't be left at the bottom of the hill, start changing gears today and see the whole panorama laid out at your feet!

Don't miss our next Consultative Broker Briefing entitled:  Building a Better Mousetrap.

Best Regards to Consultative Brokers,

-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.

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