Take the 180-Day New Business Pledge

Today marks the beginning of the second quarter of 2014. What you do in the next 6 months will determine your success as a producer for the entire year. Many of your best prospects will make their buying decision in the fourth quarter. So, starting now, you have a 180-day window of opportunity.

Today marks the beginning of the second quarter of 2014.  What you do in the next 6 months will determine your success as a producer for the entire year.  Many of your best prospects will make their buying decision in the fourth quarter.  So, starting now, you have a 180-day window of opportunity.

First of all, let's agree that larger accounts are where your action is.  These accounts are the needle movers that can mean the difference between a great year and a so-so year.  Unfortunately, the loss of a really large account at year-end can make it a lousy one.

I need to talk for just a moment about why I continue to stress the need for prospecting larger accounts.  If you intend to continue to grow your book, here are some of the reasons your focus should move upstream in that direction:

  • Writing one larger account will soften the blow of competitive loss on many smaller ones

  • If you have resource capabilities, larger accounts will respond because they need them

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

  • Larger accounts understand total cost reductions (rather than simply price)

  • Larger accounts utilize business metrics as an everyday part of their operation

Here are the 3 Objectives you need to focus on right now and for the next 180 days.  If you think strategically, this time can be used to really supercharge your larger account production:

  1. Pick your top 3 year-end renewals and plan a quantifiable Stewardship Report.  You should think of this as a placeholder/insurance policy.  While these reports may not make you more money at year-end, they will help guarantee your renewal stream.  It is better to spend a little time planning your cash flow than a lot of time trying to salvage it under competitive pressure.

  2. Focus on your top 5 year-end prospects.  Ask yourself this question: How can I differentiate myself using business outcomes?  On your next call, ask your prospect about their business metrics and key performance indicators (KPI's.) These will give you the answer to that test.  Continue the discussion for the next 180 days around their business outputs and your outcomes.  That will lead to Broker of Record letters instead of marketplace competitions in the fourth quarter.

  3. Launch 25 New Suspects.  This is your chance to tell a fresh story to 25 new large suspects and turn them into prospects.  When you approach these firms, tell them a much deeper story than the usual one about your firm.  Your story must now be about the results your organization has brought others and how you can improve their business model.  (By the way, our next briefing will focus on that critical subject.)

So, come on, take the 180-Day Pledge to focus on the 3 Objectives above.

If you do this, your new business results will be tremendous.  Not only will your production go through the roof, but the quality of your clients will continue to improve. Plus, there will be little or no churn inside your book and a higher degree of Broker of Record letter appointments.

All the best to Consultative Brokers,

Rob Ekern

President/CEO

C.R. Ekern & Company


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