In Simon Sinek’s book “Start with Why,” he notes that few can clearly articulate why they do what they do. Specifically, “By why, I mean your purpose, cause or belief – why does your company exist? Why do you get out of bed every morning? And why should anyone care?”
Increasing sales and agency profits naturally happen when you discover your WHY and remember why you started an insurance agency. To help grow your insurance sales and increase your agency’s value, here are four questions.
- What is your story? This is the ‘big idea’ that your organization was founded upon. It’s important to tell your story and inspire your people to believe it as well. In the insurance industry, firms strive to solve client problems. Remind people of that problem and then remind them again. Never take for granted that your firm has a solution for their problem.
- Why should a prospective client do business with you? If your answer is back to “our firm provides comprehensive coverage,” that’s not a compelling answer. To quote Sinek, “People don’t buy what you do, they buy why you do it.” Start by defining your value proposition clearly enough that your entire team can articulate it and use it as a reason why clients should do business with your firm. It’s not enough to just sell insurance in today’s market. Clients want to understand how your firm will help them solve a problem.
- Who do you aim to serve? This probably seems like a broad question but all too often, a firm will say that they are a generalist, they serve everyone. As an organization, start by defining your niche and create practice groups that allow you to showcase a value proposition that identifies you as an agency or brokerage of choice.
- Does your why remain consistent over time? Stay clear of the “shiny object syndrome.” Shiny new technology, without a strategic plan in place with a targeted return on investment, can waste time – and a lot of money. Temporary crazes or fads tend to run out of steam quickly. It is critical to your organization’s success to institutionalize your why so that it’s less of a message and more of a belief.
MarshBerry helps top performing firms find their why and increase agency profit margins by partnering and consulting with leadership to create organic growth strategies and insurance sales training courses. If any of the questions asked resonate with you or, if you are struggling to answer them yourself, reach out to a MarshBerry consultant to discuss how you can implement strategic planning with your firm to help solve your why and re-discover why you decided to start an insurance business.
If you have questions about Today’s ViewPoint or would like to learn more about transforming your business please email or call Bryan Lake, Vice President , at 616.214.3335. Subscribe to MarshBerry’s Today’s ViewPoint blog for the latest news and updates and follow us on social media.
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