3 Signs That You’re Wasting Your Time With a Prospect
Professional poker players are always discerning whether to bet, raise or fold. Insurance producers are faced with the similar choices determining if a prospect is worth pursuing.
If you disqualify a suspect too soon you may miss a sales opportunity. If you don’t, you may waste a lot of time barking up the wrong tree. You can’t always know for sure, but some situations should routinely be avoided.
Here are three common red flag scenarios that tell you a prospect is not worth pursuing.
They’re not willing to give you information
“If you want to quote, you can pick up our bid packet at the front desk.” Not a warm and cuddly invitation, that’s for sure. Unless you can learn more about their motives and history, you could well end up practice quoting.
How often do they review their coverage and rates with outside agents? What did they learn the last time they reviewed? When was the last time they changed agents and why? If you’re not able to learn anything about their buying process, you’re not dealing with a realistic prospect.
If they compare frequently but always stick with the same agent
Some companies have a mandate to review their insurance coverage every two or three years. But if it turns out they’ve never changed agents, you’re almost certainly dealing with a case of indelible loyalty.
It’s the combination of those consistent periodic reviews with the unchanging, long-term broker relationship that makes this scenario one to avoid.
If they don’t want to set a firm date for a meeting
If you’re committed to rolling up your sleeves and investing the time and energy to find solutions that will deliver better value and win you a new account, you should expect a reasonable commitment from the other side.
Prospects who aren’t willing to commit to a meeting date or invest any of their own time aren’t really prospects.
Maybe past insurance reviews never made a difference to them. Maybe they see it as a waste of their time. If that’s the case help them recognize the potential for things to be different now. If they don’t, then move on to a better prospect.
Sales opportunities are always a two-way interchange. The ultimate goal is an exchange that gives both parties value.
As Scott Rogers from the Glatfelter Group has commented, it’s good business practice to establish a mutual understanding when meeting with business prospects, so they agree up front to terminate their current broker relationship and become your client as long as you’re able to deliver specific agreed upon improvements.
I may be too bold, but if a prospect is taking too long to make up their mind, I am not too shy to ask for what I want. I learned long ago to “go for the beg” as soon as an opening presents itself. Most sales people are afraid to ask.
Thanks, Joyce! Totally agreed – shy + sales is rarely a winning combination.
I have always found that clients that are unwilling to volunteer basic info are a waste of time.
Yep, pretty much! You need that engagement to really get stuff done.
It’s really about the probability of winning a prospects business. Why spend the time and resources of your agency marketing an account if you have less than a 50% chance of earning the business? Establishing your probabilities up front, by asking if your prospect is “willing to fire” their existing relationship, will tell you a lot about their expectations. If the answer is no, then ask yourself why you would waste your time and that of the prospects perpetuating the commodity selling of insurance? Turn the tables and ask the prospect if they would use their resources trying to earn new business for their company if they knew up front that their chances were slim to none? Don’t be afraid of the conversation because it will establish the ground rules for your relationship. Otherwise, all you do is continue to negatively affect the retail insurance agent credibility as well as viability to compete in a changing sales landscape. Take it up a notch and don’t be afraid to walk away when the timing is not right.