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.