10 of My Best (and Proven) Tips for Growing an Insurance Practice on a Budget
December 3rd, 2020
Behold… my ten most kept, most widely used, and most proven tips for ANY insurance agent – regardless of niche – to grow your practice or agency even on a tight budget.
Make a journal. If you don’t have a journal, I would suggest that you purchase one at your local store. If not, grab a sheet of paper. It doesn’t matter what your practice is, write down this question at the top of the sheet, ”How can I personally make my clients’ lives better?”
This is a very powerful question. Think about it. How many companies that you deal with offline or online apply this model? Most of them are out to get the sale and then move on to the next “prospect”. Can you imagine how effective they could be if they actually considered how they could help your life be better?
I spend a lot on educational materials for my grandchildren, and I never hear from them after I make my purchases. If they thought of the above quote and thought about how they could help me and my grandchildren have a better life, they would realize that they could offer me products to help us, and offer them on a monthly basis.
I’m sure you’ve experienced this at some point in your life. Think about how this applies to your insurance practice and what you could do.
Create your Stadium Pitch. Someone once told me, “What would you say to a group of 50,000 people if they were in a stadium and you had 30-60 seconds to convince them of you and your offering?”
How can you get your point across so convincingly that they would be idiots to say no? Plus, consider the fact that any one of them can leave at any time during your pitch. Would your message change? What can you say to make them stay? What can you say to make them buy? Some call this an elevator speech but you get the idea.
Look for valuable lessons. That is, in everything that you do, hear, or experience. No matter if what you are doing ‘fails’ or ‘succeeds’, write down what you learned from it in your journal. Every person you meet, every person you listen to, such as me, has a lesson you can learn.
I try to teach with each blog and marketing tip I create. Just for you. But the tips you learn are up to you to find out what that lesson is. Write it down in your journal before you forget. I carry my journal with me always.
Apply the lessons. Read your Lesson Journal and find out what lessons you can apply today to your next project or problem. Then do it. Find a way to apply and use that lesson today. Now record your results.
Find ways to generate referrals. Referrals are one of the most important tools you can use to grow your practice. There are probably hundreds of ways to generate referrals, some of them are: pay them per lead, bribe people in a fun way, or get them from friends and customers. If you haven’t done your job of making your clients happy, you shouldn’t ask for a referral. The key is to start writing down the ideas you get, then start doing it.
Learn how to barter. Attend your local networking events. Look around at the people you work with that need what you have to offer and you need what they have to offer. What types of products or services do they need to make their lives easier? Where can you find those products or services? Apply this principle to people you want to work with. By helping them they will help you.
Dare to do what no one else does.
Narrow down. Ask what you don’t want in life and in business. Then decide what you do want.
Get rid of the box. Forget about inside or outside the box thinking. Don’t put parameters around your thinking.
Do the 60-second personal drill. Ask yourself, “Am I having fun? What could I do to enjoy my life more? What would happen to my insurance business if I took a month off?”
When I was running my 35 companies, I still found the time to spend 2 weeks in my place in Aruba each Xmas and New Year, plus go back for 4 weeks at the end of Feb and March. Once you have these answers you now will understand the areas that you must start working on immediately. So list what you think will happen to your practice or agency if you took a month off.
Let me know your thoughts if you can think of others that we might share with our readers. Next time I’ll write about another solution to problems you might be having and how to reverse them…
If you need step-by-step instructions on how to implement this and other ideas I give on creating clients, just visit Build Your Practice Fast Academy and sign up for my one-on-one coaching program.
This program can help you transform your practice/agency and learn from my years of experience and success, in which I created over 6 million customers.
Invest in the growth of your insurance business. After you subscribe, we will arrange a phone call and I’ll show you a way to get 10/25 prospects per month on LinkedIn, as well as other marketing strategies.