Salvaging Success

How to Boost Your Producers’ and CSRs’ Revenue-Generating Ability in Tough Times

As fallout from the U.S. recession builds, there’s a strong drive within this country to stretch the value of virtually everything … and everybody. From dollars and cents to people and performances, the new cry of battle is to get the most for the money to sustain at least some level of financial stability.

What does this mean in the insurance world?

Let’s start with the outside sales staff.

These days, a producer’s role is as much about caring, counseling and advising as it is about selling. That said, it’s important to hire and retain producers who exhibit not only an entrepreneurial mindset, but also a compassionate, encouraging personality. Straight talk and direct responses are fine, provided they’re couched in an empathetic tone.

Remind your introspective, technically oriented producers to engage freely in some small talk and stay as upbeat as possible, as doing so can ease a prospect’s fears or skepticism and make him or her more receptive to buying.

Encourage innovation. Coach producers on how to assume the role of a trusted friend, one who offers prospects sound insurance solutions and responds to unique financial challenges. Requisite to maximizing sales potential during these tough times is your producer’s ability to not only offer attractive products to prospects but also to come across as someone driven, knowledgeable and understanding. Train your sales staff in how to correctly read their prospects. Offer tips on how to align their own personality and communication style to those of their existing or potential clients.

Maximize your producers’ rate of success by helping them retain and grow existing customer relationships and acquire new customers. Make sure they’re calling on the right people in the right accounts with innovative and competitively unique ideas. Involve yourself. Offer to attend a presentation or go along on a sales call if doing so might help capitalize on an opportunity.

Today’s Sales Incentives

While hefty commission checks are what drive most sales personalities, there are other incentive options that may also help maximize a producer’s performance. However, keep in mind you may need to tailor those rewards to the unique preferences of each member of your sales team. For example, one person may find the chance to earn sports tickets as a worthy goal while another may see free lunches and seminars as perks. Find what truly inspires your sales employees and offer what you know they’d like to spur them on.

Fostering a spirit of competition can also enhance sales performance in a weak economy. Some managers are now placing a greater emphasis on prospecting, asking producers to double-up or, in some cases, triple these calls. They set prospecting goals with each producer and create a point/reward system for the various stages of prospecting.

A closed deal might earn four points; a proposal, three points; a completed presentation, two points; and a scheduled presentation, one point. The producer with the most points within a given time frame chooses from a short list of rewards — the more points, the bigger the reward.

By breaking down a time-consuming process such as prospecting into small, closely monitored segments, you’ll help producers keep better track of their progress and, most likely, push more aggressively. Recognizing the importance of successfully navigating staff through these difficult economic times is critical.

CSRs

Smart customer service representatives (CSRs) know they can be transformed into great ones if their manager is willing to take the time to uncover their hidden strengths and foster professional growth. Whether your agency’s CSR job description emphasizes service, sales or some combination of the two, it’s more important than ever to provide the educational foundation necessary to help these employees build your business.

Some CSRs are geared primarily to service. They are nurturers who can empathize with others, make customers feel appreciated, resolve problems and retain business. Teach these more cautious, behind-the-scenes players everything they need to know about effective communication, call control, phone etiquette, conflict resolution and rapport building.

Keep them current on the latest trends, policy changes and new rules. The more your service-minded workers know about any given situation, the more independent, effective, confident and productive they will be. Get them to see account rounding or cross selling as an extension of good customer service.

Other CSRs will exhibit a natural flare for sales. Their solicitations for new business may be more understated than outside producers’ but with some solid coaching and sincere encouragement, CSRs possessing an assertive, competitive personality can often readily convince existing clients to make additional purchases or renew. Boost the potential for their rate of success by role-playing, providing incentives and offering to lend extra support whenever necessary.

Flexible Time, Telecommuting Options

While working non-traditional hours or from home is not everyone’s idea of a perk, it ranks highly on many a CSR’s list of enticing benefits. As the expected but unprecedented generational shift occurs throughout the working world, it’s likely employers will place greater emphasis on what, by most accounts, is the top priority of younger workers — increased work/life balance.

Employees from Gen X and Gen Y — the two generations poised to start replacing retiring Baby Boomers — are increasingly insisting that companies respond to their strong desire for a range of different programs and initiatives, such as flex time, casual environments and telecommuting. While a company’s lack of these initiatives may not be the sole factor in a CSR’s decision to leave, it can certainly influence it.

And a revolving door of dissatisfied employees will destroy your revenue — not maximize it.

In today’s recession, maintaining strong sales and a motivated staff are two of your most daunting challenges. But poor sales and low morale can be turned around if you make the effort and take the time to understand and address employee attitudes, expectations and beliefs.