5 Key Points of Sales Analytics
If you are a firm who represents itself as an organization that professes to provide client outcomes under the banner of a Value Proposition, please ask yourself these questions: “Is it my opinion, or fact? Can I actually demonstrate it on a client’s financial outcome using credible data, or is it just my opinion? Does my competitor share the same opinion?”
Here is what you can be certain of... every single one of your largest prospects are now running their business on analytics, outcomes, KPI’s (Key Performance Indicators) and financial results. Many make their business decisions based 100% around these principles. They call it Decision Support. They want and need facts, not a salesperson’s opinion.
While you offer resources and client services, and you profess to be the “Broker of Choice,” as Dr. W. Edwards Deming once said:
“Without data, you are just another person with an opinion.”
While you are at it, ask yourself this question: “How would my income increase if I could call on a new account and show them what their improved results would be by appointing us the Broker or Agent?”
Would you like to sell that way?
Of course you would. You would have done it a long time ago if you could have. But, the technical ability to do it did not exist. The facts are now arising from the world of Big Data and Cloud Computing and can’t be ignored. Imagine the power of telling a prospect as part of your close... “When you appoint us as your Broker, here is what you can expect your cost structure to reduce by. In addition, here is the how the reduction will impact your earnings, ownership value and production costs.”
So, here are some things that you should know about selling from this point forward. SELLING HAS CHANGED FOREVER. Data and analytics are not buzzwords, but outcomes. Without them, your entire business model is now on a shaky platform.
So, if you want to get out of the opinion business and into the outcome business, here is what you should know:
The financial buyers of today do not buy processes. They don’t have the time to investigate the potential. You need to tell them about the outcomes first, then they will change a process.
A prospect needs to understand quickly how your proposed outcome will impact their current metrics and KPI’s. Many are making all their main business decisions based upon how these key metrics can be improved.
If you stay only on the insurance discussion, you will get stuck. Frankly, there is only so much you can do. Risk financing costs are just a small part of the client cost equation and don’t provide much leverage, other than moving from one mechanism to another (eg. First Dollar to Deductible to Captive, etc.)
You already have impacted your clients’ outcomes and costs... you just don’t know what the actual impact is, and you can’t prove it. Any of you who provide clients with resources such as risk control, claims, third party resources or even carrier loss control, have an established financial outcome. It’s time to take credit for your hard work and expertise.
If you are planning to stay in the middle and upper/middle market brokerage business, you need to start moving now. A recent Accenture/GE Capital survey indicated that 89% of business respondents indicated they were investing heavily in analytics and business outcome metrics. THOSE are YOUR prospects and clients! How are you going to support that?
So, here is the bottom line for those of you who are part of a sales organization... You probably need to change your sales platform to better serve your clients and prospects. Those brokerages that do this in the next 18 months will have a place at the table. Those who do not will be peddlers of their opinion, and you know what they say about opinions... everyone has one.
Oh and one more thing while I have you. It might be worth your time to check out the link I have embedded to TCORCalc®. TCORCalc is now providing Brokerage Analytics, Metrics and Data that answer the important question: “Why should I appoint YOU as our Broker or Agent?”
With over 30 years in the insurance industry, Rob was considered to be one of the nation's top performing brokers when he started his own consulting company in 1993. Since then, his guidance has helped many organizations across North America increase their profitability, growth, and develop their sales teams.
Rob is considered the industry expert on Total Cost of Risk quantification and franchise account attraction and retention strategies.