If your mindset is set on abundance, you will sell with confidence. If it’s set on lack, you will sell out with desperation.
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This transcript was auto-generated. Please excuse any typos or grammatical errors.
Let’s talk about trying to be all things to all people.
I imagine if you’re listening to this episode and you’re an insurance professional. Anybody who’s in sales today, your goal is to win more business, right? Your goal is to grow your book. And the problem right now is you might be operating from a lack mindset, a fear that there is not enough to go around. Let’s face it, in today’s society, especially with everything that’s going on economically, it’s easy to to feel like there’s not enough going around.
We’re having supply chain issues, monetary issues, you name it. Right. However, what I’m going to ask you to do today is to flip your mindset. I’m going to ask you to attack your prospecting from an abundance mindset. We’re going to talk about that because when I look at the insurance industry right now and I was guilty of this myself, there is too much fear, a fear of not enough to go around going on around the industry.
I remember having a conversation with a former boss of mine, and this was right at the moment I was considering launching my coaching business because I had some peers who wanted help with speaking. They wanted me to help help them put talks together to go out and speak publicly. And I had made the comment to to my boss about the fact I was going to help other advisors.
And I’ll never forget the comment he made. He had hesitations with me doing this because he simply said, if there are a broker in this country, they’re a competitor. And that got me thinking back then. That man, so many in this industry operate from a lack mindset. You operate as if there is not enough business to go round.
I see it when producers leave one agency to go to the next. What’s their modus operandi? They go right back after the business they had at the previous agency. This is why the industry has had to create non-compete that are so airtight because producers just continuously go back after the same business. That’s an example of a lack mindset that there’s not enough not to go round, that there are not enough new prospects for you to go after.
Now, here’s the other problem. When you operate from a fear mindset, a lack mindset, when it comes to your prospecting, you start putting pressure on every win. You view all prospects as good prospects. You just want to talk to anybody because if you can get anybody in your pipeline, it’s an opportunity. But what happens is you start putting pressure on every one of those opportunities, especially if you have a specific sales goal.
It’s late in the year and you’re short of that goal, or maybe you have a validation period or a validation date with your agency. And that validation date is coming up. You know that magical time when your salary goes away. What you do is you start putting pressure on every win. I know I’ve been there, but what happens is when you start putting pressure on every win, you get desperate.
And I’ll be very clear with you. Prospects can smell your desperation, and what you do is you try, try. You start selling them on your timelines, not theirs. And a little secret in sales, again, whether you sell insurance or anything else is buyers are going to buy on their timeline, not yours. And I see advisors, I hear advisors talk about they need to go out and convince this client to hire them now, primarily because that producer has a specific sales goal.
It has nothing to do with the prospects timeline or when is the best fit or time and fit for them. It’s all about the producer. So when you are putting pressure on every win, you start getting desperate, You start trying to talk to anybody and all of a sudden your pipeline is basically filled with bullshit. Pardon my language, You’re you have a bunch of you have a full pipeline, but none of these people are qualified and none of these people are going to hire you.
I know this is where I was early in my career. In fact, in 2014, and I know I’ve exhausted this story when we moved out here to Colorado and I found myself in a market where nobody knew who I was. I just wanted to talk to anybody because immediately I had this panic mode, right? This fear, this lack mindset that I have to grow a book, a business, or else.
And so I just started trying to book appointments with anybody. I had no clear direction, no clear vision of who my ideal prospect was. I just wanted to talk to everybody and what ended up happening is I was able to book a lot of first meetings, but rarely did meeting one turn in a meeting too, because every meeting I walked into, I was trying to close.
Every meeting I walked into, There was a very good chance that prospect really had no desire to buy. They were not a good fit for what I was trying to do at that time. I thought my specific differentiator was self-funding, so I ended up talking to a bunch of prospects who were not good fit for self-funding, at least mentally and philosophically.
And therefore I had a lot of appointments. I had what appeared to be a really nice pipeline that was going nowhere fast. And as that pipeline started to get smaller and smaller, I my desperation increased. Some of you can probably feel me here on this. Think of January one renewals, especially from a prospecting standpoint, right? It’s so easy to feel like you have all this opportunity on January one.
You’ve got ten or 12 different opportunities, right? And you’re feeling really good in September and October because you got all these opportunities coming up. But then what happens is slowly but surely, one by one, some of those opportunities start falling off. They’ve ghosted you, they’re not good fits. They’ve chosen to stay where they’re at. And also in late November, those 10 to 12 opportunities are down to two or three.
And what you thought was going to be an earned believable beginning of the year is starting to look pretty bleak and you are starting to get desperate. This is what I’m talking about is when you are trying to be all things to all people and you are just trying to talk to anybody, You lack a plan to target the people that are a best fit for you.
And this is where good sales opportunities go to die. This is where your prospects can smell your desperation. And instead of operating from a place of abundance, you are operating from a complete fear of lack.