A BLUEPRINT TO SOLVE PRODUCER MOTIVATION
Motivating producers to sustain a high level of performance year after year is one of the biggest challenges for agency leadership.
Here are the two primary causes of the motivation problem:
#1: No financial planning
Most producers have no idea how much money they’ll need to make and save to fund their financial obligations. This means they are financially ignorant to what they’ll need to do to afford cars, university tuition, weddings for their kids, as well as their own retirement. In fact, less than 20% of producers are saving enough… and they don’t know it.
Show them what they need to do to meet those obligations and you better believe they will get motivated.
#2 Poor reporting systems
Many times agency leadership is “stuck in the past” by using outdated spreadsheets and reports. These are time consuming, difficult to manage, and very rarely updated. This alone leads to a huge amount of missed opportunities. Plus, to add insult to injury, most producers find these old systems mundane and de-motivating instead of useful and inspiring.
Here’s the iWin simple 3-step formula for accelerating performance of any producer:
Life is full of distractions. Phones, email, personal problems, family issues—you name it and there’s a distraction just waiting to take you out of your game. Combine this with the common confused producer questions: “Who do I prospect, how much prospecting should I do, and when should I do it? Will I make cold calls, work referrals, or ask for introductions?”,and you have a formula for sub-par performance. When a producer lacks Clarity, they become confused—and confused producers never excel. However, when a producer is crystal clear about their goals and desires… it changes the entire game. If you want to send producer performance into the stratosphere, they need to know how much money they need to meet their financial goals, how big their book needs to be to provide that income, how much new business they need annually to achieve that book, and ultimately, how much new business they need to bring in this year.
iWin helps your producers achieve focus and this is absolutely critical to success. Gaining this focus allows you to block out and eliminate the distractions that prevent you from achieving your goals. This sense of focus saves you time and helps shorten the sales cycle by leaps and bounds.
As a leader, coach, and mentor, you need to be challenging your team individually. This means having your team write their goals down for easily accessible accountability.
If you only have one producer, this can be handled with willpower as you just push your way through the challenges of motivating and managing them. But if you want your business to scale, this won’t work. True exponential and organic business growth depends on a bulletproof system for goal setting, goal management and goal achievement. And that’s exactly what you get with the iWin Agency Growth System.
Featuring The iWin Private Producer Portal
- Leadership can easily conduct Quarterly Reviews
- Producers become more motivated to SELL and goals are clearly displayed in the iWin CRM
- Achieve faster growth as your producers’ personal needs and goals become aligned with the agency
The iWin MY PLAN feature includes:
- My Career Goals – all the big expenses are clearly laid out.
- The 4-Year Visionary Plan – understand exactly how much new business you need annually (including accounting for shrinkage).
- 12-Month Action Plan – get access to all metrics, so you know exactly how many new accounts you need, what size accounts you need, and how much prospecting needs to be done to meet these goals
Your producer will be able to capitalize on this information to determine the growth of their books of business, lay out their 12-Month Action Plans with Net Growth Plans, create New Business Plans, and create a clear and targeted Prospecting Plan.
My Plan is integrated into iWinCRM, includes:
- Career Goals
- The 4-Year Visionary Plan
- The 12-Month Action Plan
- Efficient and easy data management
- Automatic updates based on activity
In mid 2011, the agency’s growth was flat, and they did not have a plan for growth. Their producers were not motivated and their hiring success rate was far less than acceptable.
John Marchetti, one of the partners, met Randy at an event in Chicago in August of 2011. He was impressed with what he saw and decided to join the iWin Team and go ‘all in,’ with the iWin Agency Growth System.
“… Our culture is totally different, from the way we go after business – we WIN, rather than sell…”
In mid 2011, our agency was languishing. New business was little better than flat; many of our producers were less than highly motivated, and we had no plan for organic growth.
After attending an iWin Forum in Chicago that August, I decided to hire Randy and his team and to go “all in” with the Wedge system.
The first year was tough because change always is, but even in the early days I could detect a shift, taking place in our culture like a snowball that was gaining size and speed, as it continued downhill.
Finally, after about a year, we experienced a breakthrough and things have not been the same since. Our culture is totally different — from the way we go after business (we win rather than sell) to the way we retain business (we over-serve the top 20% of our customers) to the way we hire and the overall mindset of our operation.
Insurance is fun again and our future is bright. My daddy used to tell me, “Son, winning beats losing every time,” and we are winning now and enjoying it.John E. Marchetti