The word commodity is used frequently in the insurance industry. The term most often refers to the approach by which employers buy insurance and reflects the perception many have of how we do what we do as an industry.
While I believe nothing could be further from the truth, I do believe that the commodity perception is often driven as much from within the industry as outside it. I recently wrote a post about the need for Producers to have and exhibit gumption in the sales process. I want to elaborate on that thought.
When we fail to hold ourselves accountable to ourselves, our beliefs, our personal goals and objectives we not only allow ourselves to be a commodity, we diminish our own personal value; in the marketplace and in our world at large.
Our personal value can only be eroded when we allow others to gnaw away at it. This can happen all at once or over a period of time. Sometimes it’s obvious, but most often our value erodes over time because we fail to protect it and care for it. There is a slippery slope which occurs when we fail to recognize the signs: clients cancelling appointments without the courtesy of a call, prospects not willing or “able” to spend the time necessary for you to really understand their business, colleagues that ask you to engage in business opportunities that don’t align with your goals and objectives, friends and family that over reach time and time again.
We know it happens when we become frustrated and resentful of the time we spend on activities, people and opportunities that are not in alignment with who we are and who we want to be it to in the marketplace and in our life. The problem is, we got there by the choices we made.
My partner recently wrote an article, “Who is the Commodity?” In it he outlined the case for Producers to recognize that they are the prize and the business owner is the commodity. After all, Producers only need between 8-10 good accounts each year with their
perfect client type (PCT) to be successful. There are 1000′s of business owners that may fit your PCT, but in all likelihood there are fewer Producers who want to and have the ability to engage in a comprehensive, consultative manner to improve employer outcomes.
Your value, like your reputation grows each day. It must be cared for, nurtured and protected. If you don’t have the gumption to protect it, why should anyone else?