Super Agent

Posts Tagged ‘clients’

Lost a Client? Don’t Lose Touch

There are a number of reasons why you may have lost a client. For example, maybe you failed to effectively communicate your value proposition, the goals of all parties weren’t in alignment, or they just weren’t the right fit at that time.

Reflecting on the reasons you lost the account is important because understanding why can help you improve your future relationships. But, it’s also important that you stay in touch with the clients you lose. Losing a client doesn’t mean you have to lose the opportunity to work with them again in the future.

It’s a good idea to keep them in the loop:

-Update them on new developments,

- Continue messaging to them if the content of your message will resonate with or help them,

- And, always be open to new ways of engaging with them down the road.

Just remember to disengage with the same level of humility and respect that you have going into new relationships. 

In an article on Bloomberg written by Allan Colman, he says: “just because you’ve lost the business right now doesn’t mean that the business development opportunities are gone forever.”

Sales Process vs. Technical Knowledge: You Need Both

We often talk about the importance of having an effective and repeatable sales process.  Subscribing to a process shortens the learning curve for new producers, provides prospects with a consistent engagement experience and, most importantly, helps them self-discover what risks exist that threaten their business, and what they hope to accomplish. But ultimately, it’s just as important to have the technical knowledge needed to step in for your clients when things are going wrong and correct dangerous situations.  

For example, in a complex business transaction between two or more entities, you have to know what the rules are with respect to experience ratings and experience mods. If you leave a situation up to chance and let it play itself out, you could be unnecessarily costing your clients tens if not hundreds of thousands of dollars.

It’s not enough to simply talk about reducing risks—improving technical knowledge will not only improve sales outcomes, it will also allow you to rise to the occasion with confidence when there is a lot at stake, and provide measurable value to clients.

Do you feel that you have the depth and breadth of knowledge needed to understand issues and identify opportunities? It’s not easy, but it’s essential.

Out of Sight, Out of Mind

If you ask an agent, “What do you think the number 1 cause of property loss is?” Most will give you one of four answers—wind, fire, earthquake or flood. But all of these environmental factors combined don’t cause as much property damage as… termites. Millions of these silent insects gnaw away at the walls of buildings from the inside, often completely undetected until the damage is significant.

Likewise, if you ask an agency leader why they aren’t meeting their goals many would say, “We don’t have enough top-line revenue.” But by focusing only on this metric, agencies are missing what is most likely eating away at their profitability out of sight and out of mind.

Although it is important to keep an eye on the top line, in order to build a real platform for growth you should also invest time and effort into raising the average profitability of your existing customers.

Are you having conversations with your clients about what they need? Are you putting a formal plan in place to make sure cross-selling opportunities are being discussed? What are you doing to get the most profitability from your existing accounts?

If you are not consistently and efficiently assessing your infrastructure, it could begin to erode while you’re not looking.