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NEWS, NEWS, NEWS!
PROSPECTING BY DESIGN: PARTNERSHIPS
Partnerships can be one of the most fruitful ways to prospect for clients. Professional
partnering is simply partnering with another professional who has clients in need
of your services or another professional that has a service that compliments your
services. Professional partnerships can be made to simply share existing clients or
even cooperatively prospect for new clients. See page 3.
USE REJECTION TO FUEL FUTURE SALES!
Many agents are really focusing on increasing the number of prospects they see each
month to increase their sales. As you get in front of more potential clients, remember
that rejection is a natural part of sales. Although you can’t prevent all rejection, you
should take it personally. Rather than seeing it as something beyond your control,
control your response to rejection and use it to increase your future business. Study
what you do as a sales person to understand why some clients reject your pitch – is it
your presentation? Are you qualifying prospects correctly? Learn, so that you can
ensure rejection happens less often. And when the inevitable rejection does happen,
keep perspective on it and use it to fuel your future sales.
C O N TAC T U S
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T O DAY !
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Prospecting By Design: Partnerships
Prospecting partnerships can be extremely effective when multiple professionals team up to bring their individual ser-
vices to a group of customers. This can be as simple as conducting a financial seminar in which an
insurance agent, real estate broker, mortgage broker and a financial planner speak on different top-
ics within the same seminar. Another idea is for two professionals to team up and purchase the ser-
vices of a third professional. For example, an insurance agent and a financial planner could share
the cost of hiring an attorney to help conduct a seminar on estate planning and retirement maximi-
zation. The insurance agent would take care of all the life insurance needs, while the financial planner might take care of
all the investment needs. The attorney helps conduct the seminar, guiding the audience through the legal needs associ-
ated with each topic. This same method can also be used with the services of a CPA. The CPA can conduct a seminar on
tax planning, while the life insurance and retirement plan needs are handled by the insurance agent and financial planner.
A successful prospecting partnership will allow all partners to share in the expense associated with prospecting such as
mailing cost, advertising, room fees, banquet fees, and other costs. Since each professional brings a complimentary prod-
uct or service, each professional can prospect for customers without division. Prior to any partnership, it is always a good
idea to determine what products or services will be offered and which professional will be responsible for those products.
This will help avoid any potential conflicts, especially when products or services may overlap.
Approaching a partner
Before you start approaching any professional, you should have a game plan prepared. The worst thing
you can do is offer a partnership to another professional, but appear unsure of how it would work, or what
the parameters of the partnership would be. You want to look like you have done this before and your system has yielded
success for both parties. Write your plan down on paper and put yourself in the other person’s shoes. If you were ap-
proached, is this a plan you would agree to? Remember, money is always a big motivator, but not the only one. No one
wants to put his or her clients at risk with an unknown person, product or scheme. Always keep it simple. If your product
or pitch is too complicated, it will more often than not scare the other person away.
Start by outlining the needs of that professional. Make a list of all the areas that your life insurance products and knowl-
edge will be an asset for the potential partner. List the areas in which offering your services to the partner’s customers
will lead to more work for the partner as well. On your
sheet, list your qualifications for the partnership and the
relevant experience you have. This could be as simple as
past clients that you have worked with or designations
such as CLU, CHFC, CFP, or any other relevant training.
Next on your sheet make a plan of action. The plan of
action is the outline of steps you will take in order to cre-
ate more business for the partner and yourself, if you Did You Know…
have access to the clients.
Whatever the steps are, you have got to show that you The more specific you are in
have a game plan to create activity within the partnership. your game plan, the more it
Last, but certainly not least; you should outline looks like you have
how the partnership will financially benefit the successfully partnered with
other professional. This could be a split of com- others in the past. This
missions on each sale, or the creation of more means getting into detail
billing hours, in the case of an attorney. If part of about what telephone script you will use, even what
your partnership plan is prospecting, then you time of day you will make the calls. It can also be
should outline your prospecting idea and any cost what type of articles you will write in a newsletter,
associated with the idea. It is very important to clearly or what specific selling strategies you will talk
specify what responsibilities belong to each professional. about to the clients. Being detailed allows you to
Once you have everything outlined, review it, memorize have a better agreement with the attorney or other
it and get it printed so you can present it in a professional professional on what you expect out of the
manner to your prospective partners. relationship and what they should expect of you.
Taken from Top Seller: A Transformative Approach to Selling for the Life
Insurance Professional by Steven Ryan Earl.
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April 30, 2009
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