Power Producers gets LAUNCH’ED!
I had a blast jumping on the Power Producers Podcast with David Carothers and Kyle Houck. We covered a lot of ground from Cornhusker and Big Ten football to Insurance Agency Value Propositions. Some of my favorite takeaways from the show are below.
Do you even have a Value Prop?
What’s your Value Proposition that you present to a client? How do you specifically or how does your agency provide more value to that prospect than your competition. If your answer relies on an insurance carrier you may want to rethink that strategy. We discussed how we used to be able to differentiate through carrier contracts, and while we still can to a degree (depending on some limited contracts that are out there), it is increasingly difficult to rely on these contracts to stand out to your competition. Simply put – don’t rely on them and create your own Value Prop.
Show Value outside the insurance product.
SOLVE YOUR CLIENT’S PROBLEMS. Don’t solve the problems that YOU think they have or that YOU have a solution for. Make it about them. Learn about your clients and the problems they are facing and find solutions that they will find valuable. There are so many tools out there that you can bring to your clients from compliance platforms, OSHA support, to Risk Profile Scoring etc. Figure out what common problems your target prospects have, find solutions and you will win business.
Quantify Risk and Impact to your clients.
Insurance is an intangible product. If we don’t figure out a way to score our results with the client then the client will look at their premium increase to decide if you brought value to them. Don’t boil your value down to only the premium. Cost is an important factor but you can change the dynamic if you can show the client other quantifiable ways to determine the value you are bringing to their business. Show them a financial impact if they don’t implement your solution, create your own risk scoring mechanism, or show them potential OSHA fines they could be facing. Anything that creates a real value to the client.