The Consultative Broker™ Briefing
Volume VIII, Number 7
A Free Publication of C.R. Ekern & Company
888.670.1177
www.crekern.com
Copyright, C. R. Ekern & Company, 2007

The 7 Pathways of Highly Successful Prospectors

Successful Consultative Brokers appear to have an uncanny instinct for developing quality prospects.  I said they appear to have this instinct.  What seems to others as instinct is in fact a series of strategies that they have developed over the course of their careers.  These strategies have been learned through numerous trials and errors, wrong roads chosen and the ultimate discovery of their true pathways to success.

Before we discuss these pathways, we all need to accept one fact.  Successful Consultative Brokers are fearless as regards looking into their production pipeline, they know it is one of the most important things they do.  This fearlessness is coupled with honesty in the evaluation of an opportunity.  They practice tough love in their assessment of where they stand.

Here are the 7 pathways of highly successful prospectors:

1. They choose their prospects.  A Consultative Broker is constantly looking for prospects that fit their business style.  Before committing to work on an account, they make certain this prospect shares a number of their values.  They know the agony of obtaining an account that will not let them operate as a business person.
2. They have prospect expectations.  During the prospecting cycle they will test the prospect in many ways.  The purpose of the tests is to ascertain their ability to obtain Broker Control.  Therefore, they request information, suggest meetings, and require the prospect to place some “skin in the game”.
3. They move upstream.  The vast majority of all insurance salespeople stay in the same waters.  Therefore, these waters get polluted with the number of people all telling the same story…price and coverage.  Consultative Brokers have the ability to go upstream and call on larger accounts.  Actually, the competition is less the farther they go upstream as fewer competitors have the skill or equipment required to compete in these fast flowing large account rivers.
4. They understand spheres of influence.  Consultative Brokers know that as a usual course of business, large account buyers tend to associate with other large account buyers.  These brokers make a point of knowing what spheres of influence their prospects are related to.  In doing so, they are able to increase their leverage during the prospecting cycle by making certain they reference other clients in this sphere of influence.
5. They don’t fight City Hall.  They understand that from time to time they will work on a deal that just can’t be done.  Whether it is the marketplace, the relationships inside the account, or a series of circumstances that just makes the deal messy.  When that occurs, they go on to the next one.  They understand that their time is just too valuable to expend on every deal.
6. They lock the backdoor.  A Consultative Broker is committed to the growth of their business operation.   One of their main areas of focus is the retention of current accounts without having to constantly compete for their own renewals.  For that reason, they provide clients with regular updates throughout the year that pinpoint ways their firm has brought value to the buyer.  Therefore, they are not spending valuable prospecting time on “saving” the deals they have already done.
7. They constantly ask the “Value” question.  During the prospecting cycle a Consultative Broker spends their efforts on establishing a differentiation based upon a value proposition.  Once they have it, they are in a position to make a presentation to the prospect based upon their ability to reduce costs and impact the buyer’s balance sheet.

Successful Consultative Brokers keep their “eyes on the prize”.   The prize consists of a high quality prospect list that leads to constant growth.  They stay to these 7 pathways when working on accounts.  They understand that to veer off these paths will lead them into a dense and tangled forest.  When that occurs, they will spend a great deal of effort clearing their way out.  They know it is impossible to keep their eyes focused on the prize while at the same time hacking at the underbrush around their feet.

Best regards to all Consultative Brokers,

Rob Ekern
President
C.R. Ekern & Company

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Consultative Brokerage® Techniques are utilized by agents and brokers across North America in the development and retention of upper middle market revenues.  The Consultative Broker Briefing is delivered electronically free of charge to selected agents, brokers, and other insurance professionals across North America.  To subscribe to The Consultative Broker Briefing, please click here.

Copyright 2007 C.R. Ekern & Company