IT’S NOT JUST ONE THING BUT MANY

July 19th, 2011

As I mentioned in a post a few days ago, I planned to shut down access to my free video series on the 22nd. Well, my website design team has a schedule conflict that won’t allow this to happen until the 29th. I guess that means there is one more week for you to access the series.

When I started coaching agents and creating videos, I was confident that I could help others transform their agencies and careers. I still am. But what I have been most surprised at is the belief that many have that it’s just one thing that makes all the difference. Yes, one big idea can have tremendous impact, but it’s many, many things that transform a career.

The biggest idea is this: do one thing and do it very well. Narrow that one thing until it’s an even smaller one thing. Narrow further. You see, in a world where a resourceful person can reach your prospect with a tailored message from anywhere in the world via email, Twitter, Facebook, why would they do business with you, a generalist? Because you’re a nice guy isn’t enough.

One of the main ideas I discuss in my video series is that of niches. Choosing a niche is not just a powerful strategy to focus your efforts, it’s critical to your success (and mine). My advice to others: focus on just one thing and then do many things to build your value proposition for that one thing. Learn to choose.

OPEN LETTER

July 11th, 2011

Have you ever given someone really great advice and then walked away asking yourself “why am I not doing that?” Consider me guilty.

You see, I wrote on this blog a lot about narrowing your focus, choosing a niche, and doing more of less (see here, here, here, and here). Why did I write such things? I was in the process of doing the same for my business and writing about was helpful to me and hopefully helpful to you as well. While I have been coaching other agents, both face-to-face and online, I have maintained my personal production.

It turns out that these two paths are very difficult to merge and give the respective attention they deserve. Try driving and texting at the same time. Eventually, it gets ugly.

As I have been practicing my own advice lately (and taking much advice from others to heart) our firm, Fourth Dimension Financial Group has been growing quickly. As  result, I can no longer do agent coaching and personal production and firm-building and client relationship-nurturing at the same time and feel good about it.

As I preached in Video 3 of my video series, You Must Choose.

Expect significant changes to this blog as I narrow my focus and attention on the critical steps required to help clients financially retire with dignity and certainty amid very choppy economic and political waters.

THE CLIMB

May 3rd, 2011

Yes, it’s been a couple of weeks since I last posted. I’m not excited about that, but the key seems to be to just keep going.

The business of working with people to solve their respective challenges demands something of us that needs to be stated. The insurance and financial services business requires us to become comfortable being uncomfortable.

You see, the very nature of inserting ourselves into people’s lives to be of service requires that we discover and articulate pain. Upon discovery, we use every tool at our disposal to ease the pain for our clients. That’s how we create value. The nature of this is wildly uncomfortable at times. No pain, no solutions. Where’s there’s pain, there’s discomfort.

I think the best advice I ever received in this area went like this: “If you want to be successful in this business, plan on things being weird.”

The climb is not perfectly linear; it’s wrought with dips, plateaus, and jagged edges. When we believe otherwise, we miss something beautiful about the process. Let’s be comfortable while we’re uncomfortable. Our clients need us more than ever, it’s tough out there.

Uncomfortable…for them.

HOW TO OPEN A NEW MARKET WITH A SINGLE PHONE CALL

April 6th, 2011

In my agent coaching business, the most frequently asked question I receive following the introduction of a new concept or strategy is this: “That’s great, but how do I find people to share it with?” That’s a wonderful and perfectly valid response.

Here’s how to create a new market with a single phone call or email. Think about what type of person would best benefit from this new strategy or product. Who do you know that already knows you, likes you, and trusts you that fits the profile? Contact them and consider saying the following:

“Joe, how are you? (small talk ensues…) Hey, I was wondering if I could ask for your help on something. I’m working on a new offering in my business and you came to mind as someone who may be helpful to talk with. Can I buy you a cup of coffee and get your insight on this? It would really be helpful for me and who knows, you may learn something as well.”

Notice what happened here. You didn’t ask Joe to buy anything or do anything other than offer his insight. I am yet to meet someone that doesn’t enjoy being asked to offer their insight. While enjoying the cup of coffee you paid for and thinking through this new offering, Joe is very likely to try the solution on for himself, since you already guessed that he may be a suitable candidate. As a result, I have often found that they will either 1. ask if you can help them with their problem, or 2. suggest someone else that may want to hear about it.

When we simply ask for help from those that not only care about us, but can also benefit from our solutions, we open up new markets, discover new prospective clients, and offer a humility-based approach that is very attractive to people that are used to being pitched-to by salespeople.

CAN ONE IDEA CHANGE YOUR EFFECTIVENESS BY 29%

March 29th, 2011

If you know of and believe LIMRA, then the answer is yes. Here is a link to an interesting finding by LIMRA.

At times, we all get taken by the “do more stuff” brand of growing your agency. In fact, the first thing I was told when entering this business is that it’s “an activity business.” Do more stuff = see more success. There are elements of truth in that statement, but if you are hoping to transform your business and see your results grow by leaps, then simply doing more activity isn’t the answer. (I realize I just committed industry sacrilege)

How you do what you do is critically more important that how many times you do what you do. World-class athletes are discovering that training less, but in new ways, is far superior to simply training more.

If you’ve subscribed to the more-activity-is-always-the-answer methodology, I wish you luck. If you believe that technique matters, welcome home. You’re now among friends.

WOODPECKERS AND BILLIONAIRES

March 28th, 2011

In the circles I run in, there has been a fair amount of talk lately about billionaires. Aside from the appeal of being a billionaire, the talk is more about the attributes required to become one. Truth be told, I have no desire to be that wealthy, which is probably going to seal my fate. I am, however, interested in the psyche and practices of said uber-upper class.

In a recent re-read of one of the best little books you’ll ever find, Seth Godin’s “The Dip,” I stumbled upon a glorious illustration of what I think it takes to become wildly successful in your chosen endeavor.

“A woodpecker can tap twenty times on a thousand trees and get nowhere, but stay busy. Or he can tap twenty-thousand times on one tree and get dinner.”

I don’t think we’re to take this as permission to inundate a single prospect with our entire arsenal of sales collateral long after the street lights have come on, ushering us home. Instead, I think this best speaks to the discipline of working your chosen niche until you find gold. By focusing all of your gray matter and muster on your chosen field rather than “diversifying,” you do precisely what billionaires do.

Billionaires go deep in their niche, rather than invest time and money in multiple businesses, hoping one of them will pay off. Studies show that they diversify within their niche, not among niches. They tap twenty-thousand times and get dinner out of that tree rather claim ownership of all the trees. In fact, they generally don’t diversify until after they have significant wealth.

Thinking of buying that building over there that looks to be a great deal? Multi-level marketing opportunities catching your attention? Before you act, consider the opportunity cost of the distraction from your business. Instead, become the expert in your business.

Also, please “Like” this page by clicking above on the blog. Thanks.

THAT MIGHT WORK FOR YOUR MARKET, BUT…

March 24th, 2011

I do a fair amount of coaching and teaching of other agents. I do it for several reasons: 1. It’s fun to inspire others, 2. I believe the greater public is underserved by the insurance and financial services industry, and 3. There are principles that are transcendent and should be known by all of us agents, so why not give back?

One of the most frustrating aspects of coaching is the inevitable push-back. Let’s call them objections. They usually sound like: “That’s really great stuff Adam, but I think your market and mine are different. The people I work with don’t…” Or, “When my business grows, then I will…”

You see, one of the best reasons to pursue coaching is to learn what has worked in various markets and in more developed practices than yours. If you are taking your cues from others that are in the same spot as you, then you’re not learning, you’re simply talking.

One of the best pieces of advice I ever received and I repeatedly offer others is to clearly define the market you wish to serve and write it down. Such a simple exercise that few of us do regularly. Why is this so important? If you just bought a new red car, are you now shocked to realize how many other red cars are on the road? They’re everywhere!

In the same way, when you define your ideal client, you begin to see them everywhere and you get really good at serving them…

…even before you’re fully in that market.

You wake up one day and realize that a growing percentage of your book of business is made up of ideal clients. There is no better way to scale your business than by creating it on paper first and opening your eyes to all the red cars on the road.

SEVEN QUESTIONS FOR YOUR BUSINESS

March 14th, 2011

Are you serious about growing your agency? Ask yourself these seven questions:

  1. Do I know precisely who my ideal client is and why?
  2. Do I have a strategy to reach my ideal prospect written down?
  3. Have I thought through all of the client “touch-points” in my business to ensure that they resonate with my ideal prospect?
  4. Am I (or is my process/solution) interesting to my ideal prospect?
  5. Have I differentiated myself and my process in order to make it impossible for others to offer the same commodity to my ideal prospect (and cheaper)?
  6. Once I make my ideal prospect into a client, do I have a plan to keep them ecstatic with my product/process/solution/team etc.?
  7. Do I really care enough to spend the time to figure this stuff out, or am I happy enough just selling anything to anybody?

Answer these questions and you will set yourself apart from your once-competitors in many, many ways.

WHAT CHARLIE SHEEN CAN TEACH US ABOUT BUSINESS

March 2nd, 2011

Wow. I can only shake my head in disbelief after finally watching the big interview with Charlie Sheen. What in the world is going on there?

It seems that everyone wants to speculate about what is wrong with him, whether it be drugs or deep insecurity or pathological narcissism. Maybe it’s all of those…I don’t really know and I don’t care to judge. That’s his business.

Here’s what he knows about your business: being on-top has real benefits, but it also has a stiff price tag with it. As a guy who pockets a reported seven figure paycheck per episode, he understands the forces of celebrity and scale. Specifically, he knows that you cannot have one without the other and ultimately, the real check you cash is your own privacy.

So when the news was in my office this morning asking me about striking a balance between retirement and college  planning, my mindset shifted when she asked me about my family (I have five daughters). I didn’t know the question was coming, and I didn’t have a prepared response. In other words, I had my tiny little celebrity meets privacy moment.

Ultimately, choosing to get your message out to a larger audience eventually requires a choice. Is your message important enough to sacrifice commensurate amounts of your privacy to get it heard? Will the improved outcome to your listeners warrant your vulnerability? In the end, this really comes down to whether your business’ message is at all worthwhile. If you do nothing different than the next guy, keeping to yourself may be wise. If what you do is different enough and valuable enough to earn you expert status, use a strong voice indeed.

I would love to hear your thoughts. Feel free to comment below. Also, please “Like” this by clicking above. Thanks!

WHO IS DRIVING YOUR BUS?

March 1st, 2011

How many distractions does it take to veer you off course? Can you even determine what course you’re on right now?

I get the fact that every agent and advisor has distractions. Whether it be product changes, new regulations, paperwork, contracts, production requirements, or the color of your brochures, there is a sea of change that has become cliche in the insurance world.

I fear that most agents and advisors have never stopped long enough to sort out their own business well enough to know which changes actually impact them and which are just noise. After all, how can anyone know for sure what is helpful information and what is just noise when the course has never been set.

When we let the constant noise distract us from the course we’re on, we allow someone else to drive the bus. Instead, getting really clear on our desired market and our unique process allows us to much more quickly sift through the noise and actually grow our business. Without knowledge of our desired outcome, we have no chance of prosperity in this business or any other for that matter.

Ask yourself:

  • who is my ideal client?
  • what problems do they need solved?
  • who offers me the best product offering for their needs?
  • how will I structure my business to best serve them?
  • how will my office and website look to appeal to them?
  • what will I say and do when I’m siting in front of them?

Without answers to these questions, the noise simply becomes too loud and the bus is headed for a cliff.