The 80-20 rule proves itself all the time. Not surprisingly, its presence is evident as we look at the difference between good producers and those who are exceptional. At first, it may be hard to really see the difference in the characteristics of the two. That shouldn’t be surprising. Eighty percent of the characteristics of an exceptional performer are also characteristics of the good performer. However, it’s the additional 20 percent effort of the exceptional producer that will make the good producer an afterthought in the mind of a prospect. 

Where do you fall in the following areas? Are you good or are you a “20 percenter?”

Don’t manipulate the client’s problem to fit your solution, adjust your solutions to fit their need

There was a time when having a list of solutions gave a producer an advantage - those days are gone. Now, every producer has a list of Value-Added Services. The list has become expected. The difference between the good producer and the exceptional producer is that the exceptional producer understands the 80-20 rule of services. On most clients, 80 percent of their needs can be satisfied by a fairly standard, off-the-shelf solution. However, the other 20 percent requires a customized approach, or perhaps even the creation of a new solution.

The good - The good producer will relentlessly work to identify the needs of a prospect that align with their solutions.

The exceptional - However, the exceptional producer works relentlessly to identify all of the needs of a prospect, even in areas where they may not yet have a solution. They understand that sometimes you have to go out and create a new solution.

When a good producer is competing with another good producer, standardized solutions may be just fine. However, when they are competing with the exceptional producer, that 20 percent difference will be the only focus of the prospect (aka the exceptional producer’s new client).

Question your success

The good - Good producers understand the need to learn from their failure. When they lose out on an opportunity they debrief with their team and review the “game film” to learn what went wrong. Sometimes, they even get brave enough to go and ask the former prospect why they didn’t win.

The exceptional - The exceptional producer goes one step further. They aren’t just satisfied with learning why they lost or even satisfied with getting a win. No, the exceptional producer wants to learn why they won. They will go through the same team debriefing, the same reviewing of game film and will always ask their new client why it was that they were chosen. The exceptional producer understands that having complete clarity about what led to the success is the only way that they can ensure a repeat performance.

Make a strong first impression

We all know how important the first impression can be. It’s even been said that we form an opinion of others in just a few seconds.

The good - A good producer clearly understands the importance of that first face-to-face meeting. He researches the prospect, wears his best suit, makes sure his tie is tied just right, looks the prospect right in the eye and gives a good firm handshake.

The exceptional - The exceptional producer understands that the first impression is no longer that first face-to-face meeting. She knows the first thing that prospect does when considering taking a meeting with her; it’s the same thing she does when she wants to learn more about the prospect, she turns to the Internet. Nowadays, before taking a first meeting with anyone, we to go through the ritual of searching their name on Google, seeing what they tweet about, reviewing their LinkedIn profile and reading what they have blogged about.

The exceptional producer knows that whatever a prospect learns through what they find (or don’t find) about her online is now the first impression she makes. So, when she and the competition show up for that “first meeting,” it is no longer an even start; the exceptional producer has already created an advantage by what she has communicated through her online presence.

Never make a statement when you could be asking a question

The good - Good producers are able to make a strong presentation. They are able to articulate well their value proposition and make a compelling case for their ability to perform. This can be effective if the prospect clearly understands what they need and are able to recognize the solution when they see it.

The exceptional - Exceptional producers understand that the recognized problems of prospects are easily addressed. However, they also know that the problem described by the prospect is usually a symptom of a much deeper problem and, additionally, that there are almost always problems from which a prospect is suffering of which they aren’t yet aware.  In other words, they don’t know what they don’t know.

For example, a prospect may hear that you (as a good producer) can help with the administration of COBRA and see that as something they need. They hire you, you take over the administration of COBRA and you both think that this is a successful resolution.

Now, contrast that to your approach as an exceptional producer. You let them know you can help with the COBRA administration, but you start probing as to why it is so urgent. You learn that their turnover has spiked over the last few years and it has exposed the administration issue. When you ask why the spike in turnover, you get the honest answer that they aren’t sure. When you ask what they are learning during exit interviews, you find that they don’t do them consistently, if at all. When you follow up and ask how they are monitoring the level of employee engagement for active employees, you learn that, with their downsizing as a result of the recession, they no longer have the time or resources to do a survey. It’s the same thing with the hiring process. One of their first layoffs was an HR person who had the responsibility of coordinating the hiring process.

The exceptional producer has helped the prospect clearly see that the COBRA administration is really just a symptom of a much deeper problem. Focusing on that alone would be like putting a band-aid over a gunshot wound. Not only that, the exceptional producer now has several other opportunities to deliver solutions: a hiring process, an employee engagement survey, help with exit interviews, an opportunity to lower their rate of turnover, and (maybe by creating a new solution) the opportunity to create a revenue-generating opportunity for the agency’s HR person by being an outsourced resource to help with their HR issues.

Take inventory

The good - Good producers are hard on themselves. They establish their goals and objectives, they take inventory of the new skills they need to build, and what new solutions they need to acquire. Good producers are always focused on what they need to do to improve.

The exceptional - Of course, exceptional producers stay focused on what still needs to be accomplished as well, but they know that if that is their only focus, it will be exhausting. They also understand that it is easier to maintain momentum than it is to regain it once it’s lost.

It’s too easy to get lost in the overwhelming feeling of what is yet to be done. Exceptional producers find motivation by regularly reminding themselves of what they still have to do, but they find the confidence and momentum to get there by regularly taking inventory of what has already been achieved and by slowing down enough to celebrate their progress. It’s amazing how fast you can move when you slow down for the right reasons.

It takes a lot of work to become and remain good. It may be tempting to become complacent and feel that your goal(s) has been accomplished. By committing to work just a little longer and a little harder to become exceptional, you make playing the game in front of the prospect infinitely easier. It’s your choice, accept good as good enough and make every sales opportunity harder than it needs to be. Or, you can do the hard work up front, become exceptional and take the competition out of the game entirely. Exceptional is within your reach. You just have to ask yourself, “How bad do I really want it?”

Photo by ganesha.isis.

@kevintrokey

Do you like this post? Subscribe to BGN Blog.

Hi everyone -

Here at BGN we’re in the business of helping others achieve greater levels of success – specifically we focus our energies on employee benefits agencies.  However, what we talk about and teach can certainly be applicable to most other industries.  Welcome!  And we appreciate you all!

We cover a variety of topics as it relates to leadership & management of an insurance agency and development of the sales team & process, part of which is helping clients with strategic HR & benefits.

We bring this up because we’d like to hear from you – our readers.  We’d like to know what you would like to read about, or questions you have about agency management, the future of the agency, dealing with a sales process, struggles with teams or business models.  Whatever is on your mind, gnawing at you, or something for which you’re actively seeking an answer – let us know, and we’ll get to work on it for you!

We want to provide you with compelling information & ideas that brings you back again & again

How would you finish these statements?  Leave your answers in the comments below, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or pick up the phone and call (314.436.7171).

I want to read about…
I would like to learn about…
I need help with…
I want to understand why…

What would be interesting enough to make you engage in a conversation with us and other readers?   Blogging provides such a rich platform to be able to make connections, learn from one another, and share your own thoughts & ideas rather than just keeping them hidden behind the safety of your own computer.  Put it out there and let us know what’s on your mind – we want to hear it!

The more we all engage in conversations with one another, the richer the pool of information, the more ideas we have to draw from, and the better business people we all become.

So...tell us what's on your mind...

Kevin Trokey

President & Coach, Benefits Growth Network

Kevin Trokey is a coach and an implementer of business strategies. He works with agency leadership, department managers, and producers of benefits agencies to craft strategies and lead them to successful transformations by breaking down the complexity into manageable steps.

He regularly speaks about the role of HR within an organization and working with agencies to help them work with their clients on benefits/HR issues.  An important aspect of this is addressing the changing role of the broker, especially in light of healthcare reform.  At BGN, we focus on the overall management of agencies and tightly integrating the sales system into the operations and culture of the company, so topics along those lines are fair game as well.

See something that peaks your interest?  Contact us to find out if Kevin would be a good fit for your group.

This e-mail address is being protected from spambots. You need JavaScript enabled to view it with some of the details - what, where, when, and an idea of topic - to get the discussion started.

---

Sample Speaking Topics

Aligning HR with organizational goals/objectives

As organizations start to emerge from the survival mode into which they have retreated during the recession, they will find the actions taken to survive are quickly becoming obstacles to future growth.  The key to removing these obstacles and putting the organization on a path to meeting goals and objectives will largely depend on HR’s ability to become a strategic driver. We will focus on the “Why” and “How” of the issue.

How to move from a sales process that focuses on the placement of a product to one that focuses on the creation of value for the client

To move beyond a commodity sale and a position of a vendor with clients, sales people have to understand how to position themselves more strategically.  We will discuss the key areas of where decision makers ask questions and look for answers when crafting their own strategies.  From there, we will discuss how brokers can become the answer by identifying the opportunities to more strategically align their solutions.  As a result, brokers move from being expenses to investments and from vendors to trusted advisors.

The new broker role being forced by health reform

The pressures to change their marketing approach and value proposition have never been greater for brokers than what is being felt as a result of healthcare reform.  For those who successfully navigate the transition, the reward will be unprecedented opportunities for growth.  However, without a purposeful plan of how to make that transition, many brokers and agencies will find themselves victims and casualties of reform.  We will discuss what needs to be done to prepare for this new role.

Past Speaking Engagements

• Employee Benefit Adviser Summit
• Extreme Networking, Sitkins International (regular engagements)
• BGNLive!
• GBT, an affiliated group of independent multi-line agencies located throughout the Midwest
• Intersure
• St. Louis Association of Health Underwriters

What Others Are Saying

Rich Hill, UNICO Group, Inc., member of Benefits Growth Network

“During the past 12 – 24 months as I have been involved with NAHU & NAIFA concerning health care reform, I had attended several conferences and heard many presentations that suggested that as a benefits broker we would need to become more consultative in our approach.  In addition, we would need to become less focused on product and service and more holistic in our approach.  While I understood the need to make this change, I was not sure how we were going to accomplish it.  I knew that we would not just be able to say, ‘now we are one’.  In mid August 2010, I attended a meeting at which Kevin Trokey with Benefits Growth Network (BGN) was a presenter.  While his presentation was not a commercial for BGN, after the presentation I felt like I had just heard from an individual who would help us, at UNICO, make the transition we needed to make.”

Jay Tuson, CEO, Megson Fitzpatrick Insurance Services

“Why is it that a topic of interest to you can sometimes fall flat in presentation?  I believe the missing ingredient is usually passion.  The passion to not only learn the subject but the passion invest emotionally in your subject and your audience.  Kevin Trokey has that passion and is able to transfer it to his audience…a rare gift to be shared.”

Brandon White, Insuramax Risk Services

“I had the opportunity to listen to Kevin at a networking event that I recently attended in Denver, CO regarding The Benefits Growth Network and their unique approach. Kevin immediately commanded the audience with his confidence and candor on a topic that is confusing even the best prepared businesses with whom I talk every day. Kevin’s delivery is direct and educational with his focus on corporate vision, culture and accountability being exactly what businesses need in today’s economy. Kevin is a rare advisor who can funnel down a lot of noise into a simple, no-nonsense message of how to win.”

Just browsing, but want to learn more?  Interested in having Kevin speak at your event?  Let's chat.

This e-mail address is being protected from spambots. You need JavaScript enabled to view it with some of the details - what, where, when, and an idea of topic - to get the discussion started.

Benefits Growth Network and member agencies prepare for BGN Live!, its annual networking event.

August 11, 2010 – St. Louis, MO – The Benefits Growth Network membership is coming together for its inaugural networking event, BGN Live! The independently owned, non-competing benefits agencies will share and learn through a series of networking opportunities, presentations, idea-exchanges, and participant workshops.

Kevin Trokey, Benefits Growth Network president, explains that, “Networking is an important part of our member experience. We’ve structured this event so networking and learning are happening throughout the conference by means of member participation and collaboration through workshops. Everyone will get the chance to speak and share ideas.”

The BGN Live! conference, held in Dallas, will focus on the strategic HR role that benefits agencies must be teaching and helping their clients achieve within their organizations. Sessions include presentations, agency panel discussions, and group workshops:

• Our Evolving Role - HR as a Strategic Driver
• Dynamic Benefits Communication: How Tos that Create Results
• Health Care Reform: Communicating as an Opportunity
• Understanding Employee Cost Drivers
• Developing Value Added Services
• Member Idea and Best Practice Exchange

Featured speaker, Jennifer Benz of Benz Communications, will help agencies make the business case for investing in benefits communications, and she will provide a tactical look at how to overhaul a benefits communication program to enhance the value and improve use of programs.

About Benefits Growth Network
Benefits Growth Network, based out of St. Louis, MO, is an international membership-based consulting firm specializing in growth strategies for independently owned employee benefits agencies and brokerages. Through the exclusive Benefits Growth System™, members get individualized planning, coaching, training, use of proprietary systems and access to a network of thriving benefits agencies. For more information about Benefits Growth Network, visit www.benefitsgrowthnetwork.com.