The biggest mistake newcomers, to the annuity industry, make is thinking they need to be able to offer every annuity product, investment and/or service in every communication. They believe that by offering more products and/or service they will attract more business.  They try to be all things to all people.  Nothing can be further from reality.

The reality, is that if you want more business, and more premiums, you must specialize. The biggest success stories over the years have been businesses that have had a very focused product line or service:  H&R Block - income tax preparation, Federal Express - overnight delivery, Jiffy Lube - oil changes, and Block Buster - video rentals. 

If you want to generate more and larger annuity sales you must stand apart from the competition, you must associate yourself with a specific idea or concept. (Not a product and Not investment returns) Whether you are selling a product or a service, look for what is unique - what is specifically yours. An insurance agent working with just retired teachers or widows for Retiree Income Maximization and Asset Protection will make more sales than the typical insurance agent. 

Specialization casts an aura of superiority and exclusivity. When you deal with a specialist, you will automatically assume that this person has greater expertise, has greater knowledge about the field, and offers greater service since, by catering to a unique market, it implies that he or she will have a better understanding of your situation, needs, and concerns.

Differentiation is the magic word.  Agents who look like all the other agents, are like all the other agents. This is how your customers think. 

Your task is to find distinctions that make a difference to your customers and to stress these in everything you do. Schick, the number two razor company, emphasizes a safe shave, an issue that's particularly important to teens. The appearance-conscious teens want to avoid nicks and skin bumps. While Gillette wins the close shave race, Schick goes after a niche where safety is an issue.

So, what are the specialties you can offer in annuity marketing? What specific group of people can you service for Wealth Transfer, Income Tax Reduction, Stretch IRA's, Retiree Income Maximization and Asset Protection, just to name a few...

Don't Allow What You Sell To Become A Commodity...
Unfortunately, this has become a big problem for many insurance agents.  But it doesn't have to be a problem for you, if you specialize and separate yourself from the competition. 

According to a recent study, in 1999 the insurance industry receives a "D" when it comes to customer satisfaction and barely earns a "C" on performance. This is the second year the industry has received low marks in "The Quality Scoreboard," published by the Risk and Insurance Management Society and the Quality Insurance Congress. That probably is no surprise to millions of "insureds."  Repeatedly, insurance salespeople make their products commodities when they say, "Insurance is bought only because it's a necessity."

Our industry has allowed its products to be promoted as commodities that can be purchased off the shelf by engaging in an endless quoting frenzy. Our customers have learned how to play one insurance broker against another to drive the price down, without much concern for fundamental information issues such as product quality, exposures and coverage. 

Again, it doesn't have to be this way, and you can make a difference.

The basic issue in sales in the years ahead has little or nothing to do with selling techniques. Today, the critical element in the sales process is information.  What we know about customers, how well we understand them and how much we are committed to finding ways to give them the experience that satisfies their needs will make all the difference. 

Specialization is the key.

Well we've gone into a lot of detail about the 3 ways to grow your business… You can find new customers, or…you can have your current customers buy more frequently from you…or…you can give your current customers more opportunities to increase the size of the purchases they make.

Was this of any help to you?  Do they make sense?  Did you get some ideas you can use? 

Now the question is: Are you going to implement them? 

When?

If you're not sure how to proceed? If you're not sure where to start, then may I make a suggestion?  In our affordable Annuity Sales Excellence™ Lead & Sales System it's all laid out for you. Why not invest in your future... Today!

Want More Annuity Ideas, Tips and Strategies...

© 2006 by Lew Nason, RFC, FMM, LUTC Graduate... All rights reserved.
Lew Nason is the creator of the… Annuity Sales Excellence™ 'Advanced' Annuity Lead and Sales System. Lew has been helping agents to achieve long-term success in annuity sales for over two decades. His unique perspective, on how to truly help clients, has enabled scores of agents reach the top levels of their profession. Visit his main web site at www.insuranceproshop.com or call him toll free @ 877-297-4608.