Step I: Review and analyze where you are now and how you got there
The first step in the development of a strategy is to fully understand where your new business came from in the past and what you did to get it. This will require you to gather a few years of data, because many times what we think happened may be a bit different than what actually occurred.
So what do you need to start?
- Download three years of data would be good, more even better
- By Referral Source
- Proposals requested by year
- Sales by year
- Your firm’s involvement in the sales process by proposal
- Close ratio when involved
- Close ratio when not involved
- What activity did you complete?
- Meaningful phone calls with Referral Sources and prospective clients
- Meaningful face to face meetings with Referral Sources and prospective clients
- Educational Seminars/Meet and Greet Events
- Electronic Communications
- How consistent was execution?
- What process was completed?
- To gain the trust of the Referral Source
- To further develop existing Referral Source relationships
- After receiving a request for proposal
- To leverage outside product wholesalers
4. COST OF ACQUISTION
- Keep it simple at this point, don’t include the cost of the sales activity to generate the proposal request
- Cost of time spent on plan design proposal generation
- Lost billable hours due to time spent on plan design proposals
- Opportunity cost due to letting others present your plan design – your involvement would increase your close ratio
- Who has been responsible for what
- Are you using the right people in the process
LAURA S. MOSKWA CONSULTING
3000 Eagles Nest
Auburn, CA 95603