This article defines a fundamental and proven successful sales process which, when applied, can help sales people consistently exceed sales goals.

1. THE MARSHBERRY LETTER
Volume XXVIII, Number 2 February, 2012
The MarshBerry Letter Page 1 February, 2012
Understanding the Sales
Process
Do you have a well-defined,
successful sales process that
consistently wins you business?
Do you know what steps you
took in the past that made you
successful? Or on the con-
trary, when you didn’t win the
business, do you know where
there was a breakdown? Most
successful producers have a
formalized and deliberate sales
process or strategy they consis-
tently follow which is the founda-
tion to their continuous success.
This article articulates a fun-
damental and consistent sales
process which, when applied,
can help producers consistently
exceed sales goals.
Suspecting
In all sales processes, suspect-
ing is the first step (see Figure 1
below for entire sales process).
Before discussing suspecting, it
is important to define the differ-
ence between a suspect and a
prospect. In terms of pipeline
management, a suspect is a
person who doesn’t recognize
an insurance need, doesn’t have
the resources or decision power,
has no sense of urgency, may
or may not be engaged, or has
a decision date that falls outside
your typical sales cycle. Con-
versely, a prospect agrees to
work with you to find a solution,
has a high probability of closing,
fits your profile of a client, and is
an individual with decision mak-
ing power. In most cases, agen-
cies with a clearly defined sales
process will also place heavy
emphasis on the new business
appointment and use this step to
differentiate between suspects
and prospects. There are a num-
ber of ways to find new suspects
and prospects. Technology is
progressing at such a fast pace
that most people use the internet
to generate suspects. There are
many websites that are great
to research valuable informa-
tion such as SIC code, number
of employees, industry type,
geographic location, contact
information, and in some cases,
decision dates. Figure 2 (Page
2) shows that high-growth agen-
cies are not as likely to provide
their producers with pre-estab-
lished / pre-qualified lead lists.
Forum
After you have found the suspect,
you need to approach the oppor-
tunity. This is the “forum” stage in
the model. There are six levels in
the forum stage:
1. Cold calls and drop-ins
2. Drop-off / follow-up and drip
method
3. Associations
4. Introductions via phone or email
5. Building the bridge through
social networking
6. Introductions in person / referrals
7. Cross-selling
1. Cold calls and drop-ins:
This is the most impersonal sus-
pecting method and typically the
most ineffective method, but is a
great way to expose producers
to potential buyers’ objections.
Experience from overcoming these
objections will lead to a more pol-
ished sales approach in the future.
Determine
Solutions
Identify
Needs
Present Close
Establish
Credibility
ForumSuspecting
Figure 1 - A Successful Sales Process

2. 5. Social Networking:
Some popular social media
channels used today are Linke-
dIn, Facebook, Google Places,
Twitter and Meetup.com.
LinkedIn is probably the most
business-to-business oriented
social media networking used
today. These channels allow for
warm introduction through brand
building. Social media also
makes it easy for people to iden-
tify what associations potential
clients are actively involved in.
6. Introductions in Person:
As opposed to level three of
introductions via phone or email,
your introduction source accom-
panies you on the meeting to
your potential client. The intro-
duction is commonly a lunch or
dinner. This goes much deeper
than a simple referral.
7. Cross-Selling:
This is a form of introduc-
tion where another producer
introduces you to the prospect
through the relationship already
built. The credibility stage in the
sales process is easier to pass
through since your colleague has
already built the rapport with the
client. We refer to cross-selling
as “sofa money.” The money in
the sofas is there for the taking,
but people don’t seem to care.
Similarly, we find there are a lot
of cross-selling opportunities
that have yet to be exposed.
The usual excuse for producers
not selling an all-encompassing
insurance solution to their client
is because of their limited knowl-
edge outside their core product
expertise. Another common
breakdown to successful cross-
selling is the insecurity of hurting
The MarshBerry Letter Page 2 February, 2012
2. Drop-off / follow-up and
drip method:
The drop-off/follow up, drip
method and associations,
involves dropping off an item
for the decision maker and fol-
lowing up at a later date. The
item can be anything to start a
conversation such as a book
to read or an article from a
magazine. The drip method is
a technique used to establish
underlying dialogue before
actually calling or meeting
someone. A common example
is emailing a suspect a monthly
newsletter or articles you find in
newspapers. It is much easier
to get a suspect engaged if they
perceive you as an expert.
3. Associations:
Joining an association is a low cost,
easy and effective suspecting forum.
Get active in local associations to
meet suspects and become known
within your community. Joining an
association helps build the relation-
ship through common interests.
Just be sure to only join associations
that truly have members that are
potential opportunities.
4. Introductions Via Phone or Email:
Potential clients usually decide early
in the sales process whether or not
they will ever buy from you. With a
strong introduction, suspects do not
make an objective evaluation, but
rather look to validate what your
introduction source said about you.
Figure 2
Percentage of Agencies
that provide producers
with a pre-established /
pre-qualified list of leads
or prospects
Average
Agencies
High-Growth
Agencies
Figure 3
Percentage of Agencies
that have established
internal cross-sell / referral
goals between production
lines of business
Average
Agencies
High-Growth
Agencies
30%
25%
20%
15%
10%
5%
0%
27%
17%
40%
25%
20%
15%
10%
5%
0%
30%
37%
35%
30%

3. The MarshBerry Letter Page 3 February, 2012
existing producer-client relation-
ships by bringing in an organi-
zational counterpart. However,
cross-selling remains a successful
technique (see Figure 3, Page 2)
when an effective communication
and education process is involved.
Establishing Credibility
The next step in our sales process
is establishing credibility, which
we see as the most difficult of the
sales steps to overcome. It takes
time to build credibility, yet seconds
to destroy it. The potential client
will quickly dismiss you if you have
not gained their trust or positioned
yourself as an industry expert.
Branding yourself through public
speaking and published industry
news is one of the most common
ways to get your name in front of
a large number of opportunities. A
relatively easy and successful tech-
nique is writing a monthly newslet-
ter specific to the industry being
targeted. It can be sent out via
mass email or hard copies. Your
target audience should be able to
relate to your subject matter in the
article. Become a trusted advisor
through building credibility from
actively participating in your chosen
associations or other networking
groups. The most effective way to
establish credibility is to leverage
a referral with an existing relation-
ship. As mentioned previously, a
personal introduction to an oppor-
tunity is much more valuable than
someone just giving you a name.
Identify Needs
Once you have established cred-
ibility with the decision maker, they
should be more forthright with
their organizational needs. Infer-
ring needs from prior clients in the
same industry is a successful tactic
to probe their needs. Also, finding
obvious pains is a proven tactic
for getting prospects to divulge
what they expect out of their
trusted advisor. Asking ques-
tions like “So if your current bro-
ker is a 10 out of 10, they must
be providing you with a customer
perceived value-added service
timeline. How often does your
broker sit down and review the
timeline with you?” Always ask
open ended questions and let
the customer answer. “What do
you really like about your current
program or what do you dislike
about your current program?”
Remember to look beyond price.
You need to be competitive, but
for now you want additional value
to be realized by the prospect.
Don’t just be a quoting machine.
Always be conscious of the deci-
sion maker. A CEO or owner will
be concerned about increasing
company value, reducing costs,
increasing profits and improving
processes of the organization.
CFOs are typically concerned
with lower unit costs, cash flow,
increasing profit or coverage
liability. The HR department
tends to focus on service, reli-
ability and supporting his or her
team. Figure 4 shows a simpli-
fied breakdown of the various
decision maker concerns.
Determine Solutions
After finding out the prospect’s
needs, the next step in the sales
model is to find solutions to those
needs. If there is a market for
the risk, communicate the next
steps for providing the solution
and ask the prospect to confirm
that you are solving their needs.
This is a very effective tactic
used by successful sales people.
Whether it be consolidating all
their insurance needs under one
roof, offering preferred pricing
and coverage by having market
control with premium carriers, or
that your firm employs a full-
time safety advisor that allows
for more consistent renewal
for your clients, always relate
your solutions back to the “So
what?” mentality. “So what if
your agency is local?” “So what
if you have been around for 150
years?” How is that a solution
to your client’s needs? A few
examples of how your agency
can provide solutions to build
client’s perceived value are:
♦♦ Risk assessment
questionnaires and
preliminary inspections to
evaluate the company’s
risks and possible gaps in
coverage, if the incumbent
doesn’t already do this.
♦♦ Insurance coverage analysis
and benchmarking study to
compare the client to other
companies in their industry.
This is a great benefit for
the client to know if he is
attracting top talent in his
industry.
Figure 4
Decision Maker Concerns
CEO / Owner
Increased Company Value
Reduced Cost
More Profit
CFO
Lower Unit Cost
Cash Flow
More Profit
Coverage Liability
HR Department
Service
Reliability
Time Saving

4. ♦♦ An agency offered
comprehensive inspection
followed by an accident
prevention seminar to reduce
accidents, as moving carriers
no longer impacts consistent
risk management.
♦♦ A professional claims
management staff that turns
claims around two-times faster,
allowing the client to re-open
for business faster.
♦♦ Continuous risk monitoring
during coverage to reduce
claim exposure, thus providing
for a more consistent renewal.
Presentation to Prospect
It is now time to deliver what has
been agreed to and what has
been promised to the prospect.
We recommend holding the meet-
ing at your offices so you can
introduce your team and their rel-
ative functions on that prospect’s
account. When presenting, show
your prospects how your solutions
will help them achieve their key
The MarshBerry Letter © 2012
Marsh, Berry & Company, Inc.
(440) 354-3230 / (800) 426-2774
4420 Sherwin Road / Willoughby, OH 44094
MarshBerry@MarshBerry.com
www.MarshBerry.com
business goals. It is effective to
recap the prospect’s business
issues and how your plan solves
those concerns. Speak the cus-
tomer’s language. If you confuse
them with insurance jargon they
aren’t familiar with, it may over-
whelm them and they will lose
interest. Convince your prospect
that you are a trusted advisor
and ensure that their particular
emotional requirements are met.
Closing
The close occurs when the
prospect agrees to buy. If you
do not close sales, you are
just a professional visitor. Get
commitment with regard to your
solutions and realize when the
potential customer is ready to
buy. Do not be afraid to ask for
the business at this point. If they
do not agree to buy, you have
not uncovered all of their needs.
Position yourself as a trusted
advisor which comes with a
long-term and mutually beneficial
relationship. Remember that the
Don’t Forget to Participate in the Insurance Agency Compensation Survey
Compensation typically represents the largest expense of an agency. Thus, it is no surprise that compensa-
tion questions are among the most frequently asked questions to the MarshBerry staff. While compensation
structures vary from agency to agency, we can identify trends and changes in compensation over time.
MarshBerry is currently conducting the 2012 Insurance Agency Compensation Survey, which was included
with your January, 2012 issue of The MarshBerry Letter. Your participation is greatly appreciated. The more
responses we get, the better the information will be for all of us to use in evaluating current compensation
programs. Please go to www.MarshBerry.com for the links to download or complete the survey directly at
www.SurveyMonkey.com/s/9ZVKRCW.
If you have any questions, please call 440-392-6553 or email Megan@MarshBerry.com. The submission
deadline is February 29, 2012. The results of the Compensation Survey will be published in the April 2012
issue of The MarshBerry Letter. Thank you in advance for your help with this very important endeavor.
close is the penultimate event;
the final event is actually deliver-
ing the products and services
that will make them successful.
If you ever feel like the potential
sale is steering the wrong way,
it probably is. Maintain control
of your sales process by getting
back on course. If the prospect
tells you just to give them a
quote, then you evidently haven’t
established credibility and they
do not see your value. You need
to jump back to the credibility
stage and differentiate why you
are not just a quoting machine.
Control your sales process and
you will become a more consis-
tent, successful sales person.
Justin Berry is Vice President of Sales
Management at MarshBerry and can
be contacted at 440-220-5431 or
Justin.Berry@MarshBerry.com.
Jim Wochele is a Sales Management
Analyst at MarshBerry and can be
contacted at 440-392-6559 or
Jim.Wochele@MarshBerry.com.