Sales Statistics to Know & What to Do About Them
It seems as though there is always something new to be said about the art of selling, yet it has remained the same at its core throughout the years.
There are always new tactics or strategies to learn and new technology to try, but selling continues to be about what value you can bring to the table for your prospect.
The 7 statistics in this blog reiterate the importance of providing value and focusing on the customer’s experience to differentiate yourself from other salespeople.
1. “More than 60% of salespeople believe that selling is getting tougher than before.”
Ever heard of neuromarketing? This statistic shows the importance of it! Neuromarketing is a style of marketing designed to sell specifically to the decision-making part of the brain and it’s what can differentiate you from the competition. When you use language that makes it about the buyer and not you, your product, or your service, you’re more likely to connect to this part of your prospect’s brain.
What you should do: Read more about neuromarketing in our blog, How to Use Neuromarketing to Improve Your Conversions & Retention.
2. “An analysis of more than 2,200 American companies found those who attempted to reach leads within an hour were nearly seven times likelier to have meaningful conversations with decision-makers than those who waited even 60 minutes.”
We often talk about the importance of following up quickly. It’s so crucial because if you catch a potential customer while they’re out searching, they’re already in the mindset to discuss options. When they fill out your website’s lead form, you want to know ASAP so you can reach out.
What you should do: Make sure submissions on your website’s lead form funnel automatically into your AMS or CRM. Then, use automation to make sure an email is sent to the prospect ASAP and an activity is assigned to you to reach out.
3. “57% of the top sales professionals rate marketing’s importance in closing deals at eight or above.”
When marketing and sales are intertwined, better performance happens. Conversion rates increase when more qualified leads come in. When sales and marketing work together, they can continuously fine-tune what is a “good” lead, where to find or attract them from, how to best communicate with them, etc.
When sales and marketing aren’t communicating effectively together, these conversations never happen and it can be a back-and-forth blame game of why sales numbers aren’t better.
What you should do: Make sure sales and marketing at your agency have regular meetings to ensure conversations happen before large problems arise. Also, ensure sales and marketing people have access to the same information so everyone remains on the same page about prospects and clients.
4. “47% of CRM users say that the use of such tools has had a significant impact on customer retention.”
The relationship with prospects doesn’t end once a policy is signed. Using a CRM or AMS, track your client’s journey and keep all important documentation and communication in one place to provide the best customer experience. Without this information easily accessible, your sales and client services team can look unprepared (or worse yet, like they don’t care) if they’re caught off guard by a client call.
Not to mention, you can use an AMS like AgencyBloc to set up Automated Workflows that ensure your clients are automatically communicated with via email or agents are alerted to reach out whenever an important date is approaching, like policy renewals, birthdays, and more.
What you should do: Use an industry-specific AMS to keep thorough client and policy records; use Automated Workflows to ensure regular communication happens with clients throughout the year.
5. “57% of consumers choose to do business with a company primarily because of good customer service.”
Referrals are huge in the insurance industry, and one thing many consumers talk about when referring agencies or other businesses is how they were treated. Provide value and be a true partner and advisor to your clients to ensure they have a good experience throughout your relationship with them.
Beyond referrals, share client stories highlighting your customer service or experience through case studies and written and video testimonials.
What you should do: Check out our blog, How to Gather and Use Insurance Customer Video Reviews, to review how your agency can ask for, collect, and use customer reviews.
6. “Almost six in 10 buyers want to discuss pricing on the first call.”
While we know from the statistic above that consumers will choose a company because of good customer service, price also matters to them. As an advisor, you offer many plans and services with multiple carriers, so there isn’t always a clear-cut price to discuss until you better understand the client’s needs.
However, what you can do is bring helpful resources to that first meeting (or have them on hand for that first call), like case studies, example scenarios, and more.
What you should do: Check out our blog, How to Convert More Referrals Using Timely Content, to see what types of resources you can have on hand to ensure you’re meeting the clients’ expectations for the first call. Although this blog speaks specifically about referrals, the concepts in it can be applied to all types of sales.
7. “More than half of prospects want to see how the product works on the first call.”
As an agent and advisor, your “product” is the value you can bring and the problems you can solve for your client. Again, this is where those case studies come in. Tell the story of what you’ve done for current clients and how you can apply those same principles to benefit this prospect. Much of sales is storytelling and helping your prospect get a glimpse into the experience they’ll have with you when they sign on.
What you should do: If you don’t already have case studies or client stories formed and ready to share, check out these case study templates to help you get started.
If I had to sum up what all of these statistics are telling us it’s that providing value from the very first touchpoint is crucial to converting AND keeping a client.
Immediate follow-up with new leads will help you convert more, staying close with your marketing team will make marketing and sales better overall, using an agency management system will help you throughout the sales process and lead you into successfully retaining clients...the list goes on.
But still, the most important thing you can do as an insurance agent and advisor is provide value wherever you can.
The free resource below will help you continue to provide value throughout the onboarding process with all of your new clients!
[Free Resource] 7 Steps to Onboarding a New Client
Handle your new clients with care by following these seven steps that'll help you onboard your new client and start your new partnership off on the right foot. These 7 steps outline how you can use workflow automation within an industry-specific agency management system (AMS) to implement an effective onboarding strategy.
See the 7 Steps