I recently attended a Professional Sales Forum hosted by our local chamber of commerce and moderated by Kevin Woods of Woods Consulting. The topic was how to become a trusted advisor to your clients. This was a great topic and something that all insurance professionals strive to attain.
There were four tables with about 7-8 people at each table. The attendees were from all types of different industries, but my table was filled with three other insurance professionals who technically are my competitors.
I know for many people, this would be a scary proposition. Sharing ideas about improving your business is great, but with your competitors? If you are in a room with others that could potentially steal your business it always creates a slight amount of tension and I think that is normal, but have you thought about the benefits of talking with competitors in your industry?
The insurance world is a tough business and competition is fierce, but the reality is that at the end of the day we are really on the same team. That team is called, “serving your clients with excellence.”
Good insurance agents always rise to the top. If you have competitors that do a great job with their clients, you probably aren’t going to get them anyway so you might as well try to learn from them. I don’t expect anyone to give away their “one magic sales secret” to their rival competitor, but the let’s be realistic, there never is and never will be “one magic sales secret”.
If you are building your business correctly by finding the right clients, differentiating yourself, providing a high level of expertise, and becoming “a trusted adviser” the fear of competition dwindles. You will have confidence in what you do and how well you do it. Also, there are enough lower quality insurance agents that are asking for us to take their business.
Building quality relationships with others in your own industry (especially competitors) is one of the best ways to grow, learn, and improve. Who else can you talk to besides others in your own office that deal with many of the same struggles you do? Your competitors wake up every day with similar challenges and similar opportunities. Learning from each other can create a win-win situation.
Don’t fear your competition. Learn from them and share your experiences. Together we can all improve to better serve our clients.
Do you talk or get along with your competitors or do you just give them “the glare”. I would love to hear your story.
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