Q&A Insurance Wednesday: How Your Agency Should Be Tracking Sales
It is Q&A Insurance Wednesday and we are pleased to announce a special 4 part series on tracking.
This week we are focused on sales tracking, so kick back and enjoy!
Be sure to contact us if you need assistance!
Transcription Below
Hi, it’s Kelly Donahue-Piro here from Agency Performance Partners and one of the questions that came in last week to tackle for Q&A Wednesday was: “Can you talk about what we should be tracking in our agencies?” and I’d love to. The challenge is we’re going to need to break that up into a couple weekly videos, because there are quite a few things you should be tracking.
So we’re going to break it up into number one: Sales. Both beginner and advance. Then, next week, marketing. The third third week: Service, and finally your book of business. So we’re going to do four weeks of tracking. Alright, so for sales what should we be tracking? First of all, we need to track a handful of metrics from a basic perspective number of opportunities that are generated every month, then also broken down by producer, number of quotes given every month also broken down by producer, then we go into the actual number of policies bound, also broken down by producer, and that will deliver our closing ratio.
So what percentage of the rates we deliver or close. Then we also want to track what’s the source of this business. So where is it coming from, how do we get more of the good stuff. Those are the real five basic metrics that we want to track. Now we want to kind of throw in a bonus one that is not exactly sales, but goes into what a producer’s doing everyday. Which is how many remarkets are they doing in a given month? What I find time and time again is that producers are focused on remarketing current business rather than doing new business because they want to keep the retention rates high. Good in theory, bad for book growth. So you really want to have a handle on some of that stuff.
Now if you’re more advanced and already tracking those things, you may want to find out how much lost business is coming back. How many referrals are we generating every month and from where? What’s the average time we get to a lead and what’s our average time to get to a lead and what’s our average time to close an opportunity? Those will help you really structure our sales team on a much greater level. So this is the challenge, everybody wants to track everything, but sometimes the management systems aren’t set up correctly, you’ve got user entry errors or your management system just can’t do it. That’s okay, that’s where we come into play. We’ve got some great ideas for simple tracking mechanisms that will help your agency identify the core metrics and ultimately grow.
So if you’re interested, give me a call today, you can reach us at beta.scxserv.com/agencyperformancepartners.com. I can’t wait to hear from you and check us out next week where we talk about what we should be looking at from a marketing perspective as opposed for statistics. Alright, we’ll see you then!
