You wouldn’t imagine that flexible work hours would increase employee productivity, but they do! Maximize sales by using these tips.
You’ve probably heard the old saying, “time is money.”
This quote is derived from Benjamin Franklin. Ironically enough, perhaps Franklin made his way on the face of the $100 bill as if to embody the old saying.
While that 100% isn’t true, what we do know is that as the owner of an insurance agency, you’re always seeking ways to increase employee productivity, especially with your sales producers. Everyone knows that sales is a difficult profession because of rejection. However, sales can be one of the most rewarding professions for those who commit to it.
The key to maximize sales is to provide more opportunities that drive more sales. How do you do this? Through productivity. Here’s how you can increase employee productivity in your sales producers:
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What’s more fun and productive than an old-fashioned competition?
First, ceate a sales competition that can be measured daily, weekly, or monthly. The competition can be based on a variety of metrics including most phone calls, sales, and outside sales calls. To keep everyone accountable, have a viewable leaderboard in the office that tracks the results to update everyone in real-time.
Competition brings out the very best in sales reps, as long as everyone is motivated by the incentive (monetary bonus, vacation days, etc.) or bragging rights. Some studies have even shown that multiple winners boost sales performance compared to winner-take-all measures. May the best sales representative(s) win!
Create a Point-Based Bonus Structure
Second, combine a sales competition with an incentivized bonus structure with prizes and you have a win-win for everyone! Assign point values based on the value of a sale. For example, when an auto insurance policy is sold, it can be worth 5 points.
On the other hand, a life insurance policy could be worth 30 points since it’s much more difficult to achieve. Salespeople can save up their points for prizes and cash them in along the way!
Third, when employees like who they’re working for and believe in the vision, they’re more likely to perform at a high level. Also, employees tend to stay with a company that invests in their career development. If you have a salesperson who is performing well or one that shows signs of promise, invest in their development!
There are tons of different sales lectures, seminars, and classes available—even free lectures on YouTube! Enhancing your employees’ sales skills will only make them feel better about themselves and contribute to your business’ growth.
All salespeople appreciate learning about how they can improve their performance from a manger they trust. Take time to have coaching sessions with your salespeople.
A great way to enhance coaching sessions is to pull call recordings from a conversation and use them as a learning opportunity to improve future calls. Or, some VoIP solutions offer call monitoring capabilities. Use this tool to listen in on calls, take notes, and share them with your employee.
Are not enough outbound calls being made? Share call reports from your phone system and find out why the call quotas are not being made. Maybe the call goal is too high, or perhaps the sales producer is getting distracted.
Whatever the reason is, state the problem and, together, find a solution to improve call numbers.
Make Their Workday Easier
One of the most dreaded tasks of all salespeople is follow-up. It is tedious and time consuming. In fact, there’s a common statistic which states that on average it takes seven follow-up calls or emails to close a deal.
As prospects build up in the sales pipeline, it becomes difficult to accomplish anywhere near seven follow-ups. Sales organizations are able to ease this process and increase employee productivity by using sales software. With sales software, sales follow-up tasks like scheduling and emailing can be accomplished through automation. Salespeople can focus on closing deals instead of wasting time on busy work.
In addition to sales software, other technologies are playing a major role in increasing employee productivity within insurance agencies. For example, when sales producers make outbound calls to prospects (especially without a call script), they can hesitate or they’re slow to dial a new number. This sharply decreases the number of calls that they’re able to make. TCPA compliant autodialer increases call productivity by up to 2-3 times versus manual dialing.
Another technology impacting employee productivity are automatic quoting platforms. Automatic quoting through platforms like Quoteburst can allow sales producers to quote up to 4,500 leads per day. With technologies like these, the opportunity for sales growth for both producers and agencies is limitless.
Encourage Workday Flexibility
It’s no secret that happy employees correlate with employee retention. One way to achieve this is to give your sales producers flexibility during the workday.
Companies are becoming more health conscious than ever by encouraging healthy lifestyles. Why? Simply because healthy employees equate to productive employees. One of the worst things for our bodies is prolonged sitting, and this is a part of any office job. Prolonged sitting has many health risks, including an increased risk in developing type 2 diabetes. You can assist in combating this by offering standing desks to employees. In fact, a study conducted by Texas A&M University in 2016 found that employees who used standing desks were more productive than employees who sat during the workday.
Another way to increase employee productivity is to allow employees to work from home. A recent report revealed that 77% of a study participants reported being more productive than working in an office setting. Plus, nowadays, business phone systems are accessible through a mobile app on any cell phone. Also, most computer software is web-based, meaning that it can be accessed anywhere. Allow your sales producers to work remotely. This can also increase employee retention, especially for employees with children or those caring for elderly parents.
Your Money. Your Move.
How to increase employee productivity in insurance sales producers:
- Sales competitions
- Point-based reward system
- Sales coaching
- Sales training
- Technology (sales software, VoIP, autodialer)
- Standing desks
- Ability to work remotely
It’s your money, so invest wisely in your business. The potential for sales growth in your agency is limitless. Let’s review how you can increase employee productivity in insurance sales producers:
Are you ready to get started with VoIP for your business? Click here for a free quote from Aline and one of our sales representatives will reach out to answer any questions and help get you started!