Business Development /BLOG

Successful Business Development

By  Senior Market Advisors  on September 29, 2016

Successful Business Development

Successful business development starts with having a product or service that meets the needs and demands of consumers or organizations. So if you have a product or service that has high competition, you should be mirroring the success of others. Best practices or traits of others can serve as a benchmark. Health insurance is something everybody needs, and there are hundreds of agents just like you looking for clients in your area.

First, we should look at best practices in similar industries. As far as business development goes, look no farther than start-ups and entrepreneurs, because they deal with the same basic struggles as you.

Entrepreneurs can teach us a lot about success in the world of business development. Also, we should think of new leads and opportunities as an entrepreneur would.” Consider the parallels:

  • Work hard at developing good solid leads
  • Constantly hone our processes
  • Desire a positive and successful outcome
  • Plan for exchanges that net contracts with customers
  • Attempt to understand our customer’s needs
  • Monitor the competitive landscape
  • Strive for best in class customer service
  • Lastly, Execute our plans and review the progress

This list goes on and on because sales, business development, and customer acquisition have many similar business traits with entrepreneurs and start-ups.

Successful Behaviors

Successful agents are consistent and follow a principled approach to meeting expectations. Since we’ve helped hundreds of agents improve their sales rates, we know what successful behaviors are. Especially relevant to our field are:

  • Understanding the marketplace
  • Becoming an industry expert
  • Studying your target audience
  • Becoming a communication expert
  • Rehearsing your presentations
  • Observing market research
  • Monitoring the competition
  • Anticipating concerns and customer objections
  • Developing plans to overcoming objections

Evaluate Successes & Repeat

Successful businesses form processes that include evaluation, measurement and repeating the best outcomes. Additionally, they’re always looking for new ways to grow and improve. Successful entrepreneurs never stop learning, so you shouldn’t either. It’s important to have a lot of new tools up your sleeve. Due to the nature of insurance sales, your days will never be the same. Each client is different and should be treated as such, but that doesn’t mean you can’t apply the same tactics.

Our organization is committed to helping sales professionals excel and grow their respective business models. We’ll help you escalate your marketing and raise enrollments because we’ve been there. Additionally, we’ll get you on our top-tier commissions system! Join Senior Market Advisors today.