Your business is very profitable. There are no threats on the horizon, at least not that you can see. So, you’re inclined to think ”It ain’t broke why do I need to fix it?”
Well, it’s a little bit like flying a small airplane. You can turn the engine off and keep on flying. At least for a little while! And then the downward path begins. Slowly at first and then very fast
Let’s talk about what’s going on around you.
1. Changing customer demands
The customer is becoming more demanding. As the millennials become a force in the marketplace their buying habits and demands are dramatically different from those boomers upon whom you build your business.
2. The customer is much better informed.
The customer is much better-informed today than ever in the past. Studies show that by the time you have your first contact with a prospect, 57% of the sales process is already completed!
3. We have all been talking about disruption of the insurance industry.
What has surprised many of us is that the greatest force of disruption is coming from within the broker channel itself! Digital brokerages are springing up all across Canada and they’re meeting with great success in the marketplace. So now your competitor is not the broker across the street but it could be a broker many thousands of kilometers remote from your office.
4. Managing people is becoming more complex
The different generations present unique management challenges.
5. Your insurance companies are choosing their future partners and they’re doing it right now.
The day is not far off when it will no longer be easy to maintain a contract with a good insurer.
We believe now, more than ever, what got you to where you are today will most definitely not get you success tomorrow! Or, as some wag remarked, “If you dislike change, you will like irrelevance even less”. Staying with the status quo may leave you in a very dangerous place!
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If you’d like to talk about moving off the status quo, click here to set up a Discovery Conversation with one of our Coaches.