How can you average over $40,000 in commission per sale?Nov 23, 2021
Stop telling yourself you can't!
You will be shocked at how easy it is.
Before we get started, I need you to understand that every agent has an average commission per sale. That means you have an average commission per sale. The problem is that most agents never actually track their average commission per sale.
If you don’t know your starting point and you don’t track your improvement it is difficult to stay focused on the goal.
Imagine someone that wants to lose weight and decides to go on a diet. They formulated a plan but didn’t check their weight before they started. They never got on a scale to track their weight and have no idea where they started or if they are making progress. It would be very difficult for that person to achieve their goal.
When you don’t know your current average commission per sale it is difficult to develop a successful strategy.
If you want to make more money in the insurance industry there are three ways to do it. The first way is to increase the number of presentations you make each month. This will increase your number of sales based upon your current closing ratio.
In other words, if you normally close one in four presentations and you make an additional twelve presentations each month then you will make three additional sales. If your average commission per sale is $500 then you increased your monthly income by $1500. This is what I refer to as the work harder mentality!
This strategy is what most sales managers and mentors suggest. This typically happens because the sales manager or mentor lacks the expertise to help you improve. It is much easier to say, “Work Harder.”
The second way to make more money is to improve your closing ratio. This strategy enables you to increase your income without working more. This would be the “work smarter not harder” mentality.
In other words, if you make 40 presentations a month and you increase your closing ratio to one out of three you would make an additional 3 sales per month. Again, if your average commission per sale is $500 then you increased your monthly income by $1500. This strategy will increase your income. However, it won’t increase your current average commission per sale.
In case you didn’t notice, the end result in both of these examples is the exact same. That is why agent’s often default to the “Work Harder Mentality” instead of the “Work Smarter Mentality.”
Working harder requires a sacrifice of additional time. However, that extra time is spent on something that you are already comfortable doing. In the agent’s mind this is a safer choice and is more likely to provide an immediate result.
Working smarter requires sacrificing time on acquiring additional knowledge. This requires a certain amount of dedication and does not always provide an immediate result. The issue for many agents is finding access to the type of knowledge that will guarantee a positive result.
That is why many agents give up and default back to the “Work Harder Mentality.”
The third way to make more money in the insurance industry is to increase your average commission per sale. This requires a plan for maximizing the revenue generated on each client.
In other words, if you currently sell twelve cases a month and you increase your average commission by $1,000 your annual income increases by $144,000.
If we use our original example of twelve sales per month here are the numbers. For every $100 increase in your average commission per sale you increased your annual income by $14,400.
For every $1,000 increase in your average commission per sale you increased your annual income by $144,000.
I averaged over $40,000 in commission per sale for ten straight years. I am willing to share the process I used to do it and I will break it down step-by-step for you.
But this is what I want you to keep in mind. If you implement this process and utilize my knowledge you will increase your income. If you get one-tenth of my results, your average commission per sale would increase to $4,000 per sale.
Three sales a week at $4,000 is $12,000 per week in total commission. That is over $600,000 per year even taking a few weeks off. That is game changing money and it is easy to do!
This is how you can average over $40,000 in commission per sale in six easy steps.
- Calculate your current average commission per sale or starting point
- Learn to implement a systematic cross-selling process
- Implement a Client Revenue Maximization process
- Re-evaluate your product portfolio to make sure you have the right tools
- Invest in yourself and utilize professional training
- Develop a funnel
If you are unsure about any of the terminology, feel free to visit our website www.JLSSA.com
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