MRL #038- The Straw That Broke The Camels Back

Always love when it happens…

Because it rarely does.

Got a call Thursday… out of the blue… from an old prospect saying he wants to BOR everything over to me… $30K in revenue.

I hadn’t talked with the dude since April.

So, it was a bit unexpected.

I had him on my list as a possible 2024 or 2025 opportunity… but definitely not a 2023 deal.

Hey, I’ll take it.

Don’t worry… I’m not here to boast.

What I want to tell you about is…

Why He Decided To Move His Business

It’s not so much what I did… as it is what the incumbent didn’t do.

But first, I need to fill you in on the backstory.

I originally got on this dude’s radar via cold email. He called me in response and we discussed his upcoming renewal.

Per The Producer Playbook, I laid out “how the insurance game is played”.

He was receptive, and agreed to “due-diligence”.

After digging in and learning more about his business and his current situation it became very clear he was being under-served.

Not in the traditional way… like the incumbent not answering his phone, or certs taking forever, or whatever…

I mean “under-served” like… his agent didn’t communicate very well.

Especially around renewals and what to expect.

So come presentation time, I laid it all out for him.

Here’s what you’re getting… here’s what you’re not getting… here’s what it would look like to work together.

With a special emphasis on “Pre-Renewal Strategy Meetings”.

For the past 5 years his agent had NEVER prepared him once for his renewal. Every year it was a mystery… and every year his renewal came down to the last minute.

So, I really made a point to lay out what it would look like before his renewals… no stress, no drama, no surprises… if he were to hire me.

Despite My Best Efforts, He Was Unwilling To Sign The BOR

He was complimentary of my process and what I had to say… but when push came to shove he wasn’t ready to switch.

Oh well… no biggie… on to the next.

He did offer me a chance to quote… which I politely declined… and reminded him of the “insurance game” and why it wasn’t in his best interest.

We shook hands and went our separate ways.

That is, until this Thursday, when he called me out of the blue… ready to move his business.

“Jeff, why now?” I asked.

“You remember that pre-renewal strategy stuff you were telling me about?”

“Yessir.”

“I just haven’t been able to get it off my mind. The more I think about it… the more I think [incumbent] is just going through the motions.”

Boom. Signed.

As I said earlier, I don’t tell you this to boast. I tell you this because there’s a very important lesson to be gained:

For God’s Sake, Have Pre-Renewal Strategy Meetings With Your Clients!

Think about it…

It’s a scary world out there for business owners. Most don’t know what to expect.

They only know what you communicate with them.

So… communicate with them!

I recommend the following for Pre-Renewal Strategy Meetings:

120 days out, sit down with your client and go over these 4 items…

#1. Update them on what’s going on in the market

#2. Review last year’s marketing report

#3. Lay out your game plan for this year’s renewal

#4. Remind them of your value prop, and why they don’t need to quote with other agents

That’s it.

It seems so simple… but it’s so imperative to communicate (and remind) you client of this stuff.

For the sake of time, I’m not going to dive into the details of each.

If you want to hear more about how to run pre-renewal strategy meetings, you can check out our latest podcast where Micah and I go into it all in detail.

I’ll get off my soap box for now.

Just make sure to drill this into your head:

Communicate.

Communicate.

Communicate.

This is the way.

See you next Sunday, my friend.

In the meantime…

Kick ass take names,

Max “Over-Communicate” Revenue

P.S. If you found this letter valuable… there are 3 other ways I can help you:

1. The Producer Playbook- The Step-By-Step Guide To Building A $1,000,000 Book of Business (From Scratch)

2. The Max Revenue Show- Our weekly podcast

3. The Max Revenue on YouTube- Weekly videos