SALES STRATEGIES
Direct correlation between sales and self-awareness
I recently encountered a statistic that suggested 92 % of insurance agents fail to achieve any credible level of consistent production . As troubling as that statistic may be , research suggests gaining an understanding of your individual level of Emotional Intelligence ( EI ) and then taking steps to improve it where needed , may be the key to achieving — and perhaps even exceeding — goals .
According to Psychology Today , emotional intelligence is the capacity to be aware of , control , and express one ’ s emotions , and to handle interpersonal relationships judiciously and empathetically . Emotional intelligence gives us insight into not only ourselves , but those around us . The knowledge of people and how they are motivated to action is critical to the success of any endeavor where interpersonal interaction takes place .
Kim Magdalein has authored industry books , articles and seminars along with producing over $ 10,000,000 in commissions in a seven year private practice . Kim now coaches producers on EI . Contact : kmagdalein @ aol . com .
For over 30 years Dr . Charles Coker has provided proprietary Organizational Development and psychometric services focusing on Emotional Intelligence , Leadership , and Coachability using People Analytics . Website :
LifeThrive . com
50 Perspectives Q3 2021
Likeability factor
Research suggests EI can influence the choices that consumers make when confronted with buying decisions . People would rather deal with a person that they trust and like rather than someone they do not , even if that means paying more for an inferior product .
In case you think this is all garbage , here is a real-world example . One insurance company had their salesforce complete EI and discovered a direct correlation between EI and production . Sales agents who ranked lower on emotional intelligence abilities such as empathy , initiative , and self-confidence were found to sell policies with an average premium of $ 54,000 whereas agents who ranked highly on measures of EI sold policies worth an average of $ 114,000 .
Increasing EI
According to one meta-analysis , ( a quantitative statistical analysis of several separate but similar experiments or studies to test the pooled data for statistical significance ), emotional Intelligence is a skill that can be taught and strengthened . Here are three ways to accomplish growth in this area :
1 Identify a battery of assessments to “ triangulate ” multiple aspects of your personality impacting your EI . Multiple tools are available that can help you and your partners , coaches , managers or mentors can focus on the vast array of influences that impact your personal success .
2 Develop SMART goals that allow you to maximize your capacities and minimize your liabilities . By definition , SMART goals are strategic , measurable , attainable , relevant , and trackable . Having the foresight and direction of a SMART plan can make you 40 times more effective than you would otherwise be . The key to this success is that you must have a passion and commitment to the plan and it must be specific to you .
3 Identify a competent Coach who understands what it takes to both increase your EI and have success in our industry . There are multiple competency frameworks that help , but a competent coach knows there are complexities beyond “ a standardized format .” Psychometric assessments help zero in on exactly what a coach needs to focus on for you to achieve your goals .
With the implementation and utilization of available EI tools , we can all increase our EI to achieve the level of success we are capable of .