Subscribe via RSS Feed Connect on LinkedIn Connect on YouTube

Tip #9 Everyone needs skin in the game or incentive

February 9, 2013

To illustrate this point, I would like to share a quick story.  (I am sorry its insurance related so I will try to exclude jargon) I was talking to a friend the other day that works for a captive agency.  (i.e company that only represents one carrier)  This person gets a lot of business through the door that that one carrier can’t write, and over the years this person has built up a network of agents that she can refer the business to. This is a great idea, except that this person often gets the brush off from the other CSR’s at the other places.   Why is that?

We all are in need of more business, that is what improves the bottom line.   Could be that those people are so busy dealing with their own customers, that they do not have time to write more new business – that would be a great problem, but I seriously doubt it.   Most likely this person does not receive any extra incentive to bring that new customer on board.  The owner of the agency I bet would be interested to know that new business is being brushed off .  So how is this solved?  Easy, everyone in your business needs some skin in the game.    Although this term usually refers to equity or value, I am looking at it more in terms of that value being given to the employees in the form of an incentive.

For many agency owners (still talking insurance) they probably feel that it is that CSR’s job to write the business that contacts them, so why should I give them more?   You would be surprised at what a little skin in the game could do for business.   Sit down and try to think about some things that you can do for your employees to give them some ownership.    It might help to have a brainstorming session and ask the employees what they would like to see  – you might be thinking cash, they might just want to wear jeans to work or a half day off one afternoon without using vacation.    Keep in mind that most of us like incentives and that  it is also okay in the form of recognition.   Maybe its time to start the employee of the month and get them on the wall?

Good luck with this and thanks for visiting The Sales Plan.

Filed in: Tips

Comments are closed.