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Interactive Communications, Inc.
303 Half Moon Bay Dr
Croton-On-Hudson, NY 10520
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Interactive Communications, Inc. publishes The Pulse to help industry professionals keep track of current distribution trends and provide insights on what is likely to be coming around the bend.
Why are we still talking about dials? … there are the many and varied things internals have been known to do that don’t help sell a darn thing – like calling advisors who they are sure will send their calls straight to voice mail – but do count as a dial.
So the question is, if dials don’t measure what we really care about, meaning sales effectiveness, and are known to drive bad behaviors, why do we, as an industry, continue to pay so much attention to them?
So why do hybrids sometimes fail? It’s tempting point the finger at the model and say that it’s not a good fit for our industry. From where we sit the culprit is more likely to be a deeply held belief about what it means to be a wholesaler or even a lack of understanding about how a successful hybrid model works. Because of this…
To borrow some industry jargon, effective presentations employ a core / satellite strategy. The core, the part that wholesalers usually nail, lays out features and benefits, standard deviation, stars, stripes and so on. The satellite creates alpha by setting the decision-making process in motion. This alpha helps the advisor not only understand the product, but effortlessly position it to the right clients in a simple yet compelling way.
Wholesaler scheduling can be a real headache and aspirin won’t help. The number of wholesalers in the field is on the rise, new and highly competitive products hit the market almost daily, and more and more advisors are opening their doors to fewer and fewer wholesalers. No wonder it’s challenging for many wholesalers to schedule the number and quality of meetings they need to hit their sales goals.
Sad to say, but sales coaching seems to be dying in our industry. Not because it’s a bad idea or because it isn’t effective. Research consistently shows that coaching increases sales results. And the problem is not that sales managers don’t want to do it. They do.
When banks introduced ATMs back in the 1970’s, consumer research was definitive. When was the last time you stood in a teller line? And how could the research have been so wrong?
Now, as the sun begins to rise on the economy again, many firms want to rebuild the effectiveness of their sales desk. The temptation is to just put some duct tape around the frayed edges of the old model and hope that things can get back to where they were.
…those wholesalers waiting for the storm to pass so they can pick up where they left off… we see them falling farther and farther behind. So what do wholesalers need to do differently?
When it comes to hybrid wholesalers you can’t argue with the numbers…So why do some firms get only a fraction of the productivity hybrids can deliver? And why have others given hybrid wholesaling a try and then backed away from it?
…We’re not trying to make lemonade out of lemons, but the current bear market gives managers a unique opportunity to determine which of their wholesalers have positioned themselves and their firms for long term success and which could use a bathing suit.