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The Winning Formula For Home Field Advantage

November 22, 2011

beyond insuranceYou’re going to be thrilled to discover that after 30 years of research, development and firsthand experience, I have developed a formula to allow you to achieve home field advantage – a distinct, competitive edge in your marketplace.

As you already know, when you have “home field advantage” it increases the winning percentages.

The Winning Formula For Home Field Advantage:

beyond insurance

P1 — Process

You must have a clearly defined value creation process that stands out from your competitors who are merely provide products or services.  Products and services can easily be commoditized.  Unique experiences cannot.

P2 – Packaging

How appealing is your packaging?  Is it different from those to whom you compete in your marketplace?  Your package must leave a positive, appealing and permanent impression. beyond insurance

P3 – Positioning

Far too often, your well designed plays get lost in the shuffle.  If this happens, your package is not properly positioned.  The 90 day renewal cycle is not the optimum time to introduce differentiated, valued added services.

P4 – Purpose

Because most producers are focused on selling insurance, they tend to forget the true meaning of their work.  Successful risk management advisors see their work as worthwhile with a purpose far beyond the sale of product or services.

P5 – Passion

Management consultants spend considerable time trying to figure out what makes people successful.  Research indicates that passion makes the difference.  John Maxwell, author of The 21 Indispensable Qualities of a Leader, uncovered the following four truths about passion:

  1. Passion is the first step to achievement.
  2. Passion increases your will power.
  3. Passion changes you.
  4. Passion makes the impossible possible.

I1 – Issues

The fundamental flaw of the 90-day insurance blitz is that it is focused on the sale of a commodity.  It is not a thoughtful, meticulous, diagnostic system aimed at uncovering the “issues” facing a business.  It is essential that your Unique Process (P1) and Package (P2) reveal unrecognized risk issues to deliver unanticipated solutions.

I2 – Implications

After uncovering issues, it is now time to communicate the implications of these issues from a human, cultural, operational and financial perspective.  In other words, how will mitigating risk improve bottom line performance?

I3 – Interventions

After the customers understand I1 (Issues) and I2 (Implications), they will enthusiastically partner with you to explore risk management interventions.  You now have a raving fan!

RF – Raving Fans

Through the utilization of P5 x I3, clients, carriers and centers of influence will be on their feet cheering for you.  The noise will be deafening.  They love your game!

HFA

In achieving Home Field Advantage, you will gain a sense of clarity, simplicity, purpose and passion.  You will also fuel your firm’s organic growth and accelerate agency value. 

Scott Addis

For more ideas on how to break the commodity trap connect with Beyond Insurance on:

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The author, Scott Addis is the President and CEO of The Addis Group and Addis Intellectual Capital, LLC (AIC). AIC is a coaching and consulting company whose purpose is to transform the process that insurance agents, brokers and carriers use when working with clients. Scott is recognized as an industry leader having been awarded the Inc. Magazine’s “Entrepreneur of the Year” Award as well as “25 Most Innovative Agents in America”. Scott can be reached at saddis@beyondinsurance.com or 610-945-1019.

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