The Competitive Advantage

In today’s market, the only way to succeed is to provide value to your clients.

Juli McNeely, LUTCF

Many insurance products are becoming more and more standardized. So if you don’t have something unique to offer, what sets you apart from your competition?

The biggest competitive advantage you have is you! It is up to you to earn your prospect’s respect and business. As Jim Rohn says, “If you make a sale, you make a living. If you make an investment of time and good service in a customer, you can make a fortune.” Be committed to making the investment of time and providing outstanding service to your clients. Your clients can purchase cheap term insurance from anyone—but you need to show them why they need to work with you. You can make the difference when it comes to providing value that will allow a client to make an informed decision.

Will Rogers says that you should “know what you are doing, love what you are doing and believe in what you are doing.” Prospects will be able to see if you are knowledgeable about what you do, passionate about what you do and believe in what you do. Let these things be your filter as you find your niche in this ever-changing industry.

THE BIGGEST COMPETITIVE ADVANTAGE YOU HAVE IS YOU!

Know what you are doing. Learn from your peers and from industry veterans. Upon returning from another excellent NAIFA convention in Baltimore, it was evident to me that NAIFA, at all levels of the federation, encourages networking with agents or advisors from different companies and product specialties.

There are lots of seasoned advisors who have made it their goal to mentor as many young agents as possible and many study groups you can join that will help you. The connections you make with other advisors are some of the biggest benefits you get for belonging to NAIFA. We have a role to play in seeing the continuation of our industry and the success of the new individuals who break into it.

Continue to educate yourself. Find the designation that fits your expertise and get started today. Your time and money will be worth it when you have the advanced knowledge you need when working on a case for your clients.

Develop and train your staff so they know what they are doing. Remember that your staff is an extension of you—when they look good, you look good.

Love what you are doing. Find your passion. In Stan Hustad’s book, You Make the Difference, he writes: “Remember that your success is directly related in your profession to the fun you have, the passion you possess and the performance you bring to the clients that you serve. Do what you love, do it well … and success will come to you.” Find your niche.

Be yourself. There is no need to put on an act. If you truly love what you are doing, that love will shine through clearly to your prospect or client.

Believe in what you are doing. Buy what you sell—practice what you preach. There is tremendous value in the solutions that we find for our clients. At the NAIFA convention, I had the privilege of attending the realLIFEstories banquet. Once again, it was a moving evening. These realLIFEstories can make an instant believer out of anyone; they are always a great reminder of who we serve and why we are in this profession.

The value of service
In spite of your efforts to offer the best service and advice to your clients and prospects at all times, there will always be prospects who will shop on price or those who are looking for one specific product feature. Nevertheless, many will be shopping for what you bring to the kitchen table. By investing your time and providing superior service to them, they will have no choice but to buy from you.

Remember that you are the best competitive advantage you have.

Juli McNeely, LUTCF, is vice president/treasurer of McNeely Financial Services, immediate past president of NAIFA-Central Wisconsin, past chair of NAIFA’s Young Advisors Team and current chair of NAIFA’s Committee on Associations. You can reach her at juli@mcneelyfinancial.com.