Give away to grow your book

Determine what's the most important account

When I was in retail sales, I was always looking for ways to grow my book. Then, as my book grew, it became apparent that time was the biggest obstacle to growing my commission revenue. I remember an older, successful producer telling me I had to cull my book.

I took the advice to heart.

I segregated my book by commission income and then by the value I brought to the relationship. I discovered that my highest retention came from clients that took advantage of my business and underwriting background. I was able to bring value to the relationship.

I also determined that the more value I brought to a relationship, the less my client talked about price. My clients wanted value and were willing to pay a little extra to get it. With this knowledge, it became clear that I needed to focus on large accounts.

So, I gifted all my accounts that generated less than $3,000 in commission to new producers with the goal of picking up 6-10 new, large clients. Every January, I would repeat the process.

Over time, while the number of my accounts dropped, my commission income almost doubled.

Take this to heart – give away to grow your book.

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