Devote more ad dollars to experienced sellers—within reason.
It can be vexing to answer the phone only to discover an auto insurance sales rep on the other end of the line. The next time that happens, though, consider cutting the rep some slack. Drivers in the United States spend an average of $1,771 a year on full-coverage car insurance, with rates in some cities topping $6,200. But finding and recruiting customers for such plans isn’t easy.
To tease apart the roles that prospecting and converting played in new customer acquisition, the researchers measured each rep’s prospecting efficacy—defined as the number of potential customers identified—and conversion efficacy, or the share of those prospects who went on to buy policies. They also evaluated extrinsic and intrinsic motivation. Extrinsic motivation was assessed by looking at things such as sales competitions and performance bonuses.
Tempting though it may be, managers should avoid the approach some companies take: having novice sellers exclusively prospect and experienced sellers exclusively close deals. Instead, they should consider each seller’s proficiency with each stage of the sales funnel and support agents wherever they most need help, working with reps individually to find the sweet spot between the two activities. “If you hire people only to prospect, they’ll feel a sense of incompleteness,” Gopalakrishna says.
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