Winning Large AccountsWinning Large AccountsWinning Large AccountsWinning Large Accounts

Atlantic City, NJ

February 27, 2012

TopicsTopicsTopicsTopics

� Introduction

� Role Models

� Time Management

� Prospecting

� Meeting Strategies

� Contracting

� Keys to Success

IntroductionIntroductionIntroductionIntroduction

� The views and statements expressed here today are mine and do not necessarily reflect the view of MMC Companies

� Not being compensated for my speech today which proves the old adage that “you get what you pay for!”

� How I have sold big deals

Second ThoughtsSecond ThoughtsSecond ThoughtsSecond Thoughts

� Imposter Syndrome

� Dunning-Kruger effect

Why Sales?Why Sales?Why Sales?Why Sales?

� Provides a nice lifestyle

� Creates jobs

“Speak softly and carry a big stick”

- Theodore Roosevelt

Business ConcentrationBusiness ConcentrationBusiness ConcentrationBusiness Concentration

� Core & Voluntary Employer Benefits

� Affinity endorsed L&H and P&C programs

� Professional liability to doctors, dentists, engineers

� Marketing & administrative services to carriers/HMO’s

� LTC

� Class action settlement services

� Reinsurance

Clients ProfileClients ProfileClients ProfileClients Profile

� Individuals

� All size business

� Professional and trade associations

� Insurance carriers and HMO’s

� Unions

� Class action settlements

Role ModelsRole ModelsRole ModelsRole Models

� Learn through observation

� Jack Pearl, John Wooden, Tom Cundy

� Who inspires you?

Jack PearlJack PearlJack PearlJack Pearl

� 1954 founded Pearl Insurance

� Helped start direct marketed insurance

� Today one of the largest privately held TPA’sin U.S.

� Insurance, banking, software, automotive

John WoodenJohn WoodenJohn WoodenJohn Wooden

� Wizard of Westwood◦ 10 NCAA National Championships

� 7 in a row

◦ Hall of Fame as a coach/player

HONESTY

PATIENCE

ADAPTABILITY

AMBITION

Wooden LessonsWooden LessonsWooden LessonsWooden Lessons

� Importance of solid fundamentals

� Importance of preparation

� Importance of integrity

� “Failing to prepare is preparing to fail”

� How much time do you spend planning your daily activities?

Prospect EntertainmentProspect EntertainmentProspect EntertainmentProspect Entertainment

� Tom Cundy – Bellevue, Kentucky

� FSU Tennis Scholarship

� Applied at Aetna – failed the aptitude test

� Prudential – sold $1m of insurance within 10 months

� Clients◦ Anheuser Busch − Viacom

◦ Fruit of the Loom − Perkins Restaurant

◦ Revlon − Ford

◦ Republic Industries

◦ Ryder Systems

Power of Celebrity Power of Celebrity Power of Celebrity Power of Celebrity EndorsementEndorsementEndorsementEndorsement

� The best in entertainment◦ Celebrity endorsement

� Who are celebrities that you can use?

4 4 4 4 CundyCundyCundyCundy TipsTipsTipsTips

� Value of high level networking

� Meeting follow up techniques

� Always strive to be number one

� Have balance in work and family lives

Big Deals Take TimeBig Deals Take TimeBig Deals Take TimeBig Deals Take Time

� Time management is crucial to be successful

� Defend your time

� Avoid unnecessary meetings and conference calls

� Plan each day’s activities to maximize “sales time”

Big Deals Take Time ContinuedBig Deals Take Time ContinuedBig Deals Take Time ContinuedBig Deals Take Time Continued

� Don’t confuse activity with effectiveness

� Don’t waste time chasing the wrong targets

� Get to it early!

Just a subtle reminder that you

are responsible for increasing sales

Big Deal Hunting RequirementsBig Deal Hunting RequirementsBig Deal Hunting RequirementsBig Deal Hunting Requirements

� Understand the type of business your organization wants

� Understand your weaknesses and prepare contingencies

� Cultivate internal champions - sell internally� Prospect effectively and know what each prospect’s realistic revenue potential before investing your time

� Have the experience and resources to support big deals

ProspectingProspectingProspectingProspecting

� It’s not how many prospects you meet with but more about meeting with the right ones

� My prospecting sources

◦ Industry publications◦ Acquisitions/Divestures

Prospecting ContinuedProspecting ContinuedProspecting ContinuedProspecting Continued

◦ Business sections of Newspapers – “People in the news”

◦ Company websites

◦ Investor relations

◦ Google

◦ Friends

◦ Colleagues

◦ Judy Diamond

◦ Barron’s

Judy DiamondJudy DiamondJudy DiamondJudy Diamond

� 5500 information

� Premium, commission, fees

� Line of business

� Renewal date

� Carrier

� Average $500-$600 per state

Prospecting GoalsProspecting GoalsProspecting GoalsProspecting Goals

� Detailed information on both the prospect company and individual(s) I will meet

Social MediaSocial MediaSocial MediaSocial Media

� Social Media isn’t just for young people

� Facebook = 3rd largest country

� LinkedIn profile on all e-mails and letters

0

100

200

300

400

500

600

700

800

Number ofMembers

Blogs -128mm

Twitter -280mm

Facebook -800mm

LinkedIn -135mm

Small Small Small Small vsvsvsvs Big DealsBig DealsBig DealsBig Deals

� Small deals require almost the same investment of time as large ones

� Build on success in an industry

Prospects$2m+

Prospects$250k-$2m

Small Small Small Small vsvsvsvs Big Deals ContinuedBig Deals ContinuedBig Deals ContinuedBig Deals Continued

� 25-30 quality prospects

Prospecting MethodsProspecting MethodsProspecting MethodsProspecting Methods

� Advertisements in publications

� Direct mail solicitations

� E-mail blasts

� Fax marketing

Prospecting Methods ContinuedProspecting Methods ContinuedProspecting Methods ContinuedProspecting Methods Continued

� Every big deal I ever wrote started with a phone call

� Friend or influencer – pre call referral

� 6:30-7:45am or after 5:30pm◦ 60 seconds – 30 minute appointment

� Assistant to assistant

Goals of an Initial MeetingGoals of an Initial MeetingGoals of an Initial MeetingGoals of an Initial Meeting

� Establish credibility, integrity, and rapport

◦ Credibility technique

� Emphasis on establishing relationships vs offering solutions C

RE

DIB

ILIT

Y

INT

EG

RIT

Y

RA

PP

OR

T

Level of Importance

Extremely

SO

LUT

ION

So-So

Not Very

Goals of an Initial MeetingGoals of an Initial MeetingGoals of an Initial MeetingGoals of an Initial Meeting

� Meet outside prospect’s office whenever possible

� 3-5 pertinent facts

Be like Be like Be like Be like ZeligZeligZeligZelig

Be Like Be Like Be Like Be Like ZeligZeligZeligZelig

� Research has shown people are more willing to purchase from sales persons like them in age, religion, politics, hobbies, etc.

� Learn from your prospects about them and their business

� Praise is important in building rapport◦ You can find positive traits in anyone

◦ Positive remarks about another person cultivates positive relationships

� Be sincere

Role ReversalRole ReversalRole ReversalRole Reversal

� Who is selling whom?

� Conversation of equals

� People always want more of what they can’t always have

Best Alternative to Negotiated Best Alternative to Negotiated Best Alternative to Negotiated Best Alternative to Negotiated Agreement (BATNA)Agreement (BATNA)Agreement (BATNA)Agreement (BATNA)

� Leverage◦ Limited window of opportunity

◦ Capacity

◦ Unique service capabilities

◦ Reciprocal business opportunities

Make it happen or watch it happen

ContractingContractingContractingContracting

� Having a good lawyer is of key importance

� Negotiate without ego

� Conference call or meeting be in the same location as your attorney

◦ IM

� Attorney and Business leaders in a meeting making real time changes

� Be an advocate for your client and sit on their side of the table at times whenever possible

You Landed the Big One! Now You Landed the Big One! Now You Landed the Big One! Now You Landed the Big One! Now What?What?What?What?� Big deals require team work

◦ Ask for help

◦ Share the credit

� Stay engaged through the transition

◦ Cultivate a future referral

� Love them and leave them

◦ Goal of 60 days post transition

Worst Sales MeetingWorst Sales MeetingWorst Sales MeetingWorst Sales Meeting

� No matter how well you are prepared, bad things can happen

� Expect the unexpected

Keys to SuccessKeys to SuccessKeys to SuccessKeys to Success

� Be strategic

� Have patience

� Polite persistence

� Responsiveness

� Integrity

� Desire to be the best

� Have written goals

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.”

- Steve Jobs

Questions?Questions?Questions?Questions?