Title insurance sales are like all other businesses in at least one respect: you need recurring sales, or the business is done. Mere survival isn’t the end goal. You want massive success, usually defined by achieving a certain level of growth. If you’re looking for ways to boost your title insurance sales, keep reading for ten-pointers to ensure growth and business continuity.
Leverage Technology
The days of manually handling every aspect of the sales process have been long since gone. These days, you want all the advantages modern technology offers, from database management tools to sales forecasting.
Track Title Insurance Sales
It’s one of those oft-repeated bits of productivity wisdom that the things you track improve. Make sure you’re tracking quantifiable data related to meaningful KPIs. Your conversion rate is an excellent metric, as it quantifies success and informs profit margins.
Stick to a Schedule
Schedules and routines serve essential functions for your title insurance sales team. They help your team develop a rhythm for activities. They also help ensure people are where they need to be and when to be there.
Set Goals for Title Insurance Sales
You should set up sales goals. Don’t limit yourself to quarterly goals, as those are abstract. Instead, set daily goals. That gives the sales team something to strive toward each day. Make sure you set achievable goals or risk demoralizing your team.
Embrace Automation
Every team faces at least some tedious administrative tasks. Not only do those tasks leech motivation, but most don’t need a person. Embrace automation for tasks such as data entry, standardized emails, and calendar updates.
Be Smart About Prospects
Gathering prospects is vital for eventual sales, but not all prospects are created equal. Ensure your sales team gets training on identifying the best opportunities for title insurance sales.
Score Your Leads
Once you identify good prospects, don’t stop there. Use a scoring system to rank them by likelihood of purchase.
Provide Good Onboarding and Training
Some people will never make it as a salesperson. However, good onboarding and solid training can turn a mediocre salesperson into a great salesperson. Yes, mentoring from a more experienced salesperson can fill in some gaps, but a dedicated trainer can make a world of difference in a new hire’s success.
Communicate
Communication is critical in both making sales and supporting your sales team. You must communicate clearly and unambiguously about goal adjustments, technology changes, and new procedures.
Reward Your Team
It’s easy to see a team meet a title insurance sales goal and leave it uncommented. Don’t do that. Reward teams that meet or exceed the sales goals you set. You can offer bonuses if that’s in the budget, but don’t forget about intangibles like praise and recognition.
Boosting title insurance sales can sound like a challenging path, but it’s achievable. With the right combination of technology, sales tracking, lead scoring, and training, you can see your team meet and even exceed the sales goals you set for them.