4X a Business In One Conversation

Summary

• When I took over an insurance company, I noticed they had an 80% drop-off rate between the first and second sales call.
• The company's sales process involved sending out personalized policy breakdowns that took 45 minutes to prepare for each potential customer.
• To improve this, I decided to change the strategy by setting up a close call during the initial contact.
• I instructed the team to inform customers that their policy details would be reviewed during the close call, rather than sending the information beforehand.
• This adjustment flipped the drop-off rate to a solid 20%, effectively quadrupling the business.
• From this experience, I assert that every business has a similar opportunity for significant improvement; it's just a matter of identifying and acting on it.

Video

How To Take Action

I would suggest looking at your current business process to find where people are dropping off, just like I did with the insurance company. Here's a step-by-step on how to do it:

1. Identify where in your process customers or leads are losing interest or not following through. Look for a pattern of when you lose them.
2. Think of a way to keep them engaged without spending too much time or money. It should be something that you can change quickly.
3. In the insurance company's case, instead of sending detailed policy breakdowns ahead of time, we set up a second call right away to go over the details. Try to find a similar strategy where you can keep the customer's interest without the heavy work upfront.
4. Tell your team about the change and explain why it's important. Make sure they know how to implement it with the customers.
5. Track your results after making the change. Look for improvements in your drop-off rates or in how many people take the next step.
6. Remember: it doesn't need to be complicated. The simpler, the better.

Think about it like this: you could have a small tweak in your process that can make a big difference. It’s like finding hidden treasure in your own backyard. Keep your eyes open, and you’ll see opportunities to make your business grow with simple changes.

Quotes by Alex Hormozi

"we had a business that we just bought bought an insurance company"

– Alex Hormozi

"they had an 80% drop off rate between first call and second call"

– Alex Hormozi

"they were sending full policy breakdowns which is taking them 45 minutes to put together per person"

– Alex Hormozi

"we're just going to set the close call from the set call"

– Alex Hormozi

"it's like cool just Forex the business"

– Alex Hormozi

Full Transcript

we had a business that we just bought bought an insurance company they had a decent amount of traffic a really strong product but when I looked at their sales process they had an 80% drop off rate between first call and second call they were sending full policy breakdowns which is taking them 45 minutes to put together per person personalized policies they would send it to them and then the person would then if they liked the policy reach back out to cetch of their followup here's Alex let make a plan here we're going to not do that we're just going to set the close call from the set call and uh we're going to tell them we're going to review that information with them on the close call and so you can take from 20 % of people getting through so 80% drop off to just flipping that so 80% show and 20% drop off it's like cool just Forex the business a lot of businesses like some of you guys are like well I would never do that it's like but there's one of those in your business right now I guarantee it