MRL #127- 3 Rookie Producer Mistakes That'll Keep You Broke

I get asked all the time:

“Micah, what do I need to do to be successful?”

To which I usually answer:

“Make 40 dials a day, lead with due diligence, and always be honest even if it works against you.”

While that’s solid advice, I thought today I’d switch things up. Instead of giving suggestions of what to do, here are a few suggestions of things not to do.

Especially if you’re a new Producer.

Avoid these three rookie mistakes at all costs:

1. Quoting Prospects Who Are Married to Their Agent

Early in your career, you think all opportunities are opportunities.

They are not.

Just because a prospect says you can quote, does not mean you have any chance of winning their business.

You can spend hours digging through policies, building proposals, and working up the perfect wedge...

Only to hear crickets.

The truth?

You were never in the game.

They either ignored your work altogether, or they sent it to the incumbent.

To be blunt:

If a prospect is loyal to their agent they’re just using you.

To combat this, you need 2 things…

First, to qualify early:

• Do they have a compelling reason to leave?

• Do they love their current agent? Ask them directly.

• Are they giving you direct access to decision-makers?

Second, a verbal commitment.

“Where do I need to be to earn your business? If I deliver on X are you willing to move the business to me?”

If you don’t get yes on all the above, move on.

Your time is precious.

Don’t waste it.

2. Thinking You Can Network Your Way to Validation

I get it.

Networking feels productive.

Shaking hands at chamber events, swapping cards at lunch-and-learns, traveling to association conventions…

It feels like you’re “building relationships.”

And you are, but…

Here’s the thing:

Networking takes time.

Most noob Producers have 3 years to hit validation.

Even if you go to all the BNIs, all the conventions, all the Chamber events, you will still not likely have enough at bats to get across the finish line in time.

I’ve said it once. I’ll said it 1,000 times. You need waaaaaay more at bats than you think when you first get started.

You must mix in a heavy, and dare I say, daily dose of cold prospecting to insure success.

Network for the future.

Cold prospect for the now.

3. Not Prioritizing Your Time On Prospecting

This one stings.

But many producers spend their first year doing everything but knocking on doors:

• Studying for designations

• Sitting in meetings and “training” calls

• Building lead lists and “business plans”

Meanwhile, their pipeline is empty and the clock is ticking down. One year gone. Only 2 to go.

Listen, if you’re not blocking out 3-4 hours per day to prospect, you’re really putting yourself behind the 8-ball.

Prospecting isn’t a box you check once a week. It’s the core skill of being a producer.

Until you’ve built a pipeline big enough to buy you leverage, prospecting is the priority.

And how do you insure it’s a priority.

Block it off on you darn calendar!

If You Want To Stay Broke

Here’s the formula:

• Quote anyone and everyone

• Collect business cards like baseball cards

• Only prospect when you “feel” like it

But if you want to build a book?

Do the opposite.

Spend your time where it counts:

• Focus on deals that are actually winnable

• Get out there and get live reps as soon as possible

• Treat prospecting like your full-time job because it is

That’s how you escape amateur hour and start writing business.

If you want my exact framework for writing $100K in the next 12 months, it’s inside the Producer Playbook.

It’s what I wish I had when I was a rookie.

See you next week.

Kick ass take names,

– Micah