Roughly 10 years ago, a business friend, Art McCauley, created a marketing program that teams a life insurance product with U.S. savings bonds. It allowed an insured who purchased a voluntary insurance product to purchase bonds, as well, through payroll deduction. McCauley first conceived of the idea nearly 15 years ago, but it took him several years before he was ready to engage such a program and its corresponding support services.
When he first unveiled the offering, he was able to make some sales but knew there was the potential to accomplish more. Along the way, he refined the offering by adding enhanced client services. He also brought in a critical illness insurance product to provide an additional sales opportunity.
Gradually, McCauley built up broker relationships, proved the value of his program to customers and developed a roster of positive references. He worked hard to succeed even though he sometimes wondered whether it was worth it.
Within the past year, I've seen his program take off. A flagship account signed on last year, and this year other large accounts joined in. A fellow associate remarked, "Wow, that package really took off overnight."
It's amazing how any given sales success might seem like it took place overnight, even though it might have taken years to achieve. As the example illustrates, overnight success might not actually happen overnight.
1. Start with a unique idea. McCauley created his program around an idea not offered by a host of competitors: co-marketing voluntary benefit life and critical illness insurance with U.S. savings bonds. Making bond buying convenient through payroll deduction made the program that much more attractive.
2. Belief with passion. As years went by with only marginal success, McCauley never gave up on his idea. He passionately promoted it to his business contacts.
3. Consistency, consistency, consistency. Often, McCauley was tempted to give up. But he persevered and delivered his message to both prospective customers and business associates year after year.
4. Back-room support. No good marketing program will survive through the years or become an overnight success without solid back-room support. McCauley started with a seat-of-the-pants back room and gradually built up services that use automated, flexible and scalable technology.
5. A high-quality product or service program that meets needs. Back to the basics. The program meets an underserved need (i.e., a solution for employees who lack life insurance as well as a means of saving). The program keeps growing because business decision makers understand employee needs.
6. Business partners with integrity. When there is a great idea on the table, the creator has to seek out business partners (carriers, service providers, co-marketers) who will share in the vision without stealing the idea.
McCauley gives credit to his overnight success by echoing the words of Henry Ford: "Coming together is a beginning, keeping together is progress and working together is success."
The truth behind overnight success is clear -- such success is gained one level at a time by building on a strong foundation and sticking with a good idea even when success seems far away.
From the March 2007 issue of Benefits Selling Magazine • Subscribe!
