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The Insider Secret You MUST Know About The First “P”

By April 19, 2021September 15th, 2021Agency Management, Industry Information

The Unstoppable Profit Producer program (which was created from the large demand of agents who wanted to know “how” Stromsoe Insurance Agency grew so quickly) is based on a simple, three step, proven blueprint called the three P’s: People, Processes and Promotions. You should attract, recruit and hire only excellent people, have these excellent people operating with world-class processes and systems, and simply promote the heck out of your business. The results? You will grow your business, create wealth, and ultimately have more freedom to live life on your own terms.

Of all the emergency phone calls I receive from our coaching clients, 83% or more are related to the first P. To make sure you get the most current, relevant help possible from the trenches of my own independent insurance agency, I want to share strategies that work for your immediate implementation.

The first P can be the driver of the most profit, or it can be the driver of loss of focus, loss of profits, loss of sleep and more agony. Get the first P right, more wins. Get it wrong, more failures, which I think of as lessons.

I learned from one of my greatest mentors, the late Jim Rohn, “If you want to have more, you have to become more. You attract exactly what you are and who you become.” Following is a thought process and formula on attracting and recruiting your next best team player (NOT the best available). The journey begins here to find the next best team player for your agency.

1) Mission. The best want to be part of a mission. To get crystal clear, create an executive summary of the job’s core purpose and why the role exists, written in plain language.
2) Results. A wage is paid for a specific result. What is that? This is not the tasks they will be doing, but the results they should deliver. High performance requires clarity. You cannot hit identified targets. Key point: Hire for vital functions, not job titles or positions. You are hiring to get stuff done, not to fill out an org chart.
3) Skills. Fit for the position. Hire on evidence, not hope. You don’t have time or resources to teach skills. Hire proven skills and track record.
4) Attributes
. Fit for the position, culture and leader(s). Not just the BEST player, but the best READY player. Key point: A best person in the wrong culture is still the wrong best person. And don’t miss this one: heart. Does every member of your team LOVE what you do?

After you locate the best players, it’s your job to sell the best players on what you have to offer. Here are five things the best are looking for:

1) People. The best are looking for a sense of belonging, a special community and culture with great people.

2) Challenge. The best are inspired by bold ideas, big goals and the chance to do something great.

3) Opportunity. The best want to see a pathway to a better future.

4) Growth. The best want to feel better about themselves.

5) Money. How does your recruiting script read? Maybe backwards? Do your ads speak about compensation?

Write your job postings like a marketing ad. These are your most important sales!

So where will you find the best players? Here are the proven results from the top high achieving companies across North America. Key point: The best candidates typically have jobs.

Referrals are 77% of the flow and 60% of the success rate. This is the breakdown of where applicants at these companies came from:

1) Personal network = 20%. Everyone has a personal network of people they know and know well. Trust is normally present. For example, look at the number of people connected to a person on their social media profiles, on their personal email lists, and on their “Out in the Wild” list (see #4).  

2) Employee network = 50%. This is your best source. Every one of your team members also has a personal network list and more. If you are doing things right, they will also be singing your praises.

3) Online job boards = 10%. While not 100% of the time accurate, as people do relocate and other circumstances, interviewing becomes critical to have success with this strategy.

4) Out in the wild = 20%. This group is made up of other people you may come into contact with , such as:

  • Vendor supplier network
  • Client network
  • Association group
  • Church peer groups
  • Carrier marketing reps
  • Your imagination

However, know this: the absolute most important factor is you must allow the entire effort to consume you. Every single day, in every single way, you or someone on your team MUST be working this effort to be successful.

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Mike Stromsoe
President, Stromsoe Insurance Agency
Creator of The Unstoppable Profit Producer Program 

mike stromsoe