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August 31, 2008 at 04:00 PM
In a marketplace full of information overload, insurance salespeople are up against staunch competition in capturing consumer interest for their products and services. Additionally, a global competitive marketplace that includes diverse customers with varying individual needs can often present many challenges for agents who want to expand their sales operation. Being prepared to successfully tap into a marketplace that consists of an increasing number of minority business owners and employees includes having a dynamic and diverse sales team.
Recruiting a multicultural sales team not only adds value to your business, but it is also the right thing to do. It makes business sense to have a team that reflects the communities you serve and represent. If you are not convinced, just look at the recent statistics of the purchasing power of minority consumers: African-Americans, Hispanics and Asian-Americans had a combined purchasing power of nearly $10 trillion in 2007, according to the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.
And we can’t forget the women business owners who have emerged as leaders in the labor force and consumer spending. In the insurance industry, women are an increasing market segment that represents a huge section of the labor force as well as consumers. For example, 152 million Americans are women–over 50% of the population–and women represented nearly 47% of the labor force in 2004, according to the U.S. Census Bureau.
Any sales force that does not practice due diligence when reaching out to women is doing a major disservice to its business model, especially when it comes to recruiting a successful team. Ensuring representation of women will help in efforts to become more reflective of the community from which prospective clients come.
Women and minorities hold incredible potential for becoming successful sales leaders with effective skills selling a variety of insurance products and services. Smart recruiting requires you to be proactive, hands-on and creative. Here are some ways to diversify your sales operation:
Strategize the best way to recruit based on your market size. Sales managers in larger metropolitan areas have a greater pool of candidates to choose from than those in smaller markets. Whereas a large recruiting event may garner potential candidates in a big city, building relationships with a well-recognized organization geared toward the interest of minority residents may yield greater results in a small city.
