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Hit your business reset button now

Kennedy Sumarlie, AWP

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Adapt to the current market conditions or struggle professionally. Learn how to thrive with ideas from MDRT member Kennedy Sumarlie.

The business world has changed. Like it or not, we must adapt to the current market conditions or we will struggle professionally. We’ll end up excluded from those who successfully adapted.

And in the midst of this crisis, there have been some successes — take for example satellite-based internet connections, data storage, cybersecurity and many others. What about the insurance industry, though? What about our financial planning business? Should we reset and adapt our business?

The answer is absolutely yes. If we can't meet with prospects in person, do we stop prospecting? Of course not! Do we leave the goals we made at the beginning of the year just hanging on the wall? Of course not!

Foster online connections

To adapt, use social media as a way to reach your prospective market. While many social media platforms and applications have flourished in the past five years, significant growth happened during the current crisis. Many businesses now depend on social media for advertising, branding and so forth. Furthermore, the use of virtual meeting application platforms surged. This should be added as an option for how you connect with clients.

Look for how to maintain your business and be productive in this new era, including:

1. Switch your business platform from offline to online. Do it now!

2. Dare to change according to current market conditions, such as being more flexible in writing insurance documents (digitally), sending more documents via email, conducting virtual meetings, and accepting online applications and digital payments for premiums.

3. Multiply the appointments with your prospects or your existing customers. Since the meeting is held virtually, we can save time on the commute and decrease the transportation costs for a business meeting

4. Reset your business vision and goals. Make them more realistic and digital-oriented.

5. Be available as a virtual speaker, as they are now very sought after.

We know that the world has been hit by a prolonged crisis but think of a pendulum. The pendulum may sway left and right, but the pendulum will eventually stop in a stable position. The same is true for our business. Keep learning. Stay productive. And press the reset button for your business.

Kennedy Sumarlie, AWP, of Jakarta, Indonesia, has been an MDRT member since 2018.

This originally appeared in the MDRT Blog.

 

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