Best Practices agencies recognize that growth enables them to better serve their clients by driving innovation and investment in client resources. Growth makes it possible to hire top talent, because it attracts those seeking continuous opportunity for advancement. And growth benefits the community by providing an agency with better resources with which to serve the local community.
For most agencies, consistent organic growth is the most important goal. But achieving it can be unpredictable, since it depends on several variables: new business, lost business, premium pricing and economy‐driven changes in exposures.
Sales velocity is a term that measures the most important driver of organic growth: new business. Superior sales velocity can create organic growth, even in a struggling marketplace.
On June 28, Tom Doran of Reagan Consulting presented a 15-minute webinar as part of the Best Practices for Agency Operations webinar series, in which he walked attendees through the sales velocity formula. The on-demand replay is available now, and this infographic captures the information in visual form.
Register for the remainder of the webinar series and join the Big "I" on Tuesday, July 11 for Navigating Unconscious Biases to Enhance Your Agency's Success. During this webinar, we'll define "unconscious biases" and provide a few tools you can leverage within your agency to prevent them from crippling growth and innovation. Later this year, additional sessions will cover technology insights and 2017 study highlights.
Obtain benchmarking numbers from the 2016 Best Practices Study and send program or webinar questions to Best Practices staff.