The concept of China Egg Syndrome has fascinating beginnings. Most people have no idea what a porcelain egg actually is. The story goes back to the early 1960s. A life and health insurance trainer had one on his desk. Normally it is a nice decorative item, an egg-shaped colorful piece of glass or porcelain in a golden metal holder. Maybe you’ve seen one. This particular piece was used as an agent training exhibit. Here’s the meaning.
Most cops, whether newly minted or experienced, have a problem. And if they don’t solve this particular problem, they will most likely go out of business. It’s that simple. As any successful practitioner of the art of selling will attest, one must run a never-ending campaign to find, develop and close leads. Finding people and companies who are receptive to our products and services is ongoing. In the insurance industry, this means using every source and method to access those who may be open to what we have to offer. Next, we need to get them to buy our policy solutions offered.
You would think finding leads is important, but not crucial. Let me dispel all that idea. It’s the lifeblood of sales; insurance is no exception. Closing leads to generate business and commissions is the second to last step in the process. The final step is service and retention. So the primary aspect is developing a constant fresh stream of good leads; which everyone knows is difficult.
Now we come to the subject of this commentary. In poker jargon it means knowing when to hold them and knowing when to fold them. In terms of insurance sales, that means knowing when to continue developing the lead (sitting on that egg and nurturing it, if you will) until it comes out in a sale. It means knowing how and when to recognize that someone is on a sales lead, (an egg) that will never hatch, a porcelain egg. Don’t think this is easy. It’s not. And keeping and expending time, energy, effort, phone calls, resubmissions, additional contacts and interviews, and hassle with well-developed leads, works in progress, which we’ve actually gotten quite attached to because we’ve put so much effort into it. is the bane of far too many otherwise successful business sellers. At some point we have to break away from this porcelain egg. It’s almost like saying goodbye to an old friend, a deadly old friend.
The way out of this conundrum is to turn the problem into a process. It takes organization and discipline. Here’s a way to do it. Once lead sheets develop into folders of product/service proposals, and after the first one is closed, we begin the quest to determine whether the suggested solutions are eggs to hatch or Chinese eggs. From here it gets interesting. The sale starts from here. This is where the most creative excuses begin. From here, potential buyers usually start to get scarce (difficult to reach, don’t call back, don’t answer voice messages, emails, faxes, follow-up letters). Every seasoned consultant has experienced them; so there is no need to burden readers with this.
The straight forward process is three strikes (follow ups) and out. I know this is hard, but it is the lifesaver. Clearly, it makes sense to keep certain ones in a voltage file for future follow-up. You may find, if one pops up a few months later, you want to give it another try. I say go for it. There’s something about coming across a folder 8 months later that gives it a fresh look. And sometimes the porcelain egg turns into a real egg and hatches. In some cases you will even be called! We’ve been through it all.
I even have a FINAL resting place for a very select number of my porcelain eggs in the back office morgue file. You know, just in case? When this process is complete and almost all the Chinese eggs have been thrown away, you will find that you have served yourself best by serving yourself well and with discipline. The process from initial closure to final discard can take several days, weeks or up to a month. That’s with pauses between follow-ups and stuff. You know you’re doing it right when you find yourself not building large files with bulky folders that keep getting more numerous and older! I’ve known agents who have kept these lead files so long, prospects are dead! Keep them moving.
You know you’re doing it right when you’re constantly bringing in new leads, working them (HARD) and ditching most of them in a smooth manner, using the “one, two, three strikes, and you’re out” procedure, all in quite short time. It’s a judgment call. And by keeping a voltage file, you still retain the opportunity to make a bargain every now and then. Turnover is the name of the game. It’s quite liberating. Time to move on. Here are two final thoughts. 1. Our only stock in trading is time and skill. 2. Chinese eggs are nothing but time wasters, like sinkholes, that need to be cleared up in a reasonable, quick, but orderly manner. Good sales, everyone.
Knowing when to ignore business sales leads:
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