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A History of Blood – Vol. 4, Chapter 27

Over the past two months, the team has grown from a duo to a 6 person crew. Now that I am more involved in the interviewing, hiring, and management process, I expect us to continue to grow at at exponential pace.

The struggle of building a team has always been the interpersonal relationships combined with the performance based nature of my career. The pay always begins based on my individual performance, meaning that the only real money I have to budget towards team building is the money I make in the field.

Once I formally reach management, the pay shifts to being based on the team’s performance, the difference of which can be clearly understood by the sales reports that I publish weekly:

The Chime Campaign is simple because each account pays $175 to the manager and then $100 to the rep.

• 47 x $175 = $8,225 (total wire)
• 9 x $100 = $900 (rep profit)
• 47 x $75 = $3,525 (office profit)

If those numbers were maintained throughout the year, it would look like the following:

• $8,000 x 50 = $400,000 (business revenue)
• $900 x 50 = $45,000 (personal profit)
• $3,500 x 50 = $175,000 (office profit)

The biggest lesson however is that there is a big difference between applications and approved sales, especially when you consider the data.

The conversion rate for Chime currently averages at 50%, meaning that for every 10 applications a rep will likely earn $500.

In order to get to Team Leader, a Corporate Trainer would need 30 approved sales from his or her training roster. Based on current conversion rates, that would require 60 applications.

The average among our reps is about 8, meaning that in order to do 60 applications we would need 8 reps in the field.

• 8 reps in the field x 8 sales on average = 60 x 50% conversion = 30 paid x $175 per deal = $5,250 wire
• $5,250 wire – rep pay (30 x $100) = $2,250 override
• Average of $281 override per rep, average of $35 per application

It makes sense to raise the standard to 12, or 3 deals a day, which overall just means a $600 weekly paycheck.

The key to that is more aggressive pitch practice, more detailed tracking sheets, and a more systemic follow up.

It might just be easier to treat it like the apps pay $50 instead of $100, until conversion rate reaches 80%~ or higher. Either way my work is cut out for me.

My goals are to work harder at building my insurance business while also building my marketing agency, and also building personal relationships.