Selection is the process by which the manager obtains information about a candidate and provides information to the candidate so that a mutual career decision can be reached. Information is obtained about the candidate to determine the conditions under which he or she will be able to sell financial services products. Information is provided to the candidate to help determine whether the career is the right one for that person.

There is little question that the quality of the people you hire has a direct impact on your own personal success, as well as on the success and profitability of your field sales office and your company. As a result, effective selection of career sales representatives is a critical aspect of your job.

Undoubtedly, higher quality, more carefully selected sales representatives will enable you to increase the productivity and profitability of your sales office.

On the other hand, when the wrong person is hired, everyone suffers. Your company and your own field sales office lose time, money, and a chance for growth. The sales represent5ative loses many things, including self-confidence, income, and status. And, perhaps most important, you as manager lose the opportunity to increase your own income and prestige. Can you really afford to be wrong? Can you really afford to treat selection casually? Can you really afford to maintain only an average selection “batting average”?

The potentially high rate of failure of new sales representatives and the spiraling training and development costs should be sufficient evidence that the utilization of sound selection techniques is important. Because a new sales representative may fail for many other reasons, such as poor training and supervision, a good selection system should do more than just provide information about who is the best candidate. There is no such thing as a right candidate: just a candidate who is “right” for you. An effective selection system should poi9nt out areas in which the candidate needs specialized training and supervision. An effective system should also allow you to determine how much time, money, and talent will be necessary to make this particular candidate a successful, productive sales representative. And certainly a good selection system should permit you to answer questions such as “Can I make the necessary investment in this individual at this time?” and “Under what conditions can I put in the effort needed to develop the individual as a sales representative?” When you have reached this state in the development of a selection system, you have come a long way toward becoming a professional manager.

LIMRA Series-2 – Penetrating Your Market
Market Planning

Market segmentation and penetration, like any other management process, begins with good planning. Effective market planning involves the four steps of the DOME planning process:

In the first step, assess your present situation. Take a realistic look at both the internal invironment in your field sales office and the external environment in the territory where you are located. Consider your strengths, weaknesses, constraints, and opportunities.

Objectives:

Once you have completed your diagnosis, establish specific market objectives. It is not enough to target two or three markets. Be specific in what you want to accomplish. Good objectives meet three criteria:

Methods:

With the market objectives clearly established, identify the specific means or methods you will use to achieve your objectives. Prepare an action plan for each selected objective that outlines what should be done, the materials needed, who is responsible, and the dates on which specific steps will be started and completed.

The last step in the market planning process involves an ongoing evaluation of progress to check your results against your objectives.