Explain this book to me - Def

Book 2, Episode 2: Prospecting. Chapters 2 & 3. Do You Want To Figure Out And Find Your Ideal Prospect?

by | August 17, 2020

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In this episode host, Josh Lipstone of The Explain This Book To Me podcast continues his discussion with David Carothers, the author of the book, The Extra 2 Minutes.  They discuss how to identify and locate your ideal prospect.  And you may hear how David’s mind was blown away from something that was discussed in Book 2, Episode 1, but you’ll have to download this episode to find out.

Episode Highlights:

  • What are the things from the first episode that stood out for David? (3:10)
  • Why does David think that prospect identification is one of the biggest challenges? (6:41)
  • David thinks the insurance industry is severely lacking in production training. (7:06)
  • David shares his fundamental theory in insurance production. (7:36)
  • David says that the difference between giving somebody the why and asking the question in a short amount of time is the title of his book. (11:16)
  • How does a producer define who their ideal prospect is if they’re new to the industry? (13:31)
  • David mentions that in the first year of his career his ideal prospect was anybody who was in life science technology. (14:56)
  • David says that the best way to help yourself define your ideal prospect is through conversations with your underwriter. (19:04)
  • David explains what affiliate marketers do. (25:22)
  • David says that when he’s looking at the thing about who belongs at the table, he’s looking at the moral compass and the value of that organization. (28:04)
  • Davis explains why he wants to bring somebody into his agency, who does not fit the characteristics of what he would consider being an ideal client. (29:17)
  • What other places can David recommend people to start locating their ideal prospect? (33:33)
  • David mentions that it takes time to identify the ideal prospect and figure out where you want to go. (36:09)
  • How many producers does David have in his office? (38:02)
  • David shares what type of data people should be gathering, and the tools that they should be using to gather that information. (41:31)
  • Does David have a philosophy on how long some business needs to be in business? (45:35)
  • What is the philosophy of David about blocking markets? (48:12)
  • David mentions where people should look to find out when a worker’s compensation is ready. (51:04)
  • David explains what an appointment setter is. (56:20)

Key Quotes:

  • “I don’t abuse my relationships with my underwriters. If there’s not a case to be made, I don’t make it. In fact, they don’t even see it. If I know I’m not going to be successful, I’m going to cut bait and not spend time with that particular carrier when I know I have to go somewhere else. But if it’s something that I know in my heart needs to be there because that’s the right market and it really would fit if they listen to the full story, we’re going to get it done every time”- David Carothers
  • “Work ethic and willingness to learn. With those two things, if you’ve got that in your back pocket, you can be successful. If you’re not successful and you have those two things it’s because you allowed the industry to taint you and you didn’t allow yourself to see it through.”- David Carothers
  • “If you focus on identifying your ideal prospect and who that’s going to be, it takes time to do that. It takes time to identify them and figure out where you want to go, it takes time to write your business, it takes time for you to do the research. But as you’re doing all of these things, you’re really making yourself stronger.”- David Carothers

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