Tuesday, April 1, 2008

Building New Distribution Channels

Frequently, you face the challenge of building new distribution and growing your sales volume quickly when you are entering a new distribution channel in the life insurance or annuity marketplace. But even in existing channels, there is still a need to create new relationships and build sales quickly.

Growing sales quickly can seem daunting. But realistically, we can analyze the problem by looking at two key challenges:

  • creating a product that has appeal in your target market, and then
  • building relationships with distributors and customers.

You can fully explore both of these challenges Chris Conklin’s white paper, How to Build New Distribution Channels and Grow Sales Volume Quickly, but we’d like to focus in on building relationships with distributors and customers right now.

Is it better to grow these relationships organically with your existing staff or hire a company that already has existing relationships in the distribution channels you’re looking to grow in? Or, is it best to use a combination of the two?

We believe if you approach the challenge of growing sales with a systematic solution, your chances of success are excellent. The systematic solution should include, good product development, strengthening and building relationships, a good promotional plan and working with individuals or a group that already has strong relationships in the channel you’re looking to for growth.

We would love to hear your stories of success and failure in attempts to build new distribution channels and grow sales volume quickly. What have you found that works, and what has failed?

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