366. How Much Can You Pay a Producer and Still Profit?

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What’s in this episode:

Can you afford to pay a producer $4K, $5K, or even more—and still keep your agency profitable? This week, Iain Steves (Senior Managing Director at Farmers) breaks down what it really costs to run a seat in your office and how to reverse-engineer your compensation strategy based on profit. From real math to hard truths about loyalty, expectations, and tech stack optimization, this one pulls no punches. If you're ready to scale with clarity and confidence, this is a must-listen.

 [00:00] Why most agencies struggle with scaling producer pay
 [03:30] What’s working in high-growth agency cultures
 [06:00] Digital leads, SEO, and modern marketing mix
 [09:30] Why internet leads fail (and how to make them work)
 [12:00] Automation, tech stacks, and the trap of manual labor
 [14:00] Real talk: What that producer seat actually costs you
 [16:00] How to talk to underperformers with loyalty history
 [18:00] When expectations get outdated—and how to reset
 [20:00] Using data to coach and correct without emotion
 [22:00] The formula for figuring out comp: Break-even + bonuses
 [25:00] What top agencies require: $40K+ production per seat
 [28:00] Leadership that scales: Falling in love with the grind

Watch the full episode on YouTube: HERE

Connect with Iain Steves

Email: iain.steves@farmersinsurance.com
LinkedIn: http://linkedin.com/in/iainsteeves

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