Not Getting the Sale? Some suggestions:
Most of us have been told – and rightly so, I believe – that insurance is not bought, it is sold. Therefore, the reasoning goes, you as a professional salesperson must be a good “closer” to succeed.
Today’s prospects are too savvy to fall prey to the old closing techniques. Gen x-ers are particularly immune or averse to the what-will-it-take-to put-you-in-a-car-today type of salesmanship. Talking too much, bombarding the prospect with statistics and competitive information, and not listening – thinking of what to say next while the prospect explains his/her concerns – are all big turnoffs.
Put your best points up front:
1. The Value Proposition Find out what the problem is, have the prospect define it clearly and concisely, (use “active listening” – “So, if I understand your correctly, your situation is….[(whatever was just said]”), do a focused analysis on the problem, and propose a solution to the prospect-defined solution. Keep the solution general, but have a clear idea of what you think would be in the best interest of the client. The key to demonstrating value is tying the solution to the problem and clearly showing how leveraging (the essence of insurance) is best for the prospect. Price should not be an issue if you have carefully gathered all essential facts and have provided a reasonable solution to the problem. If the question of “what will it cost” is asked, be ready with a range of possible premium. Avoid illustrations. When you have an offer of insurance, you can accurately “quote” the case at that time. Until then, no one can say what the actual cost will be.
To review: Define, assess, evaluate, propose, confirm, take the application.
Getting the sale may require some additional steps:
2. Story-telling It must be a true story. A good story is almost essential these days in getting prospects to personally relate the solution to the problem. Keep it personal, short, and connected to the solution of the problem. Example: “I had a couple in a similar position to yours not long ago. The husband bought two policies – one on himself and one on his wife. Both were approved at the lowest premium the carrier would offer, so they were both very healthy. Six months later, the husband had a stroke. He’s going to be OK, but he’s now uninsurable. Of course, the insurance company can’t cancel his insurance because of his change in health. His coverage is locked in at a very favorable price. Those kinds of things can happen to anyone, anytime.” Just leave the story hanging in the air. You don’t need to tie it to the sale. It will be obvious to the prospect.
3. Relationship building Be aware of the pace your prospect is setting during your presentation. Don’t move too quickly if he or she needs time to absorb all the things you have discussed with them. On the other hand, don’t prolong the sales process if the prospect is ready to move. Watch for signs: body language, types of questions, your being interrupted while explaining a concept, etc. Being a “trusted advisor” should be the goal. The sale will follow. In fact, if you already have a relationship of trust with the prospect, you should have an application ready to complete and be able to move forward with creating the case.
4. Summary resolution If you don’t have a sale yet, you may have to “connect-the-dots” for the prospect by doing a quick review and restating the value proposition. The goal here is to have the prospect nod in agreement and ask, “OK, what’s the next step?” or “How soon can we get going on this?” If that can be accomplished, the prospect has taken ownership of the decision and it becomes his or her plan. Ownership is critical to the sale and will reduce the need to sell the plan of insurance again at delivery.
If things still aren’t leading to a sale –
Don’t try to close. If, after the summary, you don’t get the positive response you wanted, it may be that the prospect is simply not ready to buy. There also may be a number of other factors that the prospect has not revealed to you and is not going to. The important thing is the relationship of trust. It may be time to wrap up your meeting.
Ask for an evaluation of the meeting If it’s clear that you’re not taking an applciation, ask how the prospect thought your meeting went in some casual manner: “So, how did we do?” or “Was this helpful?” Try to find out what’s left to decide or be discussed before the prospect is ready to take action. Use “active listening”, especially if the prospect is talking in circles or isn’t making sense. Bottom line, if the prospect doesn’t indicate at least some degree of wanting to buy, you don’t have a prospect. Leave an open-ended invitation talk further in the coming week. Make a commitment to call to see what status is, or ask if the prospect needs another meeting, additional materials or further research on your part.
Accept the relationship of trust. Delay the sale. Chances are, you will probably get it eventually and pick up some nice referrals, as well.
