Every salesperson has their own style, so “the art of the deal” differs from producer to producer. One salesperson may talk circles around a client and upsell immediately and with full force. Another productive salesman may aim to save a client as much as possible-- even to the detriment of his/her own commission--to gain trust, knowing this client also has three other policies: home, RV and business. These are examples of strategies, and you need to have one.
One “style” is not necessarily superior to another, and each game plan will differ based on the client. In fact, versatility is the most useful trait an insurance salesperson can have because one client may be completely different from the next.
If your client is the type of person who pays attention to every decimal, don’t piss him off by trying to talk fast and aggressively to get the most dollars out of him. He’ll surely find another place to do business. And with the flustered person who just can’t really wrap her head around what all the auto insurance coverages mean, make that person feel less anxious by simplifying the details as best you can. You may earn a lifetime’s worth of business (and referrals) if you are simply helpful.
The best salespeople are intuitive. They feel people out right away. Once they get a sense of the client, they then choose a sales strategy. The following are some helpful tips we’ve come across to help close deals. It may be a mind-set or actual steps you need to take, but there are ways to ensure a sale at the end of a phone call.
Think of yourself as a problem solver, therapist or consultant, not a salesperson.
The cardinal rule for psychologists is that they are never allowed to tell the patient what to think or what to do. They get people to open up about all the issues in their lives and then lead them down a positive path so they make smarter decisions for themselves. Now, apply that to selling insurance and guide the client into buying the product(s) you’re selling. How to do this? Don’t talk so much. Ask pointed questions and let your client yap his or her heart out. From all that talking you will learn exactly what you’re tapping into in terms of that person’s need for insurance products other than the one you’re discussing. That matters. If there’s a juicy business insurance lead or expensive motorhome insurance lead dangling out there, you’ll want to put less effort into getting the healthiest commission on an auto sale than in doing really good by this guy so you can handle ALL of his business. Now, if you were busy talking or explaining coverages, you wouldn’t have learned as much as you did about this client (for example: he’s married for 15 years, he loves to travel with his wife and has two homes, three cars and a business he’s heavily investing in). Gain a footing, and you could also handle his and his wife’s life insurance policies and start life insurance policies with savings options for his young children. Get the business, home and multi-car policies. Tell him that bundling these products will save him lots of money.
Whatever you do, don’t be pushy. Let the client come to his or her own conclusions. You can get what you want without being aggressive. And don’t underestimate anyone. There’s nothing worse than when a client knows you think he’s falling for a line when he sees right through you.
Very few people are able to understand insurance jargon let alone the concepts. Some agents try to use this to their advantage by intimidating clients with complicated policy terms, using terms that no one other than industry folks follows. If your sales tactic has been to use confusion until your client is dizzy enough to buy, maybe you should consider changing your strategy. Sometimes, authenticity is more valuable than cleverness. We all need insurance. There’s no need to act like a used car salesman about it. Also, people resent it when we make things more complicated than necessary. Just try to make the concepts as easy as possible, especially if you know the client is a new driver or quite young. Why be manipulative when you can actually render a very real service? You’d be surprised how much extra coverage a person will add if they truly understand the coverage and are given real-life examples to make the terms and conditions less difficult to wrap one’s head around. No one wants to pay for things out of pocket, especially broken things, so keep bringing back your points to this: “If you do not have this type of coverage and find yourself in an accident…” etcetera.
Buy Targeted Leads
Your chances of closing a deal are higher the better your leads are. If you are investing in buying leads rather than spending money on your own advertising and marketing campaigns, you’ll want to make sure you are buying leads from a trustworthy agency, like SmartFinancial. Live transfer lead calls can be even more beneficial than lead lists because right after the prospect expresses a desire for a quote, they will speak directly with you, not after connecting with other agents first (agents who may be able to offer lower rates). You’ll need many leads to meet your sales goals. Very few agents are able to generate leads without buying a fraction of them, so don’t think you’re cheating. Leads are also not guaranteed. The only real guarantee is that the prospect has expressed interest in buying an insurance product. The leads data agency has no idea how deep that interest is or if the person is simply trying to see if he/she is currently overpaying. It’s your job to cull as much information from your lead as possible. It’s also your job to turn that prospect’s interest into action.
Make Your Follow-Ups Unforgettable
There should always be a sense of urgency in what you’re selling. If you can’t get yourself jazzed up, your prospect won’t feel compelled to act. Don’t just call and say you’re following up (what else would you be calling for?). Have something new to add to the conversation each time you call so you’re not just a nagging salesperson. Hopefully, you had time to reflect on the previous conversation(s) you have had with this lead and can overcome some of the hesitancy he or she expressed earlier. You need to feel convinced of what you’re selling in order to convince another person to buy. Do what you need to do to get into character. Work it out before you pick up the phone. Close that deal!