Most agents are in a great hurry to close a sale. Every time they visit a prospect, they expect to complete the sale and return with the premium cheque. The customer, on the other hand, is no hurry to buy. Doubts after doubts are raised and the customer takes a long time. In the meanwhile, with the agent trying to push through the sale, the doubts of customers are converted to unmanageable objections. The result is: Multiple visits and loss of goodwill and too many objections
The chief reasons why objections are raised, are (also read our Objection Handling series of 5 articles Basics of Objection Handling 1, 2, 3, 4 and 5 . Click on each number separately to access the different articles)
- The Customer has not understood you
The customer has not understood the product or the proposition put forward by the customer. The agent may feel that he or she has explained the product. But the benefits that the product may not have been understood. Very often the only way to explain the benefit is through an example or an illustration or a story. To explain the benefit calls for special skills which need to be learnt. Come to us for learning these special skills.
Learn to engage the customer
It is not merely putting one’s point of view forward. It is making a point in a manner that engages the customer emotionally. It is making the point through a process that keeps the mind of the customer focused and fully attentive. The customer has not understood because his or her attention was not your explanation. The customer has not understood because you may have spoken in a technical language that communicates the meaning. Your language may not have communicated the customer benefit. What is in it for me? This is the golden question in sales. Your presentation should provide an answer.
2. The customer does not believe you
The customer does not believe what you are saying. This is especially true when agents start talking about financial return in an insurance product. Let us be frank. Insurance agents are not qualified to talk of returns. As a matter of fact, neither are most of the so-called qualified financial advisors knowledgeable enough to talk about financial returns. Customers see through the lack of knowledge. They build a wall of resistance around themselves and you face objections.
Many of these sales situations arise because
- You do not know the purpose for which the customer should buy
- The customer does not know why he or she should buy life insurance
Making the purpose clear should be the first task to achieve in a sales interview. Why should the customer buy life insurance? And why should he or she buy it from you? These questions are answered if you connect with your customers in a meaningful manner.
Don’t dial the wrong number
The first task in a sales interview is to connect with the customer. Connect to build trust. Connect to get your professionalism be accepted. Connect to build a relationship. Connect to know your customer’s needs. Connect to remove customer resistances to buy. Unless you connect in the right way, you are forever dialing wrong numbers. The right number is to connect with your customers. The wrong number is to pitch your product before connecting.
Use social media to connect when you are unable to go to the market
During the COVID – Corona times, you have an excellent opportunity to connect. Make a list of customers and call 20 customers everyday to enquire about their health and the health of their family members. While you cannot go to visit them in these difficult times, you can definitely call them up and talk to them. (Read my articles on Corona Strategies)
Past relationships do not close sales
Many agents believe that they already have a wonderful relationship with their customers. It is possible. We sell to known persons. A relationship already exists. When we try to sell, our past relationship opens the door. We get to meet the customer. After that? Once the door opens and we are inside the customer’s house what do we do? Pitch our product? No. One has to build on the past relationship to connect with the customer before we start talking products. All successful agents do this.
Come to IIST to learn how to connect
This is the heart of selling life insurance. We at IIST have a tried and tested method that teaches you how to connect in a meaningful manner. Contact us on the contact details given on this page for more details. Close more calls. Increase your ticket size. Enjoy selling.