Salespeople who doubt their ability are quick to blame the economy for their sales slump. The slow economy is not something that skilled insurance sales professionals will allow to affect their sales. Learn how they succeed while others are stuck in a deadend.
Why is it that over 10% of insurance salespeople fail, whereas 90% succeed? It’s their attitude. Their outlook. During an economic slowdown, there are three types of attitudes you can control. These three include your attitude about the economy, your feelings about your situation and how your prospects are affected by the slowdown. The other two you can control are the attitudes you have about the economy and your abilities.
THE ECONOMY You will experience economic growth, stagnation and downturn throughout your career as an insurance sales representative. It is easy to blame the economy when you don’t make sales. There are four conditions that you can blame: gas prices are rising, job growth is slowing, stock market declines, and people are spending less. This is what instantly separates the pros and the failures, regardless of what you sell.
HOW TO CONTROL THE SITUATION Insurance sales professionals know that You can either control the situation or let the situation control you. You can’t control the situation like the economy. What if the economy is in decline? It will always recover, as history has shown. What about you? It can be used to your advantage by an experienced sales professional. Choose prospects who are more attentive if gas prices rise. Your prospects will reap financial benefits by giving out gas certificates worth $10-20 before the presentation begins. It is important to see knowledgeable prospects like you who understand _____. This will not only save you gas but also allow you to spend more time with prospects who are truly interested. They are looking for someone who isn’t affected by the economy.
YOUR INDIVIDUAL SITUATION A salesperson has a personal situation which must be addressed, but few people have the sales skills to do so. Is it your image of yourself? Do you feel anxious about not having enough practice? Do you worry that prospects may ask difficult questions? Are you worried about the potential loss of sales revenue if you don’t close the sale? This is a personal matter of faith and you must be able to sell it.
Imagine yourself being in a sales situation and already having sold. Your presentation is merely a formality. You can pick two or three products to become an expert on them. You should not try to be a master of all 43 products. You will be more successful if you feel confident. Remember that even the most confident of baseball hitters can still strike out. They will still feel the home run coming on their next chance.
YOUR PROSPECT SITUATION Which type of prospects do you currently pursue? Most salespeople would answer “every type”. You should answer “only those who are able to afford the main products that I offer.” Next, take a drive around the parking lot of a campground or large lake. You will be surprised at how similar these people are to your clients. Never assume that everyone is free to let the economy dictate their lives.
Use emotions to sell your product. A downturn economy is a good idea if your prospect is afraid of not getting the benefits your product has to offer. Your prospect and you can both control the economy. Although you cannot control the economy itself, you can modify your sales presentation to ensure it works for your benefit.
Prospects will purchase a product if they are convinced that it is worthwhile, regardless of its economic situation. If you’re a competent salesperson, you can sell your product regardless of economic conditions. You can shout out, “IT’S THE ECONOMY STUpid!” if you fail to sell. You will be amazed at how stupid you are to someone of your caliber.
It’s impossible to cover everything you need to know about the economy or sales market in one article. This clearly shows how crucial your sales skills and mind are in determining what you can do and what you cannot.
Don Yerke is a published author who likes to focus on the things you don’t know and what no one else dares print. It’s okay to tell it as it is.
His new paperback book will be available on Amazon in the spring. This book is full of great information about insurance marketing and recruitment.