You’ll be able close more sales faster and easier than you ever imagined if you know the secret I’m about sharing with you.
However, this means that no matter how many sales techniques you have, you will only be able to achieve a fraction of the potential profit your business can generate.
Here’s an old proverb that you may have heard:
“No one cares about how much you know until you know how much.”
This statement has been repeated many times over the years by trainers, educators, and speakers. Despite this being a well-known fact, salespeople from all industries and businesses still break it every day in an inordinate number of situations.
It can be fatal to ignore its fundamental premise when selling financial products or insurance.
You’ve probably seen sales situations where the salesperson tries too hard to impress the prospect by proving how knowledgeable they are about their products and services instead of listening to what their prospects need or want.
The usual scenario is that the salesperson attempts to sell the prospect the wrong product or the prospect senses that the salesperson cares less about making a sale than what the prospect wants. Either way, the prospect ends the interview and moves on to find a salesperson who will listen to their needs and help them choose the right product.
The first meeting with prospects is the most important. Agents and advisors should find out what their prospect needs and wants. Next, they need to figure out how to meet those needs.
This is an important point to keep in mind. If the prospect can satisfy their needs and wants through the products or service you offer, that’s fantastic. Both you and your prospect will reap the benefits.
If the products or services that you offer aren’t the best for the prospect’s problem (and you know this), then you will be doing a disservice to the prospect by trying to sell them. If this happens, you should refer the prospect (even if it’s not a commission) to another agent who can better meet his or her needs.
You must focus on the customer and not the product to determine if the services or products you offer are in the prospect’s best interests. You must listen to your prospect’s opinions and ask questions.
Let’s take Helen Prospect, for example. First, acknowledge her presence. There are many ways to acknowledge her presence.
If you feel it is appropriate, you may get up from your chair and look at her directly as you approach her. Smile, hold her hand, and then exclaim…
“Good morning, Helen! We are glad you have chosen our agency. How is your day going?
If you are on the phone but can’t get up, look at Helen and ask for her to take a break. Please, sit down. Next, continue your phone conversation.
Your goal should be to establish a rapport with Helen from the moment you first meet her. (Rapport refers to a pleasant feeling that is mutually trusting and friendly, and can be achieved through both verbal and nonverbal communication.
Dr. Albert Mehrabian, in his book Silent Messages, suggests that…
“You can influence people approximately 7% through what you say (what you speak), 38% through how your voice sounds and tone (how it sounds), and 55% through your physiology (how you look or what you do)
Agents try to motivate prospects to buy by using words alone. This means that they must work hard to close a small portion of sales.
You can improve your closing ratio by learning more closing techniques. Your body language is even more important.
These are Four Easy Ways to Improve Your Body Language
1. Always stand straight up, leaning slightly towards the prospect.
2. Do not fold your arms. This indicates that you are preventing the prospect from coming in.
3. Do not cross your legs. This indicates that you are hiding information.
4. Pay attention to the prospect and pay close attention to what they are saying.
The most important of these four gestures is the last.
Two reasons most sales fail are: 1. The agent talks too much and doesn’t listen to prospects. 2. They shut down the conversation. The second reason is that the agent talks too much and makes it difficult to close the deal.
This important fact is always in your mind
It is better to listen than talk when you interview prospects.
Let’s go back to Helen’s example. Start by greeting her and asking her some non-threatening questions about her family and herself. Then listen carefully to what she has to say.
After you have gained her trust, confidence and respect, start your fact-finding interview. Once you have a good understanding of her needs and wants, it is time to go through her current insurance policy. (Whether that’s life, auto or disability, health, or LTC). This will help you determine if she has the best coverage for her situation and at the best price.
You can recommend to Helen an increase in or decrease in her coverage if your analysis shows that it would be better for her. If you find that Helen has the right policy for her needs, let her know. You might even compliment her for selecting the right policy.
To provide Helen the best service, you can offer to review her existing insurance policies and ensure that she has the correct coverage. You will also need to verify that each policy is being paid a fair premium.
You may not be qualified for Helen’s other policies, such as auto, homeowners, and commercial, if you only sell one policy. You can refer Helen to an agent who is trained in these types policies.
Helen will be more likely to do business with someone who cares about her, even if the policy she currently has is the same as yours.
Let’s say Helen has a great policy at a fair price. What do you do?
Because you have built a trusting relationship with her and been open and honest with her, she may still refer others to you even if she doesn’t purchase from you. If she has a dispute with her agent, company, or rate increase, she will recall how well you treated them and will most likely do business with your company.
During the interview process, you should talk only 20% and listen 80% of the time!
Helen will feel special if you do this. It will show that you care more about her getting the best insurance protection than you will make commission on the policy.
Some agents are too talkative during interviews, as I have mentioned before. Agents try to convince prospects of their product knowledge or other topics. This can lead to them talking down prospects and causing them to lose the sale.
It’s tempting to show a prospect a photo of their children if they give you permission to copy it. This is not what you want to do. Avoid comparing yourself to other people or making your prospect feel inferior.
You can make your prospect feel special and happy by making them the centre of attention. Let them tell you about their family, friends, and other important things. Listen to what they have to say, and then pay attention with your ears and body language.
Believe it or not, many of the sales I made in life insurance were closed without ever speaking to the prospects about life insurance.
When I could get my prospects talking about themselves, they would often talk about their spouses, children, jobs, hobbies and other topics throughout the meeting. It was always surprising to hear what they had to say at the end of our meeting.
“Ken, you are one of the most fascinating agents I have ever met.” Let’s meet tomorrow to write the application.
Can you guess what they said to me when they said I was one the most interesting agents they’d ever met, even though I barely spoke during the meeting?
You are absolutely correct if you replied, “Because they actively listened to you,”
Also, I was able to form a strong impression on them because they were comfortable talking about themselves and important things.
This statement should be remembered always
Your ability to make friends quickly with your prospects will allow you to close more sales than your ability use every closing technique on the planet!
Friendship is the foundation of sales. Your prospects will not buy from you unless they feel you are their friend and acting in their best interests.
Before you spend more time, effort, or money learning more closing methods, I recommend that you first increase your ability to get along with your prospects. This will help you achieve better results.
You probably know an agent in your own network who is less knowledgeable about product and has fewer closing techniques than yourself, but makes significantly more than you.
This is because some agents are able to quickly and easily make friends with prospects.
You can make friends almost immediately with prospects by having a positive outlook, a positive body language, and a winning smile.
Take a moment to think about yourself.
What kind of people do you prefer to be around?
Which type of salesperson would you prefer to work with?
You, like most people, enjoy buying and selling from people who are interested in you.
It is the same feeling for your prospects. Salespeople who are not listening, talk about themselves, have selfish interests, and care more about their next sale than helping their prospects solve their problems and fulfill their needs, can also be a problem.
Do not be a salesperson or agent. Instead, be a consultant with your prospects. You can listen to what they want and need, then help them reach their goals.
Out of all the skills I have acquired in sales over the past three decades, listening well is my most valuable skill. As I mentioned above, being a good listener will help you close more sales faster and easier than you ever imagined.
Ken Varga, who was in the insurance industry for 33 years, created an agency with 459 182 policyholders. In 2001, he sold his business for more than 100 million dollars. His book, “How to Make a Fortune in the Insurance Profession,” teaches financial advisors and insurance agents how to quickly build a million-dollar practice or agency. It’s also completely free .
Take a look at what agents and advisors have to say about his strategies.
“One idea has allowed me to make $93,400.00 more in commissions. It was a cross-selling of additional products, and it also generated new referrals!” ~ Walter Dobrowolski, San Marcos, CA
Your strategies helped me double my insurance production. ~ Barbara Boyce, Dallas, TX
“I have been using your program for approximately two and a quarter years. My income has more than doubled in this time. Mark Brady, Roseburg (OR)