You must ask the prospect’s most important question to persuade them to do business with your company.
“What’s in it for me?” “
Your prospects want to know the benefits of doing business with your company. If you don’t answer their question to their satisfaction, there is no way to get them to purchase from you.
Agents are not addressing the most important question of prospects with their prospecting and marketing materials. This is the main reason they are ineffective.
They don’t give prospects any reason to want to do business with this agency or agent.
Here are some examples of typical responses from agents when prospects ask them why they should do business with them over their competitors.
“Because our company has been in existence for over twenty-two years.
“Because our agency is the largest in the city.”
“Because the company that we represent has $17 Billion in assets.”
These replies are so wrong!
You’ll see that each answer serves the self-interest of the agents and the companies they represent, not the prospects.
Here’s a crucial fact that you need to know:
Prospects don’t care one iota about you or your agency… They only care about themselves!
It is not worth telling prospects how long you have been in business, what assets you own, or how successful your company is.
They don’t care about how amazing you are.
They care only about how your product/service will benefit them.
They want to know how much their lives will be improved if they purchase your product or use the service.
Let’s face facts: Your prospects and clients are just like you and I.
This is not a good or bad thing. It’s perfectly normal. It is just part of human nature.
They want to learn all about the benefits of doing business with you before they make a purchase.
Your prospects have many options to choose from so before they consider buying from you, another important question is…
“Why should I choose your agency or product over any other agent? “
Or, to put it another way…
“Why should someone drive past three or four other insurance agencies to come to yours and do business with you?” “
Agents tend to answer this question with the old platitude of price, service and quality.
If you answer your prospects’ questions the same way as you did before, I have bad news.
This is a blatant lie that your prospects don’t want to hear.
This statement is no longer worth the paper on which it was written. Each agent claims the exact same thing.
You’re probably sick of hearing about price, service quality, integrity, and other things, I’m sure.
Listen, agents were very clear when I asked them why prospects would do business with them.
What does service mean to you? I asked.
They often replied:
“We answer the phones promptly.” Or…
“We accurately process the data.” Or…
“We respond to customers’ messages within 24hrs.” Or…
“We immediately update their files.”
Et cetera.
These “services” don’t actually represent customer service activities as such. These “services” are simply processing activities.
These services are provided by every agency, so your customers and prospects will expect them from you. These services do not provide the highest level of performance.
Prospects and clients expect more from you agency than just getting their messages back or having their files updated promptly.
Most agents and financial advisors provide the minimum expected performance. If you are able to go above and beyond to make your clients and prospects feel valued and special, you will be a leader in the industry.
To put it simply, to stand out from your competition, you need to be able answer the most important question of your prospect, “What’s in It for Me?”
This is done by using your Unique Selling Proposition (USP).
Your Unique Selling Proposition (USP) is the one compelling benefit or ideal that attracts prospects to do business only with you. This sets you and your company apart from the rest.
When done properly…
Your USP will allow you to out-smart, out-market, and out-position everyone else in the insurance industry… To create an unforgettable identity in the market… And make it irresistible for prospects not to do business with you!
A USP is a key ingredient in every successful business. This includes insurance agencies large and small. This is how small businesses can grow into large corporations.
Because of their strong USPs, Domino’s Pizza as well as Federal Express were able to become billion-dollar companies in very little time.
Federal Express’ USP says: “When it absolutely, positively must be there overnight.” Federal Express is the only way to ensure that your mail or package arrives on time.
Domino’s USP was “Hot, fresh pizza delivered in 30 minutes or less – guaranteed! Or it’s completely free!” This USP should be enough to make you want to shop whenever you feel like pizza.
You bet! Millions of people place orders every day from them.
When your USP is written persuasively and powerfully, it can quickly propel your agency or practice to a top spot in the industry. This is similar to what Federal Express and Domino’s USPs did.
These questions are required.
What are your clients and prospects most impressed by you?
Are you able to offer them the best insurance policies?
Are you able to offer the best selection?
Are you able to offer more support, advice and follow-up than your competitors?
Are you able to provide them with the fastest service?
Do you have evenings and weekends open to better serve clients?
Are clients able to reach you after hours?
Are you able to educate your clients using special reports, brochures and newsletters? Information hotlines or other services that can help improve different aspects of their lives?
Are you able to offer a guarantee?
What number of these benefits do you offer your clients currently?
What can you do better for your clients and prospects than your competitors?
Which identity would you like to project in the minds your clients and prospects?
These questions are important, but agents rarely think about them.
You most likely haven’t, don’t you?
If you don’t have them, you need to think about them if your career or business is to succeed.
How your USP builds customers’ buying habits…
Each customer has certain expectations about your products and services.
Customers will perceive your agency as high quality if you exceed their expectations. This is your Unique Selling Proposition.
If you don’t meet their expectations, they will perceive your business as being poor quality.
Every customer has a scale in their head that allows them to compare what they receive with what they want. Your customer service will be perceived as more positive if it is higher.
Your USP is the most important aspect of your business.
Why?
Perceived quality is the most important factor in determining long term profitability.
Customers will spend more money with you than their competitors if they perceive quality.
Your USP can shape your customers’ perceptions!
You can’t just reward customers for their outstanding service. It is important to let your customers know how much they are getting from you.
Your Unique Selling Proposition is the foundation of your agency’s marketing and ultimate success.
Your USP should be concisely stated in just one or two paragraphs. These words should clearly describe the benefits your customers or prospects will get by doing business with your company, not the features they might receive from other companies.
Let me ask you a question…
What if I asked you to sit beside you in an airplane? How would you answer?
Could you tell me what you do?
Tell me, what do you do? It would be amazing if you could tell me in a way that I would say “Wow!” What is your secret?
Perhaps, like most agents you’d respond to me with one these common answers…
“I am in the insurance business.”
“I am an insurance agent.”
“I am an insurance professional.
“I sell insurance.”
“I am an insurance consultant.”
None of these answers will convince your prospects to do business with you.
Let me ask this crucial question…
What do you think financial advisors and insurance professionals do for people?
They Protect People’s Dreams
When someone asks you what you do for a living, you answer, “I protect people’s dreams!” You answer, “I protect peoples’ dreams!” What do you think they will ask you next?
It’s true, you are absolutely correct. “How do I do that?”
This is the type of response you want.
You’re saying something profound and different from other responses. This will pique the curiosity of your prospect and make them want to learn more about how you can help protect their dreams.
Here are some great answers to the question “What do I do?”
“I help people to protect themselves and their valuable assets, so they can rest better at night.”
“I help people get rid of estate taxes so they can pass on as much as 10 to 15% more to their heirs.”
“I help business owners to protect their cash flow from unforeseeable events.”
“I help people retire with enough money to live the life they want.”
“I teach people how they can create additional wealth without any extra out-of-pocket costs.”
“I teach people how to safeguard their future and dreams from disability.”
“I teach people how to make a steady income, even if they are disabled or unable to work.”
Et cetera.
You can see that each of these statements will make someone (who could be your ideal prospect), say “How do I do that?” If he/she asks, “What do I do?”
Do you see the unfair advantage your business will have over its competitors after you develop a strong USP?
Federal Express and Domino’s USPs helped them grow from zero to multi-billion-dollar businesses in record time. Your USP can, if well-formulated, help you dominate your market and allow you to earn the income you desire.