When I started in the insurance industry in 1993, it was a much different environment. There was much less noise and people were more likely to listen. I was 24 at the time and my natural market was very limited; most of my friends were just graduating from University, had limited incomes, and most were not married with kids. I was an active cold caller in my first year which again, was a lot different than it is today. People were not being barraged by telemarketers and automated messages and they would actually pick up the phone when you called. If I look at my old calling logs, I would book 4 or 5 appointments in an hour which is unheard of today
The world seemed to be a much simpler place back then, but it’s not all doom and gloom. Today’s world presents many opportunities that were not available 25 years ago. Technology makes it much easier to be efficient and there are numerous platforms to deliver your message. A great thing that has been introduced and explored in the modern day is the internet. Businesses and companies are now finding themselves relocating to the digital world because it is where most people are. This has caused an astronomical shift in the customer service/experience sector of businesses, as well as the sales sector. While there are still a plethora of ways to generate sales through old-fashioned means, the new wave of technology has allowed brokers and businesses to expand their means of obtaining leads and sales. When creating a sale, it comes down to an entire process. From the moment you are in communication with a client to the moment the sale is finalized, you have to ensure every step is handled correctly and efficiently.
Below are 10 strategies to increase your life insurance sales.
Maximize the Consumer Experience
Consumer experience is imperative in every industry. It sums up all experiences a consumer has throughout the duration of the sales process. Theresa M. Szczurek, co-founder, and CEO of Radish Systems knows just how important the consumer experience is and provided key tips on how to maximize the said experience. Stimulate their senses, leverage the power of mobile devices, realize the consumer’s preferred channel for customer service, and explore various solutions that will benefit the consumer. Theresa is a big advocate for modern day advances in technology and understands the importance they play in correlation to sales and customer satisfaction.
Although a lot of today’s new technology has taken over the way we communicate with our current and potential clients, there are still some old-fashioned methods that are equally effective. Audrey Hunt, respected vocal coach, and professional singer is no stranger to utilizing her voice. She states that your phone voice tells a potential client a lot about you. After all, it may be all the person on the other end knows about you, personally. She provides various tips to help you develop a strong and confident phone voice, including tips for better diction, the speed at which you speak, how you listen, and even the pitch of your voice. Exuding confidence through your voice instills trust and confidence within the potential client themselves.
A great tip I learned in my career was to purchase the product you are selling. I purchased a policy on myself and brought it with me to all my appointments. There is a genuine and tangible correlation between owning your own policy and increasing your sales. This shows clients that you believe in what you sell and are content with what you provide for them. Blair Singer, Rich Dad Advisor, knows this to be fact. He poses a very important question: if you do not believe in your product, why would you prospect it?
Blair Singer also made a good point in the article and that is, get fired up! This ties into believing what you are selling. If you have first-hand knowledge or experience with a policy or perhaps, various policies, you are more inclined to have a positive energy towards this. This radiates to your potential clientele and shows that your product excites you, ergo, it may be worth the purchase.
Most means of generating leads are done within the company; whether done through sales reps, a marketing team, or any other employee. There is one way, however, that clients themselves can aid in maximizing your leads and sales- referrals. Referrals are a great way to garner more sales because you have already proven to a viable source that your product is worth purchasing. A good way to make yourself more referable is to over deliver and under promise. Remain honest with your clientele and always deliver beyond their expectations. This is a great way to instill trust and confidence in them which in turn, will allow them to feel more inclined when recommended your business to friends and family.
It’s basic human psychology that people like people who are like them. Of course, not every individual is exactly the same, nor do they all hold the same interests, but finding common ground certainly does aid in the sales process. How does this work? Tom Hopkins states that building rapport is essential when it comes to finding that common ground. Is your potential client a fan or a particular sports team? Do they live in the same area as you? Do they have kids? These are all great questions to ask when building rapport and finding commonalities between you and the consumer.
Be Effective with Your Use of Social Media
Social media is all the rage right now and it has no plans on slowing down. Insurance advisors and brokers need to be on social media in order to maximize authority, traffic, and lead generation. Melanie Goodman Daniels put together a great list that details just how important social media is for sales and why. Everything from higher conversion rates, decreased marketing costs, SEO, and customer experience. Most businesses utilize a marketing team that aids them in optimizing their businesses online authority and reputation.
When pitching a life insurance policy, it is easy to get carried away on a train of never ending words. This can cause you to miss information about the consumer or simply come off as too sales-like. Martin Zwilling, Contributor at Forbes, gives great points for listening effectively. Listen attentively, pause before replying, ask for clarification, and feed it back. These are all great ways to ensure the consumer is understood and receives the exact product/service that caters to their specific needs.
Learn to Sell on Value, Not Price
When a consumer is purchasing something, such a policy, the first thing that comes to mind is typically, “how much is this going to cost me?”
With products such as insurance, it is important to sell based on the value your product/service provides to the consumer rather than the price. If an individual is educated on the value and importance of a product, the cost becomes a less significant factor, making them more inclined to make a purchase. Insurance Splash founder and CEO, John F. Carroll, outlines some great tips on how to sell on value rather than price.
Perfect Your Craft
Great things happen when you are patient. Learning how to properly sell takes a lot of time and learning. Listen to other sales gurus like Brian Tracey, Tom Hopkins, and local Canadian Insurance legend Jim Ruta. Do not get discouraged when you can’t close a sale. Instead, reflect on it, figure out where you went wrong, and aim to try things differently next time.
Terrific tips. This article is gonna help me a lot. Thanks for sharing!
Thanks Nicole!