3 Secrets to Closing Large Life Insurance Sales
Every life insurance advisor in Georgia has probably experienced some ups and downs. As far as problems go, a drop in sales is the most alarming. You can’t get stuck in a downward spiral. Otherwise, you’ll all be packing your bags before you know it.
A great way to decrease your dependence on sales volume is to balance your book of business with large sales (you may also want to consider selling more permanent insurance). Don’t think of this goal as ambitious or over the top. It’s the most logical solution, and it is definitely doable.
Here are 3 secrets that will help you close large life insurance deals.
1) Go after the big time
As the saying goes, “If you do what you’ve always done, you’ll get what you’ve always gotten.”
Staying in your comfort zone will get you nowhere. Step beyond that and you have a world of possibilities.
It’s easy to simply reach out to low-level prospects. After all, this means lower risks. But this also means there is no chance for bigger opportunities.
Sell to the highest possible level and see your numbers rise. Sure, the risks are high. But if you know exactly what to say, the deal is yours.
2) Identify problems, then offer solutions
You can talk about benefits and advantages the whole day. This is great, but it won’t leave a lasting impact on an intelligent prospect.
You must connect your products to their needs. The best way to do this is by identifying their problems and challenges.
When you talk about their problems and their solutions, you show them that you understand. It’s not just about selling. It’s also about adding value to people’s lives.
Present your products as solutions and you’ll close bigger deals in no time.
3) Give a number of options
When you present a single solution, you back up the client in a corner. You make them feel like they’re not in control. But when you present a number of options, you give them the feeling of being in charge.
This is why it is important not to stick to a single product.
The lowest option should address budget issues. However, the coverage will be less than what they need.
The 3rd option should give more coverage at a higher budget.
The middle one will be just right. This is a concept called anchoring and there has been a great deal of study into its effect on the psychology of buyers. The most common example given is the beer test.
People were offered 2 kinds of beer: premium beer for $2.50 and bargain beer for $1.80. Around 80% chose the more expensive beer.
Now a third beer was introduced, a super bargain beer for $1.60 in addition to the previous two. Now 80% bought the $1.80 beer and the rest $2.50 beer. Nobody bought the cheapest option.
Third time around, they removed the $1.60 beer and replaced with a super premium $3.40 beer. Most people chose the $2.50 beer, a small number $1.80 beer and around 10% opted for the most expensive $3.40 beer. Some people will always buy the most expensive option, no matter the price.
You can influence people’s choice by offering different options. Old school sales people also say that offering different price point options will make people choose between your plans, instead of choosing whether to buy your product or not.
Armed with these skills, plus a little courage, you can start closing larger sales.
Thinking of other ways to hit the big time? Contact us at The Milner Group and let us know what you need.
We’ll be more than happy to help you out.