6 Tips I Learned From A Sales Master That Sold Me Key Man Insurance.
I recently bought a key man insurance. Put simply, it’s a form of business insurance that you need when raising external equity from investors in your start-up. It protects the business and investors from financial losses in case of death of an important member of the business — usually the founder.
This article is not about buying insurance. I share six tips learned from a Sales Master. I was impressed enough to write this post. Read on and share.
1. Show mutual benefit
We often forget that selling is about building relationships. We are likely to say yes when there is a mutual benefit, short or long term. In my first meeting with this Sales Master, I shared some information about my business; fund-raising challenges, growing sales, etc. He was able to relate to my goals, share some tips and his own experience that I found very valuable. Within the first meeting, the law of mutual benefit was set in motion.
2. Create the need
Selling can also mean creating an urgent need. In my case, I knew I had to get key man insurance in the future, but the hectic pace of running a tech start-up always got in the way. This Sales Master pitched to me the benefits and urgency of having key man insurance. It was clear that this is something I had to put in place as soon as possible since my business was growing fast. The long-term need was already there, but he just made it an urgent requirement. I was inching forward to learn more.
3. Show expertise
Knowledge often translates to authority, trust, and respect. I am probably more biased towards technical expertise when it comes to authority and trust. This salesman knew his stuff. He explained clearly the benefits of key man insurance and we even discussed geo-politics and global economics. It was very obvious to me that other high profile clients had benefited from his expertise. My crocodile brain, which is trained to find sales objections and err towards NO most of the time, was struggling to find excuses to reject this deal. His expertise was undeniable!
4. Be ethical and consistent
You can’t just sell anything to anyone unless you believe in your own product or service. The confidence you demonstrate by not willing to cut corners and stick to an ethical sales framework pays off. Somehow, our brain is always fearful of sales people. In my case, this salesman was not willing to sell me more insurance cover than I practically needed. He was open to do whatever was necessary to get the best and right deal available for me. Another blow to my stereotype about sales people. Clearly, this guy was not just a salesman. He was more than that — an advisor!
5. Be likeable
It’s easy to forget that a sale is an exchange between one or more parties. We tend to buy from people we like and can relate to. It’s a natural law. Likeability is key especially when competition is fierce. I can relate to this guy. He went through his own challenges running his own business. He understood the challenges of fund-raising and how it was all connected to my goals. He could even relate to my struggle building a business from scratch. He was positive and optimistic and gave great insights. This Sales Master was likeable. It was just a matter of time now; my brain had almost already computed a deal.
6. Reach a consensus
Consensus is a strange but powerful thing in sales. Our crocodile brain is always ready to say NO, since the cost of doing nothing is often the safest option. For that reason, our brain is trained to either reject or ignore when sold to. But this Sales Master was able to reach a consensus with me by pointing out other people that have done similar deals with him before backed by reliable testimonials. By this point, all my defences were down. My crocodile brain was at ease. How do we move forward? We close the deal! So read here, put your initials here, and sign here.
Now that I have my key man insurance in place, and with my first major funding deal with a private equity firm sealed, I built a relationship with a Sales Master, an advisor, and soon a friend. He sends me text messages often to check how the business is progressing. The Sales Master hinted that I need to upgrade my personal life insurance. Let’s see what happens in our next meeting.
Mastering the sales craft is an art and a science. So share and spread the good news!
About The Author
Marco Essomba is a Certified Application Delivery Networking and Cyber Security Expert with an industry leading reputation. He is the founder of iCyber-Security (formerly AMPS), a UK based firm that enables organisations in banking, fintech, healthcare, retail, and insurance sector to safeguard their digital assets 24/7.