Closing Time
The 5 Most Common Closing Techniques and How Insurance Agents Can Find Success with Each
It’s the most exciting part of your sales process: the close. But closing is a bit of an artform, and many last-minute factors can interfere with how, when, and if closing takes place. At GS National Insurance, we help our independent insurance agents and agencies close more business by having the right tools and resources for just about any sales situation. Today, we’re going to explore 5 of the most common types of closing techniques and how you can master each.
1. The Assumptive Close. This is one that’s familiar to most insurance agents. By incorporating your confidence in what you do (and the sales process so far) and your understanding of the client, you approach the close by assuming it’s pretty much a done deal. With this technique, insurance agents ask clients about their product preferences rather than if they’re ready to buy. TIP: Be careful of coming across as too aggressive. The assumptive close requires agents to be assertive; but you don’t want to appear pushy or overly eager. Be sure to keep listening to your clients, answering questions, demonstrating the value of each insurance product that you’re discussing; and be prepared for something of a “one step forward, two steps back” process while keeping your eye on the close.
2. The “Puppy Dog” Close. This is something that product-based sales professionals frequently incorporate. It’s based on the idea that if consumers can “take the puppy home” for a few days, they’ll fall in love and be committed to keeping the puppy…err, product. For insurance agents, there’s no real trial period or product to “take home”, but that doesn’t mean that you can’t incorporate the “puppy dog” close into your collection of closing techniques. This is when you can proactively begin to offer value to your potential customers before they become your clients. Share helpful information that’s valid to a lead’s specific situation. Be poised to answer questions and be a resource to prospective clients well ahead of the sale, demonstrating that you’re the ideal agent for their needs. While you can’t necessarily compete with the charms of a puppy, you can lay the foundation of a successful close by helping prospective clients understand (and begin to utilize) your services even before the sale.
3. The Scale Close. “On a scale of 1 to 10, how likely are you to move forward?” It’s a tried-and-true approach to closing. Here, insurance agents can gauge the temperature of prospective clients by directly asking about their level of interest. One of the strongest advantages of this closing technique is that it allows you to address any objections in a very direct and precise way. If a potential client offers a low number on the interest scale, your follow up questions (“OK…so you’re at a four right now. What would it take to get you to a five?”) will help you to begin to identify and resolve, one by one, each objection until the prospective client feels truly confident enough to proceed.
4. The Scarcity Close. Sometimes referred to as “fear of missing out”, the scarcity close allows insurance agents to leverage a prospective client’s understanding of the value behind insurance products combined with the fact that all insurance products are best optimized when they’re incorporated sooner as opposed to later. Because insurance provides peace of mind, insurance agents can remind prospective clients that the situations and experiences that can have the biggest impacts on their lives often happen without warning. The unpredictable nature of life-changing events is reason enough to move forward with the appropriate insurance products that can offer value, benefits, and peace of mind whenever an unexpected turn of events comes about. Just be sure that you utilize this closing technique only if your prospective client has demonstrated a solid interest in moving forward with the sale. You never want to use fear tactics for your closing. Instead, use the scarcity closing technique to double down on the advantages that the products you represent can offer — and how insurance, by its very nature, exists to provide the support and assistance that’s needed when unexpected situations happen. Remind your client that despite life’s unpredictability, the sooner the products are finalized, the sooner they can begin to appreciate the peace of mind that comes from knowing that they are covered.
5. The Summary Close. Often, insurance agents begin their sales process many months (and sometimes years) before nearing the finish line of the sales process. Along the way, your prospective clients have been having several conversations with you (and likely with your competitors as well); so there’s value in taking the time to summarize all of the key benefits and highlights from previous conversations as you near the close. Provide an updated list of the key ways in which doing business with you or your agency meets their needs. Remind prospective clients of the benefits you’ve reviewed with them in the past and summarize the advantages and value that you’re able to provide. Review questions that they’ve had along the way and offer a summary of answers that addresses their questions or concerns in the past. The overview of value and options can help to refresh your prospective clients’ memories and offer an easy-to-digest summary of why you’re providing the best solutions for their needs. This technique works especially well when your sales process with a client has gone through many changes or lengthier discussions.
However you approach closing, you’ll want to be sure that you understand your new client, that you’ve presented solutions over any objections that they’ve had along the way, and that you have expressed your appreciation for their business and their trust in you as their agent. If you find yourself struggling to close a sale or to effectively demonstrate the value that you provide, let GSNI help. We’re a unique FMO that goes the extra mile to provide you with the tools, resources, and support to help you grow your book of business and close more sales. Schedule a demo of our easy to use, ground-breaking, web-based app that propels independent insurance agents and agencies toward success and learn more about all of the support services that we offer every day by visiting us at gsnational.com.
Source:
· https://www.salesforce.com/resources/articles/sales-closing-techniques
GS National Insurance is an independently owned insurance marketing organization. We specialize in helping independent advisors increase their Health, Life, and Annuity Business. Our primary focus is the senior health insurance marketplace. We combine technology and experience to deliver high-quality service and support. Learn more at gsnational.com
