MAKE A NEW FRIEND
About 30 years ago, the top insurance agent in the nation was Elmer Leterman. He often sold $250 million in coverage when it was uncommon for an agent to sell $1 million. Interestingly, Elmer never thought of himself as an insurance salesman. 'I don't sell insurance, I make friends' is how he described the secret of his success. Elmer spent all his time building relationships, and the business just flowed in.
That's your goal when you meet with an executive. Building relationships is the key to working with high-level clients. That's why this entire course is focused on developing the skills you'll need to enhance trust.
MAKE IT EASY
Did you ever put off doing your taxes until April 14 solely because going through all those receipts from the previous year was just too annoying? Well, that about describes the state an executive is in when he thinks about filling out your Personal Risk Management (PRM).
The PRM is necessarily detailed and thorough. Most executives don't have all the information it calls for right at hand. Your job, then, is to make this stage easy - think high-quality service. Offer to work with the executive's assistant to gather the necessary information. Tell the executive that filling in every little blank isn't necessary - you can help with many of them. Be careful, though. Don't let the executive have the assistant fill out the PRM for you. You must stay involved here - that's why the PRM cover instructions say it's to be completed by your agency's personnel.
A NEW PARADIGM
When you're satisfied that there's enough information available to do a good job on the PRM, you're ready to meet with the executive. Your goals for this meeting go beyond interviewing the prospect and filling in the PRM; you're setting the stage for a successful outcome. So you must cover these three items:
- Qualify the executive.
- Uncover the most likely objections.
- Build a motivation to buy.
Qualify the Executive
The real difference between superstar salespeople and novices is apparent before they actually start selling. Superstars don't waste time on people who don't feel any pain. If the executive you're meeting with feels no pain, don't expect any them to have any motivation to move. That's the essence of qualifying - uncovering pain: Is this person perfectly content? If so, don't expect to make a sale. You'll almost certainly end up selling on price - an absolute waste of time for a professional.
Uncover the Most Likely Objections
How do find this pain? Glance in the mirror. If you're like most people I try to hang around with, you have one mouth and two ears, so listen twice as much as you talk. Use focused questioning to get the executive to talk. Ask the executive about the worst aspect of their current insurance plan. Ask about their dissatisfaction. Ask them how things could be better. This questioning also will uncover the executive's most likely objections. By telling you about the things that bother them, your new friends are giving you clues to the kinds of objections they'll raise when you ask for a commitment. Try asking them their fears in relation to changing to your agency - they'll probably come right out and tell you their objections before you make a presentation.
Build a Motivation to Buy
Finally, ask the executive about the implications of the problems you uncover. You see, most people don't dwell on things that dissatisfy them - it's painful. Your job is to turn up the pain. The more problems you uncover that are linked to a problem the executive brings up, the stronger their motivation to make a change. So make the executive explore the pain and discomfort associated with their current insurance plan.
THE VERBAL CONTRACT
Before you conclude this meeting, pose this offer:
'We've covered a lot of ground, and I thank you for your time. At this point, I just need one other thing. If you like what I can do for you after seeing my proposal next Tuesday, just say yes to it, and we'll get started right away. If what I come up with doesn't solve your problems, just say no, and we'll both save a lot of time. If you do say no, however, tell me under what conditions you'd be able to say yes. Is that fair enough?'
Most people will agree: 'Yes, that's fair enough.' You've acquired a verbal contract.
A thought about rejection: 'No' is a rejection only when you have to have a 'yes.'
Read that again. You see, as long as it's okay for this prospect to say, 'No, your solution doesn't work for me,' it's okay for you to hear it. If you really can't help this person, why force it? Move on - there are plenty of other people to talk with.
NOW PRESENTING ...
An effective presentation is focused on the executive. No one cares about all that great knowledge you have in your head. They only care about fixing their problems.
Before you leave the first interview with the executive, confirm the time of your presentation meeting. As soon as you get a copy of the executive's PRM report, go through it and highlight any areas they found particularly painful in your meeting. Mentally rehearse your presentation, paying particular attention to the solutions you're offering. You don't need to focus on anything else.
WAKE ME UP WHEN IT'S OVER
Did a car salesman ever show you every little detail of a car when all you cared about were the safety features? The poor boob was talking at you, not with you - and you probably couldn't wait to get away from him. Why waste time talking at people when you can talk with them about solving their problems? That's the heart of an effective presentation - showing how your idea solves your client's specific problems.
End the presentation by reminding the executive of your verbal contract. 'Do you remember what we agreed on last time - that you'd simply say yes or no at this point? Does it look like we can solve your problems?' You'll get a yes or no. If it's yes, go right into the details of changing insurance carriers. If the decision is no, ask, 'Under what conditions would these ideas be acceptable?' If the conditions are reasonable, meet them.
BRING A FRIEND
How many ways do you know to ask for referrals - 10, 20, 200? If you're so smart, why aren't you buried under all the referral business you get? The simple answer is that asking for referrals doesn't work.
I bought a Volvo recently. The salesman was great. Unfortunately, I have no clue about how many of my friends want to buy a Volvo, so the Volvo salesman isn't going to get any referrals from me. Not if he asks for referrals.
Let's rewrite this scene. Would you tell a friend about how you got exactly what you wanted in a new car? Everyone in Dallas has heard me tell how smart I was when I bought my car. Would I introduce the great guy I got my car from to some of my friends? You bet.
Ask for introductions. If you've built a solid relationship with the executive, they're convinced that you're 'one of us.' Leverage that relationship to meet more of the same kinds of people.
EXERCISES
- Focus on the reason(s) you aren't meeting all of your financial goals. Ask yourself what other areas of your life are affected by this problem. Make a list of all of the other areas of your life that are negatively influenced when you don't meet your ideal income goals. Feel the pain that arises from knowing you aren't performing as well as you could be.
- Imagine that someone came into your office with the Ultimate Training Program to help you knock down each and every roadblock to your achieving the financial success you desire. See yourself going through the exercises. Feel the thrill of making the methods you learned work! Count the money you make using your new skills. Pick up your pencil and cross off each problem you listed in exercise 1 while you see yourself finally performing up to your potential.
- Imagine an executive in the same state of satisfaction you achieved in exercise 2. Now see them thanking and complimenting you. You're the person who solved their problems! You're the person who made their life better!
Go through the exercises just before your next five sales calls. See if this method makes a positive impact on your attitude and results.