Nothing happens until somebody sells something. To make sales happen, IMMS.com Key Sales Consultant Randy Schwantz has created a comprehensive series of 43 Producer Success Lessons. Used singly or in combination, these powerful tools can help your producers build their skills - and grow their sales.
Did you ever go to a party where there was a piñata? Breaking a piñata is a Mexican party game. A papier-mâché animal or other figure is filled with candy and hung up. The guests take turns being blindfolded and trying to hit the piñata with a stick. Eventually someone connects, breaking the piñata and spilling the goodies inside onto the ground for everyone to share.
That's the thing about piñatas. They look sturdy, but they really aren't. After all, they're designed to crack open after a few whacks with a stick.
Your Homeowners insurance may be like a piñata. Over the years, you've accumulated a lot of goodies, like jewelry, electronic gadgets, and clothes, and maybe you've bought more insurance to cover these acquisitions, like adding a layer of papier-mâché to a piñata (then again, maybe you didn't). But what happens when you get a really hard whack, like a tornado or flood?
Wouldn't you feel better if we put all your goodies into a sturdier container, like a safe?
Why Stories?
This story illustrates the point you're trying to make to clients - that many people's Homeowner's coverage isn't sufficient. By telling a story, you create visual images in the client's mind. Images are very powerful. No one wants to see all their goodies cascading to the floor with hoards of people scrambling to pick them up. This kind of image evokes powerful emotional responses that lead to pain.
A good story can illustrate your point better than all the statistics in the world. Present a client with all the statistics on losses due to inadequate Homeowner's coverage, and you've made a logical case for making a change. You've appealed to their head - but you may have missed their heart. So we use stories and metaphors to teach and to get clients to change their behavior.
People Buy on Emotion
In one of Zig Ziglar's books is a wonderful diagram showing the concept of emotional buying. A man has a large heart on his jacket. Two lines measure distances in the diagram, one going 24 inches from the man's back pocket to the heart on his jacket and the other going 36 inches from the man's back pocket to his head.
See the point? If you want to get to that wallet, going through the heart is a shorter trip.
The trick to getting to a person's heart is to tell a good story. Remember, people like people who are like them. If you can tell a story that illustrates your point well, enhances rapport by highlighting things you have in common with your client, and entertains, you'll probably never hurt for business.
So why don't more people use this technique? Mainly because most people don't just come up with funny, concise stories out of the blue. You'll probably have to really think about your experiences and develop good stories from them.
Developing Good Stories
Did you know Bob Hope has a staff of writers who write jokes and one-liners for him? Sure, Bob Hope is very funny, and he comes up with plenty of material on his own. But Bob Hope isn't entertaining solely because he has great material. He also spends a great deal of time practicing and refining his craft.
How much time have you spent developing and practicing what you'll say to the Commercial account's Risk Manager? You know they'll be a bit reluctant to introduce you to the senior executives until you've built some rapport. The Risk Manager might also be concerned about being embarrassed if you aren't professional. If that's a reasonable expectation, develop a story that both eases the Risk Manager's mind and enhances rapport.
What would ease their mind? Assurances that you are professional: you understand his business; you've worked with accounts like this in the past; you're an expert on your business. What would enhance rapport? Anything that emphasizes what you two have in common and minimizes your differences. So develop stories that illustrate this.
What Goes into a Good Story
A good story sets up a situation and gives the client options, one very good and the other very bad. This presents a large gap. Then the client is allowed to pick either option (called 'you pick'). Here's an example:
Getting Information
Imagine you're in an interview with a client. They don't want to give you any financial statements, but you need this information to do a good Risk Management Review).
You: I'll need copies of your financial statements to get started.
Client: I'm not willing to share that - just write up the review without that stuff.
You: Well, here's what I can do. On one hand (holding out your left hand, palm up), I've got a great company. They're rated A++, have outstanding service, and always come through. They're the industry standard. On the other hand (holding up your right hand, palm up), I've got a good insurance company. They're rated A, have adequate service, and are generally well regarded. If we place business with the great company (holding out left hand), I'll need the information on your financial statements. If we go with the good company (holding out right hand), I won't need that stuff. So, on one hand, we have a great company. On the other hand, we have a good company. You pick.
Client: Well, I want the great company.
You: Fine. What we need to get going with them is copies of your financial statements.
Client: OK, fine. I'll get them printed up for you.
The client was convinced that you needed the information to get them a better deal, not because you wanted to see their personal stuff. When you create clear options, it's easier for clients to make decisions. As soon as this client felt that you wanted to help, they were more than willing to give you the financial statements.
EXERCISE
In Lesson 16, you made a list of stories related to expanded services and client satisfaction. Use elements of these stories to assemble three stories that you can use to:
Encourage a Most Valuable Producer to introduce you to their larger accounts
- Encourage a Commercial Producer to introduce you to Risk Managers
- Encourage Risk Managers to introduce you to senior executives