Nine Mistakes To Avoid When Marketing To Seniors

Make objections your allies. Assumptive closes bring out possible objections you can answer and overcome up-front.

A key assumptive close when presenting LTC is: “What are your plans when your health changes?” The answers to this can help demolish objections like, “I dont need insurance because my daughter will take care of me.” Once youve dealt with the objection, you can continue laying your bricks.

Mistake #5. Not showing empathy, getting backed into the “yes-but” corner.

This is when you answer an objection by responding, “Yes, but if you” This kind of response makes the prospect think that youre not really listening and that you feel his or her concerns arent valid or worthwhile discussing. A better response is more like: “I understand what youre saying. A lot of my clients have found that” The prospect is no longer on the defensive and youve escaped the yes-but corner.

Remember, when you get into an argument with your prospect, even if you “win,” you lose!

Mistake #6. Not being prepared with key facts and figures about long term care. Some agents dont come fully prepared for the first meeting. They dont have brochures or rates or know the cost of long term care in their area. Without this information, you cant close in one appointment.

Mistake #7. Trying to sell more than one product in your first sales interview.

If your first meeting with a prospect is going well, you might be tempted to try to sell both an LTC policy and an annuity and maybe even a mutual fund. Dont get greedy. Youll most likely confuse the buyer and wont end up selling anything. Stick to one product. After youve sold the first product, at the time of delivery you can then open up the second sale. By being patient, youll get a bigger share of his or her wallet in the end.

Mistake #8. Using LTC scare tactics. Some sales trainers advise using scare tactics, like asking a woman, “How would you like to change your husbands diaper?” This is a huge mistake. It turns off listening and can shock the buyer out of sale. Once youve unleashed that bombshell, its hard to get them to listen to you again.

Sure, scare tactics can sometimes work, but is this the way you want to sell? Do you think new clients will willingly refer you to their friends if you use shock tactics?

Mistake #9. Judging the book by the cover. Its easy to visit a modest home and assume that the prospects dont have much money or go to a lavish home and assume that they do.

I once visited a couple who looked poor. It turned out they had $2.5 million in annuities. If I had assumed they had nothing, I wouldnt have made the sale–and they turned over all their under-performing annuities to me.

Ive also visited a couple in their late 50s who lived in a big house with landscaped grounds in a wealthy neighborhood. Four luxury cars filled their garage and driveway. They were strapped financially–all their cash flow was eaten up by their mortgage and car payments.

Dont start out trying to sell a Cadillac to someone with Chevy resources, or vice versa. Instead, ask some questions that will let you find out what resources your prospects have.

Wilma G. Anderson, of Littleton, Colo., is a sales and marketing trainer who teaches agents how to sell to the senior market. She can be reached at [email protected].

Reproduced from National Underwriter Edition, May 19, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved. Copyright in this article as an independent work may be held by the author.