Nine Mistakes To Avoid When Marketing To Seniors
By Wilma G. Anderson
Like constructing a building, you make a sale by building it brick by brick. But one missing or cracked brick can bring the whole building down in a crash, and you might not have the time to rebuild it.
Make sure your sales are solid by avoiding common mistakes in construction. While these errors apply especially to selling long term care insurance, annuities and other products to older clients, many are common mistakes with all age groups.
Mistake #1. You assume you know what the prospect wants, and you end up rushing the sale. Its an easy mistake to make. Your prospect has replied to your LTC or annuity mailer, so you figure he or she is interested in long term care insurance or annuities. You immediately start comparing products and providing quotes–before you delve into what your prospects are really concerned about.
Before selling, find out what they perceive as their greatest needs. This is laying the foundation of the sale.
Mistake #2. You fail to show youre interested in solving their problem, not making it a collaborative sale. Before launching into your sales presentation, you must find out where the client is coming from. Besides warming up the prospect with friendly small talk, this involves asking questions and listening carefully. You dont want the client to feel youre hawking a product and are only interested in a commission. The client should feel youre truly interested in solving his or her problem with the best possible solution.
Dont tell the prospect: “I know you need this LTC policy (or whatever your selling) because.” Thats not collaboration, thats trying to impose your point of view on someone else.
Instead, get into the position where you can say: “Youve said its important for you to leave an estate to your children and grandchildren. Heres how an LTC policy can protect your assets and help you achieve your goal.”
Take the time to establish a level of trust. Youll have plenty of time to sell and close.
Mistake #3. Confusing people with industry buzzwords. Since we live and breathe insurance and financial products, its all too easy to use our lingo with prospects and clients, who typically dont have a clue about what were talking about.
Insurance and financial products are complex–if they werent, no one would need an advisor. To simplify the mishmash, use this magical phrase: “What this means to you is.” This technique will force you to translate features into benefits which people can easily understand.
Mistake #4. You fail to uncover your prospects objections until its too late. Its natural to want to skirt possible objections, but its important to discover the prospects objections as soon as possible–that way you can respond to them.
Otherwise, the prospect will have an objection that distracts him or her and prevents your message from getting through. When it comes time to close, youre probably sunk.