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Let prospects know referrals are expected

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I feel the key to success in this business is putting yourself in front of people with money. I obtain prospects by vertical prospecting — that is, obtaining referrals of individuals who are successful, such as business owners, business executives, military officers and mature individuals in retirement.

These markets have a need for my services and the financial ability to pay.

The best and most economical way to prospect is through referred leads. After I meet someone and show him or her the quality and care I put into my work, I have no problem obtaining names of other successful people. I tell the prospect that I am compensated in two ways in the work I do. One is by marketing products, and the other is by meeting successful individuals like the prospect. If I encounter resistance in getting names, I mention that their friends are going to talk to someone about their finances. Why not me?

After I have a name, I call and tell him or her that I would like to share an idea that concerns lowering taxes and increasing disposable income. This usually generates interest and allows me to get my foot in the door. After I have established a need, I talk about discounted dollars and the lowest possible net cost. I sell permanent insurance because the best policy one can have is the one that is in force the day you die, and, in addition, because I believe whole life is cheaper than term over the course of a person’s lifetime.

My daily goal is to set three bona fide selling interviews. I know if I’m consistent with the prospecting goals, the rest will take care of itself. To make sure I reach my goals, I use a reward/punishment conditioning approach. If I am unable to schedule my three daily interviews, my “punishment” is to study for my CLU for one hour with no television, and I have to do the dishes. If I make my goal, I buy myself something, and I am able to watch television and do anything I might enjoy.

Editor’s note: The preceding Million Dollar Sales Idea was originally published in the June 1988 issue of Life Insurance Selling.