Editor’s Note: This is the fourth in a ten-part series identifying the best sales techniques for 2015. To view the rest of the series, click here.
70. Find success with SMS.
If you’re looking to improve your contact ratios with new leads, try incorporating SMS text messaging to your processes. The mobile research firm, MobileSQUARED, found that over 90% of people read their text messages within the first 3 minutes. Like many agents, I immediately call a new lead and leave a voicemail when they don’t answer. At the same time my email auto-responder is triggered with an introductory email. Unfortunately, there are those prospects who don’t want to talk immediately & emails are sometimes filtered to spam folders. Texting is a great addition and may possibly be a preferred mode of initial communication for some of your prospects. In fact, text messaging was the initial form of communication for 2 of my submitted applications this week!
— Michael Quinn, Agent, www.lifeinsuranceblog.net
69. Dead leads are gold. Keep the drip going.
Many times people are not ready to purchase, or the time is not right for whatever reason. Things change all of the time, and down the road something might trigger that dead lead to come alive. Instead of throwing those leads in the proverbial trash can via the delete button create an organized email drip campaign once a quarter on value added content that you already have available because you are using with your clients. Then, lop a call every six months to check in. If nothing else, leave a message letting the prospect know you were thinking of them. Drip on these leads with appropriate material when an event occurs, you will not only be remembered, but your correspondence will be welcomed.
— John Richard Pierce, Jr., author of ‘Sell More and Sleep at Night’
68. Answer objections first.
Once you sell your first 50 or so policies you should have a good idea of what your most common objections will be. It’s important to write down each objection you get, along with the frequency. By understanding what is on your customer’s mind ahead of time, you can blend this information into your introduction and answer many of the questions that are subconsciously in your customer’s worry bank before they even ask. This will ease your customer’s mind and transition to a smooth closing.
— Jonny Fritz, President, NoExam.com
67. Become a solution seeker for your clients.
Imagine that a client tells you he wants your assistance in selling an unwanted life insurance policy. Aside from coordinating the technical aspects of pursuing the policy’s “fair market value,” spend time learning more about the policy owner’s financial challenges and goals for the future. Find out how the client plans to use the proceeds from the life settlement, and offer him creative solutions. Does the client’s spouse need money for a long-term care policy? Do they want to leave a cash legacy to the grandchildren or help them pay off student loan debt? Do they need a substantial down payment to enter a continuing care retirement community (CCRC)? We often tell agents who we work with to look beyond the transaction at hand and to help clients in solving their major challenges with the proceeds from a life settlement.
Jeff Hallman, Co-Founder, Asset Life Settlements, LLC
66. Know the consumer psyche.
The Consumer Psyche consists of three elements: The herd mentality, tragedy and major life events. The Herd Mentality: buying because others are. Tragedy: the purchase of life insurance is more likely to occur after a disaster rather than prior to it. Major life events: consumers are most likely to develop the need for life insurance around major life changes, marriage, children etc. Understanding the drivers that cause a consumer to act can benefit the seller immensely. Capitalizing on these elements can significantly limit the focus of the marketer, and can help to spend time creating relationships with true prospects rather than wasting time with unfit buyers, because, as we all know, not every consumer is the right match for your business.
— Herb Katz, Quest Excel, Inc., dba: TermQuest®
65. Don’t make charitable bequests in your will.