An annuity prospect has agreed to a meeting. You’ve set up the appointment, and the two of you have discussed their financial situation, retirement priorities and preparedness. You’ve introduced a fixed indexed annuity and described the product’s various benefits and how it can help the client meet their financial goals. All that’s left is for the prospect to sign on the dotted line – but it may not be so easy to seal the deal.
Here, then, are six ways advisors can successfully close the sale once the prospect has pen in hand.
1. Uncover your prospect’s pain
According to Elizabeth McCormick, motivational speaker and CEO of Soar2Success International, and sales and marketing expert Toni Harris, it’s important to understand the pain that your product will solve for the prospect and address this issue during the sales presentation. “People typically buy for two reasons – to relieve pain or experience pleasure,” McCormick and Harris explain. “If your product or services address their pain, then you are likely to close the sale.”
2. Ask for the sale
Tom Hopkins says that, in most situations, sales fall through because the salesperson failed to ask the right questions. “Sometimes, it’s not just the question that matters, but how it’s presented. You may have to set the stage or tell a story leading up to the question that helps the client rationalize the buying decision. No matter how good your lead-in or story is, however, you won’t get the sale if you don’t ask for it,” Hopkins says.
3. Watch your prospect’s body language
Pay attention to body position, say McCormick and Harris. “When a prospect leans in, he may be ready to buy. When he opens up his body by uncrossing his arms or legs, it is usually a signal that he might be ready to buy. That may be a good time to ask him some clarifying questions, and then to ask for the sale.”
4. Help clients focus on the benefits they want from the product
Says Hopkins in an article, the little questions you ask throughout the closing process start the “yes” momentum – for example, “Do you think this product would help you?”. “If they do truly believe your product is good for them, these words will help them get over their hesitation to give you the final ‘yes’ and close the sale,” he says.
5. Use the time-trap close
Hopkins wrote in a blog post that, because it’s difficult to get and stay enthusiastic about something that may not happen until a client is much older, advisors should encourage individuals to act today to ensure future security. He suggests that advisors encourage their clients to talk about their vision of the future. “Help them paint that picture of the future,” he says.
6. Finish strong
Notes Doug Dvorack, CEO of The Sales Coaching Institute, in a Business.com article, advisors’ closing words with prospects should be powerful and show the prospect that they are providing the prospect with a valuable solution to their problem. “These closing words should be stated with confidence, but not arrogance, while removing any doubts or objections in the prospect’s mind,” he explains.