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The Importance of Family in the Sales Process

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What You Need to Know

  • One thing you can do for prospects is to admire their baby pictures.
  • Another thing you can do is to give prospects a chance to brag about their children.
  • Those children may become heirs, and current and prospective heirs are prospects, too.

The importance of family is universal. “Family values” are talked about a lot.

Respecting and highlighting the prospect’s or client’s family is very important in the sales process. As an experienced insurance professional, some of these concepts are familiar; others are new.

1. Introducing What You Do

You have an “elevator speech” or short introduction explaining what you do.

A good expression is, “I work with a small group or business owners and families in the (town) area.”

“Small” implies exclusivity.

“Business owners” is a key expression because, in smaller communities, the wealth is often in the hands of people who own the private firms that are major employers.

“And families” makes the connection that these businesses are often family-owned, passing from one generation to the next. “In the (town) area” lets them know you are local and the money you earn is recycled into the local community when you go shopping.

2. “Tell Me About Your Children.”

Every parent loves to talk about their children and their achievements. Unfortunately, this is difficult for local schoolteachers because many parents consider their child to be a genius.

From your point of view, you can let them brag a bit.

3. “What a Beautiful Baby!”

Everyone loves admiring babies. There’s a joke about a maternity room nurse who said that when she saw a cute baby, she would tell the parents they have a beautiful child.

“What do you say if the child isn’t cute?”

“That’s easy. I say the child ‘looks just like you!’”

Bottom line, admiring baby pictures on display is another sign of respect.

4. “Your Son Just Scored in the Game!”

Parents are proud of their children’s achievements. Many children are involved in school sports. The parents are on the sidelines. If you and your child fit into the same crowd, you are cheering too.

Congratulating another parent when their child scores is usually well received. If the parent isn’t present, send a text message with a photo of the scoring moment. That parent will appreciate it.

5. Education

In all cultures, people realize a good education is the ladder to success. They also realize an inadequate education can hold their child back. This is an ideal opening for talking about college savings accounts. These can be good vehicles for collecting funds relatives give (or promise) as help toward the child’s education.

6. When You Are Gone

The death benefit is a key feature of life insurance. Families have one or two breadwinners (incomes). If one is no longer in the picture, how will the lost income be replaced? Expenses don’t disappear.

7. Selling Up

Most families feel a sense of responsibility for aging parents and grandparents. They may be advising them on how to invest their savings. They are often on fixed incomes, so increasing income is a topic of interest. Recommendations must be consistent with their risk tolerance. The family connection can help extend the business relationship to the previous generation.

8. Selling Down

Children might be known by another term: “Heirs!” As they transition into adulthood, they have insurance and investment needs too. It’s a good strategy to bring them on as clients as early as practical. If you have a good relationship with the parents, doing business with you can be part of parental advice.

9. Bringing the Spouse Into the Conversation

An advisor on the West Coast would discuss insurance products with a couple, offering a choice. He tells the story of describing two options, one with a larger death benefit. He asked the couple which they would prefer.

Before the “decision-maker” in the couple could respond, the other said, “We’ll take the one with the bigger death benefit!” It’s difficult for the decision-maker to try trading down in that situation.

10. Transitioning the Relationship

When a spouse dies, the survivor needs a lot of support. This might be in handling finances, knowing where the money is or notifying the banks and insurance companies. Even if the person isn’t a client, you want to offer your help. They will remember who was there representing their interests when they were grieving.

There may be different levels of amplification, but family is important to everyone.


(Image: ldprod/Adobe Stock)