Life Insurance Closing Techniques
If you were expecting another one line sales pitch to be written here, you definitely won't find it. closing techniques have very little to do with sales pitches at all. The whole say this and all of a sudden you'll get this kind of reaction from your prospect sounds like a crush sale to me.
If it ever came down to you giving a sales pitch, you're either trying to salvage the sale. you're not in true communication with your client. Think about it, you're solely relying on some outdated script or pitch that was written who knows how long ago. Wouldn’t you rather know how to not perform a sales pitch and still close a deal?
I'm one of those individuals that likes to know how things work. For example, if a doctor just ran some pitch on you. He really didn’t know the science of his own work would you go with that doctor? I didn’t think so. The same concept goes with closing techniques, if you don't know the science of truly closing a deal, then why look for the quick way out.
This brings me to my very first point, you're in this business to sell yourself, not your products.
Life Insurance Closing Techniques –. Always Sell Yourself
What exactly do I mean by “sell yourself”. A lot of individuals hear this but very few actually understand the science behind it. I'm going to try and put it into the best perspective for you. Think of a time when you wanted to buy something, like a TV or Car. Do you remember the individual that you dealt with during the course of the sale? Maybe you don't remember his or her name. You can definitely remember if they were knowledgeable, kind, informative. Helpful. Now, do you remember the guy you didn't buy from?
What were the reasons you didn't buy from that individual? Maybe he didn't help out, he might've been rude or even ignored your questions or concerns about the product you were wanting to buy.
The reason why you didn't buy from that individual, was because they didn't sell themselves. Even though it was the same product, same price, same warranty, you still didn't buy from that individual. closing techniques are about getting to know your client.
They won't buy from a stranger. You turn them into a friend. Friends have trust. Trust is what'll get you the sale. The client must trust you with their money. If you're just out there doing some sales pitch about some product but haven't really gotten to know who you're sitting across from, you're literally hiking up hill to close that deal.
Life Insurance Closing Techniques –. The Sales Presentation
After you've gotten to know your client, you then get to the product presentation portion of your visit. A majority of agents tend to have some type of sales presentation . These sales presentations are meant to educate your client on your products. How they perform.
The biggest mistake that I see out there is that the presentation is incredibly overwhelming in information. Let me take a step back and show you what I mean by this. products. Their complexities can really put a human brain to sleep. What I've noticed is some companies jam packing their presentation with so many complicated phrases that the average consumer would just not understand.
Do you know why people choose to read at nite? It’s to get tired. Eventually during your reading session you'll come across some word that you don't understand. you'll skip over it. Generally about 15-20 minutes later you'll start getting drowsy and will fall asleep.
The same concept applies to sales presentations, if your closing technique heavily relies on your presentation to the client, I strongly recommend you keep it incredibly simple. Simplicity is a major factor in closing ratios in this business. Many individuals don't understand what a Mutual Fund is. I personally don't call it a Mutual Fund, instead I call it a collective pool of money. It's small things that really make a difference in a make or break deal.
Life Insurance Closing Techniques –. Proper Communication
This concept of proper communication, although very simple is a concept that 90% of agents don't follow. That's why you don't see them making more then 100k+ a year. How exactly do you apply this concept to your closing techniques? Proper communication is really two way communication. What this means is that during your time of getting to know your client. Even during your sales presentation you must always listen and acknowledge. You must always acknowledge your clients concerns, if you've a solution wonderful, if you don't you must still acknowledge their concerns and take note to see what you can do to help them.
During the presentation, you must make it interactive. don't by any means just sit there and ramble on and on without even getting an “OK”. “I understand,”. From your client. After you explain a portion of your presentation to the client, turn that paper around and make them explain it back to you. They should've no problem doing it if you kept it simple. If you were in proper communication from the get go of your appointment. don't be afraid to ask open ended questions, anything that'll involve more communication will make your client feel like you're a friend. Not someone just trying to sell them some product.
By applying what you've learned here in your day to day practice you'll see great results in your personal production. Remember, keep that presentation as simple as possible, complexity is a deal breaker. Get to know who the person across from you is, they put food on your table for your family and friends. If you're truly providing a service to your prospect. You utilize proper two way communication to help your client understand that, then you'll greatly increase your closing ratio.
To Your Success,