Obviously, we do not sell every lead or even every one we present to. If you can diagnose why they are not buying, you may be able to overcome their reason and make the sale.
There are 5 reasons why people will not buy from you: No need, no money, no hurry, no desire and no trust.
The reason our presentation begins with finding out the prospects need is not just so we know why they want it, but so they can verbalize why they want the product. Good salespeople don’t manipulate people into buying, they persuade people to buy. We do this by being “assistant buyers” to the prospect. We don’t necessarily want to convince them of their need, but to have them verbalize their need to us.
This is why the “Three Reasons” is the most important part of the sales process, in my opinion. We’ve all run into the people that have no life insurance and because their relationship with their kids is so poor, they say something like, “I don’t care what they do with me” or “I paid for everything while their growing up, they can pay for this” or something to that matter. You will NEVER sell those people. Move on and find another prospect. But if they are not like that, you still need to get them to verbalize what their “why” is so that they can verbalize their “need” to you. Do not move past the three reasons portion of the presentation until you have it. Responses like, “I was just curious” or “I don’t know” etc are not reasons. You will have to dig a little deeper with those prospects. That’s why we give them options to choose from.
Now we’ve all heard the saying “buyers are liars” and in some cases people say that they do not have money when they really do. Many times if the client balks at the end, it is because the money is too much. I would say most of the time this is the real issue. If they say they can’t afford $50 a month, I would say, “Now we do have more affordable programs. You can always add on to your program down the road, but it’s better to have something than nothing, right?” “Well, you could get X amount for $40 a month. Would that be more affordable for you?”
Sometimes you need to dig this reason out. “So other than the money, what other issues to do you have that is stopping you from getting this coverage in place to protect your family today?” If they have other concerns, they will tell you. If they don’t, you know it’s the money and can show them a lower price.
Sometimes people just do not have the extra money to purchase the product we are selling even though they have a need and really want it. I used to say that this is the only objection you cannot overcome, but I’ve been recently introduced to a method whereby you can help the client save money on their phone/internet/cable bill and free up money so they can afford the product. You can find this method here: http://www.renfex.com/home-1/2016/10/10/you-like-saving-people-money-dont-you-complete-series
Many of our clients still have a home phone. They are usually paying anywhere from $60-$80/ mo for this service. An easy bill saving idea, that does not take a lot of time, is switching them to an AT&T service that only costs $20/mo. They get to keep their same phone number too! AT&T will send them out a router that accesses the cell phone towers, basically turning their home phone into a cell phone. They do not have to have internet for this to work.
The process is simple. We have access to a direct contact to get this process resolved in 10 minutes or less:
1st Thing you do:
Use the email in the contact for Jenny V, if you email her with your contact, tell her you doing the Renegade saving seniors money. She will call you back and help set up with ease. Or call the number.
Wireless Home Phone:
-$20 a month
-2yr agreement$0 in front COST upfront/1 time $45act fee on first bill.
-Need Credit Card – $1 Authorization Required
$1 stays on card.Credit check like any other cell phone.
-If a family member (son, daughter etc.) has an AT&T cell account, they can add this plan for $20 also.
-Can port the current phone number (gets to keep the same number!)
Need to have a copy of the current bill or account #
-Caller ID is number only.
All the current home phone systems offer option to program numbers like a cell phone.
*I advise calling Jenny V and tell her you do the Renegade bill-saving for seniors and pic her brain before you do it.
Imagine how much more AP you could sell if you saved your prospects $40-$60 on their home phone bill!
Some people just have no sense of urgency. Among our clientele, that is a character flaw that many of them share. They did not get to where they are today, needing a table 4-8 life insurance product because they take care of things like this when they are young. You HAVE to understand this about our clients. They are PROFESSIONAL PROCRASTINATORS. Sometimes you will have to push them along. Sales is not just about making you money, but helping your client get something that they want and need. In our industry, our clients desperately need our product. You are doing them a disservice when you do not overcome this objection and push through so that they will buy.
In many cases, our clients have met with multiple agents before you walked through the door. The professional procrastinator prides themselves on getting rid of salespeople. Why do today what they can put off until tomorrow. This is why our presentation’s close is designed the way it is. When we get to the end, we have already established the need, then we find out what they can afford and then we seamlessly move into closing/filling out the app. We don’t offer them 3 options and let them choose. This is too much for our clients. It creates way too much anxiety. When they are stressed, they don’t want to make the decision. Also, once you give the prices to the prospect, you’ve lost all your leverage. We need them to commit to the price they can afford and move on to the close.
Still, many times they will want to wait. You’re not going out of business. These plans will still exist next week, next month, next year, but you know what, our client may not. This is where personal stories will help. The longer you are in this business, the more stories you will hear. You will have clients that died right after their first payment came out. You will try to follow-up with clients and find out that they passed away before they purchased any life insurance. This is where you can relate these stories to the prospect; ask them “Now you agree this is something you need, right?” “You’ve told me that you can comfortably afford $50 a month right?” “You’ve told me you want to take care of this so your family does not have to, right?” “Let’s be honest, we don’t know what the future holds. I’ve been doing this a long time and I know once I walk out this door, what we’ve discussed will become the farthest thing from your mind. But the anxiety will still be there. I know you don’t want to burden your family once you pass. So let’s go ahead and take care of this today. Who do you want to leave the money to when you pass?”
We’ve already hit on this one, some people just don’t care and you cannot make them desire a product that they don’t want. Though this is why we use leads. When they read the card, fill it out and mail it back in, there had to be some small desire. We need to find out what that desire is and push that button over and over again throughout the presentation.
Sometimes they really have no desire for our product, but you may be able to sell them another product; a cancer plan, a medigap plan etc; something that will benefit them today and not the kids that they don’t care about.
This is the most significant reason the prospect does not buy from you. People are rarely going to come out and tell you that they think you’re lying and they don’t trust you, but this is the main reason you don’t close all your prospects. People only buy from people they trust and people only trust people they like. Over 75% of people will buy from you because they like, trust and respect you. You have got to establish that trust and respect with your client.
This is IMPORTANT: You cannot be one kind of person and another kind of salesperson. This is why inflection and tone are so important when you are presenting. My agents tend to use my presentation, which I learned from my mentor and he learned from his. My sales took off when I was able to say the words and phrases in the presentation just like I would if I was having a conversation in real life.
People can pick up on phonies. If you are trying to say the right word, but trying to say them using my inflection and tone, it will sound wrong to the client, in the back of their mind, and they will not trust you. This is where being honest and having high moral integrity in life will do you good in your sales career. You will never be successful if you do not have integrity. You reap what you sow. A persuasive but immoral salesperson can smooth talk a lot of people into buying, but in the end, they will fail.
If you study the presentation that I have, you will see that it tries to overcome objections before they come up. Like the phrase “we work with people on a fixed income.” If you do not use that statement, you will hear that objection when you get to price at the end. The other parts of my presentation are designed to build trust and credibility with the client. You just have to learn to say it the same way you would speak to a friend. That way it “sounds” honest to the client.
If you leave a house without a sale, you need to look back and figure out why you didn’t make the sale. You need to analyze what was said by both parties so that you can grow. There are so many times that I leave a house knowing I didn’t make the sale because the prospect didn’t like or trust me. It’s usually because I got lazy and left part of the presentation out. There are only 5 reasons people do not buy. Figure out what is causing your client to say no, overcome it, and make the sale!
Josh Jones is an expert in the Final Expense market. He and his business partner, Brandon Smotherman, who is a $400,000/year Final Expense Producer, have taken their years of successful experience in the Final Expense and Medicare markets and are now teaching agents how to replicate their proven system. So whether you are thinking about entering the Final Expense market or you are a veteran agent that desires a greater income or you just want to add some Final Expense products to cross sell, Josh and Brandon have the knowledge and resources to help you grow your business.
Visit https://learningfe.com/what-we-offer/ for more details.