Nobody’s infallible, including insurance agents. People tend to form habits, some bad, some good. Sometimes, the bad habits we get caught up in can hinder our selling ability. So here are eight selling mistakes that many agents make. You will know which ones are costing you money and which ones you need to improve upon.
Mistake 1: Failing to become a welcomed guest first
Bonding and rapport are critically important parts of every sales call. It does not matter if it’s a first call or a fifth call.
Look around and find something that you have in common with your prospect or client. Find a way to link with them. It could be a mutual friend, a business associate, or a leisure activity. Try talking about your connection long enough to become comfortable with each other before talking about business. It’s far better than wasting time talking about the weather. People like to do business with people with whom they feel comfortable.
Mistake 2: Thinking the prospect doesn’t have enough money
A prospect almost always can and the money to purchase what you are selling if they need it badly enough. Explain all of the benefits that your buyer can begin to get from what you have to offer. Ask questions to create or expose needs. Find things that are so important that solving them overrides the cost.
If you can show someone that they can’t live without what you are selling, then that person will and the funds to purchase your solution. The bottom line is that it’s up to your prospect to come up with the funds. It may be wise to offer them some creative payment options if that will help you close the deal, but your main job should be to create, expose, and have the perfect fit solution to their needs.
Mistake 3: Failing to ask the right questions
Ask prospects specific questions to and out if you actually can solve their problems with your products and services. Ask questions to qualify them as decision-makers. Ask, “Who else besides yourself will be involved in the decision-making process?” Ask questions about financial matters, such as “How will you pay for these products/services?” Ask questions that separate you from your competition. Try beginning most of your questions with the words when, what, where, who, and how.
As an experienced sales agent, you’ve heard it all before. You hear common problems and objections from everyone. Use that common information and ask questions to get the real problems out on the table. If you are just getting started in sales, ask a successful agent for help. Ask your mentor what questions have been successful for him/her, it will shorten your learning curve and lead to faster sales growth. Test and track what questions work and what questions fail. Once you have discovered the perfect questions, hone them razor sharp and keep using them until they stop working.
Mistake 4: Talking too much
Ask questions. Then shut up and listen to the answers. Talk no more than 20 percent of the time — and even that may be too much. Get your prospect to do most of the talking. Ask pointed questions, and keep your prospect answering.
Keep full control of the conversation, but let the buyer think that they are controlling it. The more that you let your prospect talk about themself, the more that they will like and trust you. This may lead them to close the sale for you — and all you have to do is listen.
Mistake 5: Putting down the competition
Sell for yourself and not against someone else. Substitute the words “industry standard” for “competition.” Never say one bad word about your opposition. If you have to talk about them at all, praise their work and position in the industry or community. Then point out how you do things “differently.” What makes you, your products and services unique or unusual. Slamming the competition only comes off as sour grapes and will never help you close a sale.
Mistake 6: Failing to follow up
If you say you will call back at 2 p.m. on Thursday, then do it, no matter what. People will remember when you don’t keep your word. Always let your customer know when you will get back to them, and make sure that you do.
Also, consistently follow up all your marketing efforts. It’s proven that one-shot marketing rarely works. It’s also proven that it takes seven or more contacts to finalize many deals. Be patient, be persistent, and be profitable.
Mistake 7: Failing to use your time wisely
Know the difference between “pay time” and “no pay time.” Pay time is the time that you spend talking to or meeting with prospects and clients. No pay time is when you stop at the car wash, eat lunch alone, fill out paperwork, or do anything else that does not contribute directly to the creation of income.
Beware of email and the Internet. They are sneaky time wasters. How many times have you opened an email and followed a link to a Web site? The next thing you know, you’ve wasted a half-hour that you can never ever get back.
Spend 100 percent of your time doing those things that lead you to making money. This will separate you from the pack and increase your year-end bottom line. Schedule a given amount of time every week to spend prospecting for new business. Always be prospecting.
Mistake 8: Placing blame on everyone and everything but yourself
Take a look in a mirror. Most of the shortfalls of selling start from the 6 inches between our ears. We must commit to working smart. Many of us are afraid of failing and forget that we learn from failure as well as success. Blame yourself, but don’t be afraid of failing. Everything is on the other side of fear.
How many of these insurance-selling mistakes are you making? And how will you correct them and prosper?
Sanford Jay Barris, founder and president of Business Marketing Services, is an author, small-business owner, entrepreneur, consultant, and marketing expert. He can be reached at 248-335-8080, sjb@97MarketingSecrets.com, or by visiting www.97marketingsecrets.com.