Whether you are new to the life and health business or a seasoned veteran, it is not always easy to get through to your target audience. When dealing with the people who make important decisions for their companies, you’re often competing for attention with dozens of others — some of them agents, and some just day-to-day business with which your decision-makers must deal. The best thing you can do is look for the mistakes that you and others before you have made, as this will present you with your best chance for rectifying and even avoiding these mistakes.
Based on the experience of many others in the industry, there are 10 major mistakes that you, as an employee benefits agent, are likely making when approaching decision-makers — along with solutions for effective contact.
Mistake #1:
You think the business owner’s motivations are your own
The best business is when someone calls you rather than you calling them. Remember: Any contact today can lead to business tomorrow or next year. If a business owner is seeking benefits, your first objective is to find out what their motivation is. Is it retention, attraction, or do they really just want insurance for their own family? You need to have a conversation about why they want insurance or a new agent before you start talking products and prices. Try to spend at least 15 minutes with them doing this fact-finding. The key is to make your prospect feel understood before you make them understand. Once you do that, they will feel like you are on the same team, helping you gain trust and insight.
Mistake #2:
You assume the receptionist is just the receptionist
In companies both small and large, behind-the-scenes people often have more power or influence than you might think. Treat everyone with respect and with the attitude of, “What can I do to make their life easier?”
Mistake #3:
You assume quality matters more than price
In tough economic times, money definitely matters. The last three sales reps in my office have expressed that they close 3 percent to 5 percent of the quotes they run. That means that agents are requesting quotes from every carrier for every lead. Be flexible in design choices, and make sure you’re presenting long-term strategies.
Mistake #4:
You rely on the phonebook to bring you business
Only a small portion of your leads will come from the book. Referrals are the key. However, they don’t happen overnight. Don’t approach every person or organization with the idea that you will walk away with business. Approach them instead with the attitude that you can do something for them, and try to find out what that is.
Mistake #5:
You think ‘no’ means ‘no’
“No” does not mean “no.” It means “not now.” When things are slow, call up prospects with whom you met 12 months ago and see how things are going.
Mistake #6:
You only make contact at renewal or Christmas
Look for ways to stay in touch when you are not handling a service issue or rate increase. If you see a newspaper article about something in which you know a client is interested, mail it to them. Stop by their office once a year and say “hello.” Don’t even mention insurance.
Mistake #7:
You assume cross-selling in this economy is impossible
Cross-sell to your clients by staying aware of what their business does and what they are trying to accomplish by offering benefits. If they don’t buy now, they may later.
In the end, you won’t make a sale — or even get your foot in the door — if you can’t get through to the person who makes benefits decisions. Sometimes these people can be difficult to reach. But sometimes, it’s just a matter of knowing what you’re doing that’s blocking you from success, and changing your mindset and habits.
Gentrie Reisinger is the director of operations and life and health manager of Safe Harbor Benefits Inc. She can be reached at gentrie@safeharborbenefits.com.