Any successful insurance producer must spend a significant amount of time selling, which for many, isn’t the easiest part of the job. And even the most veteran salesperson can always improve and should look for opportunities to polish their sales skills. This article details 10 insurance sales strategies that producers may find valuable.
1. Educate before selling
When you get the contact information for a new prospect, of course the first inclination is to pitch that employer. However, a more effective approach is often building a relationship by demonstrating your knowledge and sharing value freely. When you send prospects beneficial information regularly, they very well may question what they are paying their broker for.
2. Get active on social media
Social media is a fantastic way to further the previous insurance sales strategy. By sharing valuable knowledge and tips that employers find beneficial, you are implementing a powerful inbound marketing strategy to get more leads into your pipeline.
3. Find ways to stand out
Any salesperson knows that differentiation is a crucial part of the sales game, and this is even more true for insurance brokers. Many employers view insurance agents as interchangeable, and shop mostly based on price. The best way to convince a prospect to fire their broker is to demonstrate that you have something unique to offer.
4. Practice, practice, practice
Few producers enjoy practicing or doing mock demos, but spending time perfecting your pitch and presentation can reap serious benefits. Consider practicing areas of weakness, such as overcoming tough objections, or prepare before a big presentation.
5. Target the right employers
As a producer, you know that every employer out there isn’t your ideal customer. Rather than casting too broad of a net when prospecting, understand and seek out your target client. In other words, consider specializing rather than trying to pitch anyone out there that needs group health insurance.
6. Understand your target buyer
Once you narrow down your target buyer, it’s important to deeply understand their motivations and pain points. Undoubtedly you know a good deal about the employers you sell to, but it can be valuable to spend time on a more in-depth exercise, such as creating a buyer persona.
7. Improve your cold call game
Cold calling is an inevitable part of sales, but it’s not a pleasurable or easy task. However, any salesperson can be a more effective cold caller; consider these tips.
8. Research your prospect
Beyond understanding your target buyer, it’s essential that you research each prospect you’re pitching. Any knowledge you can gather, including their current broker, industry, potential pain points and more, increases the potential of establishing an emotional connection and eventually closing the sale.
9. Know your competition
Similarly, all brokers should be very familiar with their main competition. Since prospecting typically involves convincing an employer to choose you over their current broker, the more competitive knowledge you have, the more effective your pitch will be.
10. Put a spotlight on the incumbent
Of course, once you understand your competition’s strengths and weaknesses, you’ll want to use that knowledge to your advantage. Rather than first focusing on your pitch, turn your attention to the shortcomings of the current broker and how you can do better.
Want more insurance sales strategies (including deeper explanations of several from this blog)? Check out this free ebook: The Insurance Broker’s Ultimate Guide to Prospecting.