“It’s not a good time for me.”
“The CFO’s nephew is our broker.”
“I really only care about cost.”
Overcoming objections is one of the toughest part of sales in any industry, and even more so in the largely commoditized insurance field. Producers, whether new or veteran, should devote time regularly to learning new insurance sales strategies and polishing their skills; overcoming objections should be part of that ongoing improvement effort.
In this blog, we’ll examine several strategies for overcoming objections during the sales process. As you’ll see with each tip, practice and preparation are critical to perfecting this sales skill.
Share knowledge among colleagues
One of the best ways to improve your ability to overcome objections is to make it a group effort. Whether during an agency sales meeting, or 1:1 chat with a mentor or manager, discuss the objections you tend to stumble on. Other producers can share effective tactics they’ve used for that particular objection, giving everyone the opportunity to learn and grow.
During sales meetings, producers should be encouraged to share recent experiences where they effectively handled an objection—or struggled with it. Sharing knowledge and experience can be extremely valuable for all parties involved.
Practice overcoming common objections
Similarly, work with your manager and/or colleagues to practice handling the common objections you face. Mock demos are a fantastic way to practice these skills in a simulated sales scenario. The more practice you have, the more comfortable you will feel during the real thing. Consider making mock demos a regular experience, perhaps quarterly or annually. It can also be extremely helpful to do mock pitches and presentations before meeting with a big prospect.
Anticipate objections during the sales pitch
Since you know the most common objections, try to address them before the prospect brings them up. This is another area where preparation can play a big role. Practice working various objections into your pitch or conversation so that you sound natural and positive.
Obviously you don’t want to put the spotlight on the negative, but you can demonstrate understanding of potential concerns and address them before the prospect does.
Make it an easy decision for the prospect
The best salespeople make the buying decision an easy one for the prospect, and that includes handling their objections. Focus on the ROI for the employer, dig into their pain points (with solutions), and keep the focus on any shortcomings of the incumbent. Be sure to emphasize that a transition from their old broker to you would be seamless on their end.
Want more insurance sales strategies to up your game and win more business? Be sure to download this free ebook: The Insurance Broker’s Ultimate Guide to Prospecting.