Our past couple blogs have talked about insurance sales strategies to dominate throughout the sales cycle, as well as specifically for effective cold calling. In this blog, we’re going to focus on two important insurance sales strategies to help you win the business.
Tailor your pitch
We’ve talked before about the importance of tailoring your pitch to your prospect, and it is key to a winning presentation that will bring you a BOR. And while it’s essential that your final presentation is customized to your prospect’s pain points and needs, nailing this strategy actually starts at the beginning of the sales cycle. We’ll walk through all steps to this strategy.
- The cold call: Start with a tailored message before you even meet with your prospect, whether you are reaching out via a cold call or mass mailing. How? First, you should always break up your prospecting list into meaningful segments (such as group size, industry, location, etc.) so you can send messages that are relevant and more personalized to each group. Second, there is a lot you can research on a prospect before you make that phone call. Check out their website, social media profiles and other online resources.
- The first meeting: Once you have a meeting with a prospect, you shouldn’t just launch into your pitch. Instead, you should spend most of your time asking questions, listening and learning. The goal here is to find out what matters to the prospect: their goals, their challenges, their benefits plan history, etc. Once you find those key pain points, you can use them to help you close the deal.
- The final presentation: Though you may have a “standard” presentation you use for this scenario, make sure to tailor it for each prospect. You have now gathered plenty of relevant information about their business, their needs and the incumbent broker—incorporate all that information into your presentation to make it as compelling as possible. Open the presentation by stating their challenges or pain points and then present your services as a solution to those problems.
The more tailored your presentation, the more your prospect will feel like you are providing a unique, customized service experience for them, which will make your pitch more compelling (and make them more likely to fire their current broker).
Make it an easy decision
Armed with information about what your prospect cares about, their goals and their challenges, you can tailor your final presentation to speak to those needs. Show them what it would be like working with you. Walk through a renewal scenario, for instance, or present your compliance roadmap and discuss how it applies to their business.
Remember, you are asking them to choose you over an existing (and possibly long-standing) relationship, so you need to prove why you deserve it. Make it an easy decision by showing (not telling) how you’re superior. And, of course, don’t forget to ask for the business!
Want the full insurance sales strategy cheat sheet? Be sure to download our newest infographic, Winning Sales Strategies Throughout the Sales Cycle. It’s a great piece to keep on hand at your desk or share with other producers in your office.