When I formed Compass Health in 2007 – one of the core tenants was to select the Best Companies & Products to the individual under age 65 market. Of course – since then – we have broadened the markets we serve to include the Senior and Specialty markets (Smart pre-paid Cremation, Life w/Living Benefits, guaranteed issue products and more). We are in an Industry where many Agencies & Agents believe ‘more is better’. I am not and never have been a proponent of the so called ‘Brokerage’ model of spreadsheeting across a zillion products and boiling the selection down to the 3 lowest cost products.
Think about when you go the Grocery store – do you walk down each isle trying to find the lowest cost product? If you are like most consumers – you may be looking for specials, good deals, get 2 for 1 etc. but you are probably not compromising on the quality of product which you will be consuming. You are a smart shopper – even if you are on a fixed budget.
Always remember one thing about Sales – if you sell someone on price over content – you are going to lose them as a customer at renewal increase or if they are presented with a lower priced product from another agent. Sell them on BENEFITS – not price. Understand their budget – Ask Questions:
Here are two components of any good Sales presentation:
- Warm Up: Ask them what they do – do they work – are they retired – what are their hobbies – how is their family etc. Set the stage for having a friendly no stress casual conversation. Behave as if you are speaking to a family member and not a prospective commission but a prospective lifelong customer. Understand you know way more than your prospect does about our products – approach each conversation with the intent of helping them and be willing to walk away from the potential sale if you don’t believe you can improve their situation.
- Data Gathering: Who is this product for? Do they currently have coverage? If not – when was the last time they did? What is important to them about having health insurance and/or Medicare? What other needs to they have – Dental – Life Insurance – Vision – Accident Coverage – Pre-paid cremation? You are planting seeds – listen to their answers – everyone needs these products. Mentioning these other products up front ahead of quoiting a health plan sets the stage to re-introduce these products at point of sale and in the future. You should always include Dental, Accident & Critical Illness with any health quote. Let them know – Mrs. Prospect – I know from experience when my customers have to use their health coverage they generally incur out of pocket expenses not covered by health insurance alone. By adding on Accident & Critical Illness coverage (USAble for ACA & AHS or AFE for STM) you can cover most of not all of these expenses for pennies on the dollar.
If you use this structure when speaking to your prospects for the first time – you will gain their trust and confidence. Don’t come across as a Sales Person – rather an Advisor looking out for their wellbeing. HAPPY SELLING!