Selling insurance, just like anything else, can be tough. Customers have very specific needs and may not fully understand those needs themselves. In addition, with so many companies and insurance products on the market, it can be tough to convince new prospects that your company is the best. Fortunately, with a little bit of salesmanship, you can level the playing field and land many more customers than the competition. Here are a few key tips for your insurance sales pitch.
Learn about the customer
Before you even begin your pitch, be sure to know as much as possible about the customer. What exactly are their needs? Better yet, what do they want? Most people are more concerned with their wants rather than their needs, so having knowledge of their wants can be a great way to get to know who you are dealing with in a sales pitch.
Also, find out if your prospective customer has spoken to other salesmen about insurance. If so, see if you can find out the rates and coverages that have been offered. You can use this information to sharpen your own pitch and emphasize your product over the competition.
Most of all, find a way to make a genuine connection with the prospect. Small talk can lead to a wealth of information, and inevitably, a connection. Maybe you both lived in the same city long ago, or you both are proud dog owners. Anything that humanizes you and breaks that “customer-salesman relationship" if only for a moment is worth it. At the end of the day, both of you are just human beings with needs and wants. The prospective customer wants a service and you want a sale.
Be knowledgeable about the products and services
It may seem obvious but know your products and services inside and out. Nothing can kill a sale more quickly than a salesman who stumbles over the details of the product during the pitch. Customers are coming to you to learn as much as they can about what you have to offer and they expect you to be able to answer any question they may have.
Be sure to practice your pitch beforehand. Practice with a friend and have them ask any question they can think of, so you can respond calmly and confidently each and every time. The smoother a pitch, the more likely you are to make the sale.
Explain the advantages of your product
Every product and service is unique, but it may not seem that way to a customer. Be sure to emphasize the benefits of your products above and beyond that of the competition. Make sure that your prospective customer understands that you bring a very special value to the table that cannot be found anywhere else.
Cost is a major factor in every customer's mind. Be ready to explain why your products or services cost the amount that they do. A higher price than the competition must be explained, as the customer may think "Well, it's the same service, so why is it so much more expensive?". A lower price should also be explained, as some customers may see that as a sign of a low-quality product.
A few general tips
While it is helpful to differentiate your product from the competition, try not to be too negative. Being positive about your product will carry more weight than being negative about the other guy.
Speak as if the sale is already made. Don’t ask questions like “Do you need this insurance coverage?” when you could ask “How much coverage do you need?”. Always phrase your questions and statements in a positive way, as if you are just ironing out the details of the inevitable sale.
Follow up with customers who don’t buy on day one. Many times, a sale will not happen on the day of a pitch. However, you can stay in touch with a prospect and check in on the status of their insurance search. Write a thank you e-mail thanking them for their time. Check in a week later to see if they are still in need of a policy. These actions keep you fresh in their minds as they continue their search, making it more likely they will come to you in the end.
Utilize these tips in your next sales pitch and see how you do. Remember that you are working with the customer for the benefit of both parties. With time, patience, and practice, you will likely see a boost in sales and overall performance.