Learn how to combat objections like “We like to sleep on things before we make a decision.” or “I need to talk to my daughter/son about this before I move forward.” in this weeks episode where we discuss how to establish urgency in your sits. Here’s the secret – it’s rarely ever about time and urgency.
This episode is part of a series where we deep dive into the 5 Real Reasons Why People Don’t Buy that we discussed in Episode 03 and 04. Listen to Episode 05 (No Trust, No Sale!) and Episode 06 (People Always Buy What They Want!) to get caught up!
The Cliff Notes
In the retail marketplace annual sales and gross revenues are often driven by and dependent on strategically timed “sales” or limited time offers, often associated with holidays like Thanksgiving, and Christmas, seasonal promotions such as Spring Savings or big events like the Super Bowl. Online sales are spiked with one time offers or flash sales, or special coupon code discounts. Why do these incentives and promotions work? What drives people’s buying decisions as it relates to these offers.
It’s the scarcity of the offer, or the limited time discount. Back in the day and perhaps still today Kmart offered a random “Blue Light Special” with deep discounts on some overstocked items for a very limited time, like the next 5 minutes. People would rush to the area and oftentimes purchase things they did not need or had no intention of buying just because of the discount and scarcity.
If these things satisfy one of the fundamental components of why people purchase, how can we create a sense of urgency in Life Insurance Sales? It’s not like insurance companies offer happy hour specials with lower premiums if you purchase between 4-6pm. If this is a static price how can a life insurance agent ensure they are assisting with this key component of developing or creating a sense of urgency.
One thing we know is that lead driven live sales is primarily a one-call close opportunity. Yes, the client requested information in some form for mortgage protection, regular term life insurance or for final expenses, however just because they did it doesn’t mean they feel a sense of urgency high enough to go ahead and apply today just because you are there doing your thing.
How then do we create or develop this sense of urgency? There are 2 primary components needed to do so:
- Elevate the Value – When value is high enough, the sense of urgency rises.
- Asking good questions about others in their life. There may be people they know that may have had a tragedy of some sort happen – an serious illness, an accident or a premature death.
- Sharing your experiences – Clients and personal narratives.
- Communicating clearly that qualification is dependent and determined by their health. It’s not always a purchase decision. They may not have that option if circumstances were different. Oftentimes the people that want the benefits of life insurance the most are people who cannot qualify.
- Clear All of the Obstacles – Make it very EASY for them to move forward. Keep your benefits presentation and pricing options simple and focused on their needs. The simple and more concise the better.
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