The Customer is Always Wrong
Well, let’s just say “often wrong.” And it’s your job to tell them why. Let me back up for a sec. In my years selling life insurance to a very diverse group of people, I can tell you that most life insurance buyers who have decided what they want, end up with something different. The difference between what they wanted and what they bought might have been pretty subtle. For example, the face amount or term length may have needed adjusting. Often times, major changes needed to be made from the client's original wish. These include ownership, product type, replacement or adjustment of old policies and discovery of business needs or tax saving strategy. Listen, we aren’t talking about using some sort of canned sales presentation to get your client into the product of the month. We are talking about being the kind of professional who is able to discover what the actual need is and then go to the insurance market and find it (for the right price) and present it clearly. You have to be confident about your knowledge of insurance and the client’s need, so that you have the ammo to challenge the client to shift position. Your client will appreciate it. They really value the education. Some agents would disagree with me. Those agents fall into the “Order Taking Trap.” The agents sell the client what they want because they don’t want to risk losing the sale, or it’s quicker, or they have very little experience or knowledge about life insurance. What happens in these situations though is that your best clients will eventually meet a good agent who will point out the things done wrong. Guess who’s getting the blame. Worse, what if because of incorrect ownership or a bad beneficiary designation, those who were supposed to be protected do not get the death benefit or they lose part of it to taxes or a bad business deal. A business partner of mine says that “the best way to kill a bad product is with good marketing.” What this means is that even if you are otherwise a good salesman and you are getting in front of a lot of clients, you can goof up enough to get a reputation for it. You start losing opportunities without even knowing it.
The knowledge I’m talking about takes a little while to engrain, but there are resources out there that make it pretty easy. It just so happens that we’ve created one. I would say that a typical agent can get beyond 90% of his or her local competitors in less than a year. Wouldn’t you feel more confident challenging your clients if you knew you were in the top 10% of life insurance salespeople? What about the top 1%? At this level of expertise, you’ll find that your marketing efforts are much more profitable, so you can spend more time doing the kind of work you like to do and living the life you want to live.