If someone had told Johnathan his life insurance production would jump by 13x in less than two months – he’d have thought they were completely off their rocker.
But that’s what happened when he learned how to use some straightforward yet powerful out-of-the-box insurance prospecting strategies and sales language.
The reality is that most advisors use the same old tired tactics repeatedly, hoping for different results.
Think about it…
What if you knew how to get prospects to buy from you without selling them first?
What if you could get them to tell you what they want, need and desire before you even ask?
What if you could create a sense of urgency in your prospects so they act on their natural urge to “do something now” instead of waiting until later when they might forget about it altogether?
Johnathan got fed up with his status quo and decided to make some changes. You should be ready to do the same too!
Why Don’t Prospects Buy from You?
If you’re not getting any sales, it could be because of these eight reasons:
You’re Not Acquiring The “Best” Prospects
Before you tear into your sales pitch and think something is wrong with your messaging, consider that you may be missing out on the right prospects.
It’s also important to note that the best prospects for your products or services won’t always be those already interested in what you have.
Many people out there don’t even know they need what you have to offer and will only find out once you introduce them to it. These types of folks will become loyal customers because they were drawn in by your educational approach.
Before we go further, let’s be clear: all prospects are not the same; you’re better off without dealing with some. If you want to increase your revenue, you have to learn to attract and sell to high-net-worth prospects.
This was instrumental in the success David enjoyed – he went from Top 500 to Top 11 at his company in 90 days. He was able to attract high net worth clients with problems..
The question is, how?
Among other things, start by:
Prospecting up – this is one of many effective strategies you can learn with the Taylor Method.
Here’s the gist: you ask your current clients to ID successful individuals they know and look up to by asking basic questions, then you take it up from there. Want to know what these questions are? And what other strategies are there to accelerate your success when working with wealthy prospects? Sign up for our premium content and start changing your fortune.
They Don’t Trust You Yet (Or Enough)
People buy from people they know, like, and trust — so when prospects don’t feel like they know, like, and trust you, they won’t buy from you either.
Unfortunately, many insurance advisors think that being knowledgeable about their product is enough to win the trust of their prospects. But that’s not the case.
If you want your prospects to feel like they know, like, and trust you, you need to show them that through your actions — and that means showing up consistently for them in a way that demonstrates both your knowledge and your humanity.
In other words:
Build trust by being present, reliable, and showing your human side
You Don’t Know How To Structure Your Sales Conversations
When you’re in the middle of a sales conversation, it’s easy to lose sight of what you’re trying to accomplish. When you get lost in the weeds and forget about the big picture, you risk losing your prospect’s attention. You need a clear plan for how every conversation should work so that every interaction is focused on moving your prospect toward making a decision.
Fact finding meetings can easily get derailed by objections, tangents, or even kids running around needing their parents attention. This is why we provide an air tight fact finding process that helps you stay on course and gather the important information to create meaningful sales conversations.
Failure To Understand What Your Clients Need
A good segue from “fact finding.”
If you’re selling insurance, you probably have a general idea of what customers look for when they come to see you. But are you properly assessing their “needs”?
The trick is quite simple:
Ask lots of questions and listen.
When you ask the right questions, you can learn everything you need to know about the prospect’s situation and what they are looking to achieve. It also allows them to open up and share personal information with you — which is key to creating trust and rapport.
Additionally, people want someone else to listen to them so they can feel heard and understood. If they feel like you’re not listening to them or considering what they want out of the relationship, they may decide against working with you altogether!
When people feel comfortable talking with you, they’ll also be more likely to share their fears and concerns about making a move, making it easier for you to address their objections head-on.
And when the prospect shares these concerns with you, it becomes easier to extrapolate their needs!
Compare this with being “salesy”: All your wording and language reeks of trying to sell a specific product. Your prospect can see right through it and will likely not buy from you.
Not Knowing How To Close A Sale
Most insurance agents make the mistake of thinking that closing a sale is something that happens “at the end of a sales cycle.”
In other words, they think that if they can get the prospect to go through all of the steps in their sales funnel, they’ll be able to close the sale.
But closing a sale isn’t something that happens at an appointed time or place. It’s an ongoing process that starts as soon as you meet with your prospect.
You must look at closing as part of your overall sales process and build trust continuously throughout your relationship with your prospect.
But what if your prospect isn’t ready to buy? What if they aren’t interested even after you’ve built trust and “facilitated” solutions that help solve the gaps in their planning?
The answer is simple: You refer back to the fact finder and take them through what they told you is important.
This is why we call the Taylor Method the “objection-free sales process.” The fact finding process addresses objections they might have before they get them so you simply become a “facilitator of solutions” as opposed to a “product seller.”
Not Being Persistent Enough Or Persistent In The Wrong Way
Some insurance advisors think that if they don’t hear back from the prospect, the prospect doesn’t want to buy from them. However, this isn’t always true. The prospect may not have had time yet to even think about buying from you, or maybe they need some extra convincing before making a decision. If a prospect tells you that they will get back to you later, then follow up.
That said, be sure you don’t cross the line.
Sometimes we often make the mistake of being too pushy when working with prospects. When you push too hard for an answer and try to force prospects into deciding before they’re ready for it, it turns off most prospects and makes them less likely to buy from you.
Be very specific with your timelines and don’t assume you know what timeframe “later” is for the prospect. Make sure they understand the application lifecycle and how long things take as well as what’s expected of them.
You Don’t Know How To Handle Objections
Prospects may not be buying from you because you don’t know how to handle objections. The truth is, you need to anticipate the most common objections and have a response ready for each one.
You should be able to handle objections in a way that makes sense to both parties involved – without making the prospect feel like they’ve said something wrong or stupid.
For example, one of the common objections you’ll hear from prospects is, “I am all set.” Meaning they’ve already got insurance somewhere else. It is an excellent opportunity for an objection handler, but many agents don’t know how to handle this objection. Typically, the “I am all set” objection is simply a brush-off tactic used by the prospect. When this happens, I like to tell them, “I’m never going to undo any of the good work that you have in place. If there are 7 things you need to fill planning gaps, and you’ve effectively done 5 of them, I’ll affirm that. For the 2 other areas where you have a need, I’ll provide a solution to help you address the gap.
You Don’t Have a Process
You’ve probably heard this one before. But what does “systems” or “process” really mean? It means having a repeatable process and a plan for everything that happens in your business. So when something happens out of the ordinary, it doesn’t throw off your entire day (or week or month).
When you have a process, you know exactly what to say and do at each step of the sales cycle. You’ve tested different approaches and honed your message until it sells consistently. In short, you come across as an authority – an expert that can be trusted. And that’s what prospects want — someone who knows their stuff!
But it can seem like an impossible task. So how do you get there? Leverage sales training that features curated, tried, and trusted sales strategies upon which you can build your process from the jump.
If your conversion rate is low, then you need to change something in your sales process. The gut reaction for many people is to “do more,” but doing more of the wrong things will hurt your business rather than help it. Hopefully, this article was able to shed more light on why your leads are flaking out and what to do about it. And if you’re having difficulties closing sales, there’s still hope— you can sharpen your selling skills to maximize your sales efforts.