Learn the Process
The Warm Up: Preparing the Client
GETTING YOUR CLIENT TO RELAX DURING THE WARM UP!
After you get in the door, proceed to kitchen or dining room table, lean back and visit with Mr. & Mrs. Prospect for 5 to 10 minutes or until you feel the time is right to get into your presentation. You have to break the barrier. This person has just met you and you can’t sell anything until you sell yourself. Ask, “Mr. & Mrs. Prospect, how long have you lived here?” Ask about the family, pictures on the wall, or anything that would be of interest to the prospect. Remember to talk about C.O.R.E. – the prospect’s Children, Occupation, Recreation and finally, building to the Emotion. Building the relationship is the core to closing the sale.
C Children – Married? Kids? Grand kids? How many? Ages, when do you see them? GOAL: To establish rapport, and be able to look at their pictures and pull your pictures out of the wallet. You have now established that you are a friend and not a salesperson.
O Occupation or Organization – What did they do before they retired? Are they in any organizations?
R Recreation – What they like to do, ex.: golf, boating, fishing, gambling, favorite TV shows, etc.
E Emotion – Move to transition when you feel the person has warmed up to you. You are working with seniors. They buy from people they like. Become their friend before anything else! “So, you have been thinking about life insurance and the reason why I’m here is that you don’t want to leave this world knowing you left the kids and grand kids with a bill, right?” SMILE
[MAKE SURE THE LEAD CARD IS IN PLAIN SIGHT]
The goal of C.O.R.E. is to share pictures of their family and your family and have the prospect relate to you as a friend and not just a salesperson.
Remember…nobody cares how much you know until they know how much you care!
So You’ve Got Your Foot in the Door…
Understand that presentation gives you a track to run on. Getting in the door is important, but presentation is the key. A lot of brokers think that because they can get anyone to invite them into their home that makes them great salespeople. WRONG. So you have a winning smile and baby face that nobody can say “No” to. If you are incapable of giving a thorough, accurate presentation that makes sense to the client, you just wasted your time. Remember that the presentation is for the customer, not you. Get them involved. Be engaging, interactive. Don’t sound mechanical and rehearsed. If you put the right ingredients into it, it will guarantee your success.
First and foremost- you must have CONTROL of the conversation. It is your responsibility to help them recognize their need and see the bigger picture.
Secondly, when the presentation is used properly, you can address many of the objections before they come up. Mastering these steps will produce 5-10 sales per week with no objections to overcome. As an EE Broker, your mannerism, conduct, and presentation will be a LOT different than what they would get from anyone else. We represent something greater, bigger and better than the ordinary, typical sales agent out there. So please follow our guidelines. We expect each one of our brokers to comply so that we can maintain our reputation for excellence.
UNDERSTANDING THE PSYCHOLOGY OF THE SALE
People typically purchase life insurance when they have a life-changing event. In Mortgage Protection sales, for example, the prospect has the emotion of wanting to take care of the family after purchasing the home. After all, this is typically the single largest purchase they will ever make. At this time, emotions are high as they want to take care of their family. This is a life changing event for a homeowner. In Final Expense sales, the lead/mailer is the actual emotional trigger that makes the client think about their mortality and dying. This is totally opposite from Mortgage Protection as the actual purchase of the home triggered the return mailer as opposed to the final expense mailer that triggered the thought of a person’s demise.
Because seniors have a keener sense of what their mortality is than younger people, they send in the reply form. It’s the actual mailer that triggers thoughts of their mortality, and this is why they reply. They also understand that they are older and closer to their demise, therefore they are motivated to purchase as long as you are able to gain entrance into the home. This is why it is so important to door knock as opposed to setting appointments on the phone. Remember, you can’t score if you don’t shoot the puck. How we shoot the puck is by knocking on the door and not calling on the phone. It is a very simple business, the more doors you knock on, the more people you will see. The more people you see, the more sales you will make. Once you are in the door, it is common that agents will close over 70% of the people they see. This is a nationwide closing ratio. Please keep in mind that the closing ratios vary, but some agents closing ratios are as high as 85%! More mature agents typically do far better in this market, because they are in the same situation as the seniors they are visiting with and understand how to present the sale properly, because they realize their own mortality. In essence, they are making presentations to their peers. They can easily relate to the person they are presenting to.
Door knocking is the SINGLE best way to succeed in this business. It’s easy to say no to a person on the phone, but very hard to not allow a nice person who is smiling with the reply mailer that the senior sent in requesting information in their own handwriting who has proper identification. ALL the successful agents do it. Do not try and reinvent this business. We know what works and we know what does not work. We don’t want you to waste time or your money on leads. We do not make any money on the sale of leads. We make money when you make money. That only happens when an application is sold.
Think of door knocking this way: if you sent in an inquiry about getting your grass cut or your swimming pool serviced and someone knocked on your door to talk to you about that service, would you speak with them? Clearly the answer is yes. However, if they called you on the phone, you might put them off as your time may not allow you to meet with them right away if ever. This is exactly why we knock on doors. As mentioned earlier…you are twice as likely to make a sale by simply knocking on the door. Follow the system: it works!
When it comes to explaining final expenses to a senior, try to help them understand it more clearly by presenting to them these three options:
Option 1. DO NOTHING. This is really not an option, because it’s NOT ABOUT YOU, it’s about the loved ones you leave behind and who need your protection. Please make sure that you do not leave a financial burden for them when you could leave a legacy instead.
Option 2. ACQUIRE A PRE-PAID PLAN FROM A LOCAL FUNERAL HOME. This option is usually VERY COSTLY!! Here’s what a lot of people don’t know: if you don’t have the funds to pay in full, you will have to make payments to the funeral home with the possibility of finance charges being added to the balance. Even more important, the funeral home knows you will not shop for the best price as you will be making decisions under distress. And most importantly, why would you want to pre-pay your funeral when you could invest a monthly payment into a nest egg that will grow and that will be guaranteed? If you’re going to pay a monthly installment, would it not be wiser to contribute to a fund that will earn cash value?
Option 3. ACQUIRE A GUARANTEED FINAL EXPENSE PLAN. This options is ultimately the BEST option available to you. With a final expense program, you will make affordable monthly premiums into a Whole Life program that provides you with an IMMEDIATE death benefit in the amount of protection YOU desire. When you pass, your loved ones will have NO PAYMENTS REMAINING even if you passed the day after approval. Your rates and benefits are GUARANTEED never to change! Once they choose option 3, say the following: “Mr. and Mrs. _____, congratulations, you chose the BEST option. Most people feel that this is the route they would like to go…because they love their families and want to make sure they are taken care of. Now, Mrs. And Mrs. ______, if I can show you a plan for $200 a month, could you comfortably afford that?” (This is the qualifying questions. Once in a while someone may say “Yes!”) If not, then proceed to find out what they CAN afford and work with that. If they say “YES”, then say the following. “When you allowed me into your home today, I said that I would provide you with a program that you would be extremely comfortable with, so I’d really like to be able to provide the protection you need today. After all, the reason I’m here is because you do not want to burden your loved ones with a debt when you pass. I can see how much you care about them, and I really admire that! In order for me to qualify you for the most discounts, I will need to ask you a few health questions. May I do that?” PROCEED TO THE APPLICATION.
A CRUCIAL PART OF THE SALES PROCESS:
PLACEMENT AND PERSISTENCE: IT’S NOT WHAT YOU SELL, IT’S WHAT YOU KEEP
It is imperative that we write quality, persistent business. When business stays on the books, everybody wins. After the sale is made, a few little things make all the difference:
Once you have completed the application, the appointment should NEVER just end with that. Always ask your new clients if they have any questions and if you explained everything to their understanding . “Mr. & Mrs. Prospect do you have any questions about anything that we have done here today?” The answer will normally be no (if you have done your job correctly). Put your book aside, lean back in your chair and visit another 5 to 10 minutes about anything except business. When you feel the time is right, pick up your book and say, “Mr. & Mrs. Prospect, let me ask you, do you feel good about your decision today?” They will normally say yes. You then say, “That is really good to hear! I don’t want to take up too much more of your time, but I just want to say that I have enjoyed visiting with you today. What we have done today is very important. We as a company have made a commitment to you that when the time comes, you will have this money available for your loved ones. You can rest assured that we will honor that commitment. But Mr. & Mrs. Prospect, it also requires a commitment from you to keep this program. Can you make that commitment?” They will say yes. You then shake their hand, “It has been a pleasure, and I sincerely appreciate your business. You will hear back from me from time to time as I can check in and see how you’re doing, okay?”
It is imperative at this time that you leave your client feeling good about what just happened. If your only objective is to write an app, then you are in this business for the wrong reasons. At Earp Enterprises, we are about relationships. Those are the experiences that enrich our lives and shape our career path into one that we can be proud of.
Follow-up – Call Your Referrals!
An important note: Before you leave, try to get at least five referrals from your clients. This is not as hard as it sounds! So before you panic, and before you come up with every reason your client will not cooperate with this, here are a few things to consider:
If you have done your job successfully, and if you have made your client happy, then there is no reason that they would object to you sharing this with someone they care about. In fact, they should jump at the opportunity. Here’s how it goes: “Mr. and Mrs. So and So, do you feel that I was able to help you today? Were you satisfied with my service?” They will says Yes. You say: “Great! Now can you help me out? I work very hard to help as many people, just like you both, as I can. Is there anyone you can think of who might need help with their final expenses, or maybe would just like someone to give them a little more information? As you already saw today, there is NO pressure! My job is to educate and assist, and a lot of people need help before it’s too late.”
You’ll be surprised at how readily your clients will help you. Sometimes it makes them feel good to know that they were able to give something back. So make sure to always, ALWAYS ask for referrals…that’s how you build your book of business!!
Once you receive them, here is how you proceed to talk to those referrals. Give them a call, and say something like this:
“Hello Mr. or Mrs. _______. My name is (Agent Name) and I am a friend of (first and last name of referring client). They asked me to call you as they listed you as an emergency contact in case of a serious emergency. (First and last name of referring client) just received their state regulated plan that protects their family above and beyond the Social Security funeral benefit amount of $255. They were concerned that they would leave their loved ones with a very expensive bill upon their passing that Social Security would not pay. I also wanted to make sure you were aware that these benefits are available to you as well.
Without these benefits, your loved ones would have the hardship of paying for your funeral. Currently there is a new program that has been approved by the state of (state you are calling) that will pick up 100% of all funeral costs above the $255 that Social Security doesn’t. Most folks are not aware that this regulated program even exists and wind up paying for funerals out of pocket that usually cost between
8,000 and 12,000 dollars unnecessarily!” Pause. You want to let that sink in. “Have you taken advantage of the program (wait for response). I’ll tell you what, as a favor to (first and last name of referring client), I’ll drop off the information to you and answer any questions you may have. Would (day) or (day) work best for you? How is (o’clock) or would (o’clock) work better?
Great, when I see you, I will provide you all the information on (client’s first name(s) that applied for the plan) as well and personally answer any questions you may have. I will see you (repeat the appointment date and time). Have a great night!”