Over the last 17 years, I have been fascinated with the idea that often people that appear to be sure-fire, can’t miss, recruits are gone before they even get started. And at the same time, people I’m not sure I would have hired end up being superstars. I hope you find the topic to be fascinating too! I’m convinced that it has nothing to do with intelligence, education, experience, talent, communication skills or looks. In fact, I don’t think any of the characteristics most people would use to select a new sales candidate really hold much predictive power. On the other hand, after someone gets started in the Voluntary Benefits (VB) arena, the one thing that separates the winners from the also-rans is the way they invest or squander their time. Do they invest their time in a well thought out game plan, or do they let their day run them? My hope is that you will come away from this Podcast understanding the way top producers invest their time and a burning desire to emulate them!
In both blog posts, I have asserted that “Great salespeople show the prospect that their biggest objection is exactly the reason that they need to move forward.” This idea has generated a lot of great discussions. Some readers have understood the power this technique has, while others think it is somehow combative. I assure you, that if done right, the only thing combative about this techniques is the objections you will pulverize. Overwhelmingly your prospects know deep down that they want to buy but are afraid of getting “sold.” Using this idea will help them move themselves to a position where they feel good about buying.
Remember that the following are the answers to the objections. To be good at overcoming objections you must follow the entire formula of objection handling, not just spouting “answers.”
Assuming that you are following the objection handling formula, here are the “answers” to the objections that stump most new agents:
The Exact Reason They MUST Move Forward
Objection 3, I Forgot to Check With My Spouse.
Objection – “I know you were in here 22 weeks ago, but I have been extremely busy. I haven’t even had time to show your programs to my spouse. When is the last day you are going to be here? I’m sure I’ll be ready to make a decision then……”
What most insurance agents say – “Hey, no problem. I get it. I’m married too. I’ll be here whenever you are ready to make a decision.”
Why that’s the wrong thing to say – You are letting them off the hook, while at the same time looking desperate for their business. It also helps the customer maintain zero sense of urgency.
What you are going to say from now on –
You – “I get that you’re busy and that insurance might not be at the top of your list right now with everything that’s going on. The only time Insurance tends to be at the top of someone’s list is AFTER something bad has happened and they realize that they never took out the coverage. I would hate to see something bad happen to one of you and then insurance be THE topic of discussion.
Them – Yeah, but you have got to understand, my wife and I agreed a long time ago not to make any kind of financial decision without talking about it together.
You – “I have the same kind of agreement with my wife too!” We have agreed that before we make any kind of MAJOR purchase, we need to run it by each other. But let me ask you this: Do you ever stop by Starbucks or McDonalds on the way to work?” (Your goal here is to minimize the money.)
Them – “Yeah..Sometimes.”
You –“Do you ask your spouse if you can stop and make that kind of financial commitment, or are they ok with you deciding that by yourself?” (This question is especially effective with men.)
Them – “No, I don’t ask permission to go to the drive-through at Starbucks.”
You – “I know you said you wanted to get your spouse’s permission before moving forward with these Voluntary Benefits. Do you think they are going to be upset with you for protecting your family, especially when they find out it cost about the same amount of money as a trip through Starbucks?
Them – “Is that all we’re talking about? Just a few dollars a week?” (Remember, most people are too embarrassed to tell you they are worried about the money. And many of them haven’t even looked at the rates.)
You – “Yep! I think your spouse is going to be thrilled that you took the initiative to protect your income. Let me ask you a few questions and get you an exact quote. By the way, what’s your spouse’s name and date of birth….”
Upcoming installments in this series:
Saturday – (Bonus Blog) I will give you a stunning answer to the employer objection, “We’re not interested!!!!” By the way, this technique is not for weenies!!! You have to have serious cojones to pull it off. You have those, right?
Conclusion: It’s always about the money. Especially when they tell you, “It’s not about the money.” You have to help them reduce it to the ridiculous, and arm them to justify it to themselves and their spouse.
Question: In the comments section below, continue the conversation with ways you have been successful in overcoming the “I Forgot to Check With My Spouse” objection.
This is part 2 of a 3-part series on objection handling.
Yesterday we covered the answer for the “I can’t afford it.” objection.” My assertion that great salespeople show the prospect that their biggest objection is exactly the reason they need to purchase was met with a TON of controversy. Instead of defending my point of view, I am going to give you 3 more examples! Including today!!!
Remember that the following are the answers to the objections. To be good at overcoming objections you must follow the entire formula of objection handling, not just spouting “answers.”
Assuming that you are following the objection handling formula, here are the “answers” to the objections that stump most new agents:
The Exact Reason They MUST Move Forward
Objection 2, My Employees Can’t Afford it.
Objection – You don’t understand my employees. There is no way they are going to want to have another dollar come out of their check. (My employees can’t afford it.)
What most insurance agents say – “They can’t afford not to have it.” or “You’d be surprised. I promise they’ll buy!” or “We’re only talking about $7.00 per week. Surely your employees can afford that, right?”
Why that’s the wrong thing to say – It is very combative and you are basically telling the business owner that you know his employees better than he does.
What you are going to say from now on –
You – “You’re absolutely right! I promise you that right now none of your employees want to have another penny taken from their check. (This takes all the pressure off.) In fact, let me ask you this, in all the 27 years you’ve been running this place, have you ever had someone knock on your door and say, ‘Hey Frank, me and the boys were talking out in the shop, and we decided we make too much money and have too many benefits. Any chance we could get a reduction in both?’”
Them – (Chuckling) Of course not! In fact it’s just the opposite. There in here every other day asking for more money.”
You – “Of course they are. In fact, it’s in their best interest to convince you they don’t make enough money, right?
Them – “Yeah…”
You –“Let me ask you this: How many of those people do you see carrying in Starbucks each morning? How many of them drive late model cars?
Them – “Yeah….. A lot of them actually.”
You – “Like I said, no one wants money just coming out of their check for no reason. The less people make, the closer they are living to the edge. For instance, we work with banks all the time. The branch managers who are making $75-$100 K a year aren’t usually that interested. But the tellers who are making just about minimum wage will stand in line to purchase our coverages. Why do you think that is?”
Them – “The don’t have much is savings and if something bad were to happen, they’d really be in the weeds.” (If I say it, it’s subject to doubt. If they say it, it’s gospel truth.)
You – “What we’ve found is that these programs are completely educationally driven. If we just run out into the shop and yell, ‘Hey, does anyone here want to buy more insurance?’ how many people do you think are interested?”
Them – “Now very many.”
You – “Of course not!” But when we do get the opportunity to educate employees in the widget manufacturing industry, give them packets of information to take home, show them how affordable it is, and then follow up two days later, we get 60%-80% of the employees to enroll in at least one program, without fail!” Besides Frank, I’m not asking you if your employees are interested in having a payroll deduction. All I’m asking is: ‘IF your employees are interested, would you be willing to help them, help themselves by making it available through a payroll deduction?
Them – “I don’t see any reason why not. I just think knowing my employees the way I do, you are in for a disappointment.”
You – “That may be. But at least you will know that if anything bad happens, and your employee comes to ask you what you can do to help them out, you can look them in the eye and tell them honestly that you gave them an opportunity to protect their family. Oh by the way, if you are like most businesses I work with there is never going to be a perfect time to implement something like this. (We can’t wait for them to have a perfect time to roll this out or it will never happen.) But again, if you are like most businesses I work with, there is a day of the week or week of the month that would be horrible to try to implement this kind of thing.”
Them – “Monday’s and the last week of the month.”
You – “Well then, why don’t we do this…..
Upcoming installments in this series:
Friday – What to say to the employee who says, “I forgot to talk to my spouse about it. When do I have to make my decision by?” Saturday – (Bonus Blog) I will give you a stunning answer to the employer objection, “We’re not interested!!!!” By the way, this technique is not for weenies!!! You have to have serious cojones to pull it off. You have those, right?
Conclusion: Don’t argue with the employer. You can win the battle, but still lose the war!
Question: Give us some examples of ways you have been able to tell a business owner they are wrong without upsetting them?
This part 1 of a 3-part series on objection handling.
Yes, you read that title right! I really don’t care what their objection might be. The fact is, that if done properly, you can actually close the sale by using their objection. As I stated in this article, there was a time I hated objections. Now I know that I must get all of their objections on the table, spoken or not, before I can close. Let me let you in on a little secret: Today I LOVE objections! I now know, that no matter what they say, that is the EXACT reason they MUST move forward.
Remember that the following are the answers to the objections. To be good at overcoming objections you must follow the entire formula of objection handling, not just spouting “answers.”
Assuming that you are following the objection handling formula, here are the “answers” to the objections that stump most new agents:
The Exact Reason They MUST Move Forward
Objection 1, Cost
Objection – “I’d love to buy that disability policy you talked about the other day, but my wife and I are trying to save up money for a downpayment on a house….”
What most insurance agents say – “You’re right. That policy is expensive, but did you look at that Accident Policy? It’s really cheap….
Why that’s the wrong thing to say – You are basically begging them to buy something, anything, please, please, please!!!! They just told you they are interested in a disability program and you are trying to sell against the very thing they stated they wanted. I’ve listened to many agents over the years justify this by saying, “Well at least they bought something. Next year I’m going to be able to up-sell them during open enrollment.” My point is this: What if that person becomes disabled between now and then? (Remember, my definition of sales for what we do is, “We get people to do what they should do anyway, but wouldn’t do if we didn’t come along.”)
What you are going to say from now on –
You – “I completely understand! (This takes all the pressure off.) I remember when my wife and I were looking to buy our first house. (Building connection.) Tell me, where are you guys looking? What kind of house are you thinking about? How many bedrooms? Pool? What kind of downpayment do you think you will need, including closing costs? Are you getting close? (All these questions are to make sure they fully visualize the house they are looking to buy. I want that house to be as real as possible in the prospect’s mind.) Let me ask you a question: If something horrible were to happen to you, say a serious accident or illness, and you couldn’t work for 6, 9, 12 months or maybe even longer, what would that do to your nest egg that you are planning on using for your downpayment?
Them – “It would wipe it out pretty quick…”
You – “Well it seems to me, that for just $15 (insert the cost of your disability policy) per week (Reduce the cost to the ridiculous.), you would want to protect that dream of homeownership. By the way, when was the last time you went through the drive-through at McDonald’s? What did that cost you?
Them – “We stopped eating out. (Probably a lie, or will soon be a lie as their discipline starts to wane.) That’s how serious we are about saving money.”
You – “Wow! That is disciplined!! I applaud your obvious commitment to saving money!!! I have an idea. Let’s take a look at all your disability options. The other day when I was here we talked about a program that kicked in the very first day you missed work due to injury and the 8th day you missed work due to an illness. I wonder what would happen if we moved the illness to a 30 day wait?” (DUH!!! It’s probably going to drop the rates by 50%.)
Them – “Oh yeah, that’s much more comfortable. I’ll take that!”
You – “You know, with the money you saved on the disability plan, you could easily get our Accident program. It’s very affordable. In fact, I used to say that it was a no-brainer. But I realized that if I did that and someone didn’t enroll in it, I was kind of calling them, well…. not that bright. So now I tell people that our Accident program is, ‘A good value for the alert consumer!’ Did you want me to go over that with you again?”
Them – “Yeah! Why not?”
Why this works – You are getting them to connect with their deepest desires and showing them that you “get it.” Your ability to connect creates trust. With trust you move from “Sales Weasel” to trusted advisor. The reality is that most people that use price as an objection haven’t really even taken the time to read the rates. I can’t tell you how many times I have had a prospect say, “What do you mean, $15 per week? Is that all we’re talking about? Yeah, I can afford that.”
Upcoming installments in this series:
Thursday – I will give you my favorite answer to the employer objection, “My employees can’t afford it.” Friday – What to say to the employee who says, “I forgot to talk to my spouse about it. When do I have to make my decision by?” Saturday – (Bonus Blog) I will give you a stunning answer to the employer objection, “We’re not interested!!!!” By the way, this technique is not for weenies!!! You have to have serious cojones to pull it off. You have those, right?
Conclusion: When you show empathy by getting on the same page as your potential client, you will win dramatically more times than you lose. By showing them how to justify their investment (It’s less than the cost of McDonald’s.), your chances of closing skyrocket dramatically!!!
Question: How do you handle the, “It costs too much.” objection? Continue the conversation below!
This week I had an opportunity to interview Adam Maggio. Adam has recruited and trained hundreds of voluntary benefit’s agents in his career and is someone that goes all out all the time. His energy level and stamina are both unbelievably high as you will certainly see in today’s episode. He lives in New Jersey and certainly carries that swagger as well. You know what? I love him for it. I love people with swagger as long as they can back it up, and Adam can certainly back it up!!!
During our Time Together Adam and I Discussed:
Why he went into insurance…
The money!
The people who were living the lifestyle he wanted either owned their own business or were in sales.
The start-up cost of going into business.
Why get paid for a sale once, when you can get paid for it over and over again?
Why a career in insurance is sexy!
If you are relatively creative.
Have a great work ethic.
The impetus for his success.
No “Plan B.”
Don’t limp into the industry!
Success leaves tracks!
Follow the people that are making the money you want to make.
You can do the things that people who make $40K or the things that the people who make $400K a year.
You can’t point fingers. It is up to you.
It they can do it, I can do it!
“If you fight for your limitations, you get to keep them!” – Michael Beck
His transition into leadership
He went into it reluctantly.
You run out of time without a team of people.
A lot of people go into management because they don’t want to work hard.
Not waiting for someone to build your team.
Making sure your focus is in the right direction.
Adam’s Thoughts on Recruiting, Especially if You are an Agent.
How you can recruit, even if you aren’t in a leadership role, and more importantly why you must recruit NOW!!!
The agent makes the most money by recruiting.
The best time to recruit is when you don’t have the pressure and accountability of recruiting.
Recruiting is an important stream of income for the agent.
Recruiting is at least as important as the sale of insurance.
Recruiting gives your business consistency. It keeps you from having huge ups and downs.
Recruiting creates a factory line.
People are miserable. Let’s help them get to a place where they can make an insane amount of money and love what they are doing!
How recruiting is directly tied to Tim’s definition of sales: “We get people to do what they should do anyway, but would never do if we didn’t come along!”
If you really care about the people in your life, why wouldn’t you offer them an opportunity to change their life?
They fear the failure of their friend/family member.
We have to get over that. That person’s failure is on them!
This opportunity has dramatically changed the lives of many people, including Adam’s and mine.
“Out of every 10 people I interview, 8 don’t take the job. Be one of the 8. I just don’t want you coming to me in 4 years asking me why I didn’t give you the opportunity.” -Adam Maggio (Tweet That)
Recruiting builds your belief.
If everyone in the industry would recruit, it would dramatically change the industry.
The person that gets the most out of it is you.
Quantity vs. Quality
Selection process.
Use the quantity to find the quality.
You can’t judge off the resume.
There is no pattern of the people who are successful.
Judge based upon their work ethic.
Many people oversell the opportunity.
Understand what your time is worth, and let the recruit know.
Be straight forward – be upfront. You will catch much higher quality people.
Demand your hourly wage from the recruit.
Most recruits are coming from an hourly wage mindset.
We are in this business to compress the time.
I’m worth $1,000 an hour.
What is your hourly rate?
Project that to the recruit.
The fact that you are willing to give them your time to mentor them, at that rate, creates incredible accountability.
Assign homework. Hold them accountable.
Ask them what they want to make. Most people say $100K/year.
$100K/year= $50/hour.
What is required to make $50/hour?
People often value other people’s time more than they do their own time.
The Characteristics of Successful and Unsuccessful People.
How many time a day/week they say “YES” to their business. Grade yourself!
Ways to say “YES” to your business.
The 1st week they have to “man up.”
Day 8 and they are still working hard, a good sign!
Marketing NOW!
Learn on the job.
Demand your trainer’s time by having consistently massive activity.
Being relentless.
Don’t have to be perfect, “Progress not perfection.” – Mark Zuckerberg
Ways to say “NO” to your business.
Taking coffee breaks.
Leaving early to beat the traffic.
Taking “breathers.”
Gossiping, whining and complaining.
Two-hour lunch break.
Waiting for training.
Adam’s Mindset
I’m the CEO of my own company.
My manager is my support system.
Ready, Aim, Fire? NO!!! From a marketing perspective, needs to be: “Fire, Aim, Ready.”
We both wish the cost of entry into the business was higher!
Creates accountability.
Skin in the game.
“Success is Voluntary.” – Tim Martin
“Success is Voluntary, but it is an obligation.” – Adam Maggio
From park bench to Park Avenue!
“The harder I work, the luckier I get!” – Samuel Goldwyn, American Film Producer 1879-1974
DaVinci Financial & Insurance Advisors
What Adam is doing now!
How the laws have changed the entire life insurance industry.
Life insurance is based upon tables.
Old tables resulted in higher rates.
People are now living longer.
2009 – Law change created much lower rates.
Higher-end clientele (business owner) appreciate:
The technology, meet with people via web
The fact they work with virtually every life carrier
DaVinci looks at what they have, if they can’t help them they tell them.
Business owners are busy, and they want to have a conversation, not a sales pitch.
Brilliant people sitting in the back office.
Let the analytical people take care of the analytics.
Let the salespeople, actually sell.
They have been featured in:
The Wall Street Journal
Yahoo Money
Reuters
One of Adam’s strengths is surrounding himself with smart people and he has certainly done that at DaVinci. If you are interested in what he is doing, I would suggest you go to the site we mentioned in the show: http:adammaggio.com/SIV Like I said in the intro, I’ve known Adam for a while now and I promise he will take great care of you. Thanks again for listening and I will see you right back here next week.
Did you know that there are only three kinds of money? No, I’m not talking about hedging against currency fluctuations by using forward contracts, options, and futures contracts. I know! You’re surprised that I actually knew anything about international finance, aren’t you? I actually enjoyed international finance, accounting, and economics in college….but I digress… Unfortunately, the concept of money that I am about to lay out isn’t taught in college. They don’t teach it in your carrier’s sales school. Heck, even Dave Ramsey doesn’t talk about it, even though I assure you he understands it.
3 Kinds of Money
What you want to make.
What you need to make.
What you are committed to making.
I’ll take them one at a time:
What you want to make: Dream! Dream big!! Dream bigger than that!!! Think Warren Buffet and Bill Gates combined. What car are you driving? Did you know you can get that Maserati in his and hers? How many houses do you own? Where are they located? Now look deep into my eyes. I have something you need to really understand: “WHO CARES!!!!” If you think that by just “believing it” or “wanting it badly enough” or that you are going to somehow use “The Secret” to materialize these things into your life, I have some swampland in Florida that I need to get rid of. There is nothing wrong with doing a little “dream building” and attending open houses in neighborhoods you can’t currently afford. I don’t even have a problem with you creating a “dream board” with those things that you are striving for. I just want you to understand that wanting something and making it happen are two very different things.
What you need to make: This is none of my business. Just like what I need to make is none of your business. That number is something that is very private that I only share with the lovely Dizzy D and my creditors. This number also includes the amount of money I need to fund my retirement and other savings.
What you are committed to making: Now we are getting somewhere! If your income is based upon production such as commission sales, and assuming your compensation plan is fair, then this kind of money is all that matters. If you truly understand exactly what kind of activity is required, the effort necessary, and you are still absolutely dedicated to making it happen, then I like your chances! The challenge is that most people don’t really have a clue what they are getting themselves into. Then when the challenges begin (and they always begin) most people quickly allow their commitment to fall below their “need to” level. I also call this the beginning of the end. To truly understand the intensity of effort that is going to be required, please take some advice from Grant Cardone and his book According to Cardone, it is going to take 10X longer than you think, be 10X harder than you were lead to believe, and be 10X as satisfying when you kick its butt!!!
Conclusion: You are a product of your TRUE commitments. Chose them wisely! (Tweet That)
Question: You say you’re committed to making it big in this business. When was the last time you did anything that would prove it? Perhaps it’s time to consider sitting down with me to discuss how I can help you grow. Schedule your free, 30-minute coaching call by clicking this link: https://calendly.com/timmartin/30
"I don't have time for all this planning! We're trying to accomplish something here!" - Tim Martin (idiot)
I’ll be honest, sitting down and doing the HARD WORK of business planning is something that takes great concentration for me. In other words, it doesn’t come naturally. I’m actually pretty good at business planning when I remember to get out of what Steven Covey and Chris McChesney call “The Whirlwind” in their book The Four Disciplines of Execution.
The problem is that I am not wired for planning. Anybody that knows me, knows that I tend to be more of a Ready, Fire, Aim kind of guy. At a recent planning meeting, I literally said. “I don’t have time for all this planning! We’re trying to accomplish something here!! Let’s get going!!!!” I did say it tongue-in-cheek, but it was what I was feeling at that moment. The reason I was frustrated with the planning process was really that it is WORK!!!
Business planning, at least for me, is kind of like going to the gym.
I hate GOING to the gym. (Everything about it from getting ready to the drive there.)
It takes me several minutes to “get in the flow.”
Once I am actually doing the work, it starts to feel better.
By the time I am done, I feel AWESOME.
Once I am done I am completely jacked up! I feel great about the future and myself.
I don’t do it often enough……
Fortunately, there are people in this world that LOVE planning and strategic thinking. Even better, I have a couple of friends that I can rely on to help me in this critical area! Joe Clark is my “go to guy” in the area of business planning. Joe is wired for strategic thinking and business planning. In fact, Joe’s title is Director of Field Leadership and Business Planning, for Colonial Life.
A couple of weeks ago, Joe flew to Phoenix to work with my Executive Team and myself on a critical project we were drowning in. With Joe’s guidance we were able to make sense of, and get our arms around MANY moving pieces. By the time we were done, Joe had helped us put together a very solid plan that energized the entire team and gave us great clarity.
Afterwards, Joe sat down with me in the Success Is Voluntary studio. During that hour Joe shared a wide range of tips, tricks, and techniques that I think are going to help you drive your business to the next level. Here are just a few of things he managed to cram into the hour:
The importance of persistence.
Chick-Fil-A and their business model.
Being in business for yourself but not by yourself.
The importance of business planning.
Why neither one of us want to go back into the foodservice industry.
The ah-ha moment that taught him how important business planning truly was.
Staying ahead of the business.
Michael Gerber’s book The E Myth and his concept of, “Working on your business instead of in your business.”
How business planning is NOT an exercise. You need to live in your business plan!
The most successful people carry their business plan in their briefcase.
S.M.A.R.T. Goals and how they differ from a business plan.
The series of items that have to be in the business plan.
Get to the verb!
The three biggest mistakes that people make when business planning.
Not being specific enough.
Tasks are not assignable. (The team can’t be given a task.)
Not being driven by specific dates.
What needs to be in a new agent’s business plan?
Checking for gaps in your business plan.
Can I do everything on this business plan?
Capability versus capacity.
Why “Measure of Success” is so important.
Sometimes it’s quantifiable and easy to understand.
Other times it’s just simply, “Did I get it done?”
Tim’s mantra, “If it doesn’t get calendared, it doesn’t get done.”
Is the activity driving what you want to drive?
The three kinds of money:
What you want to make.
What you need to make.
What you are committed to making.
The two most important things about business planning:
Being able to look yourself in the mirror and commit to doing the things that are on your plan.
If you aren’t committed to your plan, then the planning process was just a waste of time.
Mark Miller’s blog and book. (Mark is V.P. of Organizational Effectiveness for Chick-Fil-A)
Don’t wake up unemployed.
Great accomplishments rarely fall into someone’s lap.
If everyone only put two things into their business plan they should be:
Personal Production.
Professional Development.
All growth begins with personal growth.
The least selfish thing I can do is work on myself.
If you are out selling, you are the business!
Long-range planning: It turns into much more goal setting (i.e. numbers).
The further you go into the future the less specific you can be.
How I go from $0 to $500,000 in sales.
Where do I want to take my business and career?
1, 3, 5, 10, and 20-year business plans.
Your plan needs to be a rolling business plan, not an annual event.
You need to be at least 6 months ahead of your business.
Achieving the objectives in your plan:
Once you hit it, you need to celebrate it!
Once you hit it, you need to recalibrate it!
The payoff is in looking backward.
What is the biggest benefit of business planning? The business continues to run, even when you aren’t there!
The payoff of business planning? – Serenity and confidence.
I closed the interview with this advice, “People are counting on you. You owe it to yourself and the people that are counting on you, to treat this business like a business. To do the hard work upfront, pay the price, and then enjoy the success!” – Tim Martin (Tweet That)
Yesterday I wrote about how value-added services were the key to success in the Voluntary Benefits (VB) sales arena. I titled the post: Your Product Sucks – At Sales.
Two very interesting things happened:
It was my most read post yet! I think the title intrigued many people. (At least the nearly 1,100 people who read it!
It prompted more emails asking me questions than I could have imagined. (If you wrote to me and I haven’t replied, I promise you will hear back from me by Friday.)
By far, the number one question I got was, “My company offers a myriad of ‘Value Added’ services. How do I know which one to offer?”
Well, to be honest, I don’t know! Do you know who does have that answer? Your client or prospect!!! Do you want to know the good news? They will tell you! All you have to do is ask!!! In fact, I have found that your chances of getting whatever you want go up dramatically if you just ask. My good friend Mike Mueller says, “They go up by at least 100%!”
Sooooo, my suggestion is this:
Learn the value-added services your carrier offers.
Learn why those offerings might appeal to your clients.
Learn how to position them.
Learn how to ask the right questions that will uncover your client’s needs.
Having said all that, the ultimate value-added service you can provide for your client is Service!!! I know this may sound basic, but I can’t tell you how many times I have seen agents fight tooth-and-nail, through mountains of excrement, to turn a prospect into a client. To then just ignore them once they land the account. Gentlemen, it’s kind of like when you were dating your wife. Remember how you were uber-polite? Opened her car door? Noticed when she had been to the hair salon? Didn’t fart in front of her? Now that your married, you think she wants to play pull my finger!?!? Are you kidding me?!?!?
A few years ago Aflac commissioned an independent study that surveyed their payroll accounts that had defected. In other words, they wanted to know why a former account had stopped doing business with them. They expected to hear things like, “We changed to a less expensive provider.” Or, “We were confused as to the billing.” Or, “We had a change of ownership and we don’t want to continue.” You know, things outside of their control. Do you know what the number one reason was? Unbelievably it was, “Our agent won’t call us back.” …..It was number one with a bullet! It wasn’t even close!….. Are you freaking kidding me?!?!? How is that possible??? As someone who has made somewhere in the neighborhood of 50,000 cold calls (at least), this absolutely kills me! How can you work that hard just to abandon your customer when they need you?
Let me end this post on a positive note. When you get the service equation right, you can hit the ball completely out of the park. Let me tell you about someone who recently went “above and beyond” for his client. James Thresher, one of my sales leaders, made a cold call on a little (6 life) plumbing company. They specialize in new construction plumbing and therefore order sinks by the shipping container-load directly from China. If you saw the movie Captain Phillips you know how big a shipping container is. What you may now know is that a shipping container from China holds exactly 1,800 porcelain sinks. James knows this fact. Because when James met with the owner of this plumbing company, he offered to help unload their next shipping container-full of sinks. James’ only condition was that the business owner would allow him to educate their employees about VB on that same day. That day came last week. James showed up in dress clothes. This made the group laugh. The owner found James a company tee shirt and put James right in the middle of the unloading crew. If you have ever wondered what 1,800 sinks looks like, you are in luck. James texted me this picture.
Once they were done unloading the sinks, James had the opportunity to educate all of the plumbing company’s employees as to the reasons they should own VB. Apparently, they agreed! James wrote right at $6,500 in annualized premium, generated $2,900 in commissions, ruined his dress shoes, protected 6 families against catastrophic events, and made friends for life. Seriously, how is an agent from another carrier ever going to roll James out of there? The answer is clear, they aren’t!!!
Conclusion: Most salespeople over-promise and under-deliver. If you don’t get dead serious about providing world-class service to your customers, then you are dead!!! (Tweet That)
Question: Do you keep 100% of your commitments to your clients, or just the ones that are convenient for you? (Tweet That Too!)
Oh, I’m sure the policies you sell to your customers do exactly what your carrier promises. In fact, I’m sure that they are products that you really believe are in the best interest of your customers. (If you don’t, change carriers!) But if you are selling Voluntary Benefits (VB) in the worksite market, let me disclose a dirty little secret: The insurance policies you sell won’t convince the business owner to allow you to meet with his employees. In my almost 17 years of selling VB and leading large teams, my product has never closed a single deal.
The carriers started getting it a couple of years ago, even if you haven’t quite caught on. I can prove it. Have you noticed that every VB carrier has been pushing the quantity and quality of their value-added services? Last week alone, I received at least four emails related to the value-added services that my carrier (or one of their strategic partners) provide. Not one of these services allows the salesperson to earn a commission. During the same week, I didn’t receive a single email regarding the actual insurance products that provide all the profits for the insurance company.
I’m sure you probably have noticed the same thing. Did you ever stop and think about why this is true? It’s actually pretty simple: THE BUSINESS OWNER COULD CARE LESS ABOUT THE PRODUCT!
Nine Reasons Business Owners Don’t Care About Your Product
The business owner has forgotten what it’s like to be an employee. – I’m not saying they are so wealthy that they won’t stop to pick up a $100 bill if one has fallen out of their pocket. But for the most part, they have lost touch with the idea of living paycheck-to-paycheck.
The business owner is genuinely busy. – Sure, if it’s not going to cause them any disruption, they might let you “sell something” to their employees. The minute you make their life more complicated though, they lose interest quickly.
They don’t believe their employees will buy it. – If you have been in this business more than 10 minutes you know that in the “widget manufacturing industry” we will enroll 60-80% of the employees in one or more of our programs. It doesn’t matter what you know. All that matters is what the business owner believes.
They believe their employees can’t afford it. – You have to remind the business owner that his employees have brainwashed him. Every day someone on his team lets him know they don’t make enough money. They deserve a raise! They can’t believe that the business owner had the nerve to pass on 8% of the 15% increase in major medical premiums this year. Yet they all drive late model cars, own toy-haulers (and the toys that go in them) and carry in $5.00 Starbucks drinks each morning. You have to convince the business owner that his employees can afford to spend $5-$15 per week on programs that are going to help them keep food on the table, gas in the car, and a roof over their head.
Very few business owners buy the products the first year. – They almost all buy year two. Because they are too busy, they often don’t sit through your employee presentation. Therefore they don’t have a clue how the products might benefit them. If that group has a decent claim during that first year, the word gets around (regardless of HIPAA). I can’t tell you the number of times that during the 1st-anniversary open enrollment a business owner has sat down with me and said something like, “What program did Mary Sue have? I heard you guys paid her $30,000. I need to get that!!”
He thinks your product is like everyone else’s. – And he’s probably more right than you’d like to admit. Most carriers offer great products. Quite frankly whenever someone comes out with an innovative new product the rest of the industry quickly follows. Don’t waste your time explaining how your Critical Illness plan is better than everyone else’s. Even if it’s true, there is a good chance that another carrier is going to beat your benefits and price soon.
WIIFM? – Ultimately all the business owner wants to know at the end of the day is, “How does this make my life easier?” You had better be ready to answer that question from the moment you try to set the initial appointment. You must continue to beat that drum and carry that message forward during your ongoing service of them 10 years from now.
They hate change. – So do most people. I learned this lesson early on in my career. After explaining everything my company and I could do for his business, the business owner said to me, “Listen kid, I’ve been in business for 35 years and I’ve never used your product. And you know what? I’ve made a profit every single year, thank you very much!” (I’d like to tell you how brilliant I am and how I overcame his objection. But I think my response was something like, “Ummmmmm o.k. Please don’t hit me, I’ll leave peacefully…..”
No sense of urgency. – Even if they agree that it would be a good idea for their people to own your coverage, that isn’t a compelling enough reason to move forward. If you are like me, when you were being recruited you probably had this conversation with your spouse/significant other, “I can’t think of a reason why a business owner would ever tell me no. I mean it doesn’t cost him a penny. He looks like a hero to his employees. He strengthens his benefits package which helps him attract and retain better employees. He stays out of the loan business. And best of all, he drives some money to his bottom line by lowering his payroll taxes.” Remember that conversation? I still have that conversation in my own mind almost daily. How’s that working for you? ………..Yeah….me too….sigh. Just because there is no reason not to do business with you, doesn’t mean that you have shown there is a compelling reason to move forward. (Tweet That)
Conclusion: I don’t know what value-added services your carrier provides, but my suggestion is that you had better know. You had better build a list of questions to ask business owners that will uncover the needs he has that your value-added services can meet. If you think that you can go “Show Up and Throw Up” about how awesome your Accident policy is, you are in for a rude awakening. Hopefully, he will be as blunt as the guy who told me he’d been in business for 35 years. At least then you will know you need to change your approach. My guess is they won’t be that blunt. Instead, you will probably hear something like, “Geez, you have given me a lot to think about. I’ll get back in touch with you in the next couple of weeks.” Yeah, don’t wait by the phone.
Question: Are you ready to stop “presenting” and start selling? If so, schedule a 30-minute coaching call with me by clicking the link below. The first one is free. During the call, I will teach you my top 5 questions to get the business owner to admit he and his employees need you!!!
I have had the great privilege of seeing Brian speak four times, including the two times I have paid him to speak to my team. His message Astound Yourself Today resounds with the audience deeply. In this episode, Brian and I talk about many things including:
What he learned from being in commission sales, that made him a better person.
The 80/20 rule.
How most salespeople don’t actually read the books their managers give them.
During the process of writing his books, how his kids have seen the value of not waiting to get picked.
Not waiting for someone to come along.
You don’t write books to get wealthy.
People feebly try, because no one has given them a strong chance.
To grow the organization, must grow the people.
Why building your business is supposed to suck!
Thomas Edison’s quote, “If we did all the things we are capable of, we would literally astound ourselves.”
Why dreaming of a new world and then creating it is important for you.
What you are capable of doing.
Can you make five extra calls a day?
The night before you go out, map out exactly where you are going.
His new venture Piedmont and how it can really help a Voluntary Benefits salesperson in those circumstances where the employer won’t or can’t perform a bank draft.
And much, much more.
I hope you enjoy listening to this podcast half as much as I did recording it. Could you let me know?
Lastly, If you are a parent, you need to read his book The Tinderbox Tapes. I promise it will rock your world.
That’s it for this week. Join me next week when we explore the process of developing a business plan with my guest Joe Clark. I promise you won’t want to miss it.
Before you go: Could you do me a favor? If you enjoyed the show, please rate it on iTunes and write a brief review. That would help tremendously in getting the word out!
I had a life-altering breakthrough today. No, I didn’t finally start going to therapy….geez, thanks for thinking that…. No, my breakthrough came while I was interviewing author, motivational speaker, and all-around good guy, Brian Hicks for the Success Is Voluntary podcast. Brian was on FIRE during our interview. Brian speaks faster than I can listen, and he was especially cranking today. Right in the middle of the interview, he said, (talking about his struggles during the process of getting his book The Tinderbox Tapes published) “It’s been good for my boys to watch me not waiting to get picked.” I was stunned…. How often do most people wait around to get picked? That question has been rattling around in my brain for several hours now, and I don’t think it’s coming out anytime soon. I personally have zero desire to wait around and I finally understand why. For you to fully understand why I’m going to have to be incredibly vulnerable with you. If you find it uncomfortable to watch a grown man bare his soul, I would suggest you stop reading now. I promise to be back to my normal cocky self on Monday.
You still there? O.K. Let’s join Mr. Peabody and Sherman in the Wayback Machine. It is set for the early 1970s as a young Tim Martin is struggling to find where he fits in………….
Much to my chagrin, I’m not very athletic. I’d like to tell you that I’ve accepted it and I’m fine with it, but that would be a lie. I have always envied the person that makes hitting a baseball or crushing a 300-yard drive down the middle of the fairway look effortless. As kids, my brother and I used to play sandlot football with a group of boys from our neighborhood. There was one kid we played with, Michael Belser, that could literally juke me out of my shoes. Every time he had the ball and I tried to tackle him, he would make two quick cuts and I would be grasping at his shadow as he sprinted by me. I follow Michael on Facebook and not surprisingly he is still a very competitive mountain biker and marathon runner. Me? Let’s just say that my wife keeps threatening to cancel my gym membership.
I grew up in Lander Wyoming. Lander is the type of small town that is romanticized about in American film and fiction. It’s the type of town that half the city attends the Friday night football games, wearing their King Ropes baseball hats and cowboy boots. Only in towns like Lander would the County Sheriff pull over a couple of high school kids with a cooler full of beer, then make them pour it out instead of arresting them. (Since the statute of limitations has long since run out, I’ll admit that this happened to me. Don’t tell my dad!) No kidding, I used to take my shotgun with me to school. It was left hanging all day in the gun-rack of my Dad’s Chevy Blazer so that my buddies and I could go duck hunting after school. I got my hair cut in a barbershop that every self-respecting man in town went to. I’m surprised Andy, Barney, and Opie didn’t ever stop by.
There are many days I miss the pace of life and the simplicity of growing up in Lander. But here’s the deal: Time had allowed me to forget the scars of that same small town, until today. Like many people, I often romanticize the past and forget about the pain. See, I’m not the only one who knows I’m not very athletic. Everyone I went to school with knows I wasn’t athletic. In Lander, like many small towns, there weren’t a lot of ways for young men and women to really shine outside of athletics. And every single time sides were picked, I was picked last. Not sometimes. Not most times. EVERY! SINGLE! TIME! At least that’s the way I remember it…..
Ridiculously, my realization that I wasn’t going to shine athletically was something I tried hard to deny. I participated in every sport imaginable, from Little League to American Legion baseball, football, wrestling, swimming, track, skiing, etc. With each new sport, I went in thinking that if I tried really hard, maybe I could break through and be the star of the team. By the time I got to high school, it was painfully obvious that I wasn’t going to make the varsity football team. So instead I played Tuba in the marching band. One of my best friends from college teaches band here in Phoenix. His band is well respected and huge, boasting almost 300 kids. I envy the kids in his program as they have the respect of the community and their classmates. My high school band had 23 students and we were seen as outcasts.
I’m not telling you all this to make you feel sorry for me. Nor am I bitter about my experiences. In fact, Brian’s simple message of not waiting to get picked helped me to be thankful for the lessons I’ve learned by being picked last. It also gave me a better insight into why I am off the charts competitive on every personality assessment I have ever taken.
I recently attended a leadership workshop with some of my peers from around the country. All of the participants had been administered a 360-degree survey that rated many personality attributes including competitiveness. The consultant/facilitator had us line up across the room, based upon where we scored vs. other American executives in their database. The idea was to visually demonstrate that even though we all had different personality strengths, we were each successful. When we got to competitiveness, I scored in the 99th percentile, so I had to stand with my arm touching the wall. Scoring in the 99th percentile means that out of 100 American executives, 99 of them are less competitive than I am. (Doesn’t that make me the winner?!?!?!) When I mentioned that to the facilitator, she said, “Just because you are higher in competitiveness than the rest of the group, doesn’t make you better than them.” To which I replied, “Said the losers!!!” My appointment with HR is next week…..sigh….
Why is this important to you? If you are the kind of person that is going to sit around and wait for good things to happen, I hope you packed a lunch. You are in for a LONG wait. No one is going to drag you to success. You have to go do the work, even if you don’t have a clue how. You still need to try. See, even though I am not very athletic, that didn’t keep me from trying. You might call it delusional. I call it perseverance. My dad told me every time, before I went out for a sport, that he would support me 100%. He also told me he didn’t care if I made the team or not, he would still love me just the same. The only rule was: Once I started, I couldn’t quit.
When I got into commission sales, I kept the exact same philosophy. No matter what, I wasn’t going to quit. I have had incredible victories and crushing defeats during the last 16 years. But not one time have I ever seriously wavered in my belief that I was going to ultimately win. The opportunity that you have right now in the Voluntary Benefits arena gives me goosebumps. See, if some geeky kid from Lander Wyoming can do it, you can be a SUPERSTAR! Just do me a favor, don’t juke me out of my shoes when you go flying by!
Conclusion: Very seldom do we learn anything by winning. Most lessons require humble introspection following defeat.
Question: Can you be successful in sales without being competitive? Let’s talk about it below!
According to Cardone, it is going to take 10X longer than you think, be 10X harder than you were lead to believe, and be 10X as satisfying when you kick its butt!!!
