FAB ulous Selling TechniquesINTRODUCTIONThe insurance agent shakes hands with the potential client, sits down, smiles and says, "Ihave a product here that I believe to be the best life insurance package I have ever seen.In all of my years in the insurance business, I have never been so impressed with aproduct. Id like to tell you all about it."The salesman knows the ins and outs of his offering and no one who listened in on hissales pitch could doubt his love and support of the insurance product for even a split-second. What happens when he concludes his impassioned pitch? More often than not,nothing happens. No policy is written. No sale is made.In the office across the street, an agent meets with a potential client. After pleasantries areexchanged, he asks "So, what do you want from all of this? What are the things youd likelife insurance to accomplish for you? He listens attentively to the prospects answers,asking follow-up questions for clarification and to elicit more information to help himunderstand the prospects needs andwants.As the conversation progresses, theagent gets to know his potential clientbetter. He is able to establish a rapportwith the person and can determinewhat might be appealing. The agent,who has been noting fact after factduring the interview, is able to thenexplain exactly what can be done tobest meet the needs of the prospect.Yes, he pitches his life insuranceproduct, but he does so based uponthe expressed interests and concernsof the potential client. What happenswhen he finishes? More often than not,a new policy is written. A sale is madeand agent will find himself with yetanother commission.These two examples reveal the powerof using a "question and answer"(Q&A) approach to selling life insurance. Those who sell life insurance using methods richin listening and questioning invariably outperform agents whose focus in on their ownopinions and expertise. In addition to helping to establish great agent-client rapport, Q&Atactics are a powerful strategy for selling life insurance for two reasons. 2|Page
Initially, it keeps the focus on the one thing that must always be front and centre in anysales situation: the buyer. Instead of creating a product focus, the Q&A methods allowthose selling life insurance to keep the meetings attention directed to the buyer. People,by nature, consider themselves and their interests of paramount importance. This methodallows the insurance agent to make sure the meeting unfolds in a manner that will interestand motivate a potential buyer.Secondly, the technique provides the seller with a great deal of valuable information.Those selling life insurance with Q&A techniques find themselves armed with client-specific responses to frequent purchase objections. They are also able to better explainthe policy, its advantages and benefits in ways that are meaningful to the prospectiveclient. An insurance agent can also make sure they are offering a product that truly meetsthe unique needs of the prospect.Even the most well delivered product-centred sales pitch can fall on deaf ears. Prospectslong to be at the forefront and are far more likely to be motivated to purchase life insuranceif the agent focuses attention on their specific needs. Methods that make use of significantQ&A to sell life insurance put clients on centre stage and motivate them to purchasepolicies. "Features tell, but benefits sell." The top marketers know "Benefits" tap into emotions and ultimately motivate people into action 3|Page
Features, Advantages and BenefitsIts helpful to think of your product as made up of three distinct parts: Features Advantages BenefitsA feature is what a product is or doesExample: This car has ultrasonic sensors fitted to each bumper and electronic power-steering [FEATURE].A benefit is what it will dofor your customerExample: It can help youpark in tight spaces withoutrisk of damage.[BENEFIT]You can either take a Whole of Life policy or a Term policy [both FEATURES].Please do not confuse a Term Policy with Term Assurance!And its been a golden rule of business since the 1920s that features dont sell, benefitsdo.Apply it to your sales pitches, presentations and conversations, and to your marketingbrochures, letters and adverts.The more you communicate how your business can help solve your customers problemsor needs, the more you show benefits, the better your sales will be.Your customers might want to know features, so that they can see whats included in theprice, but its the benefits that actually sell your product or service. 4|Page
Develop every product feature into a tangible benefit, an end result that satisfies acustomer problem or need.Features are merely descriptions ofwhat you do or what you offer.For example, a feature is a diamond-tipped 10mm drill bit...... the advantage is "it makes holes in seconds."BUT the benefit is that it saves you TIME.NOTE: It is only a benefit if you are a Handy-manA feature might be "in-dash GPS", but the benefit is "never ask for directions again." The benefit of sheets woven with 600 thread count 100% Cotton Satten" is "sleep in the softest sheets ever made -- and never feel those sheet bumps again." Lets take another example of a feature and walk through the exact steps to convert em into a benefit... 5|Page
ClickBankYou may be familiar with ClickBank.com -- theyre a "digital products retailer." A "digitalproducts retailer" describes ClickBank.com... and thats a "Feature."When we describe what a "Feature" does... how it functions... we call it an "Advantage.""Advantages", like "Features" are often confused with "Benefits."Think of "Advantages" as a word bridge between a "Feature" and its "Benefit."For example, one advantage of ClickBank is it allows e-book publishers to instantly tapinto a network of over 100,000 affiliates for less than 50 bucks.A "Benefit" eliminates all of the guesswork. A "Benefit" states the, "Whats in it for me"inspired by your "Advantage." And in this example, the "Benefit" of ClickBank.coms"Advantage" is it lets you rapidly test an affiliate program cheaper than paying anexpensive programmer to create your own from scratch.So lets review:Clickbank.com is a "digital products retailer." Thats a "Feature" of their service.Their "Advantage" is instant access to over 100,000 affiliates for less than 50 bucks.And the "Benefit" of this "Advantage" is e-book publisher vendors get access to fast andeasy solutions to launch an affiliate program without having to pay an expensiveprogrammer to create one from scratch. 6|Page
So what? WIIFM? The Advantage TrapPut yourself in your customers shoes and ask Whats In It For Me? (WIIFM?).So what if the laptop youre trying to sell me has an 867MHz processor, 256MB memory, a38 cm display and built in Bluetooth?Whats In It For Me?And dont fall into the common trap of merely developing your features into advantages how a product or service MIGHT be used or MIGHT help a prospective customer, or how itcompares with your competitors.What does it mean for the customer?What will he or she be able to do as a result?Benefits are only really benefits if they deal directly with a customer need.Take a new mover with the feature: Power drivenQuantum 15 horse-power engine.Its the quickest mower on the market isnt abenefit its an advantage.The benefit is that you can mow your lawn inhalf the time, allowing you more time to enjoyyour garden.So dont fall into the trap of getting over-enthusiastic about your product and its new, uniqueand revolutionary features.Dont focus on the bells and whistles.All your buyer cares about is WIIFM?However, all this will be lost on a person who has no lawn to mow KNOW yourcustomer! 7|Page
Think FAB Features, Advantages, BenefitsThe secret of coming up with genuine benefits is to be customer-oriented. The benefit yougive is much more powerful if it fits a specific, explicit customer need.Review your existing sales and marketing literature, and rethink your sales pitches. Howcan you turn features and advantages into benefits? The following are some magazineads. Look at how ads (3) and (4) give tangible benefits, whilst (1) and (2) just give featuresand advantages (1) Magazine ad for O2Video Media Messaging/ Games/ Downloads/Music/ Sport/ Entertainment [ALLFEATURES] Get into O2 Active.(2) Newspaper ad for Philips PhilishaveShaverEach of the three rotary-action shaving heads has 90 omni-directional slots [FEATURE] to catch all the hairs, irrespectiveof length and angle to the skin [ADVANTAGE].The shaving heads also float independently to ensure theyfollow every contour of your face [ADVANTAGE].The double action cutters [FEATURE] lift each hair to achievea closer shave [ADVANTAGE] and there is also a pop-outtrimmer for sideburns [FEATURE].