To write more business, insurance brokers need to turn everything about the traditional approach to selling new business on its head.
Most insurance brokers take the same approach to selling, which is why so many buyers believe “all brokers are the same.”
If you want to close more deals, recognize that being a better version of other brokers isn’t enough. You must make it clear to the buyer that you compete in a different category. It’s time to turn every one of the elements of a traditional sales conversation on its head.
Instead of showing up at renewal time and competing in a crowded field of “just-alike” brokers, start having your sales conversations off-renewal. This will allow the buyer to focus on what makes you different.
Read Does selling off-renewal give me an advantage over the current broker? for a more detailed explanation of how to have off-renewal conversations.
Reset their expectations
Most brokers compete on a value proposition of handling the renewal and providing great service. Because of this standard approach, most buyers use it as their criteria for evaluating brokers. Consistently, it also leads to the most common objections brokers hear from buyers: “We’re happy with our current broker.”
Give the buyer permission to expect more from a broker than quotes and service. Explain to them the additional, impactful ways you can deliver results. When presented with the potential impact they can/should get from a broker, most will realize they aren’t quite as happy as they thought they were.
Read How do I respond to a prospect who says, “We’re happy with our current broker”? for a more detailed explanation of how to reset the buyer’s expectations.
Control the conversation
Somebody is always going to be in control of the sales conversation. Unfortunately, most of the time, it is the buyer instead of the broker. As long as the ultimate decision is only about price, you won’t be in control.
To take control, establish a new goal that, if/when achieved, it will more than likely result in you earning the business. Of course, price will always be part of the goal, but it is the level playing field on which you compete with other brokers.
The new goal should be based on the many additional ways you can impact their business: compliance, technology, communication, attraction/retention, employee engagement, etc.
Making the goal bigger than price alone and following a systematic sales process will allow you to gain/maintain control and lead the buyer to better buying decisions.
Read How can I shift the prospect’s decision away from being only about price? for a more detailed explanation of how to control the conversation.
Focus on the problem, not the product
Buyers are not interested in learning about the product/solutions you have to offer. They’ve seen it all before. However, they are deeply motivated by addressing problems they have for which your productions and solutions may be the answer.
Never lead with your product, lead them to your product.
Read How can I get my prospects more excited about the solutions we can bring them? for a more detailed explanation of how to lead prospects to your products.
Putting this all together
You will close more deals when:
- You compete off-renewal, allowing the buyer to focus on how you can help them.
- You help the buyer see they should have higher expectations of their broker/advisor.
- You control the conversation and lead the buyer down a path that ensures they make better buying decisions.
- You focus on the problems you help solve rather than the products you sell.