Two insurance producers worked for the same agency. They were very much alike – they both were intelligent and personable, they both had a strong work ethic and they both were reputable in the community. Except, one producer seemed to struggle to write new business while the other was constantly successful, even nicknamed “Superstar” among her peers. The difference? Superstar understood WIFM.
The successful producer knows that it’s not enough to list the features of an insurance product or service—you’ve got to drive each feature “home” by showing the specific advantages your prospect will enjoy. The easiest way to transform a feature into a benefit is to ask, “What’s in it for me?” If you pose that question to each feature at least three times, the benefit will jump out at you!
As an example, let’s say our Superstar sells Medigap insurance. Her specialty is the Medicare Supplement Policy J, which includes At Home Recovery coverage. This coverage is a feature of the policy. The real benefit is that the insured won’t have to ask a family member for home care after a procedure, eliminating the imposition on a loved one AND the insured doesn’t have to hire a private nurse, saving big dollars! Hmmm… independence … avoiding impositions … saving big money … these benefits create the emotional desire that closes sales.
Is it time to audit your sales presentation? Are you spending too much time talking about features or about yourself? If so, you can wave your closing ratio goodbye. Prospects aren’t interested in who you are or what you’re selling, unless there is something in it for them.