Remember this childhood trick? — “I bet you can’t finish all your vegetables.” Suddenly, those carrots were more than a side dish; they were part of a quest to prove Mom wrong. I’m sure you don’t have to be tricked into finishing your meal today, but what if I told you these same sorts of psychology techniques could work wonders on your sales numbers?
More than this simple reverse psychology example, many powerful psychology techniques exist that can help you increase your insurance sales and grow your business. You may use some of these sales techniques without even knowing it. Here are seven that can be particularly powerful for your sales.
Mirror Your Client
In all sorts of social situations, mirroring the behavior of another person helps build a stronger connection. Folks feel like you’re more relatable, trustworthy, more like themselves. For a sales meeting where establishing a relationship is key, mirroring is a smart choice.
In insurance sales, this is often about matching pace and demeanor with your prospect. If you have a lead on the phone who speaks slowly and deliberately, you don’t want to talk a mile a minute. When you have a face-to-face meeting, note whether the client leans back in the chair or puts their elbows on the table and leans in. However, they comport themselves, follow their lead.
Sell on Emotion, Not Logic
Us humans like to think of ourselves as very rational, logical beings. For better or worse, that usually isn’t the case. We all tend to make decisions based on emotions, with logic sometimes taking a back seat. This is perfectly natural, and when it comes to insurance sales, a tug at the heartstrings can help an unsure prospect come to a decision.
When it comes to what emotions come up in sales, negative emotions include fear, loss, and shame; positive emotions include altruism and pride. To get your prospect thinking in emotional terms, you might ask a question about the challenges he or his family would face if he doesn’t have the right insurance coverage. Or, you could paint a picture of how purchasing the right policy will protect her and her loved ones in the future. Illustrative storytelling can get across the same ideas.
Give Fewer Options
I don’t know if you’ve bought toothpaste recently, but the options now are staggering. Not only is there your favorite brand, but there are sometimes 4 or more flavors, the choice of paste or gel, and usually at least two sizes. Us humans tell ourselves we like to have choices and options, but too many options can slow down or stall the purchase decision altogether.
When it comes to insurance, fewer choices is often the better bet. Give your prospect 3 or so choices to start with. He will usually pick a price point he is most comfortable with. If things stall out in later discussion, you can always go back to your rate care and offer another option that may better suit his needs.
Ask Either/Or Questions to Avoid a “No”
Along the lines of giving a few definite options, consider phrasing key sales questions so that “no” ends up being a very awkward answer. In fact, the idea here is not to let “no” be an answer. Give your prospects an either/or question: “Would you like this policy or that one?”
Think about the last time you were at the eye doctor. The doc could just let you spin the dials until you think you can see well enough, but they don’t do that, do they? “A or B? 1 or 2?” At the end of these either/or questions, I pick up my new pair of reading glasses, and they work just as intended.
Capitalize on the Fear of Missing Out
A few years ago, there were many articles addressing FoMO — the so-called fear of missing out, that is, an anxiety that you might be missing out on otherwise rewarding experiences. This sort of feeling can have a big impact on people’s lives, getting them to make a change to alleviate the fear.
Rather than tell a lead they qualify for a discount — if they decide to switch carriers, tell them they are missing out on the discount if they don’t switch. This alternative “loss” nags a bit more at the heartstrings than the prospect of a reward.
Take the Sale Away
Similarly, FoMO can be taken to its natural conclusion, which is, that the prospect could miss out on the sale altogether. In this case, you detail a scenario where the insurance product on offer just isn’t available to the prospect anymore.
In sales, rates, policies, and special offers are always in flux. So it’s true that what is the best offer available for a prospect today, may, for any number of reasons, not be available six months from now. In certain sales situations, you may want to point this out. In a sense, you’re “taking away” the sale at some future date, so that the lead will commit today.
Remember that Value Beats Price
Most experienced sales professionals know it’s better to avoid selling on price. But have you ever thought about the fact that the value an insurance product offers is more than the price it costs the prospect?
There are two ways of looking at this. For many types of products, the potential benefit payout is dollar-for-dollar more than the cost. But what about the things you can’t put a price on? Happiness, family, peace of mind, legacy, and so forth. The things in life that people truly value are worth more than the cost of the premium. With the right framing of the stakes, your prospect will be more likely to buy.
There are many ways to convince and convert your leads into closed sales. Psychology is a powerful tool. With the right strategy, it can be an enormous boost that powers your sales to new heights. At the end of the day, your goal is to help your prospects choose the coverage that meets their needs and gives them peace of mind. The right sales techniques, properly applied, can help you do just that.
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