With the right mindset, tracking down prospects and converting them into sales is no easy task. With the wrong mindset, a mindset that expects instant conversions and sales after your first introduction, it can feel absolutely impossible. But as difficult as managing prospects can be it is absolutely vital for your long-term success and prosperity. So how do we go about setting the proper expectations as we enter into relationships and interactions with potential customers, and how do these expectations play into our business as a whole?
Understand that Instant Conversion is the Exception, Not the Rule
Expecting every interaction to lead to a quick sale is unrealistic and will quickly become discouraging, especially if you are experience a shortage of leads or have recently invested in significant marketing campaigns. Instead remember that building trust is the job and your rewards will develop over time. Introducing yourself and making the best case possible for your solutions is a great way to start a conversation that may take months or longer to turn in to an actual sale. Be sure that your first, second, and third impressions are all positive and don't push away potentials who aren't ready to sign on yet. You'll be ready when they are.
Embrace the freedom to experiment
Expecting an immediate sale results in tunnel vision and a narrowing of focus. Many agents become reliant on a specific script and are unable to adapt when the product isn’t right for the customer. While niche insurance sales can be very successful they do limit you and can result in missed opportunities. Widen your net and your product offerings and be willing to listen to consumers who aren't ready to commit yet, and then come up with new solutions. Holding on to proven products and sales strategies is a great core model, but don't rule out fall-back products that may turn out to be more successful in the future.
Avoid high pressure sales tactics
Pushing customers to make a purchase and make it now can result in the occasional conversion up front, but you also risk pushing customers away who need more time to consider their options or who may not yet be ready to buy at all. Offering information and a listening ear and establishing yourself as an authority builds trust and lays the foundation for future purchases with a much greater degree of satisfaction.
Expand your contacts
Having too few irons in the fire puts a much greater sense of pressure on your potential customers. Take a step back and evaluate your marketing strategy. Is there a reason why you are running short? Don't be afraid to branch out with social media or take older-school routes with email drips and direct mailings. Even if you don't see results right away you will get your name out and build authority.
Check your follow-up procedures
Every prospect deserves a follow up—but the wrong procedure can end up pushing customers away. Don't go for the immediate, high-pressure sale after an information request and instead demonstrate that you want to collect details, listen to their story, understand their need, and provide a very personalized solution to the best of your ability. A lot of your queries (especially electronic) won't bear fruit, but updating your follow up methodology as a whole will.
For more information on insurance sales and building relationships with your customer base, contact Imeriti Financial Network today at 800.921.3100 or [email protected] Come see what our tools, training programs, and partnerships have to offer!