How Do You Expect to Gain Your Prospect’s Commitment to Buy LTC Insurance?
In golf, there is a saying, “You drive for show, but you putt for dough.” In selling, you demonstrate capability for show, but gaining commitment gets you the dough.”
Your ability to answer objections and get the sale is the true test of your ability as a salesperson.
Closing is a method of putting pressure on the customer. The bigger the decision, the more negatively people react to pressure.
By forcing the customer into a decision, closing techniques speed the sales transaction. Speeding the transaction reduces the chances of making the sale with expensive products or services, such as long-term care insurance.
Although you must ask for the order, you must avoid “closing.”
The world belongs to those who are willing to asking for the order. You must overcome your fears of failure and ask the customer to make a commitment.
Most salespeople suggest, imply and hint that it’s time for the customer to make a decision, but so many are afraid to ask. Just do it!
No matter how good a job you have done opening the call, investigating needs and demonstrating capability, after you ask for the order you will get some questions.
The prospect will experience some hesitation in making a decision. If you expect this to happen and prepare for it, you can handle it. They are only asking for your help in rationalizing their decision.
These final questions, often called objections, fall into the following two categories:
- questions and concerns
Questions and Concerns Related to Gaining Commitment
Even the best interview will have unanswered questions.
You must ask the prospect if they have any remaining questions and ensure your answers provide them with the information they require.
The prospect will often have concerns that have not been addressed to their satisfaction. You must uncover these concerns before you proceed to completing the sale by returning to your investigating needs and demonstrating capability processes to gain their commitment.
The most common remaining concern is the price of long-term care insurance.
Unless there is a true financial condition (see below), price is not the real concern. The real concern is you have not demonstrated the value of LTC insurance protection in terms the customer has accepted.
Tune the radio back to station WIIFM and you will discover opportunities to demonstrate the value to the prospect in a way that enables them to address their concerns with price.
Conditions Related to Gaining Commitment
Sometimes, no matter what you have done, the prospect is unable to make a commitment.
You must recognize that conditions are not objections. They simply are life situations that can not be overcome.
An individual’s health condition could prevent them from applying for coverage or their financial condition could already qualify them for Medicaid.
You should not attempt to take these situations any further with typical LTC insurance coverage. If the client’s situation is suitable for hybrid products such as life insurance or annuities with associated LTC benefits, shift your conversation towards those solutions.
You can get everything in life you want,
if you will just help enough other people get what they want.