To Bond or Not to Bond
How to improve your sales technique is a frequent topic on this blog. And among other things we encourage you to reach out to your customers, remember birthdays, make random phone calls and attempt to develop a relationship with them so that you are something more than their insurance agent—you are a friend, confidant, trusted financial counselor.
Then this afternoon I realized this advice is not entirely valid. I was thinking about my last insurance shopping experience. I requested to be emailed, to which most obliged. Those who did not I ignored.
After reviewing several emails, some of which contained quotes (something I found very helpful), I went with one that promised the most bang for my buck. I had one mandatory conversation with the agent who sold me a Progressive policy. Now I pay all bills and make changes to the policy online. I don’t even remember the name of the person who sold me the policy or her company. She was the fastest, most efficient and offered me the best deal. Those factors were important to me.
In stark contrast, I was just chatting with my boss, Lori, who has had the same insurance agent for years and has insured a handful of cars and two homes with him. She loves talking to him on the phone, they have a genuine friendship and her eyes have never wandered in search of a better deal. She pays whatever he quotes her and has no problem with that because she values their relationship.
So maybe it’s a generational thing. Gen Xers like to complete transactions online with little human interaction. And baby boomers like to develop a rapport with the people with whom they do business.
Or it is quite possibly that I am insuring one noisy, red Ford Focus with no air conditioning because I can’t (legally) drive without doing so while she is paying for the peace of mind and simplicity that having sufficient home and car insurance provides.
We are different buyer types. And as such want to be treated differently. When you first get the prospect, you don’t know much about the person you are selling to or their current station in life. But there are clues such as age, income, marital status and whether they have children that indicate how a person might respond to your sales advances. Another indication is the information you receive with the lead that specifies, for example, how a person prefers to be contacted. Following those recommendations is vital to your sales success.
It’s a challenge for you as a sales person to take the evidence you gather about a person’s personality and determine how you are going to sell to them and decide how you will maintain your relationship with them.
Lori might feel snubbed should her agent not say hello when she passes him on the street. I wouldn’t know if I was talking to mine face to face. Just tell me when the money is due and if my rates drop.
Disclaimer: You may prefer someone with more money and stability looking for more than a bargain and feel that online leads are lower quality and consist of people shopping solely on price. However, in an increasingly internet savvy society, more people tend to shop online and compare prices. And not being present online will be detrimental to your business.
A waitress who works at an upscale restaurant takes time to explain the specials, up sell desserts and wow the patrons with her knowledge of fine wines because she knows her tips will reflect her attentiveness. Alternately, a waitress a greasy spoon makes her money turning tables over fast. Get them seated, get them their food and get them to leave. The more people she seats, the more money she makes because no one is leaving more than a few bucks on a $20 tab. It's important to realize you can make money both ways. And the same goes for selling insurance policies.
