Daily sales & marketing tips for insurance professionals

Which is the right tool?

That’s the question du jour over at Copyblogger, a terrific web site for anyone looking to communicate more persuasively.

Casting nets–as opposed to throwing harpoons–is a better default option.

The harpoon, of course, is for the quick hit–an aggressive approach that tends to result in one of two extremes: immediate success or unequivocal failure.

“Harpoons work great when you need to strike quickly,” says Sonia Simone. “But they have a few problems … [and] they can convey shoddiness and a lack of ethics.”

The harpoon is a tool of pressure and force, which means it pays to keep in mind Newton’s Third Law of Motion: For every action, there is an equal and opposite reaction. If you start lobbing harpoons at people, get ready to encounter Moby-Dick levels of resistance.

The net. This tool is for the softer, less forceful approach. “Instead of hurling your single-pointed communication as forcefully as you can, consider encouraging your prospect to wrap himself in a friendly, supportive net,” says Simone.

It’s a longer process, but it gives you time to earn credibility–which is of singular importance when selling complicated financial products like insurance.

Remember, most consumers have conflicting desires when purchasing insurance: they want to speed through the process and get back to daily life, but they also want the peace of mind that they’re making a smart decision. A good agent will build her prospect’s confidence while subtly yet quickly moving things along.

You’ll find advocates of the net method here at the Agent Blog, but that’s not to say there aren’t times to use the harpoon. Just use it wisely.

I just listened to a conference call sponsored by Progressive where Noel Albert described his ‘best practices’. I thought you would be interested in some of his tactics. His focus was how to work online leads, but his attitude relates to all types of leads.

He did emphasize that this is how he is working, but that everyone should devise their own best style.

…Read the rest of this entry »

If you’re interested, head over to the Agent Resource Center to read a new article on sales style. (And by style we don’t mean fashion.)

Let’s start with one depressing fact: a majority of your prospects are going to ignore your voicemail messages.

Ok, now that we’ve recognized that unpleasant reality, let’s move on to how to get more callbacks. There are some basic rules that will improve your response rate, and the good news is that they’re pretty easy to implement.

But first, I must give credit where credit is due: Mark Hunter, creator of Saleshunter.com, assembled these strategies. I’ve come across a lot of bad voicemail “tips,” but these are mostly spot-on. I highly recommend them.

Here are few:

REMOVE POTENTIAL EXCUSES.
Give your number twice. Many will be fumbling for a pen during the first few seconds of your message. “If the person can’t quickly write your number down, you’ve given them a perfect reason to not call back,” says Hunter.
Don’t spill the beans, and don’t offer to call back. “If your goal is to get the phone call returned, don’t leave information that would allow the person to make up their mind.”

WORK ON YOUR TIMING.
As with comedy, timing is everything. In general, avoid extremes. “Messages left on a Friday afternoon are the least likely to be returned. For most people, Monday mornings are very busy and, as a result, only high–priority activities will get their immediate attention.” (When it comes to following up on online leads, this isn’t necessarily the case. The best strategy there is rapid response: you should be calling the second your leads hit your inbox.)

KEEP IT WARM AND SHORT.
“Voicemail messages are an excellent way to introduce yourself to a person. Be personable, yet professional.” But don’t get too comfortable … because “voicemail is not ’story time.’ Leaving a long message is an invitation to have the entire message skipped. The optimal voicemail message is between 8 and 14 seconds.”

Here’s the one clunker (IMHO) among Hunter’s tips; I’ll let you decide if it’s worth putting into play: “When leaving a message with multiple points, be sure to immediately disclose how many you will be making. This will prevent the recipient from accidentally fast-forwarding or deleting it before it is completely heard.” I think this violates the all-important brevity rule. By the time you list what you’re going to say, you should’ve already said it.

From the Telegraph (UK): “June 20 is the happiest day of the year according to a maths formula worked out by an academic.”

Here’s the “maths” formula:

O + (N xS) + Cpm/T + He

Where “O stands for being outdoors and outdoor activity, N is connection with nature, which is in full bloom now, S is socialisation with neighbours and friends, Cpm stands for childhood positive memories, T is the mean temperature which is now usually warm, and He is holiday expected.”

Brilliant.

Have a great solstice weekend.

The productivity blog Dumb Little Man has a must-read post entitled “10 Crafty Ways to Create Unshakable Confidence.”

It goes without saying that confidence begets success. This maxim is more true in insurance sales than in other industries. But you knew that. Anyway, here are a four of Alex Shalman’s smart strategies:

Stop worrying about appearances. “People are too busy worrying about how they appear to others to really care about how you appear. Even if they do point the finger and judge you, it has a lot to do with their personal insecurities, which are ultimately of no consequence to you.”

Start a ‘bragging journal.’ “[It's] a way for you to boast your accomplishments, not in the name of conceit, but for the purpose of looking back in a moment of weakness. Whenever something special happens, you do something extraordinary, or you touch, move, or inspire another human being, write it in this bragging journal.”

The mere act writing has been shown to improve well-being. (And you don’t have to be a Hemingway to experience the benefits.) Just, you know, keep your brag journal on the DL.

Stop slouching. “Our physiology has a tremendous amount of impact on the way we think and feel. Something as simple as standing with our back straight, head up, chest out and shoulders back will signal our body that we are strong and proud. Such positive body-language will give off an air of confidence and we will positively react to other people’s positive reaction to us.”

Think kindly of your fellow man. “The way we look at other people is a great reflection into how we look at ourselves. If we just make the effort to create great intentions towards other people, it will literally melt away some of the fear and anxiety that we have around interacting with others. If all you really care about is bringing value and happiness into the life of others, then who cares how someone perceives you?”

Well, when you put it that way …

Read the full post over at Dumb Little Man.

It’s possible–difficult yet possible–to be a tough guy without being a jerk. Tim Russert showed us that.

Russert was old school. Honest. Hard-working. Fair. A intensely likable guy who wasn’t driven by the need to be liked. His guests, the most powerful people in the country, never seemed to begrudge his relentless questioning. (Even the ones who left “Meet the Press” less powerful than they were before.)

If you’re asking ‘What do those qualities have to do with being a good insurance agent?’ then you’ve got your work cut out for you. But let me be clear–I’m not advocating that you grill your clients with tough questions.

My point is this: Russert built a brand on integrity–and it took him very far. “Brand” may seem a crass word. Integrity was clearly something that came to Russert naturally. But every one of us is given opportunities–a lot of them–to make choices that dilute integrity.

But he never did. And that’s what we can all admire about Tim Russert.

Pressure and fear: scarily effective.

But here’s the rub: if you use those two things to sell more insurance policies, you will ultimately fail. “The challenge of marketing with fear isn’t efficacy. Of course fear marketing works. The challenge is ethics and brand,” writes marketing expert Seth Godin.

Godin has a great point. First off, let’s take a look at the ethics issue. In an industry like insurance–one that rightly or wrongly has developed a bad reputation–ethics are quite important. Think about it: you’re asking people to give you money to protect against the possibility of calamity or injury. As it is, most people don’t like to spend money on things that don’t produce a tangible, immediate benefit. If you give people reason to question your integrity, they will be much less likely to send money your way. (That’s a bit of an understatement.)

The other reason is this: people don’t like to be scared. They may scare easily and often act on those fears, but even victims of fear-based sales tactics know what’s happening. And they will resent the person who makes them feel that way. Needless to say, that’s not a basis for a long-term relationship.

Lastly, if your sales strategy is predicated on fear and pressure, you’ll be always be running against the clock, because people will abide fear and pressure for only so long.

Here is one definition of commodity, courtesy of InvestorWords.com:

A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type.

It’s time to face a painful truth: Insurance is, by many measures, a commodity. Most buyers of insurance, assuming they’re comparing apples to apples, will choose the policy with the lowest premium. That consideration–price–will be the most important factor in their purchasing decision. Worse still, the market for your particular commodity is full of incredibly motivated competitors.

That’s the bad news. Here’s the other news (you tell me if it’s good or not): having a unique personality can help you stand out in a field of hyper-competitive commodity-sellers. Personality is the oldest and most essential form of branding, and if you think it’s not worth being aware of and cultivating, well, the chances are good you either have the lowest prices or are looking to change careers anyway.

“I believe job #1 for any business, particularly small businesses, is to find a way to stand out, to be different. Doing so in a meaningful way (meaningful to a market segment that cares) is the secret to long term success, word or mouth buzz and ultimately more profit,” writes Jim Jantsch, author of the Duct Tape Marketing blog.

Insurance carriers have already realized this, and the evidence is plain in their television advertising. Take a look at any ad for insurance and ask yourself: How much time is spent talking about the actual product? In most cases, whether you’re watching a caveman in a fancy restaurant or old man in a giant red umbrella, there is nary a mention of the actual features and benefits of the product in question. There is good reason for this, too: There aren’t any differences between the products. In watching the Geico and Travelers ads, however, one notices a large difference in … personality.

Consider doing a Seth Godin-style exercise. On an index card, write down the five aspects of your personality that might/may/could/would endear you to prospects. Next, narrow it down even further: Of the five, which three personality traits could potentially convince a prospect to pay an extra $4 each month and buy a policy from you?
Now, leverage those three things.

It’s a beautiful Friday. Things are lush and verdant here in Denver, and the mountains are still capped with snow.

Anyway, it’s so nice that I can’t abide sitting here any longer. I must get out and start the weekend. If you’re still at the office (since you’re reading this, that clearly is the case), I suggest you close your browser and start your weekend right now.

Have a great one.