Psychology of the Sale
Who are our clients?
It is important to remember that the people we meet with have contacted us for help. We have various types of leads here at Family First Life. There are direct mail leads where a client fills out a form and returns it to us after putting down all their personal information.
There are call in leads and telemarketing leads in which a client would speak to a representative on the phone and request that an agent calls them. We also have internet leads that are created when a client fills out an online form requesting that an agent contacts them and we receive them within an hour of the client filling out the form.
The key thing to remember with any type of lead, is that they ALL initiated contact with us!
We will ALWAYS treat people the way we want to be treated and we will SERVE our clients. That is why we have the largest percentage of agents in the country netting over $100,000. You must routinely work on your Mindset and Thought Process if you want to be successful with Family First. Everything that you do in life revolves around your mindset.
Please remember that we ALWAYS put our clients and agents families FIRST. It starts with understanding that you may be the last person that gets to speak with these clients on the phone about something as significant as life insurance. You must convince yourself that the clients that you contact knew that you were going to help them when they sent the form back to us. Human nature will allow people to mistake your kindness for weakness. You must be strong, assertive and presumptive over the phone. Our job starts on the phone, learn to love the phone. If you do not like making dials or you “hate the phone” the first thing that you need to do is STOP saying that you hate the phone. You need to acknowledge that the phone is your friend.
II. PHONE SCRIPT
Remember the first thing you say when the client answers the phone is their first name. By saying their first name in place of “May I speak to Mr….” or “is Mr. …. home” will help distinguish your call from a telemarketers call. We are NOT telemarketers, we are professionals that were contacted by families that need protection.
Client says: Hello
You say: Tom, its Shawn I’m calling with the mortgage protection center right here in Norwich. I’m getting back to you about this letter that you filled out and sent back to us, the letter talked about a plan that would pay off the mortgage god forbid you or Mary were to pass away. Do you remember filling that out?
Great my job pretty simple, we get a couple hundred back each week in Norwich. My job is to get this info out to you it takes all of about 15 minutes. On the form is says that you are at 12 Main St is that correct?
Perfect, you put your Date of Birth down as 7/15/70 and Mary’s down as 11/2/73?
That is correct.
Great I’ll be in your area a couple different times throughout this week do you work during the day or at night? During the day. Great, what time are you typically home during the week? Usually 5:30. I have a few other people to see in your area on Tuesday is there any reason that you and Mary wouldn’t be home Tuesday at 6?
No, we will be here.
Great my name is Shawn and I will see you on Tuesday at 6:00PM.
What you say on the phone isn’t as important as how you say it. You must match the clients tonality on the phone, meet them where they are when they answer the phone. Speak with their tone and speed when talking to them. People believe that their way of speaking is right and yours is wrong, so you need to match theirs when you call. Your mission on the phone is to get in the home. Do not give away information on the phone, you cannot sell them over the phone. Everything good happens in the home.
With any objection the key is to deal with is quick and move on, get right back to booking the appointment. Stay calm, unemotional and indifferent when dealing with the objection.
A few common objections that may come up are:
- I don’t remember filling it out.
- Great we get a couple hundred back every week. You will want to see the letter since it has your hand writing and signature on it. My job is simple, I just get you the information. What you decide to do with it is up to you. So you’ll be home tomorrow at 6?
- How much does it cost?
- For most of the people I meet with it’s between 40 and 90 dollars a month. I will bring all of that information out with me. So you’ll be home tomorrow at 6?
- Why do you have to come to the house?
- I have to verify that you don’t have any major medical conditions and I can not ask any medical questions over the phone. I know it is hard to believe but people do fill these out and lie about their medical history. So you’ll be home tomorrow at 6?
- I already took care of it.
- Great is there any reason that you wouldn’t want to see if you could save some money each month? There are a lot of companies out there and you might be able to get a better price. So you’ll be home tomorrow at 6?
If your mindset is right you will not get objections. Convince yourself that everyone who answers the phone wants to book an appointment with you. There is no reason to be ambivalent on the phone because everyone that you contact has already initiated contact with you. Be direct and maintain control throughout your conversation. You have what the client wants, our relationship with the client is no different than a doctors relationship with their clients. You must be willing to push people and get uncomfortable, when you remove your concern about being judged the world is yours. Don’t take their objections personal clients are almost obligated to say something. If they were truly ALL SET they would not have filled out a form and sent it back to us. You may be the only person that has a shot at helping them.
When dialing be sure to make your calls from a cell phone. Having the same area code as the people that you are calling will help increase your contact rate. Make multiple dials on each lead every time you dial. Most people do not answer the phone on the first few calls. Your contact ratio goes up with each dial you make.
You can also try blocking your number if they don’t answer after the first few calls. Some people will answer a blocked number over a phone number that they don’t recognize
When should you dial?
Any day is a good day to dial and any time of the day is a good time to dial. The key is finding a schedule that works for you and stick to it. Once you have a schedule you must defend your dial time, meaning do not let anything come in the way of your scheduled dial time.
We have agents that are successful with a number of different schedules. Some dial Saturday mornings from 8:00AM – 12:00PM, some dial Thursday and/or Friday evenings from 4:00PM – 8:00PM or 5:00PM – 9:00PM, some even dial during the week from 7:00AM – 11:00AM. An important factor in having a successful week is to set goals for how many appointments you want. Plan what days you are going to run those appointment so you can set up your dial times accordingly. If you follow the Family First Life phone script and training you should book at least 70% of the people you speak to.
III. PREPARING FOR APPTS
Preparation is essential to your success in anything you do in life. Especially preparing for your appointments, you should make sure that you have everything you need before meeting with your clients. You will need to have applications and illustration software/rate sheets for each carrier that you are going to represent. You should also have business cards with all of your information on them to leave with each client that you help.
How to dress
At Family First Life we recommend wearing jeans, decent shoes and a polo shirt. You can contact our corporate office to find out how to order polo shirts with the FFL logo on them. Although this dress code is not mandatory, if you are dressing different than this currently and it’s working for you do not change it.
Setting up your appointments
In most areas you can set up appointments every hour on the hour. For larger counties you may need to space your appointments our more. The average appointment should last 35-40 minutes so be sure to plan accordingly.
IV. APPOINTMENT INTRO
Half of the battle is just showing up, you must be mentally prepared in order to battle. The battle is won or lost in the first few minutes of meeting the client. In our business winning the battle is when a family gets protected with Life Insurance. Losing the battle is failing to protect a family that has asked us for help. We recommend showing up to your first appointment 15 minutes early. If you have a full day of appointments set up it is likely that you might be running late by the end of the day.
Our job is to help the families that have contacted us. Make sure that whatever is going on in your life you leave it at the door. Go into each appointment with a positive mindset. SMILE on your way to the door, we all have ups and downs in our own lives but we must put our needs aside and put our clients first when we are in the field.
Greet your clients with a nice firm hand shake while making good eye contact and smiling. We always ask if they want us to take our shoes off. This is done for a few reasons, first off it gives you something to say upon entering their home. It’s also a sign of respect and allows the client a little bit of control on how you proceed into their home. People love to feel like they’re in control of a situation. Your next step is to walk directly to the kitchen/dining room table.
V. HOW TO CONNECT
A client will not allow you to protect their family if they do not trust you. In order to gain their trust you must be able to connect with them. The key to connecting with your clients is asking them questions, listening and controlling the conversation. Before moving into the actual In Home Presentation take a few minutes to make some small talk. The 1st question that we ask is “How long have you lived here?” This is a great question to build off of. Be sure to ask enough questions so you can paint a picture of their lives.
Some good follow up questions would be:
- “How many kids/grand kids do you have?”
- “Do they live locally?”
- “What schools so they go to?”
- “How long have you been married?”
- “Where did you two meet?”
- “What do you do for work?”
During this process you will need to share some information about yourself as well. Find something that you have in common with each client. Every client is different some will open up faster than others, watch them to see how much small talk they want to make before you move into your presentation.
Once you have done 5-7 minutes of small talk lean in with the lead in your hand, ask them if they remember filling it out and confirm any information that they wrote on the lead. This will help you establish control which you will need to maintain throughout your appointment.
Manage their expectations
Explain to your client what you job is. Let them know what exactly you are there to do so there are no surprises. You should say something like this. “My job is simple, I’m here to get you all of the information, take a look at what you have now and determine what
you might be eligible for and help you apply. Does that make sense?”
Throughout your appointment continue your small talk. Rapport is built throughout the entire appointment, keep asking them questions and sharing information about yourself as you go through your presentation.
At this point you will need to ask your client if they take any medication and find out about their medical history. You must get this information prior to showing them any options so you avoid showing them an option that they would not be eligible for.
Always check your product guide before proceeding. Look for any major medical conditions such as, heart disease, cancer, insulin dependent diabetes or obesity before you run quotes.
Determining what to write
People fill out our forms for different reasons, to figure out why your client filled out the form ask them close ended questions and pay attention to their answers. Here is an example of a good question to ask:
“When you filled this out obviously you were concerned about your mortgage. Were you concerned about covering the mortgage in case you were to pass away so your family wouldn’t lose the home? Or were you concerned about covering the mortgage in the event of a death or disability?”
If they are young enough to apply for the return of premium (or cash back option) you should ask them if they were interested in that option as well.
Establish their knowledge of Life Insurance
Ask your client if they had passed away last night what if anything would they have in place to help take care of their family. If they have coverage you NEED to see it.
Most people don’t know exactly what they have for coverage. Some clients may have an accident only policy and not know it, some may have a term that they thought was whole life or even a universal life policy that might end soon. If they say it would be hard to find their policy, calmly say “I have time, I will pull up some info while you do look.“ 95% of your clients will find their policies within 5-10 minutes.
Don’t EVER say or think that they have enough coverage. Think about this quick example.
- Tom makes $80,000 a year and has a $250,000 policy. If Tom dies his family has roughly 3 years of his salary – what will they do after that?
A key thing to remember is that when the client filled out the form they KNEW that they did not have enough coverage. If someone truly believed that they had enough life insurance they would never fill out a form. At this point you should explain the different types of insurance to your client.
First give them credit for their knowledge of their career. For example if Tom is an accountant, acknowledge that you don’t know the first thing about accounting and you would never try to give Tom advice on accounting. Now you can go over the different types of life insurance It is always good to poke fun at yourself in the appointment, your clients will feel a lot more comfortable with you.
Explain to your client that there are 3 different types of Life Insurance
- Term Life
- Whole Life
- Universal Life
Let them respond to you, they will usually tell you what they like or dislike about the different types. If they dislike term show them a Universal Life policy. If they love term show them a term. If they strongly like or dislike a particular type of insurance you are not going to be able to change that opinion in 30 minutes.
Value of Insurance
When it’s time to show your client their options for protecting their mortgage you should show them 3 different options. One with just the death benefit by itself, another option with both death and disability and the final option with death, disability and the return of premium/cash back option. When you show your client the ROP/CBO be sure to show them how much money they would get back if they outlived the term. A great option for clients looking at the ROP/CBO is a 20 year term, with this plan your client can use the money that they are getting back at the end to help pay off their mortgage early.
This option will help increase the value that they see in the policy. When value exceeds price nothing else matters. When you meet with a client you are finding a hole in their financial situation and helping them plug it with Life Insurance. Another way to sell value is talking to your client about exactly what would happen when they die. Walk them through the differences of dying with or without something in place to protect their mortgage.
Nothing changes when everybody is comfortable. You will need to push people to make the right decision in the home from time to time. One of the easiest ways to get better at getting uncomfortable in the home is to ask your client for their permission to tell them the truth, regardless of what the truth is. 10 out of 10 people will say yes. This will allow you to say things like this.. “If you don’t have this protection the people that you care the most about will be penalized if you die and that is not fair to your family if you die without enough life insurance.”
After showing them options they may give you an objection or push back by saying something like.. “Thanks for the info I just wanted to find out how much it would cost.”
If you get an objection at this point don’t panic just keep moving through it the same way you would on the phone. Reply with something like.. “You filled this out for insurance and it looks
like you will be eligible so what is stopping you from moving forward with this tonight?” Then don’t say anything, silence is uncomfortable. Let them make their decision.
At this point you need to take the application out and start filling it out. One of the biggest mistakes you could make is waiting to take out the app. Clients will not tell you to take out the application you will have to be presumptive and do it on your own. If you treat this step like it is just part of the process the client will do the same.
Move through the application, get all the required signatures and ask for a voided check. Explain to them that the premium will drafted automatically when their policy is approved and that some companies will give them temporary coverage for sending in a voided check with their application.
When you are wrapping up the appointment give them your business card. Writing down the amount that will drafted from their account on the back of your card is a good idea. Let them know that you will be in contact when their policy is approved and if they have any questions upon receiving their policy you will come back out and go over their policy with them. Let them know how much better off they are now that they protected their family.
If you are a full time agent is a good idea to have an admin to help manage your clients. Let your clients know that you specialize in Life Insurance, Retirement Protection and Retirement Planning. This will help you get residual business and referrals. Your mission with your clients is to become a meaningful specific in their lives.
Become their guy, when they think about insurance you should come to mind. Be more concerned about the clients and their families than you are with yourself. Think about what you would do if it was your family.
Key things to remember:
- Sell value and build rapport the entire time
- Be more concerned about your client than you are about yourself
- Nothing good happens when you are comfortable
- Listen, be directive and take control
- Make them feel important
- Your job is to help families
6 Steps to closing an appointment
- Contact – First Impression
- Build Trust – Connect
- Establish Control
- Find the hole and plug is
- Sell the Value
- Be their Guy
If you follow the FFL Sales System you WILL close 7 out of 10 appointments.