Focus on the Value – Not the Price

by Syndicated Insurance Resources | Oct 17, 2017

These days it is challenging to sell products and services to people.

Your competition is not just the insurance broker down the street. You’re also competing with the wealth of instant information your prospective customers can access on their computers, smartphones, and iPads. With the click of a button, anyone can quickly research reviews and prices for almost anything.

So what can you do to compete and win the business? If you genuinely want to be different, you need to sell on value not price.

Selling value over price can get you a higher caliber of customer that is willing to stick with you for the long run. Studies show that value is the difference between the price you charge and the benefits the customer receives.

Exactly how do you sell the value? Here’s a couple of approaches that may work for you:

Showcase Your Company’s Success. Share how your company stands out. Tell how you’ve helped other clients be successful. Use case studies and testimonials. Feature these stories in your conversations and on your website.

Showcase Your Customer Service. Many competitors don’t offer excellent customer service. They sell the product or service and move onto the next client. Let your customers know that they are important and you’re with them for the long run. Tell stories about how you’ve supported other long-term clients over the years. Be genuine, and let them see that they are more than just a number to you.

Showcase Your Product and Service Benefits. Start by identifying your customer’s fundamental problems. Every customer has unique circumstances that are important to them. If you can readily recount these issues, they will know you’ve really been listening. Then highlight how what you offer solves their problems. The more you focus on the value, the less important the price becomes to them and the decision they are making.

Showcase the Cost Difference. Provide a market analysis and quantify the difference they receive by doing business with you. If your policy is $100 more, divide that by 365 days and show them what they’re getting for only 27 cents more per day. Most agents claim they make a difference until push comes to shove and a client has a claim. Tout your success as an insurance consultant by really analyzing the value and showing the ROI you’re bringing to them up front.

Showcase the Discounts. Everyone loves a discount. The more discounts you can offer, the more incentive people have to do business with you. Be sure you know how to explain why and how they are qualified to receive specific discounts. When they see you know what they are entitled to receive they will understand yet another value of doing business with you.

Remember loyal customers don’t always buy based on the lowest price. Long-term clients— which is what you want for repeat business and future referrals—always buy based on the rapport, relationship and value you bring to them.

Never Stop Learning

by Syndicated Insurance Resources | Oct 16, 2017

You want to be successful in your insurance business. Some agents dive in feet first and cross their fingers as they wish for success. Other brokers make a plan and follow it. With either approach, most of us check the box: project/business launch completed. And we quickly move onto the next thing… Right?! We tend to “set it and forget it,” like a Ron Popeil commercial.

While there may be a handful of people this approach works for, the rest of us typically aren’t as fortunate.

If we want to be successful, we need to continually learn and seek ways to improve our insurance business.

Sure, we all know outlandish brokers and agents who run through life jumping from one shiny object thing to the next. While they appear to be successful, they actually leave a wake of chaos and destruction in their path. (The aftermath of a hurricane comes to mind.)

Shiny-object brokers may experience momentary success, but it isn’t sustainable over the long term.

So how can you beat the odds and establish a foundation to propel your insurance business forward systematically?

From a marketing perspective, we recommend creating a strategic plan that you follow like a roadmap. But let’s say you already have a plan. How do you ensure forward momentum and keep up with the accelerated pace of today?

Here are a few guidelines to consider following:

• Continually Learn. Keep reading, searching and listening. With today’s information highway, the options for learning are limitless. From webinars to podcasts to social media platforms – all you have to do is plug in, absorb, digest and apply what you discover.
• Share What You Learn. Keep posting and sharing relevant nuggets and insights with your customers and prospects. In doing so, you’ll position yourself as a thought leader that is plugged in and paving the way for success.
• Find Ways to Connect. Contrary to popular belief, it isn’t all about you. It is, however, about connecting with others to see how you can help. (As a Rotarian, we call is Service Above Self.) If you seek ways to help others, you’ll learn volumes about what works and what doesn’t work. By contributing to the lives of others, you feed your soul.
• Genuinely Listen. One of the best ways to continually learn is by really plugging in and listening to what others have to say. Intentionally dig beyond the surface and find out what others are passionate about, what keeps them up at night, and how they are achieving their business and life goals.
• Practice Makes Perfect. Anyone who masters a sport, skill or talent continually practices. They stretch and grow by finding new techniques, approaches, and strategies. No matter what you’re trying to achieve, consistently push to find ways to practice and improve.
• Study Others. Whether it is a new marketing technique or a creative tactic you’ve never tried, there is always something to learn. Find best practices and up your game. Study the masters and learn from the experts.

If you want to be successful, you cannot be stagnant. You have to learn new methods, test them and find the ones that work for you. What methods do you use to continually learn?

One way to learn about new markets and unique product offerings is by using our FREE dashboard. When you sign up, you can access more than 150 markets and 40+ unique product offerings, as well as HR Consulting Services to set you apart from your competitors. The tools are free. The commissions are higher. You have everything to gain. Sign Up Today!

Already signed up? Need help accessing all this free tool has to offer? We can help. Reach out to schedule a call today.