How to Eliminate Cost Objections
You’re at the finish line, it is the last few minutes of the “game,” and you’re ready to hit a touchdown. You’ve worked hard to get here. You’ve researched the cost of several quotes and presented options. Your client is reviewing your insurance proposal, and you’re eager for them to sign on the dotted line.
And suddenly, everything comes to a screeching halt.
Your client has objections is concerned about the costs of your proposal.
Here’s the good news… You haven’t lost the deal. Your client still has an interest in what you’re offering but simply needs additional information. Or maybe – like most people – your prospect is trying to see what kind of bargain or deal they can get from you.
Here are ways to navigate the conversation successfully:
Pause Before Responding. Silence does a couple of things. It allows you to collect your thoughts. And it provides an opportunity for your client to fill the dead space with words. This approach is tried and tested. Many people can’t stand the silence and will jump to fill the void by sharing things they may not have readily offered – just to fill the gap.
Ask About Other Concerns. If they don’t fill your brief pause of silence with additional thoughts, ask them “What else is of concern?” Their response not only gives you additional insight but it allows you to connect with your client on a deeper level by showing you care.
Summarize What You’ve Heard. Respond with phrases like “those are great points” or “I understand your concerns.” In doing so, you’re making them feel validated. Parrot back the objections they’ve stated. For example, if they say, “Can you give me a discount?” You’d respond with “I understand you’re concern about the rate. You’d like a discount?” Typically, the customer will tell you exactly what they need.
Showcase the Benefits. Remind the prospect about the value of what you’re offering and how it helps them meet their needs and goals. Focus on how much money your insurance quote will save them. Tell stories of how working with you for insurance coverage has helped other customers. Always be armed with testimonials and case studies that showcase the value received by others.
Tout Your Key Differentiators. Share with prospects what they get when they do business with you. Let them know about the tools you use to help them get the best quote options and the additional services you offer. (If you’re using Syndicated Insurance Resources free dashboard – you’re able to access more than 150 markets and 40+ unique offerings quickly. You can also offer HR Consulting services on demand, and much more.)
Want more ideas on how to respond to “It Costs Too Much?” Download our tip sheet.