Why Else?

If you’re trying to wrap up a sale with a new client and the final decision comes down to price, you’ve only got a 50/50 chance of winning the business. If your price is better, you win and if your price is worse, you lose. If you want to increase the odds of closing more sales, you need to up your game a little bit and get the focus away from the price. One way to do that is by asking “why else?”

If a prospect (or client) tells you that they have a proposal from someone else with a similar or better price, don’t get defensive or assume you’ve lost the sale, as price is only one factor in their decision. Instead of throwing in the towel, ask them “if the price was the same, who would you rather do business with and which policy would you rather own?”

There are two ways that this could go. Either they will tell you that they would rather do business with you or they’ll tell you they’d rather do business with your competitor. Whichever way they answer, your next question should be “why is that?”

When they give you a reason why, your first instinct is probably going to be to interject and add your own opinion, but this would be the WRONG approach. This isn’t the time for you to be talking, this is the time for your prospect to be talking. Your job is to keep asking the right question in order to gather enough information to overcome the price as a reason to buy somewhere else. So, your next question should be “why else?”

When they give you an answer, ask them again, “why else?” Repeat this process until they run out of reasons why. If they stated that they would rather work with you if prices were equal, you’ll now have a bunch of reasons why they should work with you even if the prices are NOT the same. For example:

Them: “I’d rather work with you because you’re more knowledgeable.”

You: “Why Else?”

Them: “Your policy has better coverage for…”

You: “Why Else?”

Them: “I like the way your coverage extends to…”

You: “Why Else?”

Them: Your office is closer and you were recommended strongly by my friend, they said you really take care of them well.”

You: “Why Else?”

Them: “That’s it.”

If the prospect gives you 4, 6 or 8 reasons why they would rather do business with you, you now have 4, 6 or 8 reasons why your price SHOULD be higher or why they should move forward even though your price is higher!

If your prospect tells you that if the price was the same they would rather work with your competitor, repeat the same process as above until you have the list of reasons why you’re being beat out by your competition. You now know exactly what needs to be overcome or, worst case scenario, how to improve so that you’re NOT beat out the next time you find yourself in the same situation. You will probably find that the information they have from your competition is somehow flawed or missing important pieces that will help you overcome the price.

You may also find that you’re offering the wrong product all together if there are aspects of the other policy that they prefer over yours. You now have the opportunity to either adjust your offering or recommend something all-together different that meets your prospects needs better.

Knowledge is power and, no matter what you find out when asking your “why else” questions, you’ll now have more knowledge about how to close the sale you’re working on AND how to improve with your next client. 

2016 - Best Year Ever, Best Agent Ideas Ever!

Believe it or not, Britney Spears has an amazing lesson for you when it comes to growing your business and having the best insurance agency in town!

Before we get to it, let's talk about 2016 real quick. I'm dedicated to making 2016 the best year ever for insurance agents all across the country by providing the best agent ideas ever all throughout the year. Why, you ask?

Because this is OUR year! The year of the agent! The year for professionals to fight back against the 800 #'s and internet insurance companies! I just read an article about the up and coming "Uber" of the insurance industry that is designed and dedicated to driving the local, professional agents out of business. I don't know about you, but that makes me mad. Really mad!!

I come across so many prospects who are currently insured with an 800 # company that have the ABSOLUTE WORST insurance coverage possible for their situation. High net-worth folks with low (and sometimes NO) coverage to protect their families and their assets. Young families starting out that have coverage they don't need because someone on the other end of a phone line a thousand miles away pushed the wrong button on their computer screen.

Consumers NEED professional agents and those of us who are in the front lines representing our clients and protecting families deserve to be paid for the hard work that we do every day. Not only are we fighting for and helping consumers, most of us are small business owners that are also employing people and supporting our community. Our cities, our clients and our country needs professional agents like us to not only stay in business, but to thrive, excel and succeed!

If it sounds like I'm pumped up and looking to change the world (or at least improve our industry), it's because that is EXACTLY what I'm planning to do in 2016. I'd love it if every professional agent form every company in every city across the country came along for the ride. We may work for different companies, but we're in this great industry together and we're definitely stronger together than we are apart. It's time to share better ideas, help each other and our industry grow. It's time to be more successful, and help more people. It's time to stand together and fight back against the big companies that are trying to get rid of us, and Britney Spears knows how to get it done (or one of the main components of getting it done, at least)!

Fortunately, she put it into a song for all of us. I've taken the liberty of highlighting the important parts. Here it is:

Work Work

Britney Spears

You want a hot body? You want a Bugatti?
You want a Maserati? You better work b****
You want a Lamborghini? Sippin' martinis?
Look hot in a bikini? You better work b****
You wanna live fancy? Live in a big mansion?
Party in France?
You better work b****, you better work b****
You better work b****, you better work b****
Now get to work b****!
Now get to work b****!

Bring it on, ring the alarm
Don't stop now, just be the champion
Work it hard, like it's your profession
Watch out now, cause here it comes
Here comes the smasher, here comes the master
Here comes the big beat, big beat disaster
No time to quit now, just time to get it now
Pick up what I'm putting down
Pick up what I'm putting down

You want a hot body? You want a Bugatti?
You want a Maserati? You better work b****
You want a Lamborghini? Sippin' martinis?
Look hot in a bikini? You better work b****
You wanna live fancy? Live in a big mansion?
Party in France?
You better work b****, you better work b****
You better work b****, you better work b****
Now get to work b****!
Now get to work b****!

Break it off, break it down
See me come and you can hear my sound
Tell somebody in your town
Spread the word, spread the word
Go call the police, go call the governor
I bring the treble, don't mean to trouble ya'
I make the governor, call me the governor
I am the bad b****, the b**** that you'll never know

Hold your head high, fingers to the sky
They gonna try to try ya', but they can't deny ya'
Keep it moving higher, and higher
Keep it building higher, and higher
So hold your head high, fingers to the sky
Now they don't believe ya', but they gonna meet ya'
Keep it moving higher and higher
Keep it moving higher and higher and higher

Work, work, work, work
Work, work, work, work
Work, work, work, work
Work, work, work
Work it out, work it out, work it out, work it out
Work it out, work it out, work it out, work it out
Work it out, work it out, work it out, work it out
Work it out, work it out
You better work b****
You better work b****

Although it does take MORE than just work to be successful and get you want (like working on the right things), there is no substitute for hard work. It's one of the components needed to make 2016 your best year ever. Thanks for the reminder, Britney!

Getting "Social" With Your Insurance clients

If you've known me for any length of time or if we've had the chance to talk at all then you probably know I spend a great deal of time, energy and money on my current clients. In today's environment of rising insurance prices and declining persistency, every client renewal is almost like finding a new client. In fact, since insurance rates in the state of Colorado have gone up 50% (or more) over the past few years, every 2 client renewals is - financially - the exact same benefit as finding a new client. That is why I devote as much of my time to increasing my client persistency as I do to finding brand new clients.

When it comes to keeping clients happy and feeling loved, it all boils down to communication. How you communicate, how often you communicate, how enjoyable your communication is and how relevant your communication is to your client's lives all play a big part in whether or not your clients will stick around during the next cycle of rate increases. One of the many ways to improve your communication is to make sure it is both personal and business oriented. In fact, finding the right mix of business and personal communication is vital to your communication success. Here are a few tips to get more out of your "social" media:

1. Remember, it's called social media, not insurance media, education media, sales media or business media. While you can, and should, use social media outlets like Facebook and Twitter to grow your business, their primary purpose is for people to be social. This is your opportunity to lighten up a little and have some fun with your clients! Use your social media outlets to share personal stories and photos in addition to things that are more business related. Clients and prospects want to know that you're a real person, just like them. I used to pay a company to produce 6 insurance newsletters for me per year and mail them to my clients. I never heard from anyone to let me know they appreciated it or even read it. But when I started writing my own newsletters that had stories about things I was doing and the adventures my family were having, I immediately started getting great feedback from my clients. I also started getting more referrals and better cross-sales too! Try to keep a 60/40 mix of business and personal in order to keep your clients interested and coming back for more.
2. Get your clients involved. You want your social media to be a two-way street with your clients. The more interaction you can get, the better. Use contests, surveys, jokes, comics or anything else that fits your personal style to get involvement from your clients. Have your clients post pictures and stories to your Facebook page as a part of a contest so you can learn more about them as well.
3. Find the right media to reach your clients. Not all clients like to get on Facebook, and age has nothing to do with it. One of the fastest growing Facebook crowds is the over 65 year old folks. People like to get information in a variety of ways, so give them a variety of ways to get information from you. You can share the same story, article or contest through many different formats. For example, starting a contest on Facebook and then promoting it through an email blast and discussing it in your printed newsletter will get 3 different segments of your clients to participate. People want to be reached on their terms, so give them plenty of options. Consider sending out a survey to all of your clients (or your best clients) and asking them how they prefer to get their information. There isn't one media that is any better than another. The best media is the one your clients pay attention too, and that is going to be different for each of your clients.

As you implement new ways of communicating with clients and start turning up your social presence, keep in mind that anything you do is better than most of the other agents around town, because most other agents won't do anything at all! Start communicating and reaching out to clients on a more consistent basis and you'll see big, positive changes in your agency. Test your messages to make sure they are a good mix of business and personal and test out different ways to reach folks. The more you do, the easier it becomes and the better you become too.

The Power Of Engagement For New Referrals

There is a big difference in the number of referrals you receive from clients and referral sources that are satisfied with your agency to those that are engaged with your agency. In fact, a study by Advisor Impact called "Anatomy of the Referral" shows that almost ALL referrals come from people who are actively
 engaged with you or your agency at some level. I had a good reminder of this fact last week when I hosted a contest for National Jelly Bean Day on April 22nd.

During the last week and a half of April I gave my clients and prospects the opportunity to celebrate jelly bean day by guessing how many jelly beans I had placed in a jar (pictured below). The closest guess took home the jar of beans and an Olive Garden gift card that I had placed inside. During the 10 days that I accepted guesses, I had about 50 clients place their guess for the number of beans. However, during that same 10 day period, I received 5 new referrals from clients who had participated in my jelly bean contest! But that's just the half of things.

 Last week I took my jar of beans out to see 10 referral sources that I am trying to build relationships with. I let them and everyone in their office place a guess for the jelly bean contest. The result was fantastic, with 5 new client referrals during the 4 days that followed my visits! That's a total of 10 new client referrals in one week from a very easy and inexpensive contest. Why such good results? Because all of these people were actively engaged with me and my agency. They were participating and it was allowing us to have a good dialogue and a little bit of fun together.

It's great to have referral sources and clients who are satisfied with your agency, but it's something completely different when your clients and referral sources are engaged with your agency. Although jelly bean day has come and gone, there is always something you can do to get some participation from the people you work with. Take the initiative, find new ways to engage people with your agency and watch your referrals go through the roof!