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Needs Based Sales Presentation. LIBERTY NATIONAL LIFE INSURANCE COMPANY 2013. Needs Based Sales. Needs Based Sales.
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Needs Based Sales Presentation LIBERTY NATIONAL LIFE INSURANCE COMPANY 2013
Needs Based Sales • The chief function of life insurance is to pay for a person’s final expenses. Some of the money paid to a beneficiary normally is used to meet current financial obligations created by the insured’s death. The remainder of the money may also be used to meet future needs of the insured’s beneficiary or beneficiaries. • Totaling the amounts required to pay for current and future expenses is often referred to as the “total needs approach” to determine how much life insurance a person should carry.
Four Obligations at Death 1: Final Expenses Funerals cost money. So do doctors; the ambulance; and the hospital, where a stay before death could cause a bill. Income taxes, estate and inheritance taxes, (because they resulted from death) make up what could be called “Death Taxes.”
Four Obligations at Death When a breadwinner dies, dependent family members may still have other financial needs for: 2: Income Replacement • Replacing the breadwinner’s income 3: Mortgage Protection • Taking care of the outstanding mortgage loan on the house (if any) 4: College Education Protection • Today, almost everyone recognizes the necessity of a good college education for their kids, if they hope to attain success in the business or professional world. Many conscientious parents consider it their duty – an obligation – to establish a fund for their children’s education.
Need for Life Insurance No matter how many of these obligations an individual leaves behind, there’s only one thing that will satisfy them…money! For this reason, a person who wants to relieve the family of obligations when he or she dies will plan to leave them with an estate – money – that is sufficient to cover all needs.
Needs Based Example Jim died. He was the breadwinner. The family suffers the loss of his income plus the responsibility of these expenses:
Rapport Building First component of success
The Balance Between the Human Elementand Technology • Clients buy products based on advertising messages, word of mouth, reputation, etc. • Clients buy LNL products because they like and trust the Agent. The Laptop Sales Presentation is key to show professionalism and uncover the client’s needs. But that’s only part of the sales process. The other key is human interaction, which is represented in the rapport and close. • When you break down the sales process, the amount of time spent on each step is: • Rapport – 40%; Need – 30%; Presentation 20%; Close 10% • Therefore, the balance between the technology and the human element must be 50-50.
LAPTOP AGENT Balance between Human Element & Technology is 50/50
The Art of Establishing Rapport Consumers today are more professional and better educated because they are bombarded with sales pitches over the radio and TV. A professional agent can break through all of this resistance by playing up to each customer as if that person is the first and the last client he/she will ever sell to. Make that customer want to do business with you.
People buy from Agents they Trust Customers may feel threatened by an Agent coming into their home. Therefore, everything an Agent will do or say in the home will either produce tension or trust. Don’t start closing from the moment you walk in the home. This will build walls and not trust. Go slow, create trust, and then move into your presentation.
People buy from Agents they Respect Respect the customer’s time. Don’t spend more time than you need to make a sale presentation. Respect the customer’s territory. You are a guest, so ask for permission to move around the room or come closer to show a brochure. Respect your customer’s intelligence by being up front.
Rapport Building: The Warm Up When you walk into a house, find a place where you can sit comfortably and face the customers. Put your hands on the table, relax, and establish rapport. People buy from you because they like you and they trust you. They buy you first, then the Company, and the products after. Find something in common with your customers and go from there. Avoid politics and religion. This should not last more than 15 minutes.
Transitions and Tie Downs Second component of success
Less is More Remember the Laptop demonstrates the need for the product. Your job is to transition into those videos, re-emphasize, and tie down the importance of the need and the product to the client. To do this effectively, use the LNL Laptop Presentation Script
Introductory Offers • *National Safety Council 2012
Asking for Referrals (Sponsors) “We are trying to extend introductory offers to the people in your circle of influence who you know can use it.” “Who would you like to sponsor FIRST?” Get your first sponsorship and ask “Who would you like to sponsor NEXT?”
Referral Collection Tips • “Who’s first …” is much better than “Can you think of anyone …” • Always ask “Who’s next?” • Even if they say they can’t think of anyone else, bring up another option, a sibling, relative, neighbor, or coworker and they will think of another, then say, “who’s next?” • Be suggestive. “Most people just look through their phone to think of people.” • Use competition, “Most people sponsor 10, but the most I’ve seen someone sponsor is 27 if you want to try and set the record!” • Overcome an objection, “Whenever the Company sends out a claim check, the family receiving it never sends the check back, they always cash it. Who do you want to help first?”
Needs Analysis • The Needs Analysis has a threepart process to follow to ensure the strongest effect: I – R – T
NeedsBased Closing Third component of success
Downclosing Basics • First, understand the objection isn’t always related to the price. • Before downclosing: • Listen to what the client is telling you. • Identify what the actual objection is. • Overcome the objection, and re-ask the closing question • Option 1 vs. Option 2 • $15,000 WL to $10,000 WL • $10,000 WL to $7,500 WL • Income replacement reduced 1 level • Ex 2 years to 1 year
