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insurance selling tips to help you with closing a sale.
This is page 2, of the article called
"closing on the objection"
and if you have not read that article, you should do so now.
This "closing on the objection" insurance sales training session will now share some actual case studies related to this closing concept, and show you how to use this powerful technique to close a sale.
After you read this insurance selling tip page, then come back and watch this video that talks about how to use the closing pyramid concept.
Why should you close on the objection. Always restate the objection the way you heard it. followed up by a clarification and understanding. It may not be what the client said. see the below example to see what i mean.
About a couple months after I went through and studied this “closing on the objection” concept, I had the opportunity to visit with a rancher and his wife.
We went through the entire presentation and when I got to the close “I asked them if they liked what I had just shown them, and could they see themselves enrolling in this life insurance program?
Their response was yes, so I started to fill the paper work out and asked them for the monthly premium. At that time “they said they would have to think about it” because they did not like monthly payments.
I explained to them how we can set this up on a monthly deduction and they would not have to worry about writing any monthly premiums to send out.
They still balked, so I circled back and used the old cushion, bypass methods and reiterated the positive benefits, the cash values, etc, and they kept saying they really liked it, but he kept coming back and saying he don’t like monthly payments.
I was absolutely confused. I must have tried about 5 closes and could not get them to sign up. (He was trying to tell me something and I did not listen close enough to hear what it was he was really saying)
At some point during this insurance interview, I remembered what I read about this “closing on the objection” stuff.
So I decided to give it a try.
Then I asked them, can you tell me what we need to do to start this insurance program?
At that point, he said. We use PCA (production credit association) and we make a loan once a year for all our bills and operating expenses till the cattle are sold. If I could pay this on an annual basis we would gladly start the program? (Yup, you can figure out the dumb as rock feeling I had.)
I was focused on the monthly premium concept, because that was the way most hourly and salaried people in town would want to pay, but it did not fit this situation.
I really never listened to what he was really saying and if I did not use this “closing on the actual objection concept”, I would have walked out of that house without a sale. Eventually they became one of my best clients. I eventually made sales to all their kids, done an estate plan for them, selling several insurance policies, health insurance, retirement programs, etc.
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When ever I am selling insurance, and get an objection and can not close it in the first or second try, I use the following closing on the objection transition:
(Always restate their objection) Why? - Because we all know that communication or mis-communication is a serious problem.
How many times have you said something to your spouse or significant other and it was misinterpreted.) In other words what I said and meant, and what you thought I said, were actually two different things. Sometimes this is called called selective hearing, because we do not listen to the whole conversation or sentence.
The above case study and insurance selling tip is a clear example of why you should learn to close on the objection and learn to start listening to what your prospect is saying, it also gives your mind some time to re-boot and think about what they really are saying, so you could properly respond to the objection/concern, rather than just blurting out something.
As time went on, and the more I used this "closing on the objection concept," I realized what the author of that program was trying to tell me.
When the light bulb in my head finally came on, and ever since I started using this insurance selling tip, I was able to dramatically increase my closing ratio.
The key to this insurance selling tip and closing on the objection is that once you re-state their objection and clearly grasp what the problem is, you can deal with it. Otherwise your guessing and you missed their concern.
The above case study was a simple example to help you understand how this closing concept can work. There are many times when we are selling insurance that we really don't listen to what the prospect is really saying.
That is why you need to listen very closely to what people are saying when you start to close. They may some say something like I don't want all the money going to my children, or my wife. Maybe they really want to set up a monthly income for the wife.
Then there's also the objection where the client says I want to think it over. Still you need to close on the objection:
In this above example, I completed my presentation and then moved into my first close with the prospect.
At that point I could have started going into my cushion, bypass, and second story closing technique that I was taught in training school. In other words, I would have come back at the prospect with all the reasons they should own a policy on his wife with the two children and so on.
He responded "by saying that she is not very frugal with her money and he would rather have it paid out as she needed it rather than one lump sum."
Needless to say, I used the monthly income option to close the sale. He could always change it later. I closed on his objection.
I hope this insurance selling tip will give you a little insight as to how to close on the objection when you are trying to close a sale.
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