SALES PROCESS

What is Selling
Selling is to identify and/or uncover a need and then satisfy the need with our product / services for mutual benefit

Based on Studies:
 There are very few professional buyers of life insurance.

Action Plan


Work with a selling strategy that will cause the prospect to participate in the buying process.

Mastery of The Sales Process

Assures you of an effective selling strategy which helps you close the sale on any product, whether protection, savings, retirement or disability.

The Buying Process

What is Consumer Buying Behavior? What do you perceive?

Definition of Buying Behavior

Buying Behavior is the decision processes and acts of people involved in buying and using products. Need to understand: why consumers make the purchases that they make? what factors influence consumer purchases? what are the changing factors in our society.

There are four types of consumer buying behavior

1. Routine Response/Programmed Behavior--buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically. Examples include soft drinks, snack foods, milk etc. 2. Limited Decision Making--buying product occasionally. When you need to obtain information about unfamiliar brand in a familiar product category, perhaps. Requires a moderate amount of time for information gathering. Examples include Clothes--know product class but not the brand.

3. Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk. Examples include cars, homes, computers, education. Spend alot of time seeking information and deciding. Information from the companies MM; friends and relatives, store personnel etc. Go through all four stages of the buying process. 4. Impulse buying, no conscious planning.

Categories that Affect the Consumer Buying Decision Process

1. 2. 3.

A consumer, making a purchase decision will be affected by the following three factors: Personal Psychological Social

Personal
Unique to a particular person. Demographic Factors. Sex, Race, Age etc. Who in the family is responsible for the decision making. Young people purchase things for different reasons than older people

Psychological factors
Motive - A motive is an internal energizing force that orients a person's activities toward satisfying a need or achieving a goal. Actions are effected by a set of motives, not just one. If marketers can identify motives then they can better develop a marketing mix (MASLOW hierarchy of needs) Physiological Safety Love and Belonging Esteem Self Actualization Need to determine what level of the hierarchy the consumers are at to determine what motivates their purchases.

Social Factors
Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family, reference groups, social class and culture.

The Buying Process

What a funny subject! We are here to learn selling, not buying. Professional selling means satisfying buyers needs. We can sell to the buyer only if we know how he buys.

Let us see how people buy

In any type of selling, we have a buyer who buys to satisfy a need. It could be hunger,thirst, entertainment or relief from pain. Recall a person buying a newspaper or magazine while waiting for a bus or a train. Why does he buy the newspaper? Perhaps he wanted to know the latest news.

The Buyer Decision Process

At the end of the evaluation stage, purchase intentions are formed.

Process Stages
Recognition of Needs Information search Evaluation of options Elimination of doubts Decision to buy Post purchase behavior

Recognizing Need
Your need here was news. If you know the buyers needs and motivation to buy, you will be far more effective in your selling. A salesperson ought to keep the buyer as his or her focal point. At this stage of the decision making process the buyer moves away from minor irritation to real dissatisfaction. Once he decides to act, the buyer begins exploring possible options that will satisfy his need. We shall now look at the next stage.

Influencing Buyer Behavior

Search for Alternatives Gather information on products and alternative solutions to the problem(s) Information sources/ processing steps Use memory (depends on previous exposure, perception, retention) Opinion leaders and adoption and diffusion processes Perceived risk

Maslows Theory- Maslows Hierarchy of Needs

Evaluating options
This stage begins with a confusing array of choices and options. Imagine your wife or mother buying vegetables. - She has already recognized the need for vegetables. - Now in the market there are all sorts of vegetables available. - She will look at the prices, quality and the individual selling the same. Similarly while buying a watch, the choices are unlimited. - There are different brands like Timex, Titan, Maxima, Citizen,Rolex etc., - There are also different types of watches like Quartz, Solar etc. - Finally there are many models to choose from.

Approaches to Search for Problem Solutions

Internal Memory Thinking External Word of mouth, media, store visits, trial

Cost v/s Benefits of Search

Market Characteristics Product Characteristics Consumer Characteristics Situation Characteristics

Eliminate Doubts
Now we come to the interesting part. The part where the buyer has to pay. All kinds of doubts crop up in their minds. Doubts like whether they are paying the right price, whether the features are what they wanted or whether the quality is what is being promised crop up. It is only when all these doubts are eliminated that the buyer is ready for the final decision.

Decide
Finally the buyer goes ahead and decides to purchase the product or service. This is the last stage of buying. Since the buyer has satisfied himself about the doubts , he goes ahead with the decision to buy. This is the final stage of the buying process. Remember: Satisfaction is important: - Delighted consumers engage in positive word-of-mouth. - Unhappy customers tell on average 11 other people. - It costs more to attract a new customer than it does to retain an existing customer. Cognitive dissonance is common Post-purchase anxiety that results from an imbalance among an individuals knowledge, beliefs, and attitudes is called cognitive dissonance

Summary
To summarize, we have a four stage buying process Recognize Need Evaluate Options Eliminate Doubts Decide to buy This is called the REED process

The Selling Process

Background
We have seen that buyers go through a common buying process. Do sellers also go through a similar process?

Opening a sale
When you visit a client for the first time you usually greet him, introduce yourself , your co.,your product or service . You may also make some small talk about the weather, the dcor, sports etc to establish some sort of rapport. This is called opening the sale.

Developing the sale

You may now try to find out certain details about the buyer. A computer salesperson would like to find out the type of problems his customer is facing with his present solution being used. He would probably also want to know the kind of budget his customer has for systems. If you go ahead with the selling process without finding all out this information, you are likely to get into trouble . Finding out specific details about the customers problems, needs, budget or buying criteria is called Developing. Sometimes the buyer would not have recognized a clear-cut need. This is where you come in.

While developing you can get the buyer to realise his needs. For instance, a husband may not recognise that his wife needs a washing machine. So when he goes into a Consumer Durable showroom to buy a mixie, the salesman may talk about a washing machine , thus creating a need in the mind of the buyer. In addition you may also need to know your customers budget. You may also need to know your clients buying criteria. Your solution therefore should fit into the buyers criteria. This stage of the selling process goes hand in hand with the Recognize Need stage of the buying process.

Presenting the solution

Now that you have Developed the sale and are clear about the customers needs,budget and buying criteria, you propose a solution. This is done by proposing your solution , its features and the benefits it gives your customers. This stage ties in neatly with the Evaluate Options stage of the buying process. Your solution is one of the options that the buyer evaluates. At this stage you should try to project those features of your service which satisfy his need and will result in sale. Once you succeed at this, the buyer would purchase your service. As a logical extension, if you have more than one product, your efforts should be directed at proposing a solution which is closest to the buyers needs.

Eliminating Doubts
Once the buyer chooses your product from the options available to him, he would usually have some doubts about his choice. This ties in with the Eliminate Doubts stage of the Buying process. Your job would be to ensure that all these doubts are eliminated. Unless the buyer is satisfied on this count,he will not make a purchase decision. The doubts may be about the product, the features, quality, price, warranties etc. You have to handle all these questions and ensure that the buyer is satisfied with your answers. This stage is also called the objection handling stage.

Closing
By now the buyer is convinced that your product will satisfy his needs. You will have to increase the dissatisfaction he has with his current product or service till he reaches a point where he has to discard the old product and buy yours. You will have to use all your tact and skills to lead him into this stage. All these activities involved in bringing a sale to a favorable end are collectively referred to as Closing. Closing is to selling process what Decide to buy is to the buying process. If you falter at this stage and do not help or prompt the buyer to come to a favorable decision, the sale may be lost. You would then be the hockey or football team which is brilliant in dribbling but poor at scoring.

Summary
To summarize, the selling process consists of the following stepsOpening Developing the sale Presenting solutions Eliminate doubts Closing

Matching buying & selling

Buying process Recognize Need Evaluate Options Eliminate Doubts Decide to buy Selling process Opening Developing the sale Presenting solutions Eliminate doubts Closing

Steps in a Sales process

After Sales service Closing The Sale Handling Objections 8 7 6 5

Prospecting

1 2 3

Pre Approach

Sales Presentation

Approach 4 Fact Finding & Need Analysis

Step 1 :Prospecting

Prospecting is the cornerstone of your sales business.

Prospecting is nothing but the foundation and the structure on which your business is based

The more prospects you see, the more sales you have.
On an average a week should look like PROSPECTS

60 : Approach

18 : Appointments Seen

9 : Closing Interviews

3 Sale

No Prospecting =

No Income

Either you prospect or you die ! If you get the foundation right it will help you in reaching your dream. The success or failure you have in business will be in direct proportion to your ability to prospect. Prospecting requires physical action. Prospecting is the conscious, directed and continuing activity of seeking, observing, identifying and qualifying people.

Steps Of Prospecting
There are 5 steps to prospecting List Qualify Record Prioritize Maintain

List - In Prospecting everyone is your suspect.

The 1st stage of prospecting involves making a list of your suspects under the various natural market categories and from secondary market leads. .

The man with growing children. Problem: Maintaining the regular income, he would have earned, in case he loses his earning power through death or disability. The man with a mortgaged home.

Problem: A guarantee that his family will be able to continue to live in the home, if

he is taken away from them.

The man with a new baby. Problem: How to start a fool-proof plan that will guarantee his child a college education, or cash to start in business. The professional man. Problem: He must provide his own retirement; he has no income if sick or

disabled and unable to practice.

The newly married couple. Problem: A method of saving for the future which does not require unnecessary financial hardship. The working woman. Problem: A plan that will give her money for emergencies, for setting up a home, or to supplement her future husbands income. The business owner, or part owner. Problem: In case something happens to him, he wants a guarantee that his heirs will receive value for his interest.

Qualify - Qualifying is the process of turning a Suspect into a Prospect

C H I N A Character - Is our suspect having bad habits ? Health - Is our suspect insurable? Income - Can our potential prospect afford our products? Need - Does our potential prospect need our products? Approachability - Is our suspect approachable?

Record
Recording useful information in the prospect register

Prioritize- How to Prioritize

Most potential - Hot

Warm Prospect

Cold Prospect

Maintain-How do I maintain my prospecting cycle

By Practicing Good Prospecting Habits

Prospecting Habit #1
Get Names of People
Personal Observation Personal Acquaintances Policy owners Centers of Influence Referred Leads Newspapers Cold Canvas

Prospecting Habit #2
Qualifying These People Get as much information as you can to make sure they are real prospects for you. Familiarity breeds confidence!

Prospecting Habit #3
Record This Information Be Organized. The book of names (PROSPECTS REGISTER) is an effective system to file the information of your prospects.

Prospecting Habit #4
Get Introductions To People Try to meet people under the most favorable circumstances. For every prospect or client served, whether the case is closed or not, Ask for Referals

Prospecting Habit #5
Eliminate China Eggs Do not waste time on people whom you keep calling on over and over again but who never buy anything. A prospect whom, in many cases, repeat calls simply develop into friendly chats that lead nowhere.

Step 2: Pre Approach- Securing An Appointment

Refers to the pre-approach calls you make Making contact to establish a definite time and location for your initial interview Made either by telephone or in person

Why Is An Appointment Important ?

It saves time It adds prestige It increases the chances of making a sale

Keep in mind !
You should seldom press for an immediate interview The interview should be started at the convenience of the prospect In some cases, if you are calling on a close friend or acquaintance, you may conduct the interview at the time of the call. The only purpose of your call is Not to sell an Insurance Policy

In Your Pre-Approach
The words you use must be practiced and rehearsed until saying them becomes an natural as breathing.

Knowing exactly what you are going to say will give you confidence and allow to express yourself effectively.

Good Telephone Techniques

Have a definite time for phone calls Address prospect by name Speak into the mouthpiece Be a good listener Find a conductive place for making phone calls.

Step 3: Approach-The Most Important First 30 Seconds.

Be Brief Be Urgent Be energetic Be Prepared Be Optimistic Talk Little Faster Talk Little Louder Talk Little Clearer

Know your Stuff, Know who you Stuff

While speaking on phone

Place a mirror right in front of your telephone You shall ensure your enthusiasm and Your Smile reaches your prospect

First 16 Words
They are most vital Introduction Purpose - Power Statements Appointment - Closing Question

Introduce Yourself
 This is Amit from Reliance Capital Services  Mr. Pravin, is it a good time to speak to you?  Good morning Mr. Prvin, this is Amit from Reliance Capital Services  My friend Rajesh has referred your name to me, is it a good time to speak to you?

Use Power Statements

 I need to see you  I suggest plans, which could meet most of your financial goals  I assist people to create long-term assets  People find immense value in short meetings with me

Close Appointment
 With your busy schedule can we have some time for our meeting?  Mr. Prashant, would it be convenient for you tomorrow at 4.00 pm, or at 7.00 in the evening?  Could I have the address of your office/home?

Ignore The First Objection

 The first objection is smoke screen / stalling  Back-off and ask a counter question  Mr. Sharma, let me ask you a question When was the last time you reviewed your existing saving plans?  I can do that for you, with no commitment from your side can we now meet tomorrow at 5 pm?

Close at 2nd Objection

Acknowledge the second objection, and say Mr. Sharma, I promise not to sell you anything, you would be the sole judge and have no regrets for meeting me! Be Persistent and Polite and at least take 3 NOs before you wish to quit

Confirm
 Say thank you for the appointment and confirm date, time and venue  Mr. Prashant, I shall meet you at your residence on 29th Feb, Thursday at 7.00 in the evening  Mr. Prashant, thank you very much for the appointment and have a nice day

Telephone Etiquettes
Always allow your prospect to end the call Please do not keep the Prospect on HOLD Let the prospect not hear the MUSIC in your house

Tele-calling tips
Keep your script Right on your desk Profiling Helps Keep at least 5 names to call, so you are successful with few appointments Make Notes improve on objection handling

Step 4:Fact Finding

Basics of Personal Planning

An approach to fact finding Q. Why do people save? 1. To meet future needs 2. They may not consume their present earnings totally 3. They want their saving to grow by earning returns (interest or dividends) on them 4. They would like to save income tax by a choice of saving.

Q. What is the objective of financial planning?

To ensure that you save adequatelymeet you financial goals As financial consultant we have to bring a change in peoples thinking from Income Expenses = Saving TO Income Saving = Expenses

Q. What factor people consider in choosing a financial instrument

1. Safety 2. Liquidity 3. ReturnsExpenses in managing assets

 The weighing of above factors in making a decision would depend on Life Cycle Stage of the investor Investors who inherit wealth look for long- term investment They are able to take risks and invest for long term. Their liquidity needs are low. Investors who accumulate wealth suddenly would like to Conserve it and would prefer low-risk investments. Retired people who need regular income would prefer high safety, their general preference is therefore in post office MIS

The Principle of financial planning

Start early Start late - Save less - Meet you financial goals

- ability to save less( though willingness could be here) - unable to meet financial goals

Example. 1: Rs 2615 pm invested from age 20 till age 45, earning returns @ 6% 20 Investment period = 25 years Maturity at age 60 = Rs. 50 Lacs 45 60

Example.2: Rs 7,215 pm invested from age 35 till age 60, earning returns @6% 35 60 Investment period =25 years Maturity at age 60 = Rs. 50 lacs If you start early you need to save less to reach your financial goals. If you start late, you have to save more. But a persons ability to save reduces with increasing age as liabilities towards family. Therefore despite of willingness there are limitations to saving.

Fact Finding..? For What?

Collection of Data Recommending Needs

Why?

By Whom?
Financial Consultant

How?
Asking Question

Questioning Skills
Why ask question ? To get general information To understand customers requirements To understand customers mind To make the other person think To take time for doing our thinking To open a dialogue which leads to a good rapport building

What to do when you are asking questions?

Ask one question at a time Probe further when you receive short answers Do not interrogate the prospect

The Art & Science of Asking Questions

Types of Question : Open Question gives information Close Question gives confirmations or decisions

Open Question
Open neutral Question is likely to give long uninfluenced answers Open Leading Question is likely to give long influenced answers Where Key Words : What When Which

How SHORTER THE QUESTION MORE OPEN IT IS

Closed Question
Likely to give short influenced answerOften just YES or NO Key words Are Can Do Am Have Is

Significance Of Communication
Verbal - 35% Non-verbal - 65%

Identifying needs
Finding out your prospects needs is the key to successful selling.It is our job to uncover the needs of the prospect, even by converting vague concern into concrete needs.
Improve Security Quality of Life Self worth at old age or in case of disability Maintain Lifestyle at old age Lifestyle after the breadwinner passes away Standard of living after serious illness Reduce Worries about the future Dependencies on others at old age Trouble with different investments

Eventualities of Life
Positive Sides of Life

Negative Sides of Life

Your Priorities in Life

1 Wealth Creation 2 Financial Planning in case of Accident & Disability not likely Financial Planning for Childs Future

Financial Planning for Critical Illness if it occurs

Financial Planning for joyous Retirement

Financial planning for Premature Death- no, it wont happen

Then Provide Prospect with the solution based on his priorities To do this we need to have his Personal financial Details

Fact Finding Lead with Need

Mr. X, for me to understand your financial need. I would need details of your personal finances. Promise: I Promise you, the information you share with me not go beyond this room unless you wish to share with someone.

Essentials
Please pen down the name of the prospect, name of his children to personalize the document. Prospect Name DOB Profession Children( name,age) Parents Wife Occupation

Analysis of Existing Life Insurance Policies

Sr . Policy Type Start Year Term Maturity Age Protection Premium

Total

Mr. X you are currently paying premium of Rs. ________ and your protection is Rs. _____________ till maximum age_____.

Analysis of Existing Saving Plans

Sr . Saving Instrument Value Term Retur ns Safety Protection

Explore if any of these saving instruments can be liquidated partially/totally to fund insurance premium to increase the protection level To know the risk-return profile and saving habits of the prospect

Monthly Essentials Expenses:

Groceries Vegetables / Poultry Milk Gas Housemaid Maintenance Charges Electricity Telephone Bills Cable Newspaper School Fees Tuition Fees Children Conveyance Parents Medicals Conveyance Cigarettes / liquor Personal Miscellaneous Entertainment Total of monthly ESSENTIAL Household Expenses

Annual Saving Potential

Total Monthly Household Earnings a. Net Salary b. Net Salary of Spouse c. Other Income Less: i. Monthly Essentials Expenses ii. Housing Loan EMI iii. Personal Loan EMI iv. Other monthly outflows

Net Monthly Savings

Estimated Annual Savings Less Premiums on Insurance Policies Other Annual Outflows

Estimated Annual Saving Potential

Cash Needs
(Financial Goals / Obligations / Essentials in unforeseen circumstances) Housing Loan Outstanding Personal Loans (incl. credit card o/s) Children Education Post Graduation Cost Children Marriage Expenses Medical Contingencies Capitalization of essential expenses (annual / 0.06)

Rs.

Liquid Assets
(Assets which can be liquidated to meet Cash Needs)

Rs.

Gold Property (land, second house) Life Insurance- Protection Provident Fund Other Employment Benefits Total of Other Saving Plans Other Liquid Assets

Protection GAP

Total
= Essential monthly expenses x 12 months / interest rate p.a. God forbid Mr. X, if you are absent, your family would need to keep at least this sum of money to earn interest income sufficient to meet their monthly essential expenses as discussed above.

Total

Prospect should give most of the figures. A realistic approach would give manageable figures to work upon. Other aspects like support from joint family / inherited property of parents, employment possibilities for spouse etc. should also be considered.

Need Analysis

Protection Requirement = Maturity (Retirement /other) Benefits required = (shortfall from other saving instruments towards retirement) Annual Saving Potential = Shortfall in Savings to avail SEC 88 Tax Benefits =

In case annual saving potential is less, restructuring of existing assets could fund the premium.

Step 5: Sales Presentation - Solutions and Recommendations

The needs analysis should be used to guide prospects through the most important part of the sales process, i.e., identifying their financial shortfalls, establishing their needs and determining realistic objectives to satisfy those needs. As the needs analysis is the focal point of the sales interview it is worthwhile considering the benefits that can be derived from a properly constructed needs analysis. Selling is not just talking but making the prospect talk and then our doing the talk

Step 6 :Handling Objections- What is an Objection?

Objection is an Unanswered Question

Why Do We Get Objections?

Lack of Trust in product / service Lack of Quality Information Lack of Clarity High perceived value of product/service Prospect wants to postpone the decision till he consults a decision maker

Why Do We Get Objections?

Lack of Confidence Low self esteem Lack of Presence of Mind Lack of Knowledge,product,market etc Giving incomplete information to the customer Underestimating self / customer

How We Tend To Feel?

Demoralized Argumentative Angry Indifferent Defensive

Two factors will determine your success in overcoming objections:

Your Attitude Objections are not obstacles to closing the sale Welcome the objection as a useful information to determine your prospects thought process Your Technique Learn and master the technique for handling objections and youll be able to remain poised and react calmly

Types Of Objection
: Insincere Objections
These are not motivated by logic or truthfulness but only a sales resistance

: Unspoken Objections
These are moments when the prospect does not respond or speaks out his thoughts

: Genuine Objections These are serious ones and has a ring of sincerity, providing a clue to the prospects thought process.

Things To Remember About Objections:

The first objection is not the real objection but only a sales resistance. Its expressed in alibis, excuses or stalls. Genuine objection will have the ring of sincerity Make the genuine objection the final objection.

Three Ways Of Handling Objections:

Ignore Insincere Objections
Maintain your poise and build the prospects confidence by displaying empathy and patience.

Defer

Ask permission to answer the objection later to rob some of its potential strength.

Too Early Objection to keep the sales talk on the track.

Answer

Genuine Objections

Answer the Objection to your prospects satisfaction.

To Answer It master the Technique

Here It Is

The 7 Step Technique For Handling Objection

1 PAUSE (Hear the Prospect out)

Let your facial expression register, Im taking your objection seriously. Listen actively to the Objection Start Thinking Empathizes Lean forward, nod your head in agreement with the prospect.

Probe Gently (Ask the Prospect why he thinks so?)

Customer expands on his Objections Gives us even more time to think Customer may provide leads for the solution. 3 Restate to clarify I want to make sure that I understand how you feel and what you are saying is ..
Yes
Go to Step 4

No
Go back to Step 2

Isolate objection

Apart from this concern, is there any other reason thats keeping you from acting on this plan now? Yes Go back to Step 2 5 No Go to Step 5

Lock the prospect (set up the ground rules) If I can take care of this to your satisfaction can we proceed further with the plan? Yes Go to Step 6 No Go back to Step 2

Answer the objection Respond indirectly by using a motivating story or respond with a tactful reply. Stimulate action (Confirm the Answer) Make sure that you have answered the objection to the Prospects satisfaction. Does that fully answer your question? Does that ease all your concern?

Yes CLOSE

No Go back to Step 2

Put It To Work In Your Daily Selling Routine. Use It Until It Becomes A Habit. You Will Be Delighted With The Results! Remember Selling isnt Telling

Step 7:Closing- How did you reach here?

After making 60 approaches? Would you like to close or lose 60 approaches? Would you like to earn your weekly commissions NOW? Would you like to make the day for you?

Why Close NOW?

Would you like to hear NO, when you call your prospect NEXT? Did you create a desire in the Prospects Mind, only for your competitors to Sell? Would you like your Prospect to utilize the Budget for something else? The Prospect might get to hear a wrong advice Someone else in your company could close him You also lose 3 policies from those 9 very valuable and highly recommended referrals! And you lost that recognition which you always deserved just short of 1 policy

Things To Remember In Closing A Sale

The object of your sales effort is to motivate your prospect to make a decision in your favor NOW! Emotions drive prospects into decisions In closing, nothing is more contagious than your enthusiasm An assertive attitude of expectancy coupled with a planned strategy will help you close more sales.

Learn to Recognize the BUYING SIGNALS

He puts on his glasses, he begins to study your proposal. He asks questions. He begins to calculate the benefits. He becomes more friendly towards you. He cooperates better. He indicates concern about his problem. He pulls his chair up closer. He leans forward. He begins to pay closer attention. His tone of voice changes. He becomes involved. He scratches his head, rubs his chin, nods his head. His facial expression reveals concern. He asks questions as if he had made the purchase.

Problems with Closing the Sale

Sales Managers Fear Prospects Fear

Sales Managers Fear

Fear of hearing NO Fear of Rejection Sense of Caution perception that the prospect may feel offended common feeling shared by many Sales Managers in their natural market

Prospects Fear

Buying a wrong plan Fear of criticism from family members/colleagues/friends Paying too much

Closing Conditions
Be prepared speak with AUTHORITY  Establish DEADLINE keeps you say most important words business like  Be Determined to close TODAY  Project POSITIVENESS  Check your Enthusiasm Level - Closing is Transfer of Enthusiasm your conviction in the plan becomes the prospects conviction Confidence Level - Presentation you make - Recommendation you made  Become a Enthusiastic and Confident Assistant Buyer and be prepared to ask the Prospect BOLDLY!  Take your Prospects mind off the big decision by asking minor question.


Proven Presentation Principles

Build Credibility Be well-mannered Simplify your suggestions Speak the prospects language Speak Authoritatively Sell at the buyers pace Avoid overstatements Avoid dogmatic statements Make it the Prospects Idea Summarize Strategically Close with Confidence Move to Act

Closing Techniques: 13 steps

Always Converse Clarify Connect Gain Commitment & Close

1.


Hot Button Close

90% buying decisions are made on 10% features / advantages / benefits Find the Key Benefit, that your Prospect is looking for or has appealed him Invite Key Objection ask open ended neutral/leading questions Question Skillfully and Listen Carefully

2.


Trigger Benefits Close

Assist your Prospect in imagining the utility of maturity benefits of the Plan make him imagine his post retirement life / childs higher education / daughters marriage. Speak about the timely utility of rider activation.

3.

Stalling Close

To overcome ingrained buying resistance  No Need that is exactly why you need to buy  No Money that is very reason why you must buy  No hurry that is the very reason why you should be buying NOW!

4.

Objection Close

Take the objection and make it the reason to buy.  I am into business, I cant plan regular premium We have limited payment premium facility  I cant pay annual Would quarterly payments suit you most?

5. Invitation Close
After presenting the solution and matching with the need analysis from fact finding - INVITE Does this Plan now meets most of your needs? Keep seeking his consent while doing the fact finding, need analysis and Plan building. Make him say Yes several times.

 

6. Ben Franklin Close

Americas first self-made millionaire  Write down at least 10 reasons how the Plan meets the Prospects Needs.  In the Process summarize every single feature, advantage and benefit of the Plan.

7. Trial Close
Ask trial closure questions  Would you like to undergo medical examination tomorrow morning or evening?  Would you provide me a photocopy of passport or school certificate as your DOB proof?  Whom would you like to nominate for your insurance policy?  May I help you to fill this proposal form?  Would you like to have shorter premium payment terms?

8. Assumption Close
Assuming that the Prospect is willing, start the process of documentation and seek his participation

9.


3rd Party Story Close

You could wish to narrate an interesting story, which the prospect could relate to his situation. People seldom forget interesting stories.

10. Door Knob Close



With very stubborn Prospects, thank him for the time and just pack your bag and walk towards the door. Turn back and ask Before leaving  may I ask you 1 simple question that would help me in my profession?  What stopped you from buying this Plan? This is final and last effort to invite the key Objection If you get it, you could make your day!

11. Sudden Death Close



If your Prospect has called you on 4th occasion, just keep the filled form in front of him, check your enthusiasm level and make a powerful closing phrase and keep silence ..

12. Price Close

DO not discuss the price until you have discussed all the features, advantages and benefits. - Mr. Prospect, just suppose of price would have not been your concern, would you like to go for this plan? - The Plan is only costly in comparison to your alternative saving plans - The Plan would only become expensive if you delay your decision - It would only COST your family if you do not buy this Plan

13. Referral Closing

 

Would you like to help me in my profession? Promise me, if you happen to know someone who needs a similar service or someone thinking on buying life Insurance, I should be the first person getting a chance to talk

We miss 100% of the sales we dont ask for

How many times do I ASK?

Extracts from Page 223 Ziglar 46% ask ONCE and quit 24% ask TWICE before giving up 14% ask THIRD time 12% hang in there to make FOURTH attempt = 96% QUIT after making 4 attempts to close 60% of all sales are made after fifth closing attempt 4% Salesmen make these 60% SALES!

The Final ACT!

  

Ask for the Cheque Take the final signature And only then ask for other information to be filled in the form NEVER fill the application form before the cheque is taken, you might lose the sale

Thank You