There was a TV show that played a prank on patrons in an upscale restaurant selling “luxurious” phony imported waters costing as much as $7.00. Where was the water actually from? A garden hose on the restaurant patio. People bought the water and even raved about the clean, unique taste. They were willing to pay more for a product that they believed to be of value.
There is a lesson here that applies to selling insurance—it’s critical to convince clients of the value it brings. Not just because it may cost less than other competitors.
Anyone can sell insurance on price alone. But you’re not like everyone else.
Although the price-saving offer may be attractive to clients, you can choose to be cheaper, or you can choose to be better.
“Better before cheaper. They rarely compete on price.” –The Three Rules: How Exceptional Companies Think
Moving your focus to how your service or product will benefit a client instead of how much it costs is critical to success in the insurance market today.
The more you are able to emphasize the ways your service or product offers value to them, the less importance the price factor becomes in their decision. Therefore, as a salesperson, your pitch should focus on selling value over price alone.
Why You Should be Selling Value Over Price
When selling value, you need to really know your client and your product/service. Understand the ins and outs of your target audience. Get to know your client by genuinely listening to them and always aim to understand their needs. Then, you will be able to offer a plan that will bring them the most value—regardless of the price.
Harness the power of providing the best customer service possible. Here’s how to sell insurance and drive that elusive WOW Factor!
Give your clients what they really want by:
- Asking how you can best help them
- Listening intently
- Responding accordingly
- Solving their problems
You have the opportunity to rise high above those murky waters of playing the price game. Selling value over price could be a game-changer in increasing your insurance sales.
Pivot Your Insurance Agency Towards Sustainable Growth Are you an insurance agent who feels that your agency is stuck? Is your team grinding new leads each month yet your agency never seems to grow? Client Focus has worked with thousands of agents over the past 15 years just like you. Our purpose is to help your insurance agency pivot onto a path to sustainable growth.
References: http://www.insurancesplash.com/blog/how-to-sell-insurance-on-value-instead-of-price-14-sales-tips/, http://blog.agencyrevolution.com/never-sell-insurance-on-price-again-4-reasons, http://www.advantagepartnersnetwork.com/sell-insurance-on-value/, http://www.insurancejournal.com/blogs/2013/10/22/308919.htm, http://brentmkelly.com/how-insurance-agents-can-provide-real-value/, http://asiagenthub.com/2017/01/5-ways-to-sell-insurance-on-value-instead-of-price/, http://www.thinkadvisor.com/2016/06/23/how-to-sell-value-rather-than-price, https://www.linkedin.com/pulse/how-sell-insurance-value-instead-price-14-sales-tips-robert-rodriguez