What are the common objections an agent faces in a sales situation?
Total Comments: 26
Posted: Thu Aug 28, 2008 07:17 am Post Subject:
Hi ..
I'd think OHInsAGNT has some points which are important in today's life.
Obstacles would come from all quarters. It is not only about facing problems from Auto or health or home. It could also be from Specialty forms. Say you go to sell 'critical insurance program' to someone who doesn't know anything about it. This first thing that you'd hear from him is a good bit of knowledge about disability insurance benefits. Here are some important facts regarding this-
* People do have this misconception that disability insurance has all that they would need to cover a critical illness.
* Everybody is not aware that only when a listed critical illness is spotted the disability policy reimburses in proportion to the treatment expenses for that particular decease only.
* Compared to a disability insurance policy, a critical illness policy would reimburse the policy holder for the full policy value mentioned in the policy.
* People are not aware that disability policy provides for a percentage of wages earned for over a period of time prior to the period of disability.
Hope likewise different others spheres have other associated challenges.
Regards, Fatman
Posted: Thu Aug 28, 2008 10:14 am Post Subject:
:shock: I don't even know how to spell P & C, (Properly & Casually?) :P
Yes, I'm not talking about P & C.
I'm talking about the life, health, annuity, long term care side of the business.
The P & C business, in my humble opinion, is sold on price and dies on price.
That being said, the 4 reasons why someone didn't buy are the same regardless of the product or service being offered for sale.
There isn't a "5th" objection.
Only stated obfuscations of the core objection.
Posted: Thu Aug 28, 2008 06:32 pm Post Subject:
P&C is not so much a sale as it is purchase. They have it, know they need, the question is why are you or the companies you represent better than what they have. They ARE going to buy from you, someone else or their current insurer. You DO NOT have to convince the to buy. You just have to convince them to buy from you
It's also your duty as an agent to explain what the coverages are and more importantly the limits...and that most state limits won't keep you out of trouble!
Posted: Sat Aug 30, 2008 12:38 pm Post Subject:
I agree what everyone is saying. I do however feel it's more than just a purchase. It is your responsibiity as the agent to be sure they are properly covered with their limits. I believe it is more than just price.
Posted: Tue Sep 02, 2008 03:07 am Post Subject:
I concur with the view that spouse involvement and decision is important in estate planning and financial planning when we need to look beyond protection needs to also cover other aspects such as wealth creation, accumulation and distribution.
A thorough estate planning and financial planning requires extensive fact find and before an agent can make the customers comfortable enough to disclose some very personal and private information, the agent must be able to build solid relationship with the customers and gain their trust.
Some agents adopt financial planning and estate planning approach in selling. Though the process is lengthy as it takes time to build trust, it is rewarding too.
Some agents may adopt a different approach to first turn the prospect into a customer and then from the customer to become a client. It is easier to get the prospect to first get himself a protection plan before we proceed to talk about other financial needs by doing a thorough financial or estate planning.
It is a matter of strategy. If an agent is of the view that it is utmost important for a customer to immediately get protection, then no harm done if the customer decides to take up a protection plan for himself simply because he wants his family to continue to have income even though he is no longer around.
The customer makes the purchase decision because he sees his responsibility being breadwinner of the family members to provide food and shelter whether he is around or not.
If the intention is right and everybody's conscience is clear, spouse's approval may not be necessary. After all, insurance is always gift of love. We don't seek our loved ones' approval before buying gifts.
Posted: Tue Sep 02, 2008 11:00 am Post Subject:
Some agents may adopt a different approach to first turn the prospect into a customer and then from the customer to become a client.
See, there are different approaches adopted by different sellers from time to time. Approaches would largely be influenced by economic downturns & availability of resources. As we have often discussed how the different databases are generated in the world-market targeting people of different economic strata, agents now-a-days would need to have a good bit of product knowledge since it is the best way for them to judge which product-line would suit best for which class of consumers. Once you opt for a cold-calling process & succeed in convincing the other party, you have him as your 'customer'. The next time you appear into the market with a different product-line you should be targeting those you've already won over with your initial product-line. It is a time-tested experience with one and all that converting those who have already signed-up with you have a greater success probability than the brand new prospects.
Regards, Fatman
Posted: Tue Sep 02, 2008 11:18 am Post Subject:
Hi Fatman,
When you have mentioned about the sourcing of databases, it urges me to share with you all how different classes of databases are flowing in the market. As you have rightly taken up the issue of databases designed to target specific economic strata, I'd like to share how such target-oriented databases may differ from one another both in terms of quality & pricing. There are different sales-processing agencies who are queuing up records solely on the basis of performance upon targeted products. While comparing sales performances on similar kinds of products it is evident that some outsourcing units in the world sales-market have the capital-funding to purchase costlier databases than the others. Since the tried databases are of no good in today's dynamic world, they are mixing some good leads with the tried ones to create mix-performance databases for the mid-economic business outsourcing units. Regards, Evan
Posted: Sun Sep 07, 2008 12:22 am Post Subject:
While it is true that objections can be broadly categorized into 4 groups, it is important for an agent to manage each objection seemlessly and confidently.
If an agent shows any hesitation in responding to an objection, the customer may form a certain opinion in the agent's ability to provide him/her with good advice.
In fact, rarely any customer gives no objection before making any purchase, even though the agent has gained his/her trust. Probably giving objection is one way the customers use to test agent's competence.
Has anyone come across customers who said "Let me discuss with my existing agent."
Posted: Sun Sep 07, 2008 05:17 am Post Subject:
You just have to convince them to buy from you
Thats right!
This is where we'd lose more often. Many of us would show up a good product knowledge in front of the prospective customers & that too quite confidently!
The only thing that we forget at this transitional phase is to effectively compare our benefits with that of the competitors'. This would only happen due to the fact that we'd often forget to gather as much knowledge on the competitors' product or service as much we do for our own. Roddick
Posted: Sun Sep 07, 2008 07:23 pm Post Subject:
xoseph, I have not come across that objective, how would you handle that?
Posted: Thu Aug 28, 2008 07:17 am Post Subject:
Hi ..
I'd think OHInsAGNT has some points which are important in today's life.
Obstacles would come from all quarters. It is not only about facing problems from Auto or health or home. It could also be from Specialty forms. Say you go to sell 'critical insurance program' to someone who doesn't know anything about it. This first thing that you'd hear from him is a good bit of knowledge about disability insurance benefits. Here are some important facts regarding this-
* People do have this misconception that disability insurance has all that they would need to cover a critical illness.
* Everybody is not aware that only when a listed critical illness is spotted the disability policy reimburses in proportion to the treatment expenses for that particular decease only.
* Compared to a disability insurance policy, a critical illness policy would reimburse the policy holder for the full policy value mentioned in the policy.
* People are not aware that disability policy provides for a percentage of wages earned for over a period of time prior to the period of disability.
Hope likewise different others spheres have other associated challenges.
Regards, Fatman
Posted: Thu Aug 28, 2008 10:14 am Post Subject:
:shock: I don't even know how to spell P & C, (Properly & Casually?) :P
Yes, I'm not talking about P & C.
I'm talking about the life, health, annuity, long term care side of the business.
The P & C business, in my humble opinion, is sold on price and dies on price.
That being said, the 4 reasons why someone didn't buy are the same regardless of the product or service being offered for sale.
There isn't a "5th" objection.
Only stated obfuscations of the core objection.
Posted: Thu Aug 28, 2008 06:32 pm Post Subject:
P&C is not so much a sale as it is purchase. They have it, know they need, the question is why are you or the companies you represent better than what they have. They ARE going to buy from you, someone else or their current insurer. You DO NOT have to convince the to buy. You just have to convince them to buy from you
It's also your duty as an agent to explain what the coverages are and more importantly the limits...and that most state limits won't keep you out of trouble!Posted: Sat Aug 30, 2008 12:38 pm Post Subject:
I agree what everyone is saying. I do however feel it's more than just a purchase. It is your responsibiity as the agent to be sure they are properly covered with their limits. I believe it is more than just price.
Posted: Tue Sep 02, 2008 03:07 am Post Subject:
I concur with the view that spouse involvement and decision is important in estate planning and financial planning when we need to look beyond protection needs to also cover other aspects such as wealth creation, accumulation and distribution.
A thorough estate planning and financial planning requires extensive fact find and before an agent can make the customers comfortable enough to disclose some very personal and private information, the agent must be able to build solid relationship with the customers and gain their trust.
Some agents adopt financial planning and estate planning approach in selling. Though the process is lengthy as it takes time to build trust, it is rewarding too.
Some agents may adopt a different approach to first turn the prospect into a customer and then from the customer to become a client. It is easier to get the prospect to first get himself a protection plan before we proceed to talk about other financial needs by doing a thorough financial or estate planning.
It is a matter of strategy. If an agent is of the view that it is utmost important for a customer to immediately get protection, then no harm done if the customer decides to take up a protection plan for himself simply because he wants his family to continue to have income even though he is no longer around.
The customer makes the purchase decision because he sees his responsibility being breadwinner of the family members to provide food and shelter whether he is around or not.
If the intention is right and everybody's conscience is clear, spouse's approval may not be necessary. After all, insurance is always gift of love. We don't seek our loved ones' approval before buying gifts.
Posted: Tue Sep 02, 2008 11:00 am Post Subject:
Some agents may adopt a different approach to first turn the prospect into a customer and then from the customer to become a client.
See, there are different approaches adopted by different sellers from time to time. Approaches would largely be influenced by economic downturns & availability of resources. As we have often discussed how the different databases are generated in the world-market targeting people of different economic strata, agents now-a-days would need to have a good bit of product knowledge since it is the best way for them to judge which product-line would suit best for which class of consumers. Once you opt for a cold-calling process & succeed in convincing the other party, you have him as your 'customer'. The next time you appear into the market with a different product-line you should be targeting those you've already won over with your initial product-line. It is a time-tested experience with one and all that converting those who have already signed-up with you have a greater success probability than the brand new prospects.
Regards, Fatman
Posted: Tue Sep 02, 2008 11:18 am Post Subject:
Hi Fatman,
When you have mentioned about the sourcing of databases, it urges me to share with you all how different classes of databases are flowing in the market. As you have rightly taken up the issue of databases designed to target specific economic strata, I'd like to share how such target-oriented databases may differ from one another both in terms of quality & pricing. There are different sales-processing agencies who are queuing up records solely on the basis of performance upon targeted products. While comparing sales performances on similar kinds of products it is evident that some outsourcing units in the world sales-market have the capital-funding to purchase costlier databases than the others. Since the tried databases are of no good in today's dynamic world, they are mixing some good leads with the tried ones to create mix-performance databases for the mid-economic business outsourcing units. Regards, Evan
Posted: Sun Sep 07, 2008 12:22 am Post Subject:
While it is true that objections can be broadly categorized into 4 groups, it is important for an agent to manage each objection seemlessly and confidently.
If an agent shows any hesitation in responding to an objection, the customer may form a certain opinion in the agent's ability to provide him/her with good advice.
In fact, rarely any customer gives no objection before making any purchase, even though the agent has gained his/her trust. Probably giving objection is one way the customers use to test agent's competence.
Has anyone come across customers who said "Let me discuss with my existing agent."
Posted: Sun Sep 07, 2008 05:17 am Post Subject:
You just have to convince them to buy from you
Thats right!
This is where we'd lose more often. Many of us would show up a good product knowledge in front of the prospective customers & that too quite confidently!
The only thing that we forget at this transitional phase is to effectively compare our benefits with that of the competitors'. This would only happen due to the fact that we'd often forget to gather as much knowledge on the competitors' product or service as much we do for our own. Roddick
Posted: Sun Sep 07, 2008 07:23 pm Post Subject:
xoseph, I have not come across that objective, how would you handle that?
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