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7 Reasons Why You Didn’t Get the Deal

10 Sep
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Have you been left wondering why you didn’t get chosen as the new agent of record?

Do you believe you had the right solutions for your prospect? Do you know you had a cost structure that would benefit your prospect in the long run?

Then what’s the problem?

I will outline 7 potential reasons you might be having this problem.

1)    Did you fail to establish your relationship, First. I literally mean first. You are the first and most important buying decision buyers make. Always sell yourself first, do it with modesty and a genuine interest in your buyer and their company. Fifty-Four percent of buyers say the most important factor in their buying decision is the quality of the relationship they have developed with their Agent. Do you take your relationship for granted or did you fail to develop it at all because you felt price was more important.

2)    Did you fail to explain how your solutions would benefit your buyer? Did you assume the benefits were so obvious that they did not need to be explained in detail? By not taking the time to explain in detail you did not engage your buyer in their input into the solutions. Perhaps they didn’t understand or perhaps they didn’t agree, either way you lost because to skipped an important step in the process. Prospects must understand how your proposed solutions benefit them, and not in insurance language but in straight person to person conversation.

3)    Did you miss something? Sometimes we are so sure of our solutions we just begin by “selling” our ideas. Before you begin to offer solutions always recap where you are and get agreement on the issues you have uncovered. Ask if the buyer has any additional thoughts or concerns.

4)    Did you do all the talking? This reminds me of the old axiom I heard once “God made us with two ears and one mouth for a reason. We should listen twice as much as we talk because listening is twice as hard to do well.” The great communicators are always great listeners, and their talk always relates back to what they heard.

5)    Did you present in a way that your buyer understood the importance to make the change required. Often making an important change can require a buyer to overcome inertiaThey may like the current agent or they may not find your ideas that different or more rewarding. You were not bold enough in your approach.

6)    Did you fall into the “Apples to Apples” trap?  This is very difficult because many buyer believe this is exactly what they want, an “Apples to Apples comparison”. Many of us have convinced ourselves that all we need to do is copy someone else’s policy coverages and offer a lower price. It doesn’t work long-term all you have done is set up the next shopping spree with you at the disadvantage. Think about the psychology of the buyer request for an Apples to Apples comparison what it really says is “I don’t perceive any differences between the services of one agent over another as far as I am concerned you are a commodity.” This attitude actually offers you the opportunity to show your differences the buyer has handed you the golden opportunity to succeed.

7)    Does your buyer have the authority to make the decision?  Very often we will start the sales process speaking to a person that does not have the authority to make the decision. Many times we will talk to people who may have the authority but are unwilling to make the decision. I have found that with complex sales such as insurance the decision is actually a team effort made up of several members of the business. It is critically important that you identify as you move through the process who all of these people are and what their concerns are. You will find that the concerns of Human Resources are not the same as the CFO and the CFO’s are not the same as the CEO. You need to expand your thinking and incorporate the entire team if the solutions you offer are going to place you on the team as their Outside Risk Management Consultant.

We will talk about these issues individually in the future but I’d love to hear your thoughts and reactions, please email me at tom@insurancecommunitycenter.com

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