Selling insurance products based on value is harder than selling them based on price. This is because most customers are more interested in the value that they'll get for their penny than in the actual cost of what you're offering them. If you used to apply price-based insurance sales techniques, then you need to adopt a value-based selling strategy. Indeed, not only will this make you a more efficient independent insurance agent, but you'll also quickly see the impact on your annual revenues. This article discusses why you must develop value-based sales techniques.
Consumers Are More Sensitive to Value than to Price
According to a report that was published by Nielsen, value is the primary factor that leads global consumers to decide whether or not they should buy a product at a given retail store. The article reported that businesses that manage to offer value to their clients are typically able to experience growth regardless of the state of the local economy. This means that if you focus on value when presenting your insurance products to prospective clients, then you'll be able to guarantee a certain level of revenues even when consumers don't feel like spending.
Tell the Customers Why They Should Do Business with You
This is the part where you'll need to explain to the clients how your company was able to acquire its reputation. For example, you may tell them about the certifications that you have, or even about the level of satisfaction that previous clients have had with your products. As you're delivering your speech to the customer, make sure you only mention the price once or twice, and highlight the fact that it's worth it given the offered value.
The Importance of Customer Service
Selling insurance products without talking about customer service is a mistake that you must never make. This is because you must assume that the client will have some questions when using the product, and they must be able to get clear answers. For instance, you must emphasize the fact that submitting a claim will be easy, and that their payment will be processed in a timely manner. In short, you must make the customer feel that they won't go through any hassle while using the product.
Developing and adopting value-based sales techniques will increase your level of competitiveness in the insurance field. For instance, you'll never have to fear the day when a new entrant's low pricing might threaten your market position. For more information, contact The Flechsig Insurance Agency Inc.
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