When approaching prospects about why they should do business with you, there are a few important things to consider.
The first is you have limited time. Your initial pitch should be less than 10 seconds. You want to share your core values, but you have to do it quickly.
Second, you have to demonstrate a ton of value.
Truth be told, people only care about “what’s in this for me?” So, emphasize that.
And third, you have to be confident with your approach, almost to the point of being shocked if they do not want to at least listen to what you can offer. Know that what you offer can change their life if they have inferior coverage and no service to back it up.
So how do you accomplish all of this? The answer is simple. Craft a pitch around your “Core 4.”
First is Company.
What makes your company stand out from the competition?
What about your company makes you the proudest?
If you can tell me just ONE thing about your company, what would it be?
The second is Coverage.
Not all policies are the same. Not all coverage is the same. There are plenty of misconceptions and flat-out untruths about what each person needs and how each coverage works at the time of loss.
Why are you the best person to explain proper coverage to a prospect?
What are some things you have seen and stories you can share about how each coverage works at the time of loss?
The third is Cost.
Explain how the real “coverage cost” cannot be determined until a loss occurs. Then, and only then, will a customer realize how expensive or inexpensive a policy is.
Example: If you save $10/month by carrying $50,000 in liability coverage versus $250,000, that’s a $120 savings per year. If you have no accidents for three years, you saved $360! However, 37 months after starting that policy, you swerve to avoid hitting an animal in the road, and instead, you hit an oncoming car. You are found at fault and on the hook for $75,000 (of which your “cheaper” policy pays $50,000). Now you are forced to come out of pocket, cash in assets, or hand over future earnings for the other $25,000. So, 3 years and 1 month later…did your policy choice SAVE you $370 or cost you $24,630?
The real cost of coverage is determined at claim time.
The fourth is YOU.
This one should have gone first. Ultimately, we are NOT in the insurance business; we are in the relationship business. People do business with those they KNOW, LIKE, and TRUST. We sell a promise. That promise tells your customer that if an unexpected risk pops up and you need a person in your corner to call or visit with for professional advice and guidance…they get YOU!
What makes you different? What makes you special? How are you different and better than every other option out there? This is your “Unique Selling Proposition” or your “value statement.” Be proud of who you are and what you do. Share this with people all day long!
I share a few things with people: “I live here, I work here, I shop at the same grocery store as you do. I rather NOT have your business than have it the wrong way!”
I go on to explain that…
“During our decade-plus here serving this community, we’ve seen it all. We handle new claims daily, and we’ve seen them all—everything from glass repairs to auto fatalities and everything in between. We never know whose day it will be to have a claim, but we do know bad things happen to good people, and new claims come in daily. When it’s YOUR turn to have a claim, our promise is that you’ll be properly protected, and we’ll be here locally to help you through it.”
So, what is your Unique Selling Proposition? Or Value Statement? Write it out and use it all day long.
To summarize the Core 4, when I’m talking to prospects, I ask:
“If I could put you with the #1 insurance company in America, increase your coverage, personally provide world-class service from our local agency and do it all for the same or less than you’re paying now…would there be ANY reason you wouldn’t at least want to see that proposal?”
Craft your “Core 4 pitch” today and USE IT!
And don’t forget to broadcast from Radio Station WIIFM (What’s In It For Me). At the end of the day, that’s all the person you’re talking to cares about, as it should be. It’s your mission to demonstrate immense value so they know exactly what’s in it for them. I promise that emphasizing your core values with your value statement and the “Core 4” you’ll do that.