No Cheese Please
Have you Googled “overcoming price objections” lately? Hoo boy, there’s a lot of advice that goes something like this:
“If a customer objects to your price, ask them why, then count to five in your head and stare at them until they feel forced to speak. Then manipulate their words to your advantage. Then quickly sell them your product. Then pat yourself on the back for making the sale.”
Okay, that’s an exaggeration—but not by much. A lot of sales advice seems to assume an adversarial relationship between buyer and seller. The buyer either doesn’t want or doesn’t need what is being sold; it’s the seller’s job to sell it anyway.
Does it have to be that way? Should it be that way?
Not in the insurance industry, and not if you want to build a long-term relationship with a customer. No one wants to feel like a sucker. Cheesy sales tactics might work for a one-time sale, but a customer can quickly feel disrespected. Then you’ve lost them for good.
At Hometown Quotes, we know it’s possible to have a positive buyer-seller relationship. The key is to offer a valuable product, and to do it in a respectful way. What does that mean?
• Listen. Really listen. Why is your customer objecting to the price? Maybe he doesn’t fully understand the product you are offering—do a better job educating him about the policy’s selling points. Or maybe she’s lost her job and her worry level is through the roof—show her how keeping her insurance coverage at an appropriate level actually gives her one less thing to worry about.
• Think long-term. Sometimes he really can’t afford what you are selling. Is there a bell or a whistle that you could remove to bring the price down a tad? Is there an extra service you could provide that would justify the price in his mind? Remember that most people’s incomes increase over time. If you are able to keep customers satisfied through their lean times, they’ll likely stay with you when their financial situations have improved, too.
• Do the math for them. Breaking down the cost is one piece of common sales advice that works especially well with insurance products. “For less than the cost of a daily cup of coffee from Starbuck’s, you can buy $500,000 in coverage and peace of mind for your family.” That’s a pretty solid reason right there.
The bottom line is that for 20 customers with price objections, there may be 20 different ways for you to overcome them. You’ll only be able to find the right one if you pay attention to each customer’s needs. And one overriding tactic will always work—treating them with respect and gratitude.
Which brings us to our expression of thanks. The success of Hometown Quotes is directly tied to you. We truly appreciate your patronage, and promise to always strive to treat you with the respect you deserve.