Archives for December, 2012

Sales Idea: Turn Your Knowledge into Sales

December 20th, 2012, Comments Off.

If you have ever wondered how to use what you already know to get your prospects to buy from you, this idea from Bob Arzt, CLU, ChFC, LLIF, CEO of Insurance Coach U and Polaris One, may be just what you are looking for.

I help people do the things they need to do in order to get sales. First, the general concept is to help them turn their knowledge into sales. Many people usually attend meetings within their own operation, during a company conference, or at another event, and come up with some ideas. They think these ideas are great at the time, but they don’t do anything with them.

The idea is to turn your knowledge into sales. When you are attending one of these meetings or training sessions, take out a blank piece of paper ahead of time and write down “Prospects who could benefit from this idea.” Names of people who will benefit will pop into your heads as you listen to these ideas and concepts, and you should make it a point to write them down.

Next, make the commitment to actually call each of those prospects that day. If you are out of town at a conference, call them from out of town. Hopefully, you will have their phone numbers with you.

The following script will come in handy as you make these calls: “Hi, Mr. ___. This is ___ . I’m calling you today from (city/state) because I’m attending a seminar on (topic) and came across an idea that I thought you could definitely benefit from. I’d like to set up a time to meet with you when I return to share this idea with you. Would next Tuesday at 10 or Thursday at 3 work for you?”

When you make these types of calls, your prospects or clients will really appreciate the fact that you’re thinking of them and that you’re taking the time to reach out to them. It enhances your relationships and delivers a value added service to your clients. This act also tends to set you apart from the competition and helps you to earn the title of Trusted Advisor. Today more than ever, it’s all about differentiating yourself in that way and deepening relationships.

We often come up with a wonderful idea but don’t have a plan to do anything with it. This concept forces you to do something with it. It will definitely generate appointment sales and referrals.

Robert A. Arzt, CLU, ChFC, LLIF, is CEO of Polaris One and InsuranceCoachu.com. He coaches professionals who want to achieve more. Contact him at 301-610-5624, bob@insurancecoachu.com or through his website at www.insurancecoachu.com. For a complimentary coaching session, mention this AT Blog post.

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By Tara Heuser
Advisor Today

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More Consumers Use the Internet for Research

December 20th, 2012, Comments Off.

Sixty-one percent of consumers who researched individual insurance or annuity products looked online, a significant increase over the 38 percent of consumers who looked online in 2006.

“With two-thirds of Americans conducting searches online, it is not surprising that the number of people seeking information about life insurance and annuity products online has increased more than 60 percent over the past six years,” said Mary Art, research director, LIMRA technology research.

“However, despite the popularity of online sources, more consumers (69 percent) sought information from agents, brokers and advisors, who are often viewed as the most valuable and influential information sources.”

Why consumers go online

According to the survey, the top three reasons consumers sought information online are to:

  1. Research companies and product offerings.
  2. Seek general product information.
  3. Compare prices.

This is true across all age-groups and income levels. The study also found that more consumers value information gathered online in 2012 than did in 2006, although it still lags behind insurance professionals. In 2006, only 18 percent of recent researchers considered internet sources to be their most valuable sources, significantly less than the 25 percent found in 2012.

In contrast, 37 percent of consumers rate insurance professionals as most valuable in 2012, eight percentage points lower than those who did in 2006. It is also important to note that one in six (16 percent) consumers cite workplace sources as most valuable.

“Companies need to understand that one size does not fit all when it comes to educating consumers about products and services,” noted Art. “Using a multi-channel approach will reach a broader audience in the ways they want to collect information and will most likely lead to more sales.”

Who is looking online?

The majority of consumers of every generation use insurance professionals and online sources for information on individual products. Only 14 percent of consumers who recently researched individual products used neither the internet nor insurance professionals. This is true across generations.

The study also revealed that men and younger, higher-income, better-educated consumers look online more often than do people in other demographic groups. Sixty-five percent of men used the internet for research, compared with just 58 percent of women. Interestingly, consumers without children were far more likely to seek information online (67 percent) compared with those who had children (58 percent).

As expected, more Gen Y consumers (73 percent) seek information online than Gen X and Baby Boomer consumers (61 percent and 56 percent, respectively). The internet is the most frequently used information source for Gen Y consumers and they are more likely to rate online sources as their single most valuable information source, to seek online recommendations for companies, and to use agent locators relative to older consumers.

LIMRA found Gen Y consumers use more information sources than older consumers, more often connect with companies online, and are likely to continue to do so as they (and their product needs) mature.

LIMRA recommends that companies ensure their websites are easy to navigate with the desired information readily available. They should make sure that their sites appeal to Gen Y consumers and offer them the information they want, including information on their products and their financial strength.

What pushes consumers to research?

Consumers are most often triggered to seek information about product needs by offline sources, such as insurance professionals, people they know, life events and employers. Online sources prompted only five percent of consumers to seek additional information. In contrast, 25 percent of consumers who recently considered individual products were first led to consider the product by insurance professionals.

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By Ayo Mseka
Editor-In-Chief
Advisor Today

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