Selling protection effectively is a huge challenge; it is the Mount Everest of selling!
Why is selling protection so hard?
The people you’re selling to think one, a few, or all of the following:
- “I’m not going to die”
- “It won’t pay out”
- “It’s complicated”
- “It’s expensive”
And if that wasn’t tough enough, it is intangible and can be cancelled at any time. Crazy right?!
Old school sales
The old school way of selling is to push hard. Think of the double-glazing, door-knocking style of sales approaches.
These people think that being the best is all about being sufficiently headstrong. They consider themselves better if they never accept a “no”, or that someone may want to take the time to think things through.
This style of sales management and training is unfortunately quite common in the UK distribution market. The “boiler room” style sales teams are those who believe that they’re good sales people, simply because they have been trained to “push” people into buying protection.
The more you “push” someone in the first place, the more likely they are to cancel. All that leads to is false security for the sales person and greater future clawback chances for the business.
Times have changed
In this day and age, there is no place for “old school” selling in protection. There has never been greater opportunity to change your mind and change companies.
The modern customer wants to make an informed decision. They want to feel that they understand what they are purchasing instead of simply being told that they should have something. Selling protection well requires intelligence, care, and empathy.