Time to Rethink Your Sales Pitch
I know—the internet doesn’t lack blogs about “the best sales techniques” or “the sure-fire way to close the deal.
But, when you come across a blog that’s actually an extremely valuable asset for any sales person, especially insurance agents, it’s worth pointing out.
For me, this blog was Andy Raskin’s “The Greatest Sales Deck I’ve Ever Seen.” In his blog, he reviews a PowerPoint presentation from Zuora that he found so compelling, he titled his blog as such. In his blog, he reviews 5 main aspects of the presentation that every salesperson should become familiar with and use in their sales pitches and presentations. I wanted to bring them here to our blog for all insurance agents to see.
1. “Name a Big, Relevant Change in the World”
Raskin explains that prospects care less about you and/or your company and more about why your product or service matters. Why should they care?
“Instead, name the undeniable shift in the world that creates both (a) big stakes and (b) huge urgency for your prospect.”
He points out one common tactic salespeople use: introduce the problem. But, as he warns, this might “put them on the defensive. But when you highlight a shift in the world, you get prospects to open up about how that shift affects them, how it scares them, and where they see opportunities.”
As an agent, a couple of ways you can use this might come to mind. For example, there’s a ‘shift’ currently in how people are purchasing life insurance, or not purchasing at all. Especially the younger population, not seeing a need for it. And for all of you health agents out there, you know the health insurance world is constantly shifting; so, be the expert your prospect can count on in this arena.
2. “Show There’ll Be Winners and Losers”
As a salesperson, I’m sure you’ve heard of “loss aversion.” Any person considering purchasing a product or service is thinking about what they don’t want to miss out on. There’s some underlying reason why they’re considering the purchase in the first place. Raskin says, “they tend to avoid a possible loss by sticking to the status quo, rather than risk a possible gain by opting for change.”
As an agent, you need to present the issue in a way that makes the prospect want to act immediately—create urgency. To do this, he says you must show the prospect:
- “That adapting to the change you cited will likely result in a highly positive future for the prospect; and
- That not doing so will likely result in an unacceptably negative future for the prospect”
3. “Tease the Promised Land”
Raskin encourages salespeople to resist the urge to lay out all the details of your product or service at this point. Instead, he says “the Promised Land is a new future state, not your product or service.”
Now is the time to describe what your prospect will experience with the product you’re selling. For instance, long-term disability coverage is a product without instant gratification. But, tease the “Promised Land” by describing a situation where your prospect might be injured, but their paychecks are still rolling in. They haven’t lost all of their income and can still pay the bills.
One way to think of it is how Raskin eloquently puts it here:
“Over lunch, I asked my friend Tim to articulate his Promised Land, and he said, ‘You’ll have the most innovative platform for ____.’ Nope: the Promised Land is not having your technology, but what life is like thanks to having your technology.” (Insert your product/service/coverage in place of ‘technology’)
Life is more comforting with life insurance for a married couple, especially ones with kids and debts, like mortgages.
Life is worry-free with long-term disability coverage for couples who depend on each others’ income.
Life is ‘sorted-out’ and secure with retirement and other financial plans in place.
Life feels better with the right health insurance coverage for you and your loved ones.
4. “Introduce Features as ‘Magic Gifts’ for Overcoming Obstacles to the Promised Land”
In this section, it would be difficult for me to summarize in a way that’s better than Raskin directly portrays it. So, here it is, straight from the blog:
“If it’s not clear by now, successful sales decks follow the same narrative structure as epic films and fairy tales.
Your prospect is Luke, and you’re Obi Wan, furnishing a lightsaber to help him defeat the Empire. Your prospect is Frodo, and you’re Gandalf, wielding wizardry to help him destroy the ring. Your prospect is Cinderella, and you’re the fairy godmother, casting spells to get her to the ball.
When you introduce your product or service, do so by positioning its capabilities like the lightsaber, wizardry and spells—as “magic gifts” for helping your main character (prospect) reach that much-desired Promised Land.”
Help your prospect understand what products they need to get to where they want to be. You’re the expert, and this pitch/presentation has helped your prospect see that. Now is the time to explain the details of what you’re selling.
5. “Present Evidence that You Can Make the Story Come True”
Share success stories of your clients. Share testimonials you’ve gathered (bonus points if you have video testimonials!). This part right here is why you should never stop collecting testimonials.
Reassure your prospect that going with you is the way to get that feeling you described in step 4, the “Promised Land.” There are other agents out there who sell the same stuff you do; show your prospect why you are the best choice.
*Note: The original blog by Andy Raskin is definitely worth reading as I’ve simply summarized the main points here and related it to insurance sales.
Never Stop Reworking Your Sales Presentation/Pitch
Like I said, there’s not a lack of sales articles out there to learn new techniques. With that said, not all will be helpful. Not all are going to work for you. More importantly, not one article should be the end all, be all for you (not even the awesome one by Andy Raskin that I’ve summed up for you here). Never stop learning and reworking your sales pitch. There’s always room for improvement.
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