Eliminating Objections in the Sales Process Common Objections

Eliminating Objections in the Sales Process

Common Objections Can Be Overcome: • Know the CUSTOMER’S perspective – What does the customer want? – What will make them choose you? – Customers want value, solutions to problems, and no hassles or mistakes • How are you going to provide these things?

Objection 1: • Prospect has a long-term relationship with their current broker – “We’re happy with who we are working with now and aren’t interested in changing” – “Our current broker is a close friend of mine and/or the owner”

Objection 1: Probing Questions • What is your relationship with your current broker? • What are your expectations of your broker? – Are these expectations being met? • What value are you getting from your current broker? • Do you know how much revenue your current broker makes on your business?

Objection 1: Strategic Approaches • Acknowledge their current broker, then ask targeted questions to create doubts • Educate them on value-added services • Explain the process of changing brokers and how you can assist • Offer to consult on a specific project of theirs

Objection 1: Recommended Templates • My. Wave Sell Sheet • Broker Comparison Marketing Brochure • Agency Consulting & Brokerage Services Trifold Brochure • Agency Overview Presentation • Zywave Sell Sheet

Objection 2: • Price – “We take the lowest bid”

Objection 2: Probing Questions • The price to you is the same regardless of who you work with — why not get more for the money you are spending? • What value is your HR person getting for this price? • Property & Casualty business — what is your total cost of risk and what is your current broker doing to help with it?

Objection 2: Strategic Approaches • Sell the expertise and experience of your account team • Sell your value-added services and resources before presenting proposal/rates • Offer program/coverage review and alternatives

Objection 2: Recommended Templates • Benefits: – – – Benchmark Surveys and Statistics Benefits Statement Health Care Cost Series Wellness Program Work Plan Strategic Benefit Plan Action Timetable Employee Handbook

Objection 2: Recommended Templates • P&C: – Safety Audit Coverage Evaluation Checklist – ERM – RPS – Loss Control Evaluator/Total Cost of Risk – Additional Sales Required to Offset Claims Costs

Objection 3: • No, everything is fine – “Too busy” – “Not a priority”

Objection 3: Probing Questions • How about a breakfast or lunch appointment? • Do you have costs under control? If so, I’d like to pick your brain. No one else seems to have the answer. • When was the last time you compared broker services? • When is a better time for us to talk?

Objection 3: Strategic Approaches • Get the decision maker or other referral to make the introduction • State the amount of time the meeting will take (20 -45 minutes) or ask how much time they have • Provide “leave behind” materials

Objection 3: Recommended Templates • Broker Comparison Marketing Brochure • Zywave Sell Sheet or Sell Sheets for individual products • Strategic Planning Continuum

Objection 4: Too Big/Too Small • “I only work with top national brokerage firms due to our size and complexity (multiple or international locations)” • “We’d be a small fish in a big pond with your agency”

Objection 4: Probing Questions • What services are you currently receiving? • Why do you think we are too big/too small for your business? • It’s interesting that you say that we are too small/too big — we also hear the opposite comment.

Objection 4: Strategic Approaches • Too Big: – Base your approach on their response – Explain agency partnerships (Zywave, Assurex, Intersure, etc. ) – Detail internal resources available – Use large client references – Define services/expectations up front

Objection 4: Strategic Approaches • Too Small: – Provide statistics on average agency group size or number of groups in each market segment – Explain ratio of accounts vs. account manager to emphasize individual service – Discuss agency structure, explain how different teams have different specialties

Objection 4: Recommended Templates • Agency Overview Presentation • Zywave Partnership Map • Strategic Action Timetable

Objection 5: Going Direct • “We don’t need a go-between. We prefer to handle negotiations directly”

Objection 5: Probing Questions • Who is watching out for you? • Do you go direct in other cases and if so why? • What is on your “to do” list that you could attend to if you didn’t have to handle your medical and/or business insurance purchases?

Objection 5: Strategic Approaches • Detail consultative services that going direct doesn’t provide – Claims analysis via RALLE or DMW • Offer a one-time consulting project • Describe compliance assistance – Legislative Updates – Online OSHA log – Legislative Guides

Objection 5: Recommended Templates • Agency Consulting & Brokerage Services Trifold Brochure • The Value of Hiring and Employee Benefits Broker • P&C: Value R Solutions

Objection 6: Not Stated • “We’ll listen if you can get us a better deal” • “I don’t believe your agency can do anything different for us than our current broker is already doing” • “Doesn’t using a broker cost me money”

Objection 6: Probing Questions • What are your expectations of a broker? • Are these expectations being met? • What value are you getting from your current broker? • Do you know what they make off of your business?

Objection 6: Strategic Approaches • Describe agency capabilities – Knowledge – Book of Business – Exclusive arrangements (carriers, markets, associations) • Encourage them the conduct broker interviews • Explain philosophy regarding price vs. value

Objection 6: Recommended Templates • Broker Comparison Marketing Brochure • Agency Consulting & Brokerage Services Trifold Brochure • Agency Overview presentation • The Value of Hiring a Broker • Risk Management Consulting and Brokerage Services

You Can Eliminate Objections! • Ask probing questions — what does that customer want? • Address their issues via your presentation • Dialog with the customer on their issues and how you can help them • Close the sale!