phrases, you’re actually building your prospect up to the point where he or she may, on the spot, tell you what he or she doesn’t like about the vendor.


DISCOVER BUYING BEHAVIOR Do you believe that people really can change any time they want to if there is enough need and motiva- tion and a deep desire to effect that change? If you answer, “No, people really don’t substantially change,” you’re absolutely right. However, people do go through dramatic behavior modifications. Here’s a common example. Have you ever tried to quit smoking? You’re probably saying, “Yes, of course, but I never succeeded. I’ve tried to stop seventeen times.” Be- havior modification will allow you to quit smoking permanently, although it may take several attempts on your part. In the context of all the be- haviors that make up who you are, smoking is a very small one. There’s a lot more to you than that. But changing your smoking habit is an extremely difficult thing to do.


OLD SOLDIERS NEVER DIE If your prospect has ever purchased a product even remotely similar to yours, he will use basically the same buying strategy in purchasing again. You can determine your prospect’s strategic buying criteria simply by asking one or two questions: “How did you decide to buy the product before?” or “Why did you decide to buy that product before?” You will probably get answers like, “I bought it because the agent said it provides protection. He said the cash buildup would earn interest rates above what banks would pay.” Regardless of what his needs are, this simple analysis determines that the prospect will probably decide to buy your product because it gives protection and pays interest on cash buildup above what banks would pay.


Of course, you should fill his needs,


but, if you want to close that sale, you’ll sell based on your knowledge of how he bought in the past. Another question you might ask for


more information is, “What would you like to improve?” The answer will pro- vide you with further information on areas where he may be dissatisfied. Basically, this information will take you only minutes to obtain, but will put money in your pocket. Once you determine your pros-


pect’s buying strategy, you then simply use a concept called “instant replay.” During the presentation stage of the interview, you “play back” or “replay” the same criteria your prospect just gave you in making buying decisions. You might say, “Mr. Prospect, I think you’ll find that this product will offer you the protection we talked about, and will also pay you interest on the premiums. In fact, the interest rates are higher, after taxes, than what your bank is paying on your savings account.” If you learn your prospect’s buying strategy – and then play it back to him – you’re going to close more busi- ness. To decide against buying from you, he would have to deny himself. Here’s an example of how Mike, a successful insurance salesperson in Southern California, discovered his prospect’s buying strategy and closed a sale.


After Mike had determined his


prospect needed a life insurance policy, he asked, “Have you ever bought a policy before?” His prospect said, “Yes, I bought a term insurance policy a few years ago that has a face value of $500,000.” Mike asked, “Why did you buy it?” The prospect said, “I was in an air- line accident a few years ago. My wife went crazy. She immediately called an agent for life insurance. But I wanted to earn better interest rates on my money, so I bought low-cost term and put the money I saved in premiums into a limited partnership.” “Is there anything you’d like to


‘‘


If your prospect has ever purchased a product even remotely similar to yours, he will use basically the same buying strategy in purchasing again.


improve on your policy?” “Yes, but the agent has never once called to find out if everything was okay. I haven’t seen or heard from him in three years.” Guess what Mike did? He jotted down these answers in his notes and then did an “instant replay” during the presentation stage. Mike simply said, “This universal life policy gives you the same benefits as your term insurance, and, in addition, gives you very high after-tax interest rev- enue. I promise you, I’ll review your financial position yearly to make sure you have the right coverage for your income level.” Do you think Mike got the business? You bet!


FUTURE PLANNING Have you ever had a prospect who had never bought a product like yours? Simply help this prospect proj- ect into the future. Use a phrase such as, “Mr. Jones, you seem interested in purchasing life insurance. I want you to imagine, for a moment, that you’ve had our insurance policy for a year. During that year, how did you know that it was the best insurance invest- ment for you?” Listen carefully to his response. Suppose it goes something like this, “My family’s future is well protected...I’m building cash value... the company I purchased the policy from is a good, solid one.” Guess how he will decide to buy insurance. If you’re sharp, you’ll give him as- surances that his family’s future will not only be secure but, in addition, his new policy will be building cash


SELLING POWER FEBRUARY 2016 | 7 © 2016 SELLING POWER. CALL 1-800-752-7355 FOR REPRINT PERMISSION.


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