maximising protection sales paul walkinshaw this document is directed at professional financial...
TRANSCRIPT
Maximising Protection Sales
Paul Walkinshaw
This document is directed at professional financial advisers only and should
not be distributed to, or relied upon by retail customers
The information is based on our interpretation of current HM Revenue & Customs
practise, which can change
22
Module Objectives
By the end of this training module you will:
Understand the importance of Knowing Your Customer;
Describe the sales process and sales cycle
Demonstrate an understanding of effective communication;
Demonstrate an understanding of the A to B questioning technique.
Demonstrate an understanding of 3 level questioning
Understand how to link products to client’s needs
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Today's Agenda
Part 1 = Housekeeping, Introductions & Objectives;
Part 2 = Know Your Customer and the Sales Process
Part 3 = Effective Communication;
Part 4 = Questioning Techniques;
Part 5 = Presenting the solution
Close
4
Introductions
Full name How long have you worked in Financial Services and
your role Why are you here?
55
Know Your Customer
“Where advisers did not sufficiently assess customer needs, for example by failing to adequately establish their customer's attitude to risk or to explain the implications of limiting their advice to the customer's objectives, the advice process was deemed to be inadequate. This is because an inadequate assessment of client needs poses a significant risk to the provision of a suitable recommendation.”
Source: FSA:
Consumer Research 52 ‘Quality of advice process in firms offering financial advice: findings of mystery shopping research’ Aug 06
Link: http://www.fsa.gov.uk/pubs/consumer-research/crpr52.pdf
6
The sales process
1. PLAN AND
PREPARE
6. CONCLUDE THE SALE
7. AFTER SALES
FOLLOW-UP
5. OBJECTION HANDLING
4. PRESENT THE
SOLUTIONS
3. IDENTIFY THE NEEDS
2. OPENING and
OBJECTIVE
7
The sales process
1. PLAN AND
PREPARE
6. CONCLUDE THE SALE
7. AFTER SALES
FOLLOW-UP
5. OBJECTION HANDLING
4. PRESENT THE
SOLUTIONS
3. IDENTIFY THE NEEDS
2. OPENING and
OBJECTIVE
Life Protection Critical Illness Income Protection Mortgage Protection
8
Behavioural Traits of customers
Major General - be brief be bright be gone Socialiser - involve me and make it fun Carer - show me you care, listen to me Detective - be right , be detailed, be patient Collaborator - works with you to the right outcome
9
Selling the service/ full review
Building rapport Moving to purpose Stating process and benefit Seeking customer confirmation to proceed Sign-posting generally Keeping the customer involved
1010
Factfinding Information
Hard Facts: Soft Facts:
Name;
Date of Birth;
Marital Status;
Children;
Address;
Sex;
Etc.
Plans;
Feelings;
Thoughts;
Aspirations;
Preferences;
Dreams;
Etc.
11
The egg timer model
Features
How it works
What are the benefits
Needs
Current
Views and opinions
Client
Solution
1212
Hearing or Listening?
Hear:• verb (past and past part. heard) 1 perceive (a sound) with
the ear.
Listen: • verb 1 give one’s attention to a sound. 2 make an effort to
hear something.
SOURCE: Compact Oxford English Dictionary
1313
Active Listening
You can show that you are listening by:
SUMMARISING:“So what you are saying is….”“As I understand it….”
Benefits of summarising are:
Checks your understandingShow’s you’ve been listeningShow’s interest
1414
You can show that you are listening by:
REFLECTING:“That must have really upset you”“You felt that…”“That must of been nice”
Benefits of reflecting are:
Brings out speakers feelingsShows empathyShows you understand
Active Listening
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Dealing with Objections
Six typical techniques used in dealing with objections:
1. Park it;
2. Answer it and confirm;
3. Accept it and balance it with a benefit;
4. Offer extra information;
5. Reduce it to zero
6. Question it through to agreement.
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Handling ObjectivePace Technique
Probe the initial point raised by the customer;
Identify the REAL reason – often the first objection raised is a smoke screen! “Apart from that, is there anything else that concerns you”
Acknowledge you understand their point of view;
Let the customer know that you have heard their concern! “Yes, I can see that is an important issue”
Confirm that there is a solution;Having identified one or more areas, you can now answer the objections!
“You will be pleased to know that I can offer you…”
Engage in conversation about the customers optionsNow is the time to ensure the customer is happy with your answers!
“Are you happy with how this will work for you”
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Handling ObjectivesFeel, Felt, Found
FEEL;Show empathy to the customers query & you understand their concern!
“I can understand how you feel”
FELT;Next, reassure them that they are not alone!
“Many of my customers have felt the same. However”
FOUND;Show the benefits. Customers often object if they haven’t seen them!
“They have found that…”
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A to B Questioning Technique
SALES TIP: You need to know 3 things before moving on to the next stage:
Identify current standard of living / Annual Household Income / Term of Years Cover Required
A
What position
financially would
you want your
family to be in?
1919
“A” Type Questioning
What position financially, would you want your Spouse/Partner/Family to be in?
What impact would it have on the standard of living for your family?
How long would you want your current level of income to continue for?
If you had died yesterday…………”
2020
A B
What position
financially would
you want your
family to be in?
What cover do
you Currently
have in place?
SALES TIP: Keep this high level, this is not flicking through each of their policies at
this stage, I mean getting a basic level of understanding as to what the customer has in place
A to B Questioning Technique
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What cover do you currently have in place and what will they provide?
What cover is provided through your employer?
At this stage it often appears that the customer may not want their family to face financial hardship in the event of loss of income or early demise but based on what is currently in place it is quite obvious to them that this is what is facing them in the event of anything happening!
“B” Type Questioning
2222
A B
What position
financially would
you want your
family to be in?
What cover do
you Currently
have in place?
“The Gap”
How big is the Gap?
A to B Questioning Technique
2323
“The Gap” Type Questions
How do you feel about this?
How would this affect the family and your plans?
Does it concern you enough to want to talk about it further today?
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3 level questioning
Understanding the gap between the ideal and what arrangements are already in place
Linking to currents arrangements ask why those arrangements? ( list reasons)
Replay reasons and seek customer view as to the most important
Replay most important and ask “ why” is this most important to you.
26
Consequences
Reiterate what the client would want in the event of death etc
Illustrate the gap Ask client to explain consequences of taking no
action Follow up with “is that what you want” Repeat until client concludes what needs to be done Then return to second need
2727
Concept of Benefit Selling
“The concept of benefit selling is a straightforward one. It is based on the fact that people buy your products and services not so much for what they are, but for what they do for them. Benefit selling is an approach which should be the basis for any sales presentation. It is an approach which concentrates on highlighting to potential buyers the benefits to them of the product or service being sold”
29
The egg timer model
Features
How it works
What are the benefits
Needs
Current
Views and opinions
Client
Solution
3030
What we have covered
Know Your Customer;
Sales Process /Sales Cycle
Effective Communication;
Questioning Techniques
Presenting solutions
close
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Axa Sun Life Services plc distributes and administers financial products and services. It is authorised and regulated by the Financial Services Authority and is a company limited by shares, registered in England No. 3424940, registered office: 5 Old Broad Street, London, EC2N 1AD. As part of our commitment to quality service, telephone calls may be recorded.
ANY QUESTIONS?
This document is directed at professional financial advisers only and should
not be distributed to, or relied upon by retail customers
The information is based on our interpretation of current HM Revenue & Customs
practise, which can change
Maximising Protection Sales