Closing Strategies

In this closing technique, we want you to summarize a list of valuable benefits of the policy into a set of three. Try focusing on something that has stood out to the customer or you know they need.

"This, that, and the other will be provided to you." Emphasize the three points by repeating them or circling them on paper for the customer to see.

A category can be any product's features, benefits, or add-ons.

How it works?

The 1-2-3 Close works through the principle of triples, a curious pattern where three things given together act as a coherent set of three hammer-blows that provide a compelling message.

For example, you can say: "These policies have better benefits, better-cost, and better-network than others."

Every customer is different, and you need to develop your sales skills to understand what directions you need to go in. Sometimes rushing a potential customer is not the way. Try to read their expressions and their body language. Asking them if they need time to review the details makes them feel that you are there for them, not for sale.

Use this when:

• You can see that they are not going to decide now.
• You've established enough pressure that you're certain they will consider the offer carefully and are inclined to return.
• Given some more time, it is likely that they will buy more (for example, if they are at the edge of a budgetary period and their current funds are low).
• The relationship is important to you and making a wrong decision now would affect the chances of making sales in the future.
• You do not need to make the sale today (for example you have made your quota and this sale would be just fine for next month).
• Combine it all with scheduling the next meeting when you may perhaps be able to close the transaction entirely.

How it works?

Offering an adjournment is a nice surprise for the customer, who may anticipate a more aggressive selling approach. This establishes an exchange tension, prompting them to repay your offer of time later by agreeing to the contract.

"This is an important decision for you, and I think you need time to consider how important it is. Shall we discuss the details further next time I see you?"

For this Closing technique, you must first know and understand their limits on premiums. Once you know this, close out any objections they may have about the price. Showing them that you know their needs but know it needs to be in a specific price range will allow you to gain their trust that you are there for their benefit. Bring other factors to rethink the actual price, such as lifetime costs.

Show the price of not buying - for example, the cost of medical bills for a specific procedure. Strip down what is being sold to the bare minimum. Remove all the options (and maybe sell them as separate items).

How it works?

The Affordable Close works by arranging the transaction's financial terms to match the other person's ability to pay. If they truly do not want to purchase, you'll find that they'll be quick to come up with another excuse. 'I'm not financially capable' is frequently more of a justification than a natural resistance.

The alternative close is a variant of the no-close technique that involves providing many distinct alternatives to the consumer. The number of choices should be kept to a bare minimum, with two or three being plenty. If you provide too many options, the consumer will have a more difficult time selecting among them.

When persuading someone to do what you want, make sure they're aware of how their choice will impact them so that they are more likely to accept it. Remember that this technique works well in many other situations than simply selling.

Another approach that may be useful is to offer the preferred option with a small nod. This can be done by emphasizing specific words.

How it works?

The Alternative Close is a variant of the more general-based assumptive close that employs the same logic: you act as if the client has already decided to buy. The only question remaining is which of a few options they should select. 

For example, "would you prefer the term or whole life policy".

Use specific phrasing and questioning to encourage or assume the final stage of purchasing. Using this closing technique requires you to pay close attention to the customer's sales experience by directly and aggressively interacting with them. Because it projects confidence and expertise, this approach works well. When done correctly, this method guides the client to purchase without making them feel pressured.  

How it works?

Be helpful and informative to your customer by letting them of the choices available. Be eager to show products and go into details when asked. Remain optimistic that you will sell.

"Coming in to see us about your life policy was smart because prices vary daily and by age, the sooner you purchase this policy, the better. "

List both the advantages (the benefits) and drawbacks (the flaws) of your purchase. Of course, the advantages will outweigh the disadvantages (the faults). You may even document it as a balance sheet. Make sure the "pros" column is longer and more impressive.

Start with the cons and keep them short. Cons include things they wanted but are not getting. But do make it sound credible as if you are giving them fair consideration. Then cover the pros. When you're describing them, make sure to express genuinely delighted. Sound believable, as if you are on their side. Make it seem almost as if you're talking to yourself. 

How it works ?

The Balance-sheet Close works by creating trust by appearing to take a balanced and fair approach. It helps the other person's thoughts develop in the same manner that Benjamin Franklin and Abraham Lincoln used.

For example:

"Let's analyze this policy for you and your family…"

All salespeople understand that when a customer says they will be back most of the time, they won't. When customers are hesitant or say they'll come back later, emphasize how now is the finest moment to buy. Use Enrollment Periods, Penalties, life changes, aging, and increased pricing.

Find out other personal reasons why the customer should buy now. You can even reverse 'never the best time to buy by showing how this makes now as good a time as any.

 How it works ?

The Best-Time Close works by emphasizing how now is the greatest time to purchase and how delaying isn't a good idea. With "the best time to purchase this policy is now"

When they're on the verge of making a selection, offer them something unexpected and unsolicited that pleases them. All it takes is for them to say, "Ooh, that's nice." A simple Equation: delight = expectation + 1

Before engaging in this approach, attempt to understand them first: for some individuals, it will rekindle their passion as they seek to obtain further concessions.

How it works ?

The Bonus Close can be used in a variety of ways. The bonus is, to some degree, a temptation. On the bonus, the sense of closure may seep into the main topic as well. They may agree to the deal for fear that you will take it away from them again if they feel they have received something for nothing. The Bonus Close is also known as the Delighter Close or the Extra Close.

For Example: Well, Mrs. Smith, you're a good customer, so I won't charge for delivery.

Make the customer three offers.

First, offer them something sumptuous and expensive that is beyond their budget. Not so far beyond where they would not consider it. Ideally, it is something they would look at wistfully but just couldn't justify (if they do, it is your lucky day!).

Secondly, offer them a solid good deal that is within their price bracket. It may not have all that they wanted, but it is clearly good value for them.

Finally, offer a severely cut-down deal in which very little of what they want is included.

They should typically go for the middle option.

How it works ?

The Bracket Close works by contrasting the preferred option with two other options that may not be a perfect fit for the customer. They may feel good about not spending too much by rejecting the higher choice. In contrast, the option they choose appears to be very frugal, and they might even believe they have saved money. Rejecting the lower alternative allows them to perceive that they can afford something that holds more value. 

For example, Policy A is a basic policy with 2x the benefits needed. Policy B is also a basic policy with the exact benefits required. Policy C is also a basic policy with fewer benefits than what was originally requested by the potential insured.

If they aren't ready to purchase a policy now, set a future date when you can meet and discuss this with them further. This at least keeps the transaction alive, allowing you to return to battle another day. It may also be exactly what you need to take things to the next phase of your deal strategy.

It's possible that scheduling them for an appointment is an assumptive close because you are assuming the closure has occurred.

How it works?

Setting a date in your customer's calendar is simple, and it may be agreed as an exchange for you not pressing further for a close now. A secondary appointment also encourages them to consider the future, which might be beneficial because it will keep them interested in your topic. For example, Mrs. Smith, I know I have given you a lot of information today do you think it’s best for us to meet next Wednesday at 3 pm so you have time to review these benefits?"

Rather than selling directly to the final customer, you are targeting your sells pressure to another person typically someone they are with. This can be a husband, wife, child, friend, grandparent, etc.

Start by being friendly with them (the target person won't mind this) then gradually increase their selling. Cast them as an authority (as they buy into your idea).

When your target customer starts showing signs of approval or joining into the conversation start selling to the final customer.

Rope in the companion as a sales assistant.

If you are lucky, you might make two sales!

How it works?

The Companion Close works because the companion to whom you are selling the idea does not have to make a financial or other commitment and will be more ready to agree with you.

When the real target of the sale sees that the other person has agreed, they are more likely to agree to maintain consistency with their companion's thoughts.

For Example

Mrs. Smith, I see you have Mr. Smith with you today. Mr. Smith, have I told you about a new whole life policy with an increased guaranteed rate?

This technique can be used very naturally in conversation with your potential customers. Be nice to them have a good sense of excellent customer service. Tell them how wonderful they are as a customer. Be focused and impressed by them.

Cast them as the expert, so they sell to themselves.

Also, compliment them on previous decisions. You also need to make sure your compliments are genuine.

How it works?

The Compliment Close is a variation of giving your potential customers flattery, which makes them more focused on how they feel rather than whether or not they should shell out cash for the premiums. It makes the customer feel a little more pressure to purchase your offered policy. You can compliment them on a previous purchase and tell them that they make good decisions (and hence can make good decisions this time too). 

For example, "Good Morning Mrs. Smith, what a pleasure to have you here today. That is a great car you pulled up in. How does it drive?"

A Concessions Close is giving your potential customer a feeling of a special allowance. When negotiating you may give in to the desire of the other party. Make an offer in return for them purchasing the product.

You may be clear about what you want in return for the concession, or you can offer the concession without asking; most likely, the other person will feel they still owe you something for it.

Examples

“If I reduce the price by 10%, will you take the product today?

or

If you are ready now, I'll make sure it is delivered by the end of the day.”

How it works?

The Concession Close, often known as the Trade-off Close, works by giving something to the other person and then expecting or requesting something in return - usually a sale. It's a common closing technique used by salespeople of all kinds because of its flexibility. The key to the Concession Close is to make a "concession" or offer that seems reasonable and fair especially for the line of business you are selling. 

With potential customers, you will always find objections, but as Agents, we need to find ways around them. So, when a customer makes an objection, create a condition or resolution to their objection. Solve the issue that is creating the road to making the sell.

When you begin with the word, "will you," your logical brains will work quickly, and they'll consider objections right away. They might overlook the condition if you start with, "if I..." instead of, "will you." Starting with, "If I...," on the other hand, will cause them to reevaluate the offer or solution you have just offered them.

How it works?

The Exchange principle is used in the Conditional Close to develop a social agreement that if I fix your problem, you will buy my product.

For example: “Mrs. Smith if I find you a great policy with that specific doctor will you start that policy today?

When you start courting someone new you typically act more attentive or give a lot of compliments. That’s how we should receive our customers or potential customers when we meet with them. Try giving them sincere compliments or talk about things that they might be interested in, if appropriate. Put them on a pedestal.

Treat the customer as if you like them, as a person, and selling is a secondary priority.

If the sale is taking place over a period of time, work hard to develop the relationship. Call them often enough to show your interest. Make them welcome when they visit. Be someone who makes them feel special.

Beware of trying to oversell this type of close as it can come off as insincere when overly done.

How it works ?

Selling is very close to courtship. Courtship varies around the world and even around one country. So, know the cultural triggers and get to know the customer you are selling to. 

Examples

“Good morning Mrs. Smith you smell great, do you mind me asking what fragrance you are wearing?”

The Demonstration closing technique might seem farfetched for an agent that is not selling a physical product, but this is where you need to think creatively. Demonstrate a whole life illustration and get the potential client excited about the growth of the cash value. Sometimes the demonstration can be shown virtually with a video of an example of actual cost vs premiums.

How it works?

The Demonstration Close accomplishes this by showing them proof that they can't refute. The sensation of handling a product is incomparable to anything else, even if it's just words or pictures.

For example: “Mrs. Smith if you look at this guaranteed illustration of your whole life you will see how much you will have saved in 10 years. Isn’t that amazing”

Distraction is a thing that prevents someone from giving their full attention to something or someone else. Sometimes as agents the premiums get in the way of the sale due to potential customers paying more attention to the cost then the benefits. Place a deliberate distraction on the premium for a moment to make room for the benefits of the policy.

In other words, catch them in a moment when their minds are elsewhere and start to remind them of the opportunities and advantages.

Then press for the close. Ask directly for the sale

How it works?

The Distraction Close takes advantage of the fact that customers are approaching emotional overload or have only a portion of their rational mind on you at times. They will not be as opposed to objecting and will be more accepting of the sale.

For Example: “Mrs. Smith I know the monthly premium is right above what you wanted to pay but these benefits you will be receiving are great and don’t come by very often. Can I get the policy started up for you today?”

Make a negative statement that is not about the product or the person's readiness for it but make it a weak and easily disputed assertion.

Pause and allow the person to disagree with your statement. which a contradicting person will almost certainly do. If they do not challenge your doubt, then smoothly continue with a summary of everything so far.

How it works?

The Doubt Close focuses on addressing the doubts of others. If you repeat these ideas, they will be spared the trouble of forming their own. They will trust you if they accept these, and they will be ready to consider other suggestions that you as the professional may have.  

For Example:

“Mrs. Smith, I don't know if this product is ideal for you right now.

I'm not sure if you're ready for this. Although it does provide you with the most ample coverage of all the policies we have seen today.”

As agents the hurdle of high premiums can cost you the sell, but if you focus on the overall economic situation instead of the monthly premium you will help your customer see the bigger picture. Detail to the client how buying a specific policy will reduce the overall cost if a claim would need to be filed.

Talk about the longer-term costs.

How it works?

Many consumers only consider price, so you can build trust with them when you are showing them how to save them money. Even those who aren't overly concerned about price will have it on their mind at some point, and again you will wow them by championing this issue for them. 

For example: “Mrs. Smith I understand that yearly premium is really high for what you were looking to pay but what if we moved it to monthly would that make the

An Embarrassment Close in a professional sales environment can take many forms, it can make a potential customer feel awkward or self-conscious or even ashamed of not purchasing your offered product. Use guilt or pride to persuade them into a position where not buying would make them feel embarrassed. You might not think this but having good insurance or maybe a whole life policy can be a sign of status for most people.

Dissuade them from buying cheap (rather than 'less expensive') options by pointing out that they are choosing cheap, low quality, etc., and that more expensive options are much better valued.

Appeal to their sense of importance and wealth.

How it works ?

The Embarrassment Close appeals to emotions such as pride. It uses the Alignment principle to get people to align their buying actions with their self-image of a kind, affluent, etc. Never set out to negatively impact your potential customer as this could impact your sale.

For Example, "Mrs. Smith, this policy is cheaper and does not cover as much as you need, but we can start reviewing this policy if you feel less coverage is better."

Play to the emotions of your customer by deliberately evoking particular emotions. Do they speak about the future with fear and doubt, or are they excited for it? Determine whether they respond more positively or negatively to certain policy benefits and act accordingly. Positive feelings, on the other hand, are generally preferable.

How it works ?

All decisions are influenced by emotions, which is why Emotion Close works. Even if you utilize a logical thought process, the conclusion will always be emotional. People need insurance to make sure they are protected and can protect their families, try using this channel to connect with them. 

For example, "Mrs. Smith do you have a plan for your family if something were to happen to you?"  

Empathy is a great character trait and a trait of a great salesperson. Feel what they feel. Walk a mile in their shoes. Understand their situation and guide them as humans, not as insurance agents who need one more sale. When customers feel that their agent not only understands their needs but wants the best they become long-term customers.

Also, empathize with the product you sell and bring this into the equation. Be a match-maker in bringing this outstanding product to a worthy customer. 

How it works ?

The Empathy Close works by first synchronizing yourself with them and then walking them down the sales path. Done well, you will close at precisely the right moment and for exactly the right reasons for them, and they will come back again and again.

The Empathy close is also called the Love Close. If you love the product you are selling and love your customers, you will be a truly great salesperson.  

For example, "Mrs.Smith listening to you and your thoughts on your needs, I think I have a specific policy that will fit your needs. "