Learning from Your Sales Mistakes
According to some experts, 70 percent of all decisions we make are wrong. With these types of statistics, it's easy for most to throw their hands up in frustration and say, "Why bother?"
Have heart! The truth is, those that embrace their mistakes have much more success in life—and in business—than those who don't.
To help you learn all you can from your sales mistakes, we at InsureMe have highlighted some common mistakes amongst insurance agents to show you how to turn mishaps around and avoid making the same mistake again—helping you attract new clients and satisfy existing clients.
Mistake #1: Failing to follow up after receiving a lead.
So you've received a lead from InsureMe and instead of calling the lead right away, you decide to call after you get back from lunch with your officemates. When you finally do make the call, the lead has been contacted and sold by another agent.
Mistakes like this can have you kicking yourself for days. Correct the error by giving the lead your contact information anyway. Make a note of the date and call the lead back around renewal time. They may be ready for a better policy and a higher quality of service—which you will gladly give them!
Avoid these mistakes in the future by remaining dedicated to pulling in new clients. Whether you receive an online referral from InsureMe or from a friend or existing client, it's important to make contact with that lead as soon as possible, even if it means delaying or canceling your lunch plans—your friends will understand!
For more information on contacting leads, read our article: How Great Agents Work Insurance Leads.
Mistake #2: You lose a sale because the prospect is interested in a product you don't offer.
The truth is, agents who don't offer a wider variety or services are at greater risk for losing sales. People want the convenience of bundling their coverage and financial planning—and the discounts that typically come with it.
If you're a captive agent, or have restrictions on what kind of coverage you can sell, it's probably best to refer the prospect to a trusted associate or colleague who can provide the requested services and hope the favor is one day returned.
If you have the freedom to cross-sell into other areas, you can avoid this mistake all together by earning additional licensure to sell other types of coverage and financial services.
For more information on cross-selling and earning additional licensure, read our articles: Expanding Your Horizons: Cross-Selling Successfully and Earning Additional Accreditation: What Can it do for Your Business?
Mistake #3: Being too aggressive with an indecisive prospect—and losing the sale.
As an insurance sales professional, you know that applying a certain amount of pressure is needed to close a sale. However, crossing the sales threshold too soon or too forcefully can result a lost sale.
Correct this by backpedaling and putting the prospect at ease. Essentially, start your sales pitch over, rehashing the benefits of your services and how they can meet the prospect's needs. Once you've reiterated the benefits of your services, ask a trial closing question to see on which side of the fence the prospect stands. If you sense your prospect is more comfortable about purchasing your products, go for the close.
You can avoid this mistake in the future by building a casual and trusting rapport with your prospects. Let them do the talking! By asking open-ended questions you can get a sense of your prospect's buying style and adjust your sales pitch accordingly.
For more tips on sales and closing, read our articles: How Great Agents Work Insurance Leads and Successful Closing Tips: How to Complete Your Leads.
Mistake #4: Failing to follow up with clients
At renewal time, you contact the Smith's about their auto policy and they've chosen not to renew their policy with you. How can this be? You thought they were perfectly happy with their policy last year!
In truth, you lack of contact may not be the sole reason that the Smith's have decided to end their business relationship with you. But would it have lowered your chances of losing them? Absolutely.
Your clients want to feel taken care of, and with today's excessive use of automated phone systems and impersonal business, clients want to know there's an actual person take care of their insurance and financial needs.
While there may not be much you can do to get the Smith's back, you can avoid this mistake in the future by scheduling follow-up meetings halfway through the duration of the policy to make sure the client is still satisfied. Sending birthday cards and small gifts around the holidays is also a great way to make your clients feel that you have their best interests at heart—and that you appreciate their business!
Get Back in the Saddle!
Whether you've made some of the mistakes listed above, lost paperwork, or made a billing error, acting in honesty and humility is the best way to minimize the impact of these mishaps and save business relationships.
Remember that we all make mistakes, and, as long as you take the proper actions in mitigating the error, taking responsibility and learning from the mistake, you'll enjoy continued success as an insurance agent for years to come!
This information was provided by InsureMe, the leader in online insurance leads for the insurance industry. Since 1993, InsureMe has helped thousands of insurance agents succeed in the insurance business by providing top quality leads that are both detailed and affordable. For more information on InsureMe leads, please visit our agent Web site at agent.insureme.com.
