Asking the Individual if He/she is the Decision Maker.

[cnguyen84]

My guess is this:

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These opening lines are HORRIBLE. You are GIVING them a reason to NOT listen to you right now.

Two things you MUST realize when making calls:
1. If it's a bad time, they would've let the call go to voicemail.
2. Since they did pick up the phone, they have a minute to be curious to see what you've got.

What I would do is this: Introduce yourself and your company name. Do you have a quick minute to talk?

You'll get one of three responses:
- Sure, I got a minute. Then you say "Great!" and continue on.
- No, I don't have a minute. "No problem. I'll try back another time."
- What's this all about? Instead of saying "Great!"... say "Well..."



"Saving money" is NOT a buying motivation for insurance and investments.

One idea to consider is this: "The reason I'm calling, is I work with (company name), and we specialize in helping families, like yours to plan and prepare for their financial future. And, if I may, I'd like to ask you a few questions?"

It's slightly different, but you're personalizing it to them.



You've got it backwards. You're trying to do a complete fact-find over the phone. You need to determine their needs... not get their entire background and biography. You can do that once you're in their home.

You need to identify a rather common problem that people like them usually have... and ask them questions about it. Then, if it makes sense, you set an appointment and go into the detailed fact-find.




You need to become a PROFILE SPECIALIST... not an opportunist. Just because someone has a pulse and money, doesn't mean that they are your ideal client. Specialize in a profile, get to know their needs... and every case begins to look alike, and you'll have consistency in your results.

If you keep bouncing around from retiree to young families, you won't gain the momentum you need for long-term success.



Based on your questions and script, you're not the kind of guy I'd want as an advisor either.

People are NEUTRAL... until they interact with you. The things you say, and the way you say them will either help you, or hurt you.



Be careful with "multiply your rate of return" statements. You're treading on dangerous ground here. (Unless you're talking about CDs vs a fixed annuity.)



If it ain't broke, don't fix it. Looks broken to me.

Wow, EXCELLENT critique, DHK!

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I want opinions from others about asking the cold call if he/she is the decision maker which I try to do very early on in my call.
I have made the mistake of getting all the way through the process and at the end of an actual presentation, the prospect says they want to run this by thier partner. So frustrating. So I learned to ask this question early on.
I am interested in hearing other ways to ask this question. My favorite question is, "How do you make financial decisions in your home?" Closed questions such as "Are you the final decision maker on fincancial matters?" or "Will you need to run this by your husband/wife before a final decision can be made?" work for me as well. I always get this vital information before setting an appointment and often I will try to get this information before ever taking the time to finish a needs analysis. To me it makes no sense to waste valuable time talking to the wife who has no clue what her husband does (or vice versa). So what do you guys think? Share your questions and opinions.

I like the assessment by DHK. To your OP, here are my thoughts:

1) If you are on the phone, assuming the client is qualified, I would want to make sure I am sitting down with all decision makers. Some of the others' suggestions here are appropriate. The key is not to offend them.

2) If you are in the house and learn later on that another decision maker is not there, then just proceed with the presentation such that you identify one "big" need that you can fulfill (e.g., maybe saving them on premiums). Answer any objections / concerns s/he might have and then leave them with a general, easy to remember summary (e.g, so we discussed mainly about how I can help you x amount on your premiums). This way, you leave them in as a proponent when they "sell" it to their spouse or whoever. You have to coach them how to sell it to their spouse so make it easy. This is what I would personally do.

 

[KCBell73]

Wow, EXCELLENT critique, DHK!

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I like the assessment by DHK. To your OP, here are my thoughts:

1) If you are on the phone, assuming the client is qualified, I would want to make sure I am sitting down with all decision makers. Some of the others' suggestions here are appropriate. The key is not to offend them.

2) If you are in the house and learn later on that another decision maker is not there, then just proceed with the presentation such that you identify one "big" need that you can fulfill (e.g., maybe saving them on premiums). Answer any objections / concerns s/he might have and then leave them with a general, easy to remember summary (e.g, so we discussed mainly about how I can help you x amount on your premiums). This way, you leave them in as a proponent when they "sell" it to their spouse or whoever. You have to coach them how to sell it to their spouse so make it easy. This is what I would personally do.

I appreciate DHK's advice as well. Most particularly I have taken out my permission to proceed statements. The rest of his advice left me feeling like he was saying I should not do qualifying on a cold call. But how am I supposed to qualify a cold call, if I dont ask qualifying questions? I need to know they live in my service area. I need to know if they're married. I need to know if they have enough income to pay for insurance. He states I should know my lead and have some idea as to what will interest them before I call. If that were the case, in my opinion, they wouldn't be cold calls. They would be warm leads.
However, I do like his suggestion on rephrasing my intro. And have incorporated changes there.

When I do find out, during the presentation, that the decision maker isn't the person I am speaking to I punish myself for not asking. I feel that leaving it up to the potential client to "sell" my presentation (or the idea of a second presentation) doesn't usually work. Meaning, I usually dont get a second shot because my lead doesnt do an effective job of presenting my solution. I'm the salesman. And no matter how hard I try, I can never seem to train my leads how to sell for me.

 

[DHK]

I'm qualifying... but I'm qualifying based on WANTS... not "suitability needs".

If you WANT to save for your future, you're probably a better prospect... than someone who "needs" to save for their future.

If I WANT something... I'll move heaven and earth to get it.

If I NEED something, I'm going to price-check and pay the LEAST amount for what I absolutely need.

Once you have someone who WANTS what you do... now you qualify to make sure your offer is appropriate and suitable for their situation.

This recording is for the MLM industry... but it would help you to learn the difference between needs and wants.

Needs vs. Wants: the very first thing your new distributor must know.

 

[Norwayguy]

My guess is this: Woodmen of the World Life Insurance Society

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These opening lines are HORRIBLE. You are GIVING them a reason to NOT listen to you right now.

Two things you MUST realize when making calls:
1. If it's a bad time, they would've let the call go to voicemail.
2. Since they did pick up the phone, they have a minute to be curious to see what you've got.

What I would do is this: Introduce yourself and your company name. Do you have a quick minute to talk?

You'll get one of three responses:
- Sure, I got a minute. Then you say "Great!" and continue on.
- No, I don't have a minute. "No problem. I'll try back another time."
- What's this all about? Instead of saying "Great!"... say "Well..."

"Saving money" is NOT a buying motivation for insurance and investments.

One idea to consider is this: "The reason I'm calling, is I work with (company name), and we specialize in helping families, like yours to plan and prepare for their financial future. And, if I may, I'd like to ask you a few questions?"

It's slightly different, but you're personalizing it to them.

You've got it backwards. You're trying to do a complete fact-find over the phone. You need to determine their needs... not get their entire background and biography. You can do that once you're in their home.

You need to identify a rather common problem that people like them usually have... and ask them questions about it. Then, if it makes sense, you set an appointment and go into the detailed fact-find.

You need to become a PROFILE SPECIALIST... not an opportunist. Just because someone has a pulse and money, doesn't mean that they are your ideal client. Specialize in a profile, get to know their needs... and every case begins to look alike, and you'll have consistency in your results.

If you keep bouncing around from retiree to young families, you won't gain the momentum you need for long-term success.

Based on your questions and script, you're not the kind of guy I'd want as an advisor either.

People are NEUTRAL... until they interact with you. The things you say, and the way you say them will either help you, or hurt you.

Be careful with "multiply your rate of return" statements. You're treading on dangerous ground here. (Unless you're talking about CDs vs a fixed annuity.)

If it ain't broke, don't fix it. Looks broken to me.

My guess is Knights of Columbus also notice he says client name as they only deal with members that and the kc in the forum name.

 

[njinsuranceguy]

Thank you guys for all your advice. But my way of approaching a true cold call has worked for me. Perhaps your idea of a cold call and mine aren't precisely the same. What I was speaking to was my approach to leads which are chosen based on a few limited dynamics such as a broad age target, location and yearly reported income. When I dial what I call a warm lead, which I would consider a refered lead or a person on a highly targeted lead list, my approach is to start off with a suspected need, rather than fish for a need. But as far as this discussion goes I was talking about cold calls. And for that, I have been successful with this script.

And I do work with a fraternal. But it's not Woodmen of the World. I would be willing to bet that you can guess who it is now though.

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Also, the brief introduction I use generally is followed by a request for more information. And suddenly we are talking. I find that it takes most people a few seconds to switch gears when I call. My approach is friendly but vague for that reason. When they inevitably ask what this is I restate my company name, explain a few ways I have helped others and reiterate that the purpose of my call is to ask a few questions to determine if I can help them. I effectively draw down the sales-man defense mechanisms this way. And it works. So it doesn't feel broken to me.

I happen to think that you are spot on with everything. Which is why you're having success with your calls. Keep it friendly and build trust. A lot of that can be done by asking if its a good time, respecting their answer and your tone of voice.

Your approach to target a specific market is key. A lot of sales people have trouble excluding leads. I believe thats a true marker of a successful salesperson. I've found it to be a huge help in my career. Anyway, best of luck to you!

 

[Artash]

The best way to qualify the DM in a cold call is simple: ASK. Just come right out and be straightforward and ask the prospect if they are the person who actually makes he decision or makes the purchase of whatever it is that you sell. To some, this may seem like a radical concept, but try it. Also ask the prospect regardless of the person's job title or other signs that allude to the prospect's purchasing authority. Ask anyway.