Got Rolled by Mickey Mouse and Mom/Dad

[Norwayguy]

This post is why getting the premium committment up front is so important. Why spend time developing a plan if you don't know it will fit what they want to spend. Now that doesn't mean you can't come back with with an alternate that is above what they agreed to but I prefer to do that on delivery they already bought the only question is if they want to improve the situation for X.

 

[Rearden]

Damn straight.

To the person who made this point, you CANNOT fix stupid. You can weave an incredibly strong rational argument. You can show them the facts.

But if they have no emotional reason... OR... if they have to make a decision BETWEEN multiple emotional decisions and have decided on the alternate -- and it's the less intelligent decision in your view -- well, you lost.

Save your dignity and self-respect and don't beg. Call 'em in a few months to see how things have or haven't changed.

Prospect for business that has a NEED, an URGENCY to satisfy the need, and the ability to buy TODAY.

This post is why getting the premium committment up front is so important. Why spend time developing a plan if you don't know it will fit what they want to spend. Now that doesn't mean you can't come back with with an alternate that is above what they agreed to but I prefer to do that on delivery they already bought the only question is if they want to improve the situation for X.

 

[moonlightandmargaritas]

Moonlight, no, they did not disclose they would be talking to her parents.

Is this an error of omission, or did you ask them as part of the qualification process and they flat out lied to you?

I didn't find the pain well enough. They believe is something were to happen to one of them, the parents would take over with their daughter and help with finances.

Sounds like you didn't even find any surface pain. Maybe you didn't have a prospect?

 

[Indiana_Adam]

Norway, I had a commitment of about $30 a month for her and $50 for him when I left the fact finder(which I obviously need to work on).

Moon, I think I had a prospect in her that likes the idea of what life insurance can do, but not the willingness to sacrifice a little bit. So....probably not genuine prospect. Just need to ask better questions and find out if there is anyone else involved in their financial planning. In that regard, if they say, yeah, my parents, then do I wait to do the fact finder with the parents as well, or do the fact finder and then what? Prepare them for what their parents may possibly say, overcome the objection before it arises?

Thank you for responses. I have brushed this one off and will follow up down the road.

 

[moonlightandmargaritas]

In that regard, if they say, yeah, my parents, then do I wait to do the fact finder with the parents as well, or do the fact finder and then what?

Before ever getting to a fact finder, I believe it essential to understand their decision making process with probing questions. Example: "...you know, very few people make these decisions without getting some input from a trusted person...maybe a parent or older sibling. Who will you rely on to help you with this decision?"

When they tell you about the parents, I believe you save both of you time by saying something like, "of course, that sounds like a good idea. May I make a suggestion? Why don't you check with them as to their feeling on providing some money for each other in the event of a premature death..."

I don't see why you would waste your time to do a fact finder, etc., without getting this out of the way. If you don't, it ends up like it has - without a purchase - and WITH a lot of wasted time.

Prepare them for what their parents may possibly say, overcome the objection before it arises?

Only the prospect has the ability to overcome objections.

I have brushed this one off and will follow up down the road.

Excellent attitude - keep moving forward.

 

[YouGotMyMoney]

Filled out 3 policies on young, unmarried couple Saturday evening, had everything but checking informationI believe they would be benefiting from this purchase, but I failed to do my job and help them see the benefits. Just venting.

1.young unmarried couple= usually broke. generally if the guy had any kind of money or brains the female would of locked him down by now.

2. its not your job to make people to want something they obviously see no value in.

3. they were a chargeback waiting to happen.

4. you arent a missionary. dont get so personally invested in whether someone buys or doesnt buy from you.

i know u really wanted this sale. move on and maybe try learning to qualify people better throughout the entire sales process.

 

[VolAgent]

I'm confused.

Do you really need to do a fact-finder on a young couple to sell them some term policies for $70 a month?

All you needed to find out is if they are emotionally and financially ready to buy some life insurance. Obviously they failed on one account.

Also, why did you need to come back? You can't afford to do "Be Backs" on face to face at those premium amounts. Leave with a signed application and check or voided check, or leave them an envelope to mail it in when they are ready.

 

[xrac]

My thinking is if a guy doesn't love a woman enough to marry her why should he worry about taking care of her when he dies. I think you have a suspect here not a prospect.

A second thought was that John Savage would get a dollar committment from them and then come up with coverage that was about half that amount. If they say $100 a month he would show them $50.

 

[GeminiGroup]

Agreed xrac
What folks 'say' with their mouths and 'do' with their MONEY doesn't add up a lot, get used to it.

People who keep saying the OP should have asked about the PARENTS are 'chasing cars'.....

That's not something he could have handled earlier because it was B,S. 'created' AFTER THE FACT by folks to scared and weak to handle a salesman's rebuttals CLASSIC stall nothing more nothing less.

Kid you can't 'catch that car' nor can you catch your own tail....move on, learn from this.

Buyer lie and some run, fact of life......Some schmuck will 'swear' to you that he doesn't NEED his wife to buy.....
Then 5 days later 'he blames HER for the cancel'....
Why blame this 'other person'? You can't rebut her (stop it) just lke you can't speak to these folks parents ....same sort of weak DODGE.

Lesson learned don't pitch one leg..........I don't care if she is forbidden to speak or doesn't know Eng'less if SHE is present that B.S. smoke screen is gone.
Control you 'selling environment'...control, whom you sell to and a lot of this push-back disappears.

Selling like dating control as much as you can, when you ask a woman to marry you:
a) You should be shocked at the answer (if you did it right)
b) If she says Yes, then says my parents changed my mind on our agreement.....We've got WORK to do on 'reading' the situation and knowing if people are follow the leader, YOU.

 

[maksim]

Humn, maybe I have been out of the newbie world for too long, but you have no one to blame here but yourself.

Bottom line, they did not see value what you were offering.

My favorite sales trainer, "People don't like to be sold things, but they love to buy."

People buy the benefits of insurance, security, sense of accomplishing their goals, dignity.

People hate to be sold benefits, terms, premiums, contracts.

There are billions of people in the world, and millions of people in America. Pick whom you work with, and look at it from a pipeline perspective.

There will be people who will do business with you no matter how bad you are in your presentation.

There will be people who will not do business with you no matter how amazing you are in your presentation.

Then there are the rest of the people that you have to work with.

If your pipeline is full, who cares if someone is the type that will never do business, just move on. Find people who find value in what you provide. Don't spend so much time trying to convince people the benefits. Use value to differentiate yourself and why they should buy from you.

Its like if you are selling BMW's. They are awesome cars, but not everyone should be a buyer. Some people just can't afford them, or those that can, just don't see the value in spending on them.

Same with insurance. We see how it can benefit a lot of people, but some people just either are not ready for it, or do not want to be sold it.

The best thing you can do as an agent... is to build up a massive pipeline of prospects, and maintain top of mind awareness, so that when they wake up and decide to buy, you will be the agent they think of.

Those are the people you want to be working with. Don't waste your time with everyone else. There are plenty out there who realize the benefits. If you don't have a pipeline... start building one. You want to get at least a few hundred to start with. Right now my email news letter campaign is over 1500 names. People that I have met or spoken with. Every week or so I send out a value add newsletter, and will have a few people wake up and email me that they want to get together.