One Egg Or Two - Sales Idea by Mark Rosenthal

[Reuben]

Re: One egg or Two Sales Idea by Mark Rosenthal

A lot of agents make the same mistake when selling life insurance. You are asking them if they want to buy this plan that you are showing them, instead of which of these 3 plans that I have before you do you wish to buy.

The option should never be, either buy this or don’t. Try saying which one of these three plans do you like.


Here is my example.
Client wants you to run him a quote on $200,000 worth of coverage and it cost $50.00 dollars a month. Don’t make the mistake of only bring this one quote to the client.

Go ahead and bring three different quotes.
Bring this quote, but also bring a quote for like $150,000 for $40 a month. Also bring the quote for $250,000 for $65.00 a month.

Let the client choose between the three. Sometimes he might chose the bigger policy when he see that he can get more coverage for just a little bit more a month, or he might not can afford what you are showing him and instead of saying he can’t afford it and goodbye, he will pick the cheaper plan that he might can afford.

This concept is an easily overlooked one, it's called the up sell.

Think about the last time you went out to a fast food place. You order a standard combination meal. If that girl or boy is doing their job correctly, they're going to suggest that for an additional $0.44 you can get a larger size drink and fries.

Another concept: Assumptive sale.

You go to out to McDonalds' and order a 1/4 cheese, large fries and a milk shake. If they're trained properly they're going to ask, something along the lines of "Will that be a large milkshake?"

The normal reaction will be to say yes.

I managed a pizza place in England a few years back. Training the staff to make that simple statement at the time of order increased sales by $200.00 per day. Do the maths.

Going to our clients with more than one option, including the one that you're looking to push makes sense. My experience has shown that giving three options, with the better one in the middle of the three usually equates to that particular option being sold.

Mark, your training alone on this web page more than makes up the fact that I'm not able to sleep in a Saturday morning at 5:54 am.

 

[Mark]

Re: One egg or Two Sales Idea by Mark Rosenthal

When I first got married my wife asked me if I wanted 1, 2, or 3 kids. She didn't ask me if I wanted to have kids.

 

[GreenSky]

Re: One egg or Two Sales Idea by Mark Rosenthal

When I first got married my wife asked me if I wanted 1, 2, or 3 kids. She didn't ask me if I wanted to have kids.

Who came up with the idea that you needed enough for a basketball team?

Rick

 

[Mark]

Re: One egg or Two Sales Idea by Mark Rosenthal

Who came up with the idea that you needed enough for a basketball team?

Rick

Our parents never had that talk with us, about where babies come from.

Also the more kids you have the easier it gets. I always wanted a big family.

So yes, the 3 kids quickly became 5 kids. But only 4 of them are ours.

 

[mmov1997]

Re: One egg or Two Sales Idea by Mark Rosenthal

sounds like more is less which then leads to the sale?

 

[JasonH]

Re: One egg or Two Sales Idea by Mark Rosenthal

Mark great post! I learned this concept as a "win win close" but it didn't come with a great story. Learning and story both affect emotion as well as cognition making it a very effective way for someone to learn.

 

[Mark]

ONE EGG OR TWO??

I’m going to tell you my one egg or two story. I think this story will help some agents with their sales.

This is based on a true story, but I can’t remember the names. But the names don’t matter.

One day a very smart sales person (named Mr X) had a great idea on how to increase the profit of Milkshakes sold at one of the biggest milkshake chains in America. This story takes place in the 1950’s. Mr X, writes a letter to the company telling them his idea on how to increase the profit of their number one product milkshakes. Milkshakes cost about 5 cent each at the time. He wrote and told the owner how he could charge 8 cent for a milkshake if he would just add an egg to it. The owner decides to try this idea and see if it would work. The owner writes back Mr X and tells him that he tried his idea himself and when he asked the customers if they wanted an egg in their milkshake they all said no. He told Mr X that he had wished that this idea had work, and if it had, he would have paid him 1 cent on every milkshake sold.

Mr X, writes him back and tells him he didn’t use his idea correctly is the problem. So the owner if the milkshake place, invites him to his shop to explain what he is talking about. He shows up and tells him, that he would love to show him his idea personally.

So the next customer walks in, comes to sit at the counter and Mr X asks him if he wants 1 egg or 2 in his milkshake. The client says, hmm, I guess I only want one. He charges him 8 cent for the milkshake.

See the trick was not to ask the client if they wanted the egg, but to ask them if they wanted one or two eggs. He didn’t give them the option to say he didn’t want the egg in his milkshake, but just asked him how many he wanted. Mr X made millions from this simple idea.

Now you’re asking me what does this boring story has to do with selling life insurance.

A lot of agents make the same mistake when selling life insurance. You are asking them if they want to buy this plan that you are showing them, instead of which of these 3 plans that I have before you do you wish to buy.

The option should never be, either buy this or don’t. Try saying which one of these three plans do you like.


Here is my example.
Client wants you to run him a quote on $200,000 worth of coverage and it cost $50.00 dollars a month. Don’t make the mistake of only bring this one quote to the client.

Go ahead and bring three different quotes.
Bring this quote, but also bring a quote for like $150,000 for $40 a month. Also bring the quote for $250,000 for $65.00 a month.

Let the client choose between the three. Sometimes he might chose the bigger policy when he see that he can get more coverage for just a little bit more a month, or he might not can afford what you are showing him and instead of saying he can’t afford it and goodbye, he will pick the cheaper plan that he might can afford.


Here is my disclaimer before someone posts a comment on this post. I’m just making up these figures. They are not actually numbers. I’m just showing you the idea.

I hope you can get something out of this story.

Okay, now do you want one egg or two in your milkshake?

A side note is that I tried putting an egg in my milkshake and it was not that bad.

I'm writing this late tonight, so I hope I didn't spell anything wrong or use bad grammer. If I did you will just have to live with it.

I'm going to bump an old thread, because someone asked me about this today and said they could not find it.

 

[Jake07712]

I believe that this is called the 'close of choice.' When selling a UL policy, I show one with no cash value, cash value equal to return of premium after 20 or 30 years, (depending upon the age of my client). and one with a potential to pop at a given point, based on current interest rates. " which do you feel works best for you?"
(Just as a side note for some of the northeasterners out there, an egg cream never had an egg in it. The name was made up by a clothing salesman in the garment district for a luncheonette that wanted to sell more chocolate sodas with a dash of milk in them, for an extra 2 cents.)

 

[GreenSky]

(Just as a side note for some of the northeasterners out there, an egg cream never had an egg in it. The name was made up by a clothing salesman in the garment district for a luncheonette that wanted to sell more chocolate sodas with a dash of milk in them, for an extra 2 cents.)

Not only that, but catnip has not cat, nor does catsup. Dog weed, pussywillow, chicken nugget, etc. All fraud!

Rick

 

[arnguy]

The original story sounds similar to that of Ray Kroc (MsDonald's).