|
How To Understand What the Objection Means
Every objection a prospect presents you can be
refined down to one of three issues:
The easiest way to establish Trust, and
reinforce Value and Need (which most people responding to
a mortgage lead will already have), is to make a presentation to the
prospect that consists of the following:
- At least one option they can afford
- A presentation they can understand
- Clearly ask for the business
- Handle the objections in a practiced and
confident manner
Many times Need is an extension of Value
because the prospect does not yet understand the VALUE to them of the
service you are offering. Once you establish Value it will be
much easier to establish Need. This process works the same way
when you go from Need to Value.
Even after you have established Value and/or
Need, you must still have their Trust in order to make the sale.
TRUST IS THE MOST COMMON OBJECTION. If you do not have your prospect’s
trust, they will not see the value of what you are offering.
The following is a list of common objections
you are likely to hear and suggestions to overcome them. The relevant
issue will be in parenthesis beside them.
• “We want to think about it.”
(Trust) (Value) (Need)
What they are really telling you is that buying
from you is not right for them. This is an easy objection to overcome
by getting them to focus on what their needs are and which of your
products will serve that need.
• “We want to shop around.” (Trust)
Again, what they are telling you is that they have
not yet accepted YOU. The reality is that most people do not want to
deal with life insurance and the unpleasant associations it has any more
than necessary. If you can make them feel comfortable enough, they will
buy it, tonight. The "NO OBLIGATION" close is very effective with life
and disability insurance and should come out of your mouth in a smooth,
unrehearsed, even manner that sounds like you have been using it for
years.
• "We have a friend/relative/acquaintance
in the insurance business." (Trust)
They are afraid they might offend someone they know
by not buying from them or they think that person can give them a
discount. What they don't normally consider is that if they do business
with a friend they put that relationship in jeopardy if something goes
wrong. If YOU mess up, they can yell at you without wrecking the
atmosphere at Christmas dinner.
• “We can’t afford it.” (Trust)
(Value)
Sometimes this is a lack
of confidence in you issue, and on other occasions it is a valid concern
about how the premium will affect their budget. The percentages will
work in your favor if you first try to deal with the cost issue.
If you HONESTLY believe they can not afford it,
then you have encountered a condition, not an objection, and conditions
cannot be overcome that day.
• “Insurance is a waste of money”
(Value)
This is normally a situation where your prospects
just want to be reassured that they are spending their money wisely. Be
honest and tell them that they’re correct; normally insurance IS a waste
of money, HOWEVER, every day hundreds of young people die causing their
families to lose their homes, and their children the opportunity to go
to college, and every day undertakers send THEIR children to college
because young people die.
• "I don't need the insurance."
(Need)
This is normally a selfish person who has decided
on their own that they would rather spend the money on something else
and has not consulted the other person. It is not unusual for the man
to be reluctant and the woman to really want the insurance. You can
shame the reluctant one into agreeing by asking them if they can
GUARANTEE the other that they will not die and leave an unpaid
mortgage. Obviously, they can't and will look like a heartless, cheap
so and so in front of someone they care about. Don't take an aggressive
position in this. Just ask the gentle question and let the inter
personal dynamics do their work.
• “We have enough insurance" or "We
already have insurance" (Need)
Some people think that $5,000 in coverage will
handle ALL their responsibilities. DO NOT take their word for it
regarding the coverage. Ask to see the policies. Many times they will
not have what they think they do. Even if they do, remind them that
they now have a new responsibility, a mortgage to protect, too. Even if
they have an amount of insurance equal to their mortgage, that coverage
had been obtained BEFORE they acquired the mortgage and had been
intended to provide for lost income and other family needs. The
mortgage is a new obligation and needs its OWN protection. You can
remind them that saving the house does not mean that they will have
money to live on.
• "We need to pray on it." (Trust)
They are just looking for a little reassurance in a
manner they feel most comfortable with. Turn that potential negative
into a positive.
If you hear an objection you believe is not on this
list, consider it carefully since it is probably a variation of
something you have read here.
A complete script for responding to each objection
listed here is available at
www.lifeleads.net.
Once you understand the real meaning of an
objection, addressing your prospect’s concerns and closing the case is
about five minutes away.
|
