Young agents! Or those not so young but still very new to this business. Is this a question you ask yourself frequently? Here are the top 5 reasons why you may not be closing as many sales as you should be:

Reason 5: You haven’t made learning a priority

Make a point to learn something new everyday. Be it something about the history of the insurance industry, your competitor or something about yourself even. Dedicate some time everyday just for this purpose, let’s start with 30 minutes a day. It can be in your car on the way to the office, just listening to motivational talks on your CDs. Or at the end of the day, sit alone in a quiet spot and think about how you did at a meeting earlier that day. Did you ramble too much? Did the prospect seem satisfied with your service? How can you improve.

Take this step seriously if you want to succeed. Remember that there are many insurance agents out there selling similar products. So to a large extent, what makes customers buy from you is YOU. Learn important skills such as effective communication and listening; the art of persuasion, people skills and effective selling skill. There are too many to list here. But the good thing about living in this modern era is almost everything can be found on Youtube!

 

 

Reason 4: You think you know what the prospects want/ need

You go into a meeting with a salesman attitude. Your mind already set up in terms of best products for them. Don’t do this. You can have an idea of what they need, but go with an open mind. Learn as much as you can about your prospect. Ask questions because you genuinely want to learn about them. Not because these are the standard questions prepared by your agency which you are required to ask. Once you think you know them well enough, take your time to draw up a solution.

 

 

Reason 3: You talk more than you listen

When meeting a prospect, don’t ramble on and on about you, your company or the wonderful array of products that you can offer. Instead listen. Ask a couple of questions and then listen some more. The more they speak, the more 1) you learn about them and their needs, 2) they think you are a genuine agent who truly is interested and care. So a win-win situation for both of you.

 

 

Reason 2: You aren’t convincing enough during cold calling

Just because you have to achieve your goal of getting x number of prospects a day does not mean you should pick up the phone and start punching in the number of random leads. There is a smart way of doing this. First of all, did you know that Wednesdays and Thursdays are the best days to cold call? So target these days to do your cold calling.

When talking to prospects on the phone, don’t spill everything that you do at once. Instead, ask open-ended questions. Let them speak more and expose their needs. You don’t need to rush into giving them a solution as this will make them think that 1) you may have already rehearsed for the call, and 2) their needs can be easily met by any agent. Instead, create a bit of mystery, and set an appointment where you promise you will have the solutions for their needs.

 

 

Reason 1: You aren’t prospecting enough

The most important reason is you are not getting enough prospects. For you to close sales, you need to first have prospects to meet because it is a numbers game. You can’t expect to meet prospect by just sitting at home or coffee shop all day. Start by making a goal to find at least 2 prospects a day. Once you have mastered the art of prospecting, you can start increasing the number. And hopefully by then, you will be getting more through referrals and recommendation.

An effective way to prospect for clients is through referrals. Did you know that 65% of new businesses come from referrals (New York Times) and people are 4 times more likely to buy when referred by a friend (Nielsen)? So always remember to ask for referrals, don’t be shy! Another great way to prospect is by joining local or community event. Be involved in your community, get to know your neighbors. Occasionally organize a cook-out or gotong-royong. And always carry your business card to these events!

 

 

Prospecting is very important factor, so we have created Malaysia’s First Insurance Agent Directory to help you obtain new leads. The directory helps you be present online and makes you searchable by prospects. The reviews and rating from your existing customers help you look professional and build trust with prospects that do not know you yet. You can find out more here.

At the end of the day, it all boils down to how much effort you are willing to put into your career as an insurance agent. From prospecting to learning new skills, they all require hard work and dedication. But do remember to always try new things when the old ones stopped working. Make use of research data, because you can also work smart, not just hard. Like our iBanding4Agent Facebook page for more sales statistics and information that can help you in your career. Good luck!

 

 

 

Summary of the top 5 reasons, why you are not closing sales
1: You aren’t prospecting enough. Getting new leads
2: You aren’t convincing during cold calling
3: You talk more than you listen
4: You think you know what they want
5:You haven’t made learning a priority