One of the best skills to master as an agent is selling on value, not price. Now discover five ways to enhance your expertise in this field.
An ideal strategy for insurance sales is selling on value, not on price. As motivational public speaker and self-development author Brian Tracy once said, “The more you focus on the value of your product, the less important the price becomes.”
Value-based selling means prioritizing your prospects’ needs over your own. Ultimately, the goal is to help potential clients focus on the advantages of purchasing a policy from you instead of whether you offer the lowest price or not.
Using this technique has many benefits for agents. Let’s go through five of them below.
5 Ways you can increase leads by promoting your value
1. Boost conversion rates.
When you approach a customer, it’s best to focus your lead generation efforts on quality over quantity. Instead of attracting a massive client pool, work on capturing clients whose needs you can serve with your policies.
Once you have quality leads on your hands, it will be easier to speak with your audience and build relationships with them.
The more meaningful interactions you maintain, the more opportunities you have to address distinct pain points. Eventually, through these valuable conversations, you can convert clients into customers.
2. Protect your pipeline from price increases.
When you fill your pipeline, show your clients real value so you can protect your potential sales from price increases.
As a salesperson, your job is not only to present the particulars of every policy to your prospects. You have to show them how your customized solutions will provide the most value.
For instance, talk about your provider’s unique selling proposition (USP). Maybe you have a 24/7/365 customer hotline or a self-help portal that sets you apart from the competition. Remember, customers are willing to pay more for excellent service.
3. Determine buying patterns.
Another benefit of selling on value, not price, is that your target market becomes more predictable. Once you gather data on quality leads, you will start identifying common challenges, preferences, expectations.
Once you know your audience on a deeper level, you can create advanced buyer personas. Doing so will help you create custom solutions for particular audience groups, letting you stand out in a sea of competition.
4. Encourage loyalty.
A value-based sale is only possible when you establish a connection between you and your client. When customers trust you enough to invest in you and your policy despite higher prices, you’re on the ideal path to customer loyalty.
After closing a value-based sale, the next logical step is to keep nurturing your relationship with your customers. Connect with them every chance you get. Send them valuable emails and consistently exceed their expectations. These are some of the secrets to encouraging loyalty.
Remember, loyal customers are hard to find. They spend more on your products and services, leave good online reviews, and tell their family and friends about you. They serve as free brand ambassadors who can help you get the word out about your offerings.
5. Enjoy more referrals.
There are many ways to add value to your insurance products. For example, you can overdeliver on your promises, communicate with customers frequently, and use the latest technologies to create seamless experiences.
If you play your cards right, you hit your targets and give your clients more reasons to refer you to their circle of friends. Satisfied clients don’t care much about the price. Instead, they consider the convenience you provide them.
The more you sell on value instead of price, the more you encourage referrals. It’s a cycle that will benefit your business in the long run.
Start selling on value, not price.
Whenever a low-priced competitor challenges your confidence, focus your efforts on selling on value, not price. Instead of battling competitors head-on in a price war, discuss coverages, bundling discounts, perks, and your USP.
Also, be there for your clients during every stage of the selling process. These efforts prove that what you offer far exceeds a few dollars of savings.
If you have trouble capturing ideal audiences, check out HBW Leads. The leading insurance lead provider offers high-quality, double-verified leads just waiting for your call.
With HBW Leads, you can spend less time looking for potential clients and more time selling policies. Request a free, no-obligation quote now to achieve your targets.