Selling value over price is one of the most important skills for any insurance agent.

Author, coach, and public speaker Brian Tracy once said, “The more you focus on the value of your product or service, the less important the price becomes.” This is why selling value over price is such a big help when addressing clients’ needs. 

Most leads see auto, home, and life insurance as obligations, so they often look for the lowest price points. However, with the right selling techniques, you can help them understand that insurance is a value-added product. 

And for you, some of the many benefits of selling on value include improved conversion rates, pipeline quality, and loyalty. 

value over price

Value over price: 5 Ways to compete without risking your profits

1. Focus on your unique selling proposition.

Consumers see insurance ads daily, from television screens to billboards to digital ads. In most cases, agencies focus on price. Unfortunately, this means that if you run ads in the future and don’t offer the lowest-priced products, no one will pay attention to what you have to say. 

Instead, focus on your unique selling proposition (USP). This is the feature that makes you stand out from your competition. For instance, Allstate highlights its wide range of products that address various needs. As a result, this USP attracts buyers with several policy needs or those with distinct requirements. 

When you start communicating with potential clients, focus on your USP to attract clients who are not as price-sensitive as others.

2. Use value-based selling. 

As you nurture your leads, it’s crucial to practice value-based selling. This means presenting your products in a way that highlights benefits instead of prices at every touchpoint. When you master this approach, it becomes easier to convince buyers to choose your offer instead of bargain policies. 

The best way to achieve this is to clearly understand your customers’ needs. Remember, there’s no one-size-fits-all solution for customers; they all have different ideas of what’s valuable. 

Once you discover their distinct requirements, you can address each one with viable solutions. With standout products and services, your prospects won’t mind paying above minimum industry rates.

3. Aim to educate. 

One of the industry’s best-kept secrets to hitting monthly sales targets is to act as an educator instead of a salesperson. Sharing valuable information during every meeting can do wonders for your career. 

Coming off as too salesy minimizes your impact as an agent. Many people don’t appreciate super aggressive hard-sell approaches. 

If you instead focus on educating clients and helping them understand the advantages you offer, you can earn their trust and encourage long-term professional relationships. Doing so allows you boost conversion rates and encourages clients to refer their relatives and friends. 

4. Boost your authority. 

Another way to sell value over price is to boost your authority. Apart from highlighting your USPs and benefits, you can also focus on your value as an agent. After all, exceptional service could be the defining factor for some clients.

When you get the opportunity, sell your knowledge, skills, and experience as much as you sell your products. This process shows potential clients that you know what you’re doing and understand their needs.

If you’ve been in the industry for a while, make sure to get this point across. However, if you’re a new agent, you can reference your team’s combined experience instead. For instance, you can say, “Our team has a combined experience of 60 years selling auto, home, and life insurance policies.”

5. Discuss discount eligibility.

You can still discuss discount eligibility even if you’re selling value over price. After all, if customers qualify for premium reductions, they could opt for more expensive policies. 

For instance, if you have a lead shopping for a home insurance policy with a state-of-the-art alarm system, they may be eligible for up to a 20% discount. Even if you don’t have the lowest-priced products in the market, these savings can help them appreciate the additional value you’re offering.

Need help finding qualified leads?

The first step to succeeding as an agent is to keep your pipeline full of qualified leads. Combined with a value-selling strategy, a packed funnel can transform your career. 

If you have yet to perfect the art of finding, capturing, and nurturing prospects, it’s time to buy leads from a reliable provider. At HBW Leads, you can get high-quality, exclusive, and double-verified leads anywhere in the market. Get your Personalized Lead Package or call 866-496-1496 now for a free consultation.