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VITALITY.CO.UK/LIFE How to sell Business Protection.

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Presentation on theme: "VITALITY.CO.UK/LIFE How to sell Business Protection."— Presentation transcript:

1 VITALITY.CO.UK/LIFE How to sell Business Protection

2 VITALITY.CO.UK/LIFE 2 How vs. why? Problem/solution/benefit Pre-sale/point of sale/post sale The Business Protection sales formula Business Protection is “back to front” Agenda

3 VITALITY.CO.UK/LIFE 3 How vs. why..? The 3%The 97% Only need one or two steps to begin taking action toward their goal Wait until they know each and every step before they even take one Only focus on WHY they headed that wayOnly focus on HOW to do it Start now regardless of circumstancesWait until everything is perfect Only take on tasks that move them closer to their goal or purpose Take on all sorts of tasks that are appealing Have a mentorLearn on their own Never go where the crowd goesFollows the crowd Stands for what is right is the face of adversity Change their mind depending on who is listening Pay little or no attention to the opinions of others Are all about pleasing others Have a mindset for abundanceHave a mindset of lack Write down their goals and dreamsKeep goals and dreams in their head Identify and emulate those who are successful in their field Don’t see the value in emulating those in their industry Paul Babiak, Robert Hare - Snakes in Suits: When Psychopaths Go to Work, 2006

4 VITALITY.CO.UK/LIFE 4 What is it that you “sell” to your clients? Relative size of market for each need PROBLEM SOLUTION BENEFIT

5 VITALITY.CO.UK/LIFE 5 What is it that you “sell” to your clients? PROBLEM SOLUTION BENEFIT WHY Adviser? Client? HOW Adviser? Client? WHAT Adviser? Client? Focus first on WHY… And then on HOW & WHAT

6 VITALITY.CO.UK/LIFE 6 “A journey of a thousand miles begins with a single step” Lao-tzu, The Way of Lao-tzu - Chinese philosopher (604 BC - 531 BC) PRE-SALE POINT OF SALE POST SALE The sales journey

7 VITALITY.CO.UK/LIFE 7 Relative size of market for each need PRE-SALE WHY The market has changed? Are you adapting to survive or thrive? The sheer “size of the prize” Your business strategy High road vs. low road HOW Overcome existing barriers BP a part of your business strategy Identifying target clients Finding new clients Marketing campaigns Appropriate tools to do the job – Serious Illness Cover (SIC) & Disability Cover for Business (DCB)

8 VITALITY.CO.UK/LIFE 8 Relative size of market for each need POINT OF SALE WHY Logic makes people think Emotion makes people act (buy) Sell the problem HOW Sell the value of advice Become the architect of the solution Taking the next step Business Protection fact find

9 VITALITY.CO.UK/LIFE 9 Relative size of market for each need POST SALE WHY To build a sustainable & profitable business HOW Customer vs. client Annual review Cross selling opportunities (RLP / PMI / KPC / (SP / PP) / LP / PP) Ask for referrals Benefits - GIOs/Vitality Appointment of Additional Trustees (Scotland from outset)

10 VITALITY.CO.UK/LIFE 10 Relative size of market for each need The Business Protection sales formula Identify the company type Sole Trader Partnership Limited Liability Partnership (LLP) Limited Company Identify the protection need Key Person Cover/Continuation cover Succession planning/share purchase/exit strategy Loan protection Personal protection

11 VITALITY.CO.UK/LIFE 11 Relative size of market for each need Business Protection is back to front Clarify the protection need by asking… Mr. Business Owner, what do you intend the proceeds to be used for...? Then create a solution for the specific protection need

12 VITALITY.CO.UK/LIFE 12 Relative size of market for each need Where are you going to start... ?

13 VITALITY.CO.UK/LIFE Thank you


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