To know sales is to know human psychology. After all, it is our brains that make us buy the things we want and need. Insurance of any kind is no different. If you know how your future prospects think, you will sell more insurance. This blog will shed light on how you can incorporate psychology into your insurance company sales campaigns.
Here are 10 psychological hacks you can use to end more insurance sales for your agency today.
Use the pain that comes from life's insecurities to put your agency and your services in the spotlight. We fear what we do not know and dislike that feeling of insecurity. This in turn makes for an unpleasant pain point for your prospect. By using some truth about how destructive life events can be, you can postpone this pain point in your future prospects and give them a reason to trust you with their insurance needs. Finding and pushing the pain points for your potential customers is how you close more insurance sales.
Talk to the potential loss
The second psychological hack to increase your insurance sales is to directly link it to how much money can be lost. Your potential clients need to realize that they are making an investment in your agency. The more value you can add to their lives through your insurance, the better your chances of closing a deal.
Have you ever bought something at the last minute? Our fear of losing something undoubtedly outweighs when we feel that there is a limited time to take action. Suddenly the price is not as great and we have full confidence in what we buy because there is a sense of urgency. This feeling is what will drive your prospect to take action and give you a chance to close the deal. This concept has entered the mainstream in recent years under the acronym FOMO (Fear of Missing Out) and using FOMO is an excellent insurance sales strategy.
Use scarcity to promote exclusivity. Scarcity makes us want what we can not have and people hate not getting exactly what they want when they first looked at it! If you want to increase sales of your insurance agency, scarcity can be used to your advantage.
Establish authority to create trust and build respect. People automatically search for experts when they need help or advice on a topic they do not fully understand. By positioning yourself as an authority figure, you are likely to appear more reliable and increase your chances of concluding more insurance sales.
Try Social Evidence by offering testimonials and recommendations to your potential clients. Social evidence is the psychological phenomenon where people assume and imitate the actions of others in certain situations because these actions are assumed to be correct by others around them. Basically, if others talk a lot about your insurance agency, your potential customers will see buying your services as the right thing to do. You can use social proof during your sales assignments by giving potential customers examples of how other customers have used your agency services successfully. Social proof is one of the most effective insurance sales strategies.
Emotions often trigger buying decisions, but logic and reason are how rational buyers make informed decisions. You want to get involved in your future prospects on an emotional level while presenting your case in a logical and rational way by describing exactly what your insurance services cost and how this investment will benefit your potential customers. Logic and reason, combined with an emotional connection, is how you sell more insurance.
Empathy is how you put yourself in a customer's shoes. This is a great way to increase the sales of your insurance company as it gives you valuable insight into what others may be thinking of when they are considering making a purchase with you. You will become an expert at reading buying behavior and knowing exactly what they want or need. Empathy is an excellent insurance sales strategy and that is why it is one of the 1
Use price anchorage before giving discounts. Price anchoring is the psychological tactic of first promoting large numbers (price anchoring) and then moving on to smaller numbers (discounts). By first showing your potential customers what they can use, they are more likely to respond positively when you offer them something at a lower cost. Price anchoring is an excellent way to close insurance sales and it is used by all major insurance companies through relationship discounts such as multiple cars, homes or drivers and through organizational discounts such as alumni associations that give you more exclusive access to a large group of potential customers.
Keep it Simple
Do not complicate the sales process for insurance companies with too many options. More options may actually equate to fewer sales by insurance companies. Many prospects become overwhelmed when they are given too many choices and either make no choice or choose the first option they are given. By having fewer choices, you can help potential customers make faster decisions without getting stressed. Keeping it simple is how you sell more insurance in a saturated industry.
Psychology and Technology – A Winning Insurance Sales Strategy
Now that you know how your potential customers think and how you can end more insurance sales by playing after this knowledge – the next step is to combine this psychology with the right technology for your insurance companies' sales campaigns. When it comes to CRM platforms, InsuredMine is the right technology. Combining InsuredMine CRM with these psychological hacks is a winning insurance sales strategy. Schedule your demo below and try InsuredMine for free today!
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