3 Key Factors to Consultative Selling

"Information is liberating." - Kofi Annan

Welcome to The Insurance Experts, your weekly spot for planning stories and strategies that matter to you and your clients.

Click Subscribe above to be notified of each free edition.

Also, subscribe to?Financial Planning Innovation?and?Inside the Mind of an Actuary?where more experts share their stories.

3 Key Factors to Consultative Selling

Consultative selling is an approach that focuses on client relationships and open communication to discover and provide solutions to their needs. Its focus is on the client rather than the product being sold. This approach allows you to better comprehend your client's needs and how they may be addressed, allowing you to position their solutions more effectively. Your expertise is transformed into a tailored solution that is specific to your clients needs and goals.

Here are 3 key factors to focus on when using a consultative approach -

Educate -

Educating your clients makes them feel that you want to improve their experience and encourage them to make better, more informed decisions. When you take the time and effort to educate your clients, they feel taken care of. It also helps to demonstrate your knowledge and establish you as a specialist. When they see you as the expert, they will be more willing to accept your recommendations.

Collaborate -

Who wants information “told” or “pitched” to them?? Not many care for this approach and most would prefer to be next to you exploring a topic and adding their input to the discussion.? Does this imply we don't need to be experts? Certainly not! It implies that instead of being just a specialist, we must become more of an expert and prepared to:

1. Ask questions that will get clients to participate and become involved
2. Explore solutions that will benefit them based on their needs
3. Share expertise and knowledge without sales pressure
4. Allow time for additional discussion
5. Adapt your style of communication to theirs (including conversational style, decision making, and degree of participation)

Persuade -

It’s not enough to drive the conversation, you must also drive action. The key here is not to try to persuade them by dismissing or brushing off their concerns, rather you should highlight the benefits of the solution you presented. How your solution aligns with their personal needs and goals. Showing them how having a plan in place will protect them and their loved ones should a need arise.

Conclusion

These three key factors will help you succeed in a consultative approach with your clients. Keeping a strong client focus throughout the entire process, while focusing on educating, collaborating, and persuading your clients, you'll be able to build trust and relationships that result in sales.

Join The Community of LTC Planning Specialists at www.BuddyIns.com?

BuddyIns is a community of long term care insurance specialists. We are dedicated to helping families across the country with customized LTC planning solutions.