How to sell Business Protection
VITALITY.CO.UK/LIFE
Agenda
How vs. why?
Problem/solution/benefit
Pre-sale/point of sale/post sale
The Business Protection sales formula
Business Protection is “back to front”
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VITALITY.CO.UK/LIFE
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 way
Only focus on HOW to do it
Start now regardless of circumstances
Wait 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 mentor
Learn on their own
Never go where the crowd goes
Follows 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 abundance
Have a mindset of lack
Write down their goals and dreams
Keep goals and dreams in their head
Identify and emulate those who are successful Don’t see the value in emulating those in their
in their field
industry
VITALITY.CO.UK/LIFE
Paul Babiak, Robert Hare - Snakes in Suits: When Psychopaths Go to Work, 2006
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What is it that you “sell” to your clients?
Relative size of market for each need
PROBLEM
SOLUTION
BENEFIT
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VITALITY.CO.UK/LIFE
What is it that you “sell” to your clients?
Focus first on WHY…
And then on HOW & WHAT
PROBLEM
WHY
• Adviser?
• Client?
SOLUTION
HOW
• Adviser?
• Client?
BENEFIT
WHAT
• Adviser?
• Client?
VITALITY.CO.UK/LIFE
5
The sales journey
PRE-SALE
POINT OF
SALE
POST SALE
“A journey of a thousand miles begins with a single step”
Lao-tzu, The Way of Lao-tzu - Chinese philosopher (604 BC - 531 BC)
VITALITY.CO.UK/LIFE
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HOW
PRE-SALE
WHY
• The market has changed?
Are you adapting to
survive or thrive?
• The sheer “size of the prize”
• Your business strategy
• Overcome existing barriers
Relative size of market for each need
• 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)
• High road vs. low road
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VITALITY.CO.UK/LIFE
POINT OF
SALE
WHY
Logic makes people
think
Emotion makes people
act (buy)
HOW
• Sell the value of advice
Relative size of market for each need
• Become the architect of the
solution
• Taking the next step
• Business Protection fact find
Sell the problem
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VITALITY.CO.UK/LIFE
HOW
POST SALE
•Customer vs. client
Relative size of market for each need
WHY
• Annual review
• Cross selling opportunities
(RLP / PMI / KPC / (SP / PP) / LP
/ PP)
• Ask for referrals
To build a sustainable
& profitable business
• Benefits - GIOs/Vitality
• Appointment of Additional
Trustees (Scotland from outset)
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VITALITY.CO.UK/LIFE
The Business Protection sales formula
Identify the company type
•
•
•
•
Sole Trader
Partnership
Limited Liability Partnership (LLP)
Limited Company
Relative size of market for each need
Identify the protection need
•
•
•
•
Key Person Cover/Continuation cover
Succession planning/share purchase/exit strategy
Loan protection
Personal protection
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VITALITY.CO.UK/LIFE
Business Protection is back to front
Relative size of market for each need
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
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VITALITY.CO.UK/LIFE
Where are you going to start...
Relative size of market for each need
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VITALITY.CO.UK/LIFE
Thank you
VITALITY.CO.UK/LIFE