Overcoming Barriers of Life Insurance
The major problems which an Insurance advisor may face in field can be classified under following stages of sales-
1. Generating Sales Leads
Selling begins by locating potential customers. A potential customer or “prospect” is first identified as sales lead, which simply means the salesperson has obtained information to suggest that someone exhibits key characteristics that lend them to being a prospect.
Sales leads can come from many sources including:-
Prospect Initiated – Includes leads obtained when prospects initiate contact such as when they call you or respond to an advertisement.
Profile Fitting – Uses market research tools, such as customer profiles, to locate leads based on customers
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Such referrals may come at no cost to the salesperson or, to encourage referrals, salespeople may offer payment for referrals.
Promotions – The method uses free gifts to encourage prospect to provide contact information or attend a sales meeting.
2. Qualifying Leads
Not all sales leads hold the potential for becoming sales prospects. There are many reasons for this including:
1. Cannot be Contacted – Some prospects may fit the criteria for being a prospect but gaining time to meet with them may be very difficult (e.g., high-level executives).
2. Need Already Satisfied - Prospects may have already purchased a similar product offered by a competitor and, thus, may not have the need for additional products.
3. Lack Financial Capacity - Just because someone has a need for a product does not mean they can afford it. Lack of financial capacity is major reason why sales leads do not become prospects.
4. May Not Be Key Decision Maker - Prospects may lack the authority to approve the purchase.
5. May Not Meet Requirements to Purchase - Prospects may not meet the requirements for purchasing the product (e.g., lack other products needed for seller’s product to work
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Cold Calling for Presentation – A challenging way to contact a prospect is to attempt to conduct a sales meeting through a straight cold call. In this approach the intention is to not only contact the prospect but to also give a sales presentation during this first contact period. This approach can be difficult since the prospect may be irritated by having unannounced salespeople interrupt them and take time out of their busy work schedule to sit for a sales meeting.
B. Cold Calling for Appointment – A better approach for most salespeople is to contact a prospect to set up an appointment in advance of the sales meeting. The main advantages of making appointments is that it gives the salesperson additional time to prepare for the meeting and also, in the course of discussing an appointment, the salesperson may have the opportunity to gain more information from the prospect. Of course, this way also has the added advantage of having the prospect agree to the sit for the meeting, which may make them more receptive to the product than if the salesperson had followed the Cold Calling for Presentation
Preconscious need level- the buyers are not fully aware of needs. They generally know what type of product they may need, but choose not to discuss it fully.
Companies start by segmenting their customers by demographics, geographics, behaviors, and attitudes (Iacobucci, 2013). Once the company decides who their segment group is, they can target
When discussing the concept of the distance from the click to the sale, Weil (2002) explains business-to-business e-mails are primarily for lead generation. On the other hand, an e-mail campaign for a busin...
Sales agents, for example, are often more willing to prospect customers. They are more persistent and more inclined to offer a trial close to a negotiation than are company sales people.
If supply of components is greater than that required by the parent company then either production will have to be reduced or the surplus will have to be sold to rival firms. Customer choices may be restricted if the parent company insists on only its products being offered for sale.
Key responsibilities include developing territory account plan in collaboration with other internal stakeholders (being market development, inside sales, field sales & channel marketing) and executing programmatic GTM initiatives directly with channel partners to discover, nurture and generate sales pipeline on a weekly basis to support multiple lines of businesses and their respective revenue goals. Hays plc, Malaysia Consultant, Sales and Marketing May 2015 – April 2017 • Specialize in providing talent solutions to corporate clients within the IT and Professional Services industry. • Developed a strong pipeline of leads through the execution of various Marketing Strategies: - E-Shots (Marketing Automation) - Targeted Content Marketing through Hays’ Social Media
The first step generating leads, at this part of the production Amazon is only selling a handful of these products. By this they will be able to more accurately figure out the target market and coming up with ads to increase the numbers in the target market as well as trying to draw others in. The second step qualifying leads, Amazon will need to see exactly how much people would be willing to pay for this service and be willing to play around with prices to see if results change. With the cutting out of interaction in stores for the trial stages Amazon should continuously follow up with consumers that are the first to try out the product in order to get feedback on improvements that they can make towards the product. The third step, Approaching the Customer, Amazon should make sure that anyone in contact with the customers knows everything there is to know about the product itself, and also that they know exactly where the customer fits into the market. For example, do they live in a rural or urban area, elderly or a younger market. Knowing exactly where they fit into the market will be essential in knowing what to say and key in on when trying to sell the product, or when talking to customers that have already bought the product to be able to get good feedback of satisfaction and concerns. For the fourth step, for customers that have already bought the product they must make sure they are listening to the concerns and ensure the customer that they Amazon will do everything in their power to address it. For people that have not bought the product, listen to their reservations and address ways of how what they are worried about is, respectfully, not an issue. If meeting in person, give the customer documents on why the product is good for them, or offer to email it to them. For some, a paper document listing the different ways that the product is good for them
Unlike other types of universal life insurance, variable universal life insurance allows policyholders to put in their policies’ cash value in diverse accounts, such as stocks, bonds and commodities, as with mutual funds. Policy owners can put all their money in a single account or put their cash separately in different accounts to make the most ROI.
As traffic is generated from a variety of Marketing Channels, it is advantageous to have the ability to capture the identity of each lead in order to properly nurture opportunities towards a qualified state.
The purpose of a salesperson is to create potential customers and keep current customers meaning it’s not only about making sales. Potential customers are a part of an aspect of customer strategy which is the definition of prospecting. Manning & Ahearne (2012) authors stated a prospect or a potential customer is one that meet the expectations by the company or you. The prospect base is the goal of companies to reach their current and potential customers (Manning & Ahearne, 2012). Also forming a prospect base uses the CRM software to track customers of their movement in the sales process. In order to improve the quality of the prospect effort the progressive marketers are performing three objectives:
their customers desire to buy new model of their brand even if they do not really need it at the moment. The
Sales is a very profitable profession. Those who do it right can provide a substantial lifestyle for themselves and their families for many years, but fail to develop customer loyalty and the empire you build today, may become the ruins sales archeologists study and learn from
Many private and public workplaces offer workplace life insurance. If you are employed at a large corporation or by the federal government, then yo most likely have the option of receiving subsidized or free term life insurance. While this is a useful benefit to your job, it might not always be enough for your family. Depending on your family's needs, you may need something other than workplace life insurance. What Workplace Life Insurance Plans Are Available?
Term insurance is the easiest form of life insurance. It provides non permanent life insurance protection on a limited budget. Here's how functions: If the policyholder dies in that time, his or her beneficiaries obtain the benefit from the policy. If he or she outlives the term of the policy, it is no longer in essence. The person would have to reapply to get any future benefit.
products they want. The goal is to not only provide consumers with what they know they