Marketing and Sales Best Practices for B2B Insurance Agents: Overcoming Objections From Potential Clients
B2B insurance sales can be a difficult task even with a relatively eager potential agency. There is a budget approval process that includes a CFO review, participation of key team members, scheduling coordination, legal review, and finally writing. These are just a few of the many challenges inherent in any B2B sale. Add to those hurdles, a prospect who is a good candidate for your insurance solution, but has objections to your value proposition or a high-level relationship with a competitor at the “C-level” executive level and we’ve just mentioned a few. key hurdles in a B2B insurance sales cycle. How can you overcome these objections and come to an agreement? Here are some tips to help you overcome objections and create an easier path to selling:
- Anticipate the most common objections and have your answers ready.
- Create a list of additional points to take advantage of: Your elevator speech may be only 30 seconds long, but there are many nuances to your value proposition that you must have in your back pocket.
- Have examples of customer successes that are similar to your prospect and be ready to share them verbally and in writing (customer case studies).
- Place the name wherever relevant, but if you are going to do this make sure you are on solid ground.
- Understand the solutions and proposals of competing insurance agencies, and determine how and why your solution is superior. Your superior solution could simply be the service you bring to the table.
- Find a methodology to create a unique value proposition, differentiating yourself and your agency from your competitors. Often times the best way to do this is articulated in the next bullet.
- Sell by telling stories. The stories are more interesting and the information that is conveyed is much stickier. You may not remember the details of the last meeting you attended, but I bet you remember all the highlights about “The Boy Who Cried Wolf”, and that story goes back to Aesop.
By following these few tips, B2B insurance agents, or for that matter, almost any B2B sales professional can improve their conversion rate and create an improved sales cycle. B2B selling is both an art and a science, it is a numbers game and therefore it is quantitative, but it is also a definitely qualitative process that requires constant review and self-assessment.