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 …show more content…
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 …show more content…
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.
The sales leads are now centralized and accessible across branches rather than individually gathered and processed by salespeople. In standardizing customer information, it now makes the marketing teams, analytic teams, and customer managers on the same page. It creates a “friendly competition” that encourages close cooperation for all areas. One major cost that this new strategy created was the confusion of different areas in RBC. Product managers and customer managers often misunderstood what way of action was appropriate, which lead to another problem: it took more time to make decisions. A benefit of this change is that there was no fighting for resources and instead cooperation. Another benefit would be the divisional organization, which can be seen in Exhibits 3a and
Our marketing and sales teams dream of prospects who see our product, know they want it, and then buy without hesitation.
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
Zig Ziglar wrote the best-selling novel Ziglar On Selling: The Ultimate Handbook for the Complete Sales Professional. In his book, Ziglar describes and lists the “tools” necessary for becoming an “effective sales professional” (Ziglar 1991, xi-343). It should also be noted that “All Bible references in this paper come from the” New “King James Version of the Bible, except where clearly noted by the student” (Skorupa 2010). Beginning with the introduction and leading up to the sixteenth chapter, Ziglar gives an in-depth discussion on the elements necessary for successful conversion of “prospects” to “sales” (Ziglar 1991, xi-343). For that reason, this paper will “summarize, analyze” (e.g., explain what was “learned”), and “evaluate” the material
This was Tom's first real exposure to some of the inter workings of the life insurance industry. Over the next 10 years Tom watched his investment at work and the success of the mortgage protection life insurance business that his friend had build
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.
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
2. These entries will create an even greater divide in the market then there already is. We think that there is even more pressure to make a high quality and satisfying product for the customer every time. And because of the low barrier allowing more entries into the industries, it
According to the book, locating prospective customers is the first step in the sales process. Indeed, new prospects are required in order to replace the old customers that leave our company for a broad range of reasons such as plant relocations, turnover, downsizing, etc. However, not all leads represents good prospect. As a matter of fact, a good prospect has a need can be fulfilled by the salesman, has the ability and the authority to pay, can be approached favorably and is eligible to buy.
Prospecting plans must be assessed often: In today’s marketplace prospects have to be monitored because it can change patterns. Some prospect techniques that was successful in the past can become ineffective in the changing environment. Pecoraro created a program that salespeople are rewarded from forming new customers techniques as attending a meeting where they could meet and speak to the prospects that may need assist by the
Some sales representatives work out of an office contacting prospective customers. Employers usually look for candidates who are enthusiastic and passionate about the products they are to sell.
their customers desire to buy new model of their brand even if they do not really need it at the moment. The
products they want. The goal is to not only provide consumers with what they know they
A sales manager has many responsibilities such as spreading product to customers, setting sales areas, goals, and analyzing sales data (“Sales Manager” What’s para. 1). Although a sales manager performs many duties, people in this position will also set a sales goal for the year, and will build a sales outlook on what they will do in the upcoming years (“Sales Manager” Sokanu para. 1).A person in this position will also manage where the goods and products their company will be distributing by giving certain sales area where a salesman will work and sell the product (“Sales Manager” Sokanu para. 2). During work time, a sales manager may be asked to hire and train a new salesman added to his team (“Sales Manager” Sokanu para. 3). Occasionally, a sales manager will interpret sales statistics in a specific area when looking where to assign certain salesman to a sales territory (“Sales Manager” Sokanu pa...