The Best Way to Grow ...
QUESTION: What is the best type of sales lead?
ANSWER: A referral.
Why are referrals so powerful? Because getting a personal recommendation from a friend or colleague reduces fear and instills a degree of safety and trust. That’s why referrals are like gold in our industry. So, why don’t we ask for them?
91% of customers say they’d happily give referrals, but only 11% of salespeople actually ask for them. ~ Dale Carnegie
Why do most of us make a sale, and move on to the next prospect, without asking for referrals? It is because we are afraid to ask. Let’s try to squash that fear a bit.
The best time to ask for a referral is after the client/customer has fully received the benefit of your service. In the case of selling an index annuity, there are actually multiple times this occurs.
a. At policy delivery: Once the funds have been moved away from market risk and into safe growth with lifetime income options, the client will be relieved, happy, and excited about their new investment. This is a great time to ask, “who else can you think of that might also want to earn rates that outperform the stock market?”
b. Every anniversary: Whether the market is up or down, the anniversary of an index annuity is a celebration of how great the safety growth is. This is also a great time to say, “I would love to help any friends or family members that might also love watching their money grow safely…”
2. Make Asking for a Referral a Request for Help:
People love to be helpful—especially to someone who just helped them. So ask your clients for help in growing your business, by asking them for referrals. Something like, “I’m hoping you can help me grow my business and help even more people…who do you know that may have too much money in the market right now?”
3. Use Social Media:
Show your personal and business connections how you helped a client, and then boldly ask for an introduction to new potential clients. Take a recent renewal statement, or use a carrier piece showing great interest returns, lifetime income, death benefits, etc. and explain how much better off the clients are because you helped them. Then simply ask, “Who do you know that could also be better off with this type of help?”
4. Newsletters & Email:
In your monthly or quarterly communications with your clients, list the details for a specifically great case you have worked on. Give a bit of back-story to let people know the humanistic side of how you helped a retired couple, widow, etc. by placing their assets into an index annuity. Then mention that the client was a referral from another client…and then ask for more referrals!
5. Go Back for MORE Referrals:
Some people are more comfortable giving out referrals than others. Go back to the people you have received referrals from in the past, and ask for more. You will most likely get some more.
Set a goal to get more referral sales in 2021. Did you get any in 2021? It really needs to be a part of your business strategy, and needs to become a habit that you never break. Call us if you need help. We’re here for you.
~ Greg Skogsberg