It is important that your customer understands the value of Payment Protection. Until value is established, they will not buy. Most customers do not ask you for PPI unless they have had it in the past and used it; therefore, with no value, objections may occur. The more you are prepared to address objections and build value, the more your customers will agree with the protection. Addressing objections is not telling them the product features. It’s determining how to engage your customer into identifying the need for PPI. Following an Objection Resolution Process gives you a map to help you identify the customer’s true objection so you may begin to build product value. There are “5 Steps” of an Objection Resolution Process that will help to build value. Remember, unless there is VALUE customers will not buy. “5 Steps When Objections Occur” 1. Wait 2. Disarm 3. Reframe 4. Inform 5. Finalize & Assume This month, we will provide examples for Step 1 and Step 2: 1. Wait: Wait a few seconds to allow the objection to sink in before you respond. This eliminates a “knee jerk” reaction. This also allows you time to process the customer’s objection and respond professionally, without defending and trying to sell the product. Manage your body language, such as nodding your head and maintaining eye contact. Most customers say “NO” because they “DON’T KNOW” how valuable the product may be for their personal needs. You can’t sell Payment Protection if the customer doesn’t see VALUE! 2. Disarm: Use an assurance phrase such as, “Many of my customers mention the same concern”. This shows respect and begins to build trust. Keep this initial response neutral. DON’T ask the customer “Why do you feel that way”? This puts the customer in a position to defend their objection and they dig their heels in deeper. Remember, it’s their objection and their response is right for them because they don’t see VALUE! Also, don’t start selling. Many times, we respond with, “Good point, BUT this will provide protection for your loved ones and keep them in a better financial position”. Again, if you do this, you’re selling too quickly. Remember, the PURPOSE of disarming is only to gain their trust and open the door for the next three steps. Practice Steps 1 and 2 this month. These steps “Set Up” the opportunity to build VALUE based on their needs. In February, we will provide examples for Steps 3 and 4 of the Objection Resolution Process. In March, we will finalize with Step 5. Practice is key, so good Luck! For Internal Training Use Only Download PDF version here
