Annuity marketing is difficult, everyone knows that. Take advantage of every sale that you make by asking for references. There are a few rules when asking for references. Here are the key aspects to help you get the most referrals possible.
1. Ask Early!
It is very important to ask the client that you are currently working with, for referrals early in your relationship. This shows that you are confident in your work. Here is the phrasing that I often use, "It is my ultimate goal to provide the best service possible for you. If you benefit greatly from this annuity, I would really like to help anyone that you may think would also benefit in the way that you have." I normally walk away from each client with no less than 2 referrals using this method.
2. Be specific!
When asking if they have any friends that could benefit, be very specific in who they know. Ask them if they have friends, family, co-workers, people in church, etc. This is a very powerful tool because it allows them to really take the time to think about all the people in there life. If you do not ask specific question, the client is likely to leave out people, or just not give you any referrals at all!
3. Pitch Book!
Being an author of a book can make a huge difference in gathering referrals. Having your name on the cover of a book somewhat glorifies you as a professional. When you leave off with the current client, give them a couple informational books that they can have and give to their friends. I normally get around 3 leads a week from my pitch books.
Many of us would like to be recognized in our communities and our careers as respected professionals. It is just human nature. The fact that we are respected will open numerous doors to gain leads and referrals. The issue is just how can this be accomplished?
While there is no short cut to becoming more recognized, there are natural things which I would avoid because of the prospect of criticism. One such thing, in my opinion, is quickly attained educational credentials such as Gerontology Senior Expert Advisor. GSEA. To me these credentials are meaningless and offensive and in the long run are damaging.
I believe in education and I believe in personal advancement. Education for its own sake is a worthy cause but other benefits of gaining education can also be career advancement and monetary gain. With monetary gain can come new and better possibilities for yourself, family and others. The trick is how to become that celebrity within guidelines that make sense and can add to a career expansion.
Think of the process and the rewards of adding celebrity to your marketing portfolio. To become a celebrity requires precise steps that are measured against the process of evolving the marketing plan.
Attention: First you need to gain attention. "Look at me" I have things to say..."Listen to me"...Once you get attention the next step is explaining an advantage why someone looked at you or listened to you. The attention could be a seminar advertisement, a book written by you, a radio commercial, an advertisement in the paper...almost anything that sets you in front of the crowd.
Advantage: Show the advantage of listening to you or looking at you.
"If you listen to me I will save you money." "I have the lowest prices in town" "Your money will go further at my store." "I save my clients money on their taxes" "I show my clients how to get a higher yield on their deposits"
The advantage must be convincing and it must answer the question of "Why" Why listen to me, what is the advantage.
Prove it: Now you have gained attention and shown your advantage, now you must prove it. Proving it must be convincing. As an example if your advantage is you sell better quality refrigerators cheaper than you competition, you might show your parking lot full of cars. If you are providing financial advice to satisfied customers you should use testimonials or at least a reference list. These testimonials tell of satisfied customers who prove it to your new prospects. Offering a guarantee is also a way of proving it. I used this guarantee for several years and it added to the advantage of doing business with me...."I guarantee I will find one thing that will either save you money or make you money." Often times the guarantee of help is a satisfactory way to prove your advantage. If you offer a guarantee then you must honor the guarantee. In order to honor my guarantee I needed information, such as bank statements, tax returns, brokerage statements and a financial statement. By assessing this information my guarantee became easier and I was able to gain trust and respect.
Persuasion: Once the advantage is gained now you must persuade the prospect to take your advantage. An example may be..."If you buy today, I will deliver your refrigerator free." In the financial planning world it could be something like this...."if you sign up today for a consultation, my initial fees will be waived" It can be almost anything, you must transfer the advantage of the offer to the prospect in a personal way, they must see how the advantage will benefit them. For example, if someone does not need or want anew refrigerator, they will never be able to see the advantages. To persuade the prospect to relate to the advantage, you must introduce hooks. A hook is a system where the prospect will feel they are better off with the advantage that without it. An example of the refrigerator could be..."If this refrigerator was in your home, your power bill would lowered" It says nothing about keeping food cool and fresh, it is about the hook of a lower power bill. In the financial world it could be this..."By asking for my book about IRAs, you will be able to lower your taxes" A hook is the key to persuasion.
Selling annuities can be a difficult test if you do not first develop a solid relationship with your client. Naturally, people are hesitant to trust a stranger with their financial well being. This is where a reference list comes in. I know that a person can tell me all day long how great they are and I am likely to think that they are full of crap. If a person is humble, but confident, in what they do and I hear from a 3rd party that the person is good at what they do, then I believe it. It is the same way with an annuity salesperson. Here are a few tips in building a reference list.
1. Your reference list should consist of positive reports from past clients. Ask past clients if they would be willing to write a review of their experience with you. If the review doesn't look like something that you want prospective clients to see, simply discard that review and wait for the next.
2. Include recent clients, long-term clients, your banker, your neighbor, and anyone else that can attest to your business skills. Keep the list at about 25 people. Have a friend on the list so that they can tell you whether or not certain prospects are calling the references. Keep the list at about 25 contacts. It has been my experience that the 3rd contact in the list is almost always called. Make the 3rd contact a reliable one.
3. Don't be afraid to add 1 or 2 failed sales contacts on the list. This sounds crazy but it is actually very effective in showing honesty and developing that close relationship between the prospect and the salesperson.