Social networking in life insuance marketing


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  • Explain the quotation. And then tell that Robert Kiyosaki, who has written several books on getting rich explains emphasis on the importance of knowing right people.
  • Explain that for insurance agent using Friends Relationship Management is a great way of generating fresh leads. The reasons for this are: Suspect to Prospect Ration – When we work on traditional marketing approaches like cold calling on random data, there are about 2 to 5 percent prospect. And then we work hard to convert these prospects into customers. However, this ratio will be significantly higher if the suspects were our friends. People prefer other whom they know – Whether it is India or any other country of the world. People always prefer to work with some one they are familiar. Weather it is getting a job or giving a contract. You will prefer someone you’ve known before. You will prefer to buy a product or service from a vendor who has been recommended to you by someone close to you. If your friend or relative has tried the vendor, you feel a lot more comfortable. For these reasons, instead of trying to generate new leads from suspects, agents should be building more and more friendships. Slowly these friendships go through the tunnel and start converting into customers. However, to make it work, SALES should not be the first intention or goal for friendship.
  • This means that everyone in the world is connected by everyone else through some weak and strong linkages. So even a poor farmer living in a small village of India, would be connected through someone to the President of America. For example, the poor farmer might have a friend is very close to a local community leader. This community leader becomes his second level network. The community leader would be connected will be well connected with state and national politicians who in turn will be connected with the President of America. In this way, he could connect with just about any one in less than 6 steps. It sounds unbelievable because we don’t know even know our 2 nd and 3 rd level of contacts properly. However, if we can know are contacts and their contacts better, we can become more successful, richer, influential and more powerful. The best place to see 6 degrees of separation in action is in a arranged marriage. When the boy side and girl side meet they find many people in common
  • To understand networking better, agents should understand a few laws. Before an agent starts applying networking, he must understand these laws very well. It is also important to appreciate that these are laws and are irrevocable like law of gravity. If networking is not producing desired results, then it means that one or more of these laws are not being obeyed.
  • So after understanding all the laws of networking, networking boils down to just two things. You should become conscious and start putting more effort to the networking exercise that you’ve been doing naturally till now. You have to make yourself likeable so that people like to become your friends and like staying in touch with you.
  • Nobody else is going to do it for you. You have to blow your own horns. So shed your fear and don’t feel shy. Go ahead and introduce yourself. Set your goals – It is very important to set your networking goals. Set a clear target as to why you want to network. Identify Target Audience – Be clear in your mind who are the people you are looking to network with and where are you likely to find these people. For example, if you are looking for networking with all Doctors you’re likely to meet them in hospitals and nursing homes at conferences targeted at doctors. Prepare an Elevator Pitch – An elevator pitch is a brief introduction, which can catch attention of the listener as quickly as a lift moves. It is important that the agents customize their introduction according to what the listener is seeking. Now at a swimming pool, they don’t want to meet an insurance agent. So you have to introduce yourself as “Hi, you seem to be swimming very well… I’ve recently joined swimming to lose some weight. Do you think this is going to help? By the way, I’m Suresh Oberoi” Take the Initiative – Networking cannot be happen from your office. You have to take the initiative, and visit places where you are likely to meet new people (Your target Audience). Else you can also create such occasions which gives you an opportunity to invite new people regularly. For example, organizing a monthly “Art of Living” course for the neighbourhood or creating a laughter club in the park, etc.
  • So you’ve taken the initiative and are meeting new people. Now it is very important that these people don’t see your initiative as a mere advertisement of your services. Also you should not come across as a pushy insurance agent to the people you meet during such networking exercises. Remember you’re not here for sales. Sales & references is just one of the several by products that you might get from good relationships. Get in their shoes – Get in the shoes of the people you’re meeting. They have definitely not come here looking for an insurance policy. Try to understand, what have they come here for and what kind of people are they expecting to meet here. What is it that most people are talking about at this place. Understand their needs – Once you guess above, it should not be difficult to understand their needs. Then you will be able to identify what kind of conversation, discussion or information can add value to the people you’re meeting. Talk their interest – Always talk in terms of other people’s interest. Listen – All human beings are obsessed with their own voice. Talk about their needs and engage them in the conversation by asking them a lot of open ended questions. Apply active listening as they talk. Excuse – Don’t stick to one person, after talking for a while excuse yourself. Allow the person to meet others also.
  • You will be able to reap benefits of your time & money invested in networking, only through your commitment. The most important success determinant of networking is your follow up. If you take the effort to stay in touch with the prospect, you are likely to build a relationship. Follow Up – Create a systematic way of following up with all the people you meet. There are different ways of following up. SMS, Email, Letter, Phone Call or Personal Visit. First 2 may or may not bring a response whereas the last 2 are a bit more personal and time consuming. As a rule, you must send atleast one follow up communication using any of these mediums after your first interaction. The second follow up could be after a week and then after a month. Stay in Touch – Create a system which makes you regain touch with all your contacts 2-3 times a year. It could be like some festivals, birthday’s or a regular periodic communication going to all your contacts from your side. Give Help – The network works and responds on the fundamental principle of helping each other. The best way of strengthening your ties with the network is to try to help each other. Refer – There is not better way of helping than giving references. Because when you refer, you are helping 2 people. One is the person, to whom you are referring and other is the person being referred.
  • Demonstrate these features using MS OUTLOOK
  • Demonstrate and
  • Help the participant in creating a profile on Facebook, Orkut & LinkedIn
  • Demonstrate Youtube and Pictures Uploading on Facebook
  • To be successful in sales we need goals, right planning & systematic approach. But the most important thing is to have the right mindset.
  • The agent needs to come across to the customer as a consultant and not as a sales man. To be a good consultant Sell yourself first – All great business is based on friendship. Before anything else, it is important for the customer to trust you. Trust is never built between two companies. It is built between individuals involved in the sale. Customers are not looking to buy your product for its features. They are looking for a solution to their problems through your products. Mostly the customers may not know their own problems or they may not know how to explain their problems to you. You need to ask the right questions to be able to understand the real problems of your customers.
  • Most people see no as a rejection or dismissal. Successful sales people see no as a challenge, more of a postponement than a refusal. When the prospect says no, try to understand… does it mean not now but sometime in future maybe. Or does it mean not yet, i.e. you have not given enough to convince the prospect. Or it means not this one, but may be some other product can solve my problem. However, you should take a no if The sale goes against your goals & priorities You can’t deliver You don’t like dealing with the customer The customer is better off with another vendor You don’t have time
  • Don’t meet your prospect with the purpose of pushing your product, but to find him solutions and to increase his business or profits.
  • Once a martial arts teacher saw a new student in his class wearing a simple tracksuit. Seeing him practice his moves the master realized that he was already an expert. On discovering that this new student was already a black belt, the master asked him why he was not wearing it. The student replied, “If I come to this class wearing my black belt and thinking I know it all, I won’t learn much. To show my respect to the masters here, I come with an empty hand.” Further explain that to succeed in sales, it is very important to have the right attitude or mindset. A sales man must have a learning attitude. He needs to keep learning about new products, competitors and customers, etc.
  • Explain the steps in customer buying behavior and the role your marketing can play in each step.
  • An agent has no time to be complacent because customer satisfaction as an endless process.
  • The diagram is maslow’s need hierarchy according to this customer desires occur in layers. As one layer of needs gets satisfied, the next one arises. Explain the different levels starting with physiological.
  • Selling to businesses is an attractive proposition, because usually the size of business is much larger. Usually the buying cycle of a business is much longer than individuals but the volume of order usually makes for the extra effort. Before selling to a business, you should be aware that you are going to deal with more than one person.
  • Buying centers are different individuals or groups of individuals who will play different roles in the buying process. Direct Buying Centers are the people who are directly involved in the purchase decision. Users – These are the people who are going to use your product. It is very important for the management that these people be satisfied from the purchase decision. Even the problem recognition is done by these people. Usually incase of life insurance the person being insured will be the user. Buyers – They are authorized by the management or decision makers to seek proposals and finalize the vendor. Very often the finance or accounts related departments will be made responsible for insurance purchase. Deciders – The people who may or may not come in direct contact with you, but are actually going to take the decision. The decision makers in most businesses would be the directors, promoters, ceo, etc.
  • Indirect Buying centers are the individuals or groups of individuals who do not take any direct purchase decisions. These people influence the people who are directly involved in buying behavior. It is important for the sales person to recognize and persuade these people in order for the sale to go through. Influencers – These could be cronies, who are generally close to the decision maker or experts within the company. Gatekeepers – These would be typically the receptionists, guards, peons, secretaries, etc.
  • The business buying motives are the key reasons or decision making criteria which are considering in making a purchase decision. You must evaluate your offering and compare it with the competitors from time to time, against these parameters. Efficiency – The product or the service is it going to be deliver the results as expected. Economy – The cost of the services in comparison to other vendors and also is it worth its value in terms of expected results Good Quality – Is the product or service reliable in terms of quality Simplicity – Is it going to be simple to use, or it would require extensive training. If training is required, how would the retraining be handled. Sale Ability – Is the product saleable in terms of delivery and packing, etc.
  • Marketing starts with segmentation and sales starts with prospecting. Sales can be seen as a 3 step process. The first step is identifying qualified prospects within the niche in which you have chosen to establish himself. The next step is “Getting in the Door”. This appears to be the biggest challenge for most sales people. At this stage you make your first contact with the prospect. Since the sales man is an unwanted intruder, the rejection rate is quite high at this stage. This undesired rejection makes a lot of sales people dislike this step. The last step and the most crucial step is “Staying in the door”. This determines the success or failure of the sales person. Successful sales people are able to stick around with their customers and get repeat business from them.
  • This has been discussed earlier in detail. Generate leads or database of suspects from within your segment. Create a criteria for qualifying suspects into prospects. Run your suspect list through this criteria and create a shortlisted names of prospects.
  • Now that you know your prospects, you have 2 means of contacting them. Telephone Written Communication Your first contact with the prospect is called a COLD Call. Remember that the purpose of a cold call is not make a sale. The only goal of this call should be to convert the prospect into a WARM call. It is advisable to first send a written communication to your contacts. This could be through EMAIL or Written letter. The agents should send a professional letter introducing themselves as NICHE Agent and explaining the special services that they offer. Later the prospect can be contacted through telephone. NEVER call the prospect and ask if he has received your email/letter. He might say NO and that could be the end of your conversation. A lot of success in cold calling depends on your OPENING STATEMENT. A thumb rule is that you should prepare and rehearse an opening statement that is no longer than 8 seconds. Start your call with an introduction of the person who picks up the phone. For example, Is it Mr Singh or can I speak to Mr Singh or Am I speaking to Mr Singh. Make it sound as conversational as possible. It should sound as some acquaintance is calling and not a telecaller. Exchange pleasantries like how are you doing? Or hope you are doing good. Follow it with a HOOK – A hook is a statement, that would startle the listener and generate his interest in the call. It can be something which attracts him with value that you can offer to him. For example, I am helping over 200 young couples in achieving financial independence or I am working top 30 industrialists of our city in financial risk planning, etc. The hook should get the person interested and the prospect should look forward to hearing more from you. Typically after the hook prospect would tell himself, this caller sounds different, let’s hear what can he do for me. Then introduce yourself and/or your company/profession. For example, My name is Rajeev Gupta & I’m a personal wealth manager. End your opening with a question. For example, will you like to discuss how you can achieve financial independence in just 3 steps or will you like to know learn more about how these industrialists use their money to become richer. Throughout these opening statements, you are looking forward to a favorable INTERRUPTION. Remember, the prospect who interrupts and asks you to repeat something or raises a counter question has been HOOKED in and has become a warm prospect. CONGRATULATIONS. You’ve successfully entered right through your prospects door.
  • Now the next challenge is STAYING INSIDE. This would require a series of steps.
  • Explain Probing.
  • When you explain “So What” refer to the FAB principle. i.e. agent should not explain the features of the product to customer. Rather he should tell the customer, how these features would translate into an advantage and what benefit would the advantage bring to the customer (in his specific situation). Testimonials are the favorable statements of your past customers, which you quote to your future prospect to get their trust and confidence.
  • Explain that objections are not bad. They are rather an opportunity the customer is offering himself, in order for you to convince him;
  • FEAR – False Evidence Appearing Real
  • For example, if the client says – “Oh wow. I never thought that a simple investment of Rs 2000 per month would save Rs 20 lakh for my daughters education.” Tell him, “If you have other friends also who have kids of your age, you could help them too by the same advise. Do let me know if any of them could benefit from it.” Reward the client – You can create a reward system for your clients who give references... Formal or Informal. Example of Formal Rewards – For every 3 references that mature, we will give you a say a lunch. Example of Informal Rewards – A small gift/sovenir with a thank you letter.
  • Explain when and how to take testimonials.
  • All agents start their career selling insurance using the standard selling process. At some stage in your career you realise, that your time’s worth is more than the small policy that you sold at the last meeting. If you’re facing the same challenge, it is time you change your sales approach. Start selling to special customers. Selling to special customers, means you are taking a conscious decision by choosing to work with fewer customers. These fewer customers are likely to consume a lot of your time. But these fewer customers will give you bigger business. You know the customer is a special customer, if the emphasis on FINANCIAL GOALS makes the customer look up. Ranjan is a successful Salesperson, who became Team Leader. That day he took the decision to stop offering any discounts to his customers. It was a tough call, but he discovered the way forward. Now whenever someone asks him for a discount, he politely tells them he does not specialize in giving low cost solutions.. Every customer who hears this starts seeing Ranjan as a more respect worthy provider and responds in a way” discount is not my priority too, if you can give me a superior solution.”.
  • Typically there can be 2 approaches of selling. The vendor approach or the consultants approach. The vendor would try to convince his customer to buy a particular product. Whereas the consultant will try to increase the profits of the customer a combination of his and other products. The vendor will propose a discount to beat the competition. A consultant will propose better results, higher profitability and hence increased RoI over the competitors. Vendor will insist on closing the sale as soon as possible. A consultant will allow the customer to choose when and how the sale should be closed. If you want to sell to special customers, then you need to change your approach from a vendor approach to a consultant approach. This would be possible only when you sacrifice you short term profits to create a FINANCIAL IMPACT on the customer.
  • The Process of Consultative Selling Contact – Identify the Prospective customer and fix your first meeting as a simple discovery meeting. Qualify – From your first meeting identify the buyers buying influences (What will be his motivation to buy). On basis of this qualify the prospect. Uncover Needs – Do a detailed study of the prospect and possible solutions and then come up with a pencil solution. Share the pencil solution with the prospect and see if this is the kind of solution he is looking for. Present – Make a detailed proposal, presentation and a service level agreement (SLA) for the customer. Close – Get the customer to sign the agreement. Now treat the customer and protect his interests like a partner.
  • Everyone owns and uses some small appliances at home like a toaster. We use them every day, but rarely remember their brand. We all know what it looks like and how it operates, but generally can't remember who the manufacturer is... until it breaks. When it breaks, we check what brand it is. We now decide whether we want to purchase the same brand or try a different brand altogether. It takes a problem to draw our attention to the brand - and until that time, since we aren't really aware of the brand we're using, one brand is as good as another! Insurance agents are the same. Policyholders don't think about them until something breaks - that is, until there's a claim. Once there's a claim, you have the ability to really shine. You're responsive and concerned. You to expedite things and look out for policyholder's interests. You end up creating more of a relationship with your clients. When there's a claim, you get the opportunity to really shine in the eyes of the policyholder. The problem arises when everything is going well! When all is well and there aren't any claims (which is most of the time), you aren't thought of. And when you aren't thought of, your clients are easily persuaded to consider using another agent or finding a better rate. The real challenge with keeping clients isn't mishandling a claim. It's being faceless. The danger lies in being a nameless toaster.
  • Social networking in life insuance marketing

    1. 1. <ul><li>“ The richest people in the world look for and build networks, everyone else looks for work.” </li></ul><ul><li>Robert Kiyosaki, </li></ul><ul><li>Author of “Retire Young, Retire Rich” </li></ul>
    2. 2. Why Friends Relationship Management? <ul><li>Suspect To Prospect Ratio is very low through cold calling approach. </li></ul><ul><li>Most people prefer to work with people they know. </li></ul><ul><li>People consult their friends or family before taking high involvement decisions. </li></ul>
    3. 3. Every One in the world is maximum 6 steps away from you
    4. 4. Laws of Networking – Dick Van Vlooten <ul><li>The law of the small world </li></ul><ul><li>The law of first mover advantage </li></ul><ul><li>The fit ones will get rich </li></ul><ul><li>The strength of weak ties </li></ul><ul><li>The Profit Paradox </li></ul>
    5. 5. Law of Small World <ul><li>You already have a connection with every stranger you meet. </li></ul><ul><li>This connection could be school, hobby, common friend, etc. </li></ul><ul><li>Their will be a maximum of 6 steps of separation between you and them. </li></ul><ul><li>Example, when we meet someone and discover a common link, we remark “Oh! Its such a small world” </li></ul>
    6. 6. Law of First Mover Advantage <ul><li>Start Building Your Network Early. </li></ul><ul><li>People who have many contacts attract a lot more. </li></ul><ul><li>The network grows exponentially in time. </li></ul>
    7. 7. Fit ones will get rich <ul><li>You are as rich as the people that you know </li></ul><ul><li>For success in sales or business we should keep strengthening our networking from one level to the next </li></ul>
    8. 8. Strength of Weak Ties <ul><li>Networks needs to maintained not only with the rich but everyone. </li></ul><ul><li>Every contact and acquaintance is invaluable. </li></ul><ul><li>Even a little acquaintance can be very helpful. </li></ul>
    9. 9. The Profit Paradox <ul><li>If their was one LAW of networking it would be this one. </li></ul><ul><li>Everything that you GIVE you shall GET. </li></ul><ul><li>Treat others the way you want to be treated. </li></ul><ul><li>Help your network and the network shall help you. Love and you will be loved, but hate and you will be hated. </li></ul>
    10. 11. Introduce Yourself <ul><li>Set Your Goals </li></ul><ul><li>Identify Target Audience </li></ul><ul><li>Prepare an Elevator Pitch </li></ul><ul><li>Take the initiative </li></ul>
    11. 12. Courtesy <ul><li>Get in their Shoes </li></ul><ul><li>Understand their needs </li></ul><ul><li>Talk their interest </li></ul><ul><li>Listen </li></ul><ul><li>Excuse </li></ul>
    12. 13. Commitment <ul><li>Follow Up </li></ul><ul><li>Stay In Touch </li></ul><ul><li>Give Help </li></ul><ul><li>Refer </li></ul>
    13. 14. Technology For Better Productivity
    14. 16. Personal Information Manager <ul><li>Keep track of Contacts </li></ul><ul><li>Keep key information about them </li></ul><ul><li>Keep birthday reminders </li></ul><ul><li>Keep meeting reminders </li></ul><ul><li>Synchronize your mobile </li></ul>
    15. 17. Blogging & Micro Blogging <ul><li>Create a blog </li></ul><ul><li>Share your expertise </li></ul><ul><li>Keep updating it </li></ul><ul><li>Tweet </li></ul>
    16. 18. Facebook / Orkut / LinkedIn <ul><li>Make a professional profile </li></ul><ul><li>Upload your real picture </li></ul><ul><li>Add your blog links </li></ul><ul><li>Join relevant Groups </li></ul><ul><li>Invite the prospects to join you </li></ul><ul><li>Understand your prospects needs </li></ul><ul><li>Focus on long term relationships </li></ul><ul><li>Emphasize on value addition </li></ul><ul><li>Communicate individually </li></ul><ul><li>Participate in discussions </li></ul><ul><li>Keep coming back regularly </li></ul>
    17. 19. Reach Out <ul><li>Create your Youtube channel </li></ul><ul><li>Create & Upload your videos </li></ul><ul><li>Upload your professional pictures </li></ul><ul><li>Add their links on your blog </li></ul><ul><li>Scrap & Tweet about them </li></ul><ul><li>Reply to comments </li></ul>
    18. 20. Sales Attitude & Consumer Behavior
    19. 22. Become A Consultant <ul><li>Sell yourself First </li></ul><ul><li>Customers are looking for a solution </li></ul><ul><li>They may not know their problem </li></ul><ul><li>They don’t buy the features </li></ul>
    20. 24. People                         Advanced Easier applicant tracking - Try easy sourcing, recruiting, onboarding system here. It's worth the look! <ul><li>R. RAVINDRA KUMAR CHIEF MENTOR </li></ul><ul><li>Business Solution Provider </li></ul><ul><li>Current </li></ul><ul><li>Toronto, Canada Area   </li></ul><ul><li>Financial Services </li></ul><ul><li>Past </li></ul><ul><li>DIVISIONAL MANAGER at  Pension and Group Schemes </li></ul><ul><li>CHIEF MANAGER at  LIC </li></ul><ul><li>CHIEF MENTOR at  Utopia </li></ul><ul><li>REGIONAL MANAGER (WEST) at LICI FIJI ISLANDS </li></ul><ul><li>MANAGER at LIFE INSURANCE CORPORATION OF INDIA </li></ul><ul><li>Senior Branch Manager at  LIC OF INDIA </li></ul><ul><li>see all </li></ul>LinkedIn
    21. 25. Skills Marketing Management Education Indian Institute of Management, Indore MDP,  COMMUNICATION 2010 – 2010 Activities and Societies:   COMMUNICATION SKILL FOR MANAGERIAL SUCCESS National Insurance Academy, Pune MDP,  Business Strategy ,  Personnel Management , 1995 – 2008 Programme for Young Executives for three weeksin 1995, Programme on Personnel Management in 2002, Business Strategy Programme for Managers in 2006 Management of Strategic Issues for Insurance Executives, Multiple Distribution Channel Management at National Insurance Academy, Pune. Management Development Centre CERTIFICATE,  Management Development Programme 1989 – 2007 Programme for PR and Publicity .Programme for Area Managers of LIC Housing Finance Ltd,Management Development Programme for Senior Managers, Competence Enhancement Programme ,Competence Enhancement Programme Management Development Institute CERTIFICATE,  Business Strategies 2006 – 2006 Business Strategies for Managers at MANAGEMENT DEVELOPMENT INSTITUTE GURGOAN DELHI TRAINING AND PRODUCTIVITY AUTHORITY OF FIJI CERTIFICATE,  Leadership and Quality ,  Financial Risk Management ,  TRAINING OF TRAINERS ,  Industrial Relations 2002 – 2006 Auckland Institute of Technology CERTIFICATE,  Management of Service Operations 2003 – 2004 SAURASHTRA UNIVERSITY PGDLLP,  LABOUR LAWS 1992 – 1993 Institute of Insurance and Financial Sciences Education, Research and Training . CERTIFICATE,  Life Insurance Marketing Development Programme 1988 – 1989 GUJARAT UNIVERSITY LLB (PROF),  LAW 1983 – 1988 SAURASHTRA UNIVERSITY B.COM,  ACCOUNTS AND AUDIT 1979 – 1983
    22. 26. Recommendations For R. RAVINDRA KUMAR CHIEF MENTOR Utopia “ Ravinder is go getter with never die attitude. He had brought new dimension to sales in Metro location.”  December 7, 2008 1st  P Ravi Kutumbarao ,  Branch Manager, LIC worked directly with R. RAVINDRA KUMAR at LIFE INSURANCE CORPORATION OF INDIA “ Ravidra is excellent insurance manager who knows what he commit and complete it within time frame. He is excellent person who loves everything in life and job. He is highly knowledgeble person.”  October 1, 2008 Top qualities:  Great Results, Expert, Good Value 1st  Makarand Kulkarni ,  hired R. RAVINDRA KUMAR as a Insurance Agent in 2005, and hired R. RAVINDRA KUMAR more than once “ Ravidrakumar has vast experience in Life Insurance indusry in india and abroad as Senior Manager and above.He is master in life insurance marketting,analytical study and comparision of diferent products,presentations and statastical comparisions.Because of his guidance many sales professionals in LIC have scaled new heights in business .  Punit D Bhatt,Development Officer.LIC,Vadodara.”  December 14, 2007 1st  Punit Bhatt ,  DEVELOPMENT OFFICER, License Company worked indirectly for R. RAVINDRA KUMAR at LICI “ Ravindra is highly motivated, intelligent and a hardworking person. HIghly dependable.” December 26, 2004 1st  Milind Choudhari ,  worked with R. RAVINDRA KUMAR at LICI REGIONAL MANAGER (WEST) LICI FIJI ISLANDS “ Mr. R. Ravindra Kumar is a highly skilled insurance professional. He was successful in India as well as in Fiji where he has reported to me. He has excellent managerial experience, communication and social skills. I am sure he will rise in his career to great heights - whether he chooses to remain with LIC or he chooses to join a private insurer. I wish him and his family all the best.”  July 1, 2011 1st  Venkata Ramana Gundamaraju ,  Secretary, Health Insurance Division, Life Insurance Corporation of India managed R. RAVINDRA KUMAR at LICI FIJI ISLANDS “ An excellent manager with an eye for details. Ravindra Kumar has a passion to excel in everything he does. He is an excellent communicator and extremely people-oriented person. A rare breed of manager, Ravindra will be an asset to his employer and a source of inspiration to his colleagues.”  December 3, 2008 2nd  Deepak Mohan ,  Administrative Officer, Life Insurance Corporation of India worked indirectly for R. RAVINDRA KUMAR at LICI “ RAVINDRA KUMAR a Techno Savy Marketing Leader in Life Insurance Industry with more then 20 years of experience, and managing a large team of Life Insurance Marketing Professionals.  Ravindra is a good listener and a nice person - both of which contribute greatly to his already exceptional managerial abilities.  A great team player, Ravindra will be an asset to any organization.”  December 1, 2008 1st  Asit Trivedi ,  Owner, Principal Consultant, internet@work, Inc. was with another company when working with R. RAVINDRA KUMAR at LIC OF INDIA MANAGER LIFE INSURANCE CORPORATION OF INDIA “ A well known genious, who wants to help agents community with his vast knowledge.LIC has very few gems. He is one of that Gems.May God bless him.”  June 20, 2010 1st  Padmanabham Durgam ,  Chief Life Insurance Advisor, LIC worked directly with R. RAVINDRA KUMAR at LIFE INSURANCE CORPORATION OF INDIA Senior Branch Manager LIC OF INDIA “ Ravindra was the Sr Branch Manager for our industry and provided a wealth of knowledge and experience to help grow the Financial Services vertical. He is organized, articulate and provided excellent operational and product
    23. 27. Never Take No For An Answer <ul><li>No means not NOW </li></ul><ul><li>No means not YET </li></ul><ul><li>No means </li></ul><ul><li>NOT this ONE </li></ul><ul><li>NEW OPPORTUNITY </li></ul><ul><li>NEXT OPPORTUNITY </li></ul>
    24. 28. Build Relationships Serve, Don’t Sell Value them as Human Beings
    25. 29. “ Once You think you’re at the mountain top, you stop climbing”
    26. 31. Customer Desires Can Never Be Satisfied
    27. 33. Some times Customer Might Take a Rational Decision But Mostly It is the Emotional Decision
    28. 34. Selling to Company is different from selling to Individuals
    29. 35. DIRECT BUYING CENTERS <ul><li>Users </li></ul><ul><li>The actual members who are going to use your products or services </li></ul><ul><li>Buyer </li></ul><ul><li>The company representative who is going to interact and carry on the transaction with you. </li></ul><ul><li>Deciders </li></ul><ul><li>These are the actual decision makers who will taking a decision to buy or not </li></ul>
    30. 36. INDIRECT BUYING CENTERS <ul><li>Influencer </li></ul><ul><li>They are not the actual decision makers. But their opinion matters in certain purchase decision either because their expertise on the matter or decision maker’s trust on them. </li></ul><ul><li>Gatekeepers </li></ul><ul><li>These people have no control over the decision making process, but they control the access to decision makers & their influencers. </li></ul>
    31. 37. Buying Motives of Business Buyer
    32. 40. <ul><li>Initiate the Contact </li></ul><ul><ul><li>Telephone </li></ul></ul><ul><ul><li>Written Communication </li></ul></ul><ul><li>8 Seconds Opening </li></ul><ul><ul><li>Introduction </li></ul></ul><ul><ul><li>Pleasantry </li></ul></ul><ul><ul><li>Hook </li></ul></ul><ul><ul><li>Name </li></ul></ul><ul><ul><li>Ending Question </li></ul></ul><ul><li>(Get a favorable Interruption) ‏ </li></ul>
    33. 42. <ul><li>Process of asking questions to uncover the prospect’s needs to be able to present a solution that addresses his problem. </li></ul><ul><li>Through open ended questions, try to uncover benefits important to your customer. </li></ul><ul><li>Don’t Be afraid of asking questions because probing helps in </li></ul><ul><ul><li>Building rapport with the client </li></ul></ul><ul><ul><li>Identify his stated and hidden needs </li></ul></ul><ul><ul><li>Increase customer’s comfort zone </li></ul></ul>
    34. 43. <ul><li>Be on time & prepare. Have your visiting card, sales brochures, etc ready. </li></ul><ul><li>Impress the customer with your good grooming & etiquettes. </li></ul><ul><li>Be excited about what you’re offering. </li></ul><ul><li>Ask yourself, “So What” before you explain each feature of your product. </li></ul><ul><li>Use testimonials of your past customers </li></ul><ul><li>Don’t confuse him by giving too many options. </li></ul>
    35. 44. <ul><li>Objections indicate that the sale is progressing and the customer is considering your product. </li></ul><ul><li>Disguised as objection, is a hint on how he will buy. </li></ul><ul><li>Anticipate objections that are likely to be raised and rehearse the answers. </li></ul><ul><ul><li>I want to think over it </li></ul></ul><ul><ul><li>I will discuss with the decision maker </li></ul></ul><ul><ul><li>Not ready to buy now </li></ul></ul><ul><ul><li>You’re too expensive </li></ul></ul>
    36. 46. <ul><li>What price can you afford? </li></ul><ul><li>What would you be willing to pay? </li></ul><ul><li>What did you have in mind? </li></ul><ul><li>How much “too expensive” is it? </li></ul><ul><li>If the price was not an issue would you go with this? </li></ul>You’re too expensive
    37. 47. <ul><li>Recognize The Buying Signals </li></ul><ul><ul><li>Verbal </li></ul></ul><ul><ul><ul><li>Starts asking questions of his concern like rates, guarantees, delivery </li></ul></ul></ul><ul><ul><ul><li>Tells about the problems he is facing with his present or past vendor </li></ul></ul></ul><ul><ul><ul><li>Asks you to repeat certain parameters </li></ul></ul></ul><ul><ul><li>Non Verbal – Thinking or speaking fast </li></ul></ul><ul><li>Don’t delay the closing for the FEAR of losing the sale </li></ul><ul><li>Sell on Tangibles but close on Intangibles </li></ul><ul><li>The best way to formalize a new business relationship is to encourage the prospect to tell you what to do next </li></ul>
    38. 48. <ul><li>Not all sales are closed on Day 1 </li></ul><ul><li>Make the most of every prospect. Don’t throw away a single lead </li></ul><ul><li>Follow up never makes you sound Pushy, your tone of follow up might </li></ul><ul><li>Don’t make too many calls within a brief period of time </li></ul><ul><li>Make a follow up schedule and stick to it </li></ul><ul><li>Focus on value addition in each follow up </li></ul><ul><li>In your follow up get commitment to the next step </li></ul><ul><li>Follow up after closing the sale and delivering the product too. </li></ul>
    39. 49. <ul><li>Seek references from your suspects , prospects & customers </li></ul><ul><li>The best time to seek a reference is when you’ve done something special for them or they have given you a compliment </li></ul><ul><li>Tell your client who could be a possible reference </li></ul><ul><li>Reward the client </li></ul>
    40. 50. <ul><li>Seek a testimonial only if you have done a significant value addition to the customer. </li></ul><ul><li>If you see the customer praising you, your products or your organization, instantly request for a testimonial on a blanks sheet or his letter head. </li></ul><ul><li>Add the testimonial to your prospect letters, website, etc. </li></ul>
    41. 51. Let’s talk about your Financial Goals and here’s how we can help you meet your goals.
    42. 52. VENDOR <ul><li>Supplies PRODUCTS </li></ul><ul><li>Offers a DISCOUNT </li></ul><ul><li>Tries to close the sale </li></ul>CONSULTANT <ul><li>Supplies PROFITS </li></ul><ul><li>Offers Return on Investment </li></ul><ul><li>Allows the customer to close the sale </li></ul>STOP SELLING PRODUCTS AND SERVICES AND START SELLING THE FINANCIAL IMPACT THEY CAN MAKE.
    43. 54. <ul><li>No body knows how good or bad is an agent unless there is a claim. </li></ul><ul><li>If everything is GOOD, the customer can be persuaded to consider other agents or better rates. </li></ul><ul><li>The real challenge in retaining the clients is BEING FACELESS. </li></ul>
    44. 55. DO not leave them on LUCK. Only you can change their LUCK. So, do it right NOW!
    45. 56. Home Page
    46. 57. R. Ravindra Kumar Chief Mentor UTOPIA’S MASTER of POSSIBILITIES AHMEDABAD INDIA Just call on 0091 9726351246 Or send TEXT ON +919427960310 Email :: ME [email_address] [email_address] [email_address] [email_address] Join me @ Tweet your comments on!/rravindrakumar Have a nice day!!!