Sales guru Jill Konrath has a lot to teach us about crafting a strong Value Proposition. But her key point is very simple: Your message has to make the intangible tangible.
Whether you’re selling to C-level executives or small business owners, companies want to know how your product or service is going to benefit them — that’s what the Value Proposition is all about.
People are crunched for time, and before they’ll agree to a meeting they need to know why they should commit their time listening to what you have to say.
Your why better directly address a solid business need or you won’t get to meet with them.
To put it differently, someone shopping for a quarter inch drill bit is really looking to purchase a quarter inch hole. If you can show them they’ll get that hole – with accuracy, consistency, and affordably – then you’ve probably made a sale.
Will buying from you help lower their operating costs, increase employee retention, reduce production costs, speed up services, measurably raise their client satisfaction, or bring practical benefits in a consistent, measurable way?
As an insurance producer you need to ask yourself, “What quantifiable business outcomes can I deliver that this company will care about?”
If you can nail down specifics, then you have a valid reason to ask to meet with their insurance buyers – and those buyers will be motivated to want to meet with you as well.
You can’t get away with simply saying that you have decades of experience and represent huge a panel of top-rated carriers. Busy insurance buyers want to know what you can do for their operation.
Take, for example, the painful business challenge of soaring workers’ comp rates. If you can tell prospects that your ex mod audit identifies and corrects errors and will in turn lower their workers’ comp rates, you’ve got a service addressing a hot-button business concern people will want to know about.
And if you can support that claim with actual data and examples — “The businesses we work with have seen rate decrease by 12% to 20% as a result of our audits” — you’ll drive your point home compellingly.
Including percentages, case examples and hard numbers will invariably make your VP more convincing and potent.
Don’t Forget Collateral Value
Every business improvement has additional positive repercussions. Saving money on insurance for example, frees up capital that can be prudently used in other areas of the operation, like upgrading the computer network.
Investing in a robust employee benefit plan leads to lower staff turnover and reduces future hiring and training costs.
Correcting ex mod errors for a construction company, not only reduces comp costs, but can expand opportunities for them to bid on jobs previously out of reach because of their restrictive mod scores.
An upfront investment in controlling loss is not only likely to reduce costly claims and disruptions down the road, but influences the insurance company underwriters to offer better competitive pricing.
If you want more opportunities to sit down with insurance buyers, take the time to think through the practical business advantages you can deliver. Buyers want to know above all, what’s in it for them. When you can show them why it’s worth their time to meet with you, they’re going to want to invite you in.