Rejection can be hard. This is especially true when your livelihood depends on the active participation and support of your clients. There are few phrases that a salesperson dreads more than the word “no.”
And it comes in many forms:
- “I’m not interested”
- “It’s too expensive”
- “I don’t want to be tied to another contract”
- “I already have insurance/retirement savings”
- “Maybe some other time”
- “I really don’t understand annuities”
- “I really don’t need an annuity”
- “John Smith says annuities are bad”
- Or, the cherry on top, “I don’t like salespeople”
Don’t take it personally
That’s step one.
Sometimes a person really is too busy at that the moment to have an in-depth conversation about something that likely isn’t high on their priority list. Sometimes the product really is out of their reach due to budget constraints or perhaps they are overextended on contracts.
And sometimes, they really aren’t interested — at least in the specific product that you’re promoting.
Finally, oftentimes they really are lacking a firm understanding of the product and why it might be a good idea for them. This is likely to be the case with annuities.
But that’s where you come in, and why your job is so important.
You can overcome objections and get your clients quality annuity and other financial products that meet their needs.
Yes, you read that right.
Making a sale requires getting a “yes.” But a good salesperson should welcome objections because that is your chance to address your clients’ true concerns about the product.
Securing a sale that someone is unsure of, or that they don’t need, may cause them to have resentment later. This creates a one-time transaction or a transaction that is likely to be terminated in the future.
While this may be beneficial to you in the short-term, it can have long-term consequences (i.e. lack of ongoing sales and poor word-of-mouth feedback).
On the flip side, if a potential client isn’t forthcoming about what’s bothering them, you may lose the sale from the onset without ever knowing why.
Instead, invite them to ask questions. Start an open-ended dialogue and try to ascertain what they have already learned. Here’s a good one: “Tell me about your concerns about making a change?”
Create a bond
In addition, build a relationship. Questions —lots of them — are the best way to do this quickly. And feel free to share a bit about you and your personal (not just professional) experience as well. In short, make it a conversation and not purely a sale.
People naturally want to trust those they are doing business with. And they prefer to walk out the door feeling helped rather than sold.
Focus on ways to do just that.
Don’t be afraid to step aside.
Lastly, sometimes it’s just not a good fit. It may not be the product and it may not be the price or any number of other objections. It might be you (or even them) and your chemistry with that particular client. Don’t be afraid to hand off a sale to someone who might relate to them more or be better able to handle their personality.
They will certainly remember that you did this, and it will be a good thing.
Annuity.org's mission is to help you through tough financial situations. We’re committed to providing this help the best way we know how — through informative, easy-to-understand articles. Annuity and structured settlement owners can use our website as an educational tool and vantage point for connecting with our trusted partner, CBC Settlement Funding, to sell their payments for cash. Founded in 2004, CBC Settlement Funding is an annuity purchasing and pre-settlement funding company based in Conshohocken, Pennsylvania. CBC works with a variety of financial products, such as annuities, structured settlements, casino payouts and lottery winnings.
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