big ticket tricks

03/21/13

BIG Ticket Tricks

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What is BIG Group?

• Bigger• Income• Generation

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Objective of the Meeting…

• You are Big, we wish to make you bigger.

• To have a clear understanding on all Ws of Selling Big policies –WHO – WHY – WHAT – WHERE – WHEN.

• And more so, How to Sell?

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SELLING TO HIGH NET WORTH

INDIVIDUALS

“ HNIs ”

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Who is a HNI?

HNI is an individual who meets any of the following criteria :

• Business person• Doctors• Lawyers• Chartered Accountants• Consultants• Performing Artistes (Cine and Music)• Senior Executives in the Top Management• Sportspersons

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What are the Concernsin this market ?

• Appointment• Deferment period is long• No shortfall i.e assets over liabilities• Multiple decision makers• No Need can be established• Time consuming• I’m scared (fear)

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How do HNI’S feel ?

• Do not need life insurance• Life insurance does not give adequate

returns• Have enough assets to take care• Too long a period• Other investment give better returns

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Approach

Problem

Solution

Decision

Referred Leads

Sales Process

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In order to give yourself the best chance to sell, use the 7 Magic Questions

WHO – WHY – WHAT – WHERE – WHEN

– WOW – HOW

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Who,When and Where

Why

What

WOW

Who Else

HOW

Sales Process

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Approach

Sales Process

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How to approach the HNI ?

The approach is the most difficult step in the sale !

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Planning for SuccessWOW and HOW

Have you ever observed how a dynamiter works?

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Planning for SuccessWOW and HOW

He doesn’t ignite his fuse and then start digging the hole. He spend days preparing for the instantaneous explosion that does the work.

The dynamite is the WOW, the one prize pitch that will wipe out all obstacles so that the sale can be closed.

The HOW is the preparatory work before blasting. Timing of the blast must be meticulously perfect.

Preparing yourself for such an interview requires hours of careful research, study and thinking.

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Approaching HNI’s

• Need to prospect differently for HNI’s – The advisor operating in this segment

needs to chalk out a prospecting plan– Its easier for the advisor to tap HNI’s from

a ‘Familiar’ Industry to start with – Knowledge of Products, Competition and

Taxation is an absolute must– The use of a letter or a mail helps to create

a favorable impression

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Sources of Prospecting for HNI’s

• Newspaper Advertisements / Classifieds of any company promoting any product always have a contact address

• Business Magazines• Natural Market• Yellow pages• Hoardings • Internet• Natural Market

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Need to prepare before approaching HNI• Who is he ? How much do I really know

about him?• Why would he buy from me ?• Who knows him and can tell me more

about him?• Who all might be mutual friends or

acquaintances?• Who can help me approach people who

can tell me about him?

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The key to success

1. Meeting the right people

2. Meeting them at the right time

3. Discussing the right issues with the right people

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Need to adopt a strategy for the meeting

• Identify the FOCUS of RECEPTIVITY– These are people who would respond to

your questions and would give you all the information you need

– Make sure you give due importance to these people and recognize their help

– Eg Front line executives, Secretaries, vendors, customers etc of the HNIs / Business Houses

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• Identify the FOCUS of INFLUENCE• These people have a key role in the business

or the personal life of the HNI• Make sure you give them the same

importance, understand their concerns, pitch your product accordingly and invite them for the detailed presentation with the HNI

• They could he the HNI’s family, his financial controller, accountant, existing insurance advisor etc.

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• Identify the FOCUS of POWER• These people are the decision makers in the

business and are hard pressed for time• Make sure that you have all info about them

and their business before you meet them • Make sure you make a bullet point summary

covering all concern areas as discussed with the focus of Influence

• They are usually the Proprietor, Managing Directors, CEO’s, Partners etc

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Where ?

The conditions of an interview should be arranged to provide maximum opportunity to make and close the sale.

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When ?The time of an interview should be arranged to provide maximum opportunity to make and close the sale.

WHEN will the other salesmen be out of the way so Ican see the prospect?

If I am to see him at his home, should it be at 8:00 in the evening just after dinner? Or should I wait until 9:00, after his youngsters retire?

• If he plays golf/goes fishing, then a sunny Saturday morning could be the worst time to call at his home. But, on a rainy Saturday when his regular plans will be off? He may not know what to do with this time.

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My Strategy

Get all Info Use all Info

Focus of Receptivity Focus of Influence/Power

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Asking for appointmentWhen asking for appointment –

Remember to tell HNI/HNI’s secretary that :“ YOU WANT TO DISCUSS SOME PLANS

FOR BUSINESS PROTECTION AND CONTINUATION”

The chances of getting an appointment is more.

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Problem

Sales Process

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Why?

One must be able to analyze the following questions: 1. Why should a prospect prefer to buy my product

from me.2. Why should he prefer to buy another product from

some other salesperson?3. What do I expect from a prospect or importantly,

what should he expect from me?4. What can he get from others that I cannot offer

him? 5. How can I make sure that he derives greater benefit

in buying from me than I from selling to him?

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Interview

Doing WHO and WHY in the Cause-Effect principle, will allow to prepare a FACT FILE and HISTORY SHEET before you meet him, in a manner similar to what an attorney or a surgeon does.

Have a defined 3 Ps – – Purpose

– Process

– Pay off

for the interview to be used when you open the call.

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Mr. HNI you would agree that a businessman like you would be concerned with 4Cs of your assets –

• Creation of Assets• Consumption of Assets• Continuation of Assets• Conservation of Assets

Am I correct in saying so..?

Interview

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Fact Find

Encourage him on HUMAN LIFE VALUE PRINCIPLE. Create a WOW effect on the WORTH of this invaluable, irreplaceable asset. (Make it asset based, not income based)

Introduce ASSET CREATION

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Client Profile

HNI has two different roles and responsibilities : a) Towards Family, and b) Towards Business

In the absence of the HNI both suffer. The loss towards family is limited to the expenses towards running the household whereas,

The loss to the Business is of a larger magnitude – it could result in disruption of smooth running of the business or even a closure of business. In other words, the future of business is uncertain and exposed to risks.

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Client Profile…

HNIPROSPECT’S CONTRIBUTION

FAMILY BUSINESS

EXPENSES TO RUN RUNNING & MANAGING HOUSEHOLD BUSINESS

HOW MUCH ? HOW MUCH ?

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Client Profile…

REMEMBER

BUSINESS : It is a perpetual entity. It passes on from one generation to the other. The older the business, the more it is trusted.

INDIVIDUAL : Has a limited life.

These two are separate and needs to be treated differently.

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Client Profile…

BUSINESS LIFE LINE

0 10

0 25 35 75 100

HUMAN LIFE LINE

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Client Profile SCRIPT

Mr. HNI you started your business since 10 yrs at age 25. Presently, you are 35. In these 10 yrs you have created an asset of 10 crs. (for e.g.).

To create this asset you must have invested some capital, let’s say 1 cr.

How much time would it take you to create another 10 crs…?

And how much would you need to invest….?

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Client Profile…

TIME – ASSET CURVE

ASSET(Crs) 10 1cr.

INVESTMENT

10 TIME(Yrs)

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Client Profile…

TYPICAL ASSET

PORTFOLIO OF HNI

PLANT & MACHINERYREAL ESTATE

SHARES/EQUITYBONDS

FDs, G-SECSCASH

INSURANCE(NON LIFE)

INS.(LIFE)

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Client Profile…

Compliment the HNI for having done a great job on accumulating fixed assets but also sensitize him about economic uncertainty due to which business’ future income and growth may look like a Roller Coaster.

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Client Profile…

In the event of unfortunate demise of the HNI, one son can have the business and the other can have the equivalent amount of the asset through insurance money/proceeds. Thus preventing the division of the business between both sons and saving the family significant financial and emotional turmoil.

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SALES PROCESS

Solution

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SOLUTION SCRIPT

Mr. HNI if I can suggest a plan which can protect your assets at a nominal cost of just 3% of your present assets, would you be interested…?

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SOLUTION

PROTECTION OFASSETS AT A NOMINAL COST OF

3 % OF

PRESENT ASSETS

ASSETS PORTFOLIO OF HNI


SHARES/EQUITYBONDS

FDs, G-SECSCASH

INSURANCE(NON LIFE)

INS.(LIFE)

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SOLUTION

Discuss, the MWPA Act and explain how it works in the event of – “Attachment of Assets” by the creditors.

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OBJECTION OF CHARTERED ACCOUNTANT

DECIDED BY THE HNI

TO TAL +ASSETS

DECIDED BY THE CHARTERED ACCOUNTANT

(ESPECIALLY LIFE INSURANCE)

BONDSFDs, G-SECS

CASHINSURANCE(NON LIFE)

INS.(LIFE)


SHARES/EQUITY

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OBJECTION OF CHARTERED ACCOUNTANT

REMEMBER : The C.A. is there as long as there

is income. He can help you allocate the assets

but can’t suggest how to create the assets.

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Asset Creation with No Estate Taxes

Reinforce ASSET CREATION through Time – Asset Curve, signifying the impact of Time component on the creation of Asset. Are we clocked sufficiently ? How many miles do I need to go before the second, so that this invaluable asset has its true VALUE ?

ASSET(Crs) 10 1cr.

INVESTMENT

10 TIME(Yrs)

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Some Questions to ask the HNI• “Mr Prospect, do you agree that you have to pay estate

charges, taxes etc. towards your existing asset? How much does it turn out to be? Do you also agree that they have to be paid under all situation till the time you own it?”

• “Will you be interested in owning an Asset absolutely FREE of COST, where you need to pay only these charges to own it? I can also OFFER you the benefit of this ESTATE having no future liabilities in case you are not there to pay the maintenance charge.”

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Some Questions to ask the HNI• “Mr. Prospect, would you like to see your creation partitioned or

prefer to have your CREATION LIVING FOREVER at a partial cost today?” (Apply if he has two sons)

• “Mr. Prospect, how would it help, if I show you a way to CREATE an asset for your daughter too, as the son takes over the business?”

• Revolutionize the Thought Process and develop a synergy between business continuity and family welfare.

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GIVE HIM A DESIGN FOR LIVING,

NOT FOR DYING.

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LIFE INSURANCE PROVIDES THE ONLY WAY THAT A MAN CAN

MAKE HIS WILL BEFORE HE MAKES HIS MONEY

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Feedback & Suggestions

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What Next

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How to move further???

• Premier Life is an excellent product for such Big Sales…

• Industry Updates File…..• Competition…• Training on Life time I / II / Premier Life…• Conceptual Training on Market Linked

Plans…• Key-man Training Session….• What Else????

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Supported by : John Daniel

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