VITALITY.CO.UK/LIFEVITALITY.CO.UK/LIFE

How to sell Business Protection

VITALITY.CO.UK/LIFE

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How vs. why?

Problem/solution/benefit

Pre-sale/point of sale/post sale

The Business Protection sales formula

Business Protection is “back to front”

Agenda

VITALITY.CO.UK/LIFE

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How vs. why..?

The 3% The 97%

Only need one or two steps to begin taking action toward their goal

Wait until they know each and every step before they even take one

Only focus on WHY they headed that way Only focus on HOW to do it

Start now regardless of circumstances Wait until everything is perfect

Only take on tasks that move them closer to their goal or purpose

Take on all sorts of tasks that are appealing

Have a mentor Learn on their own

Never go where the crowd goes Follows the crowd

Stands for what is right is the face of adversityChange their mind depending on who is listening

Pay little or no attention to the opinions of others

Are all about pleasing others

Have a mindset for abundance Have a mindset of lack

Write down their goals and dreams Keep goals and dreams in their head

Identify and emulate those who are successful in their field

Don’t see the value in emulating those in their industry

Paul Babiak, Robert Hare - Snakes in Suits: When Psychopaths Go to Work, 2006

VITALITY.CO.UK/LIFE

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What is it that you “sell” to your clients?

Relative size of market for each need

PROBLEMPROBLEM SOLUTIONSOLUTION BENEFITBENEFIT

VITALITY.CO.UK/LIFE

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What is it that you “sell” to your clients?

PROBLEMPROBLEM SOLUTIONSOLUTION BENEFITBENEFIT

WHY• Adviser?• Client?

HOW• Adviser?• Client?

WHAT• Adviser?• Client?

Focus first on WHY…

And then on HOW & WHAT

VITALITY.CO.UK/LIFE

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“A journey of a thousand miles begins with a single step”Lao-tzu, The Way of Lao-tzu - Chinese philosopher (604 BC - 531 BC)  

PRE-SALEPRE-SALE POINT OF SALE

POINT OF SALE

POST SALE

The sales journey

VITALITY.CO.UK/LIFE

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Relative size of market for each need

PRE-SALEPRE-SALE

WHY

• The market has changed?

Are you adapting to survive or thrive?

• The sheer “size of the prize”

• Your business strategy

• High road vs. low road

HOW

• Overcome existing barriers

• BP a part of your business strategy

• Identifying target clients

• Finding new clients

• Marketing campaigns

• Appropriate tools to do the job – Serious Illness Cover (SIC) & Disability Cover for Business (DCB)

VITALITY.CO.UK/LIFE

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Relative size of market for each need

POINT OF SALEPOINT OF SALE

WHY

Logic makes people think

Emotion makes people act (buy)

Sell the problem

HOW

• Sell the value of advice

• Become the architect of the solution

• Taking the next step

• Business Protection fact find

VITALITY.CO.UK/LIFE

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Relative size of market for each needPOST SALEPOST SALE

WHY

To build a sustainable & profitable business

HOW

•Customer vs. client

• Annual review

• Cross selling opportunities(RLP / PMI / KPC / (SP / PP) / LP / PP)

• Ask for referrals

• Benefits - GIOs/Vitality

• Appointment of Additional Trustees (Scotland from outset)

VITALITY.CO.UK/LIFE

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Relative size of market for each need

The Business Protection sales formula

Identify the company type• Sole Trader• Partnership• Limited Liability Partnership (LLP)• Limited Company

Identify the protection need• Key Person Cover/Continuation cover• Succession planning/share purchase/exit strategy• Loan protection• Personal protection

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Relative size of market for each need

Business Protection is back to front

Clarify the protection need by asking…

Mr. Business Owner, what do you intend the proceeds to be used for...?

Then create a solution for the specific protection need

VITALITY.CO.UK/LIFE

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Relative size of market for each need

Where are you going to start...

?

VITALITY.CO.UK/LIFE

Thank you