How to Sell [Life Insurance] to Women…and Men (Part 1)
Are gender differences between your prospects and clients really important? Only if you want to increase your income. Researchers have concluded your sales are and will be in direct relationship to how well you communicate and sell to the opposite sex. After all, 58 percent of all financial service products in America are purchased by women. According to the third largest annuity issuer in the U.S., 74 percent of annuities are purchased by women and they influence 20 percent more. The problem is that men are confused about how to communicate with women, let alone how to sell them.
The same is true for women trying to sell to men. But we’ll start with women.
The three things women look for when buying a financial product:
1. Protection against financial disaster
2. Protection for their kids and grandkids
3. A long-term relationship with a financial advisor
Research has shown that unless a client has assets of more than $1 million, they are unlikely to be contacted by their advisor more than once every 19 months. Yet a frequent relationship is what women value most. Women tend to think of success with people as defined by the number of close and lasting relationships they possess.
They are also more interested in protecting their retirement nest egg than a sizable return. Recent studies have shown women are happy with a 4 percent return with little to no risk than taking a greater chance with their investments.
When you sell to women, you need to tell her that you will be there for her through thick and thin. You won’t just sell and leave. If you can establish a long-term relationship with a female client, she will refer you to her friends. Men will tell three people how happy they are with you. Women will tell 15. You will gain a lot more referrals from one woman than 10 men in your practice.
In selling to women, empathize first before trying to solve the problem. Tell them about similar situations that you’ve experienced. Talk about the way you felt when it occurred. Discuss the emotions of other people involved.
If you want a woman to buy from you, first you need to court her like she is the only person on Earth. That means you need to be totally attentive when she talks and interested in every emotion she cares about. If you can sincerely do this, you will sell every woman you talk to.
By Kerry Johnson
From the November 01, 2011 issue of Senior Market Advisor