3 Simple Steps to Closing

Ryan Schutty covered cold calling – creating your list (remember to personalize) to overcoming objections (interrupt their pattern). I covered a method you can use in your first meeting – ICC: inquire, clarify and challenge. Now, it’s finally time to close the sale. We may not like the ABC method (always be closing) – but that doesn’t mean we never close.

In between the first and second meeting, you’ll need to come up with a strategy. One way to do this: benchmark the retirement plan. A good benchmark helps make your review tangible and be a foundation of your second meeting.

With some plans, you might simply benchmark the investment options, cost, and service provider. In other situations, it might be worth going the next step and benchmarking plan design features like match, eligibility, and vesting.

To maximize your chances of closing during the second meeting, try following these 3 simple steps:

1.  Demonstrate you listened

The most common mistake made in the second meeting is to immediately launch into either your value proposition or the strategy. First, make sure to summarize your first meeting concisely. People appreciate it when you demonstrate that you listened.

2.    Present a strategy

Benchmarking the plan is important – it provides tangible data, but it’s not a strategy.   The strategy is how you use the data and the information communicated to you from the prospect to either reduce current pain points or create new efficiencies. It’s always best to start telling the prospect some things they are currently doing well. Follow up with strategies you can offer to help them get even better.

3.    Articulate your value

This is either done in the wrong sequence or not done at all.  It needs to be done – but it’s best to do it at the end and tie it specifically to the strategies that you presented.  However, don’t make it all about you!  Find a way to articulate your value in a manner that shows how the prospect will benefit.

For example, “I will provide education to your employees,” is better stated this way, “I will help reduce the financial anxiety so many employees bring into the workplace, which can help create a more efficient and productive environment.”

These 3 simple steps aren’t magic, but they’ll demonstrate your value and hopefully effectively close your sale. How do you close? Let’s hear your tips in the comments.

Affiliation Disclosures

Insurance products and plan administrative services are provided by Principal Life Insurance Company. Securities are offered through Princor Financial Services Corporation, 1-800-547-7754, Member SIPC and/or independent broker dealers. Securities sold by a Princor® Registered Representative are offered through Princor. Princor and Principal Life are members of the Principal Financial Group® (The Principal®), Des Moines, IA 50392.

© 2013 Principal Financial Services, Inc. |PQ11273NN|  t13120900qo