You see, they are not just advertising the, “fastest car on the market", “new sound system", “fancy flashing lights”, or “cup holders”. Automobile companies are mainly advertising the basics ... a car you can count on through thick and thin, a car that is backed by guarantees, and a car that will get them to their destination at an affordable price.
All of this rhetoric and change in the auto business made me think about the insurance business. Don’t we offer:
- Guarantee of principal?
- Access to money in bad times?
If the auto industry is correct in their thinking, I think we need to examine our financial services industry. We have made our products very complex, sometimes hard to understand and many times hard to explain. Maybe we are focusing too much on the “add-ons” and not on what our clients want.
Ask your client what’s more important – for example:
- SPEED— (the opportunity to hit an investment home run)
- SAFETY & DEPENDABILITY-- (can’t lose principal or previous gains)
- FANCY SOUND SYSTEM— (19 different crediting methods)
- ACCESS to cash when needed and an income they can’t outlive
In closing, safety is king and dependability is a close second; it’s what our clients want. Keep it simple and sell the benefits not the features.
Until Next Time, Good Selling!
Raymond J. Ohlson, CLU, CRC
President and CEO
The Ohlson Group & SMP International LLC