Since the beginning of long-term care time (1974), the LTC Insurance industry has sold fear – the fear of going to a nursing home, the fear of losing everything and becoming a ward of the state, the fear of not being able to be cared for in your own home.
While many of those fears can become reality, agents first learned to sell those fears with statistics – 7 in 10 will need long-term care, 18% are moonlighting as informal caregivers, a nursing home could cost nearly $100,000 per year.
Today, nearly a 1/2 century after the introduction of the first nursing home insurance product, most agents are repeating those learned behaviors and selling the same way – they tell, tell, tell – then present a quote and wonder why their prospect doesn’t buy.
Yes, facts do tell. But do they sell?
Would Don Draper, Creative Director of Manhattan advertising firm Sterling Cooper on AMC’s television series, Mad Men, sell by telling all of the facts of a product or service he was selling?
Let’s spend 3 1/2 minutes and find out:
What master selling skills did Don display in his pitch to Kodak?
Don opened with a story. He gave the character a name – Teddy – and painted a mental picture – an old pro copywriter, a Greek named Teddy, who taught me …
- What stories should you be telling your prospective clients?
- What characters do you need to play roles in your story?
- How will you paint a mental picture of those characters?
Create an Itch
“New” creates an itch for people. You slip your product in like a calamine lotion to soothe that itch.
Your clients are most likely aware of traditional LTC Insurance solutions – and they may not view those products fondly.
But you have the opportunity to introduce “new” long-term care solutions with hybrids, linked and other asset-based products.
What’s your “new” story?
Create a deeper bond with the product. Nostalgia – it’s delicate, but potent. Teddy told me that in Greek, nostalgia literally means the pain from an old wound.
Are you willing to explore the emotions your prospects feel regarding long-term care?
- How do they feel about their spouse caring for them? Do they want to become a physical, emotional and financial challenge for their loved one?
- How do they feel about their children caring for them? Do they want their children to be their caregivers – or their companions?
- How do they feel about their money? Do they want a lifetime of accumulation climbing Mt. Everest to be liquidated for their care while they descend?
These are, without question, delicate conversations. But their potency in creating a deeper bond with you – and your solutions – creates lifetime client relationships.
This device isn’t a spaceship. It’s a time machine. It goes backwards … and forwards. It takes us to a place where we ache to go again.
Your prospect’s memories aren’t filled with videos.
They are filled with photographs – snapshots of moments in time from the past.
They are also filled with photographs of the future.
You need to take your prospects back to their photo albums of the past and get them to look at their photo albums of the future.
Your prospects can do this … but these questions are all about you:
- Can you get them to look back at their photos of the past?
- Can you get them to see snapshots of their possible future – and how they can change the pictures today?
- Can you get them to play that movie in their mind – and share their feelings about past, present and future with you?
Sounds of Silence
It lets us travel the way a child travels … round and round … then back home again … to a place where we know we are loved.
The power of your presentation doesn’t live in your words.
It lives in the silence – the pauses – between thoughts your prospects must feel.
It takes confidence and discipline to allow silence to create the space for emotion.
Are you ready to learn how to sell long-term care solutions like Don Draper?