Success in selling to seniors is based on relationships, rapport, and trust. Recently a Forester’s research study concluded that there are three things all senior clients want from their relationship with their agent: to understand what they are buying, someone to be in control of their investments and insurance rather than feeling on their own, and frequency of contact. To maintain contact Rick Martin, CSA suggests a technique he calls "Catch Up, Update, and Referral."
- Catch Up. Every few months contact your senior clients to catch up and take a personal interest in their grandkids or recent travel. Confirm that they are getting what they need from their insurance product; discuss any difficulties they might have had, and explain how you can solve their issues. Also you should suggest other products they might need such as annuities, final expense, short term care, or long term care policy.
- Update. Seniors are interested in the news. With the Presidential election in 2012 political candidates will be talking about strategies to save money, including cuts to social security and Medicare. In these times it’s important to address any worries and fears your clients might have. The more you address their worries and assure them you will keep them up to date with any finalized changes, the more loyal those clients will be to you as their agent.
- Referral. A bonus to keeping up with your clients every few months is that you should gain at least two referrals on every call. Explain what you’ve accomplished in the last year and then ask how you are doing so far. When your client answers "great", ask them, "Who do you know who could benefit from my services?" Close to 70% of seniors said their agent relationship was the result of a recommendation from either family or friends.
Catching up with your clients every few months is a great way to take a personal interest in their life, confirm they have the insurance products best suited for them, and request referrals. With satisfied clients staying on the books and multiple referrals a year, you will be able to continue to grow your business in a substantial way.
Please give us your feedback!
Do you use this tactic in gaining referrals? What strategy do you use for referrals?