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Google & Amazon could change the way we buy life insurance

Posted by www.psmbrokerage.com Admin on Thu, Jan 29, 2015 @ 09:34 AM

blog pic Ask more than 50 industry leaders for their thoughts on the life insurance market, and you’re bound to get a wide range of answers. But if there’s one thing on which many of them agree, it’s that change is coming. We’re not talking small product tweaks here; we’re talking industry-shaking revolution. In an age when technology is advancing rapidly and consumers demand immediate, customized attention, this is necessary. It’s also pretty exciting.

A LIMRA study conducted last fall asked a diverse mix of life insurance executives, distributors, reinsurers and other financial leaders this question: Do you believe an outside source like Google or Amazon will be a disruptive force in the life insurance market in the next five years? Fifty-seven percent said yes. Moreover, a 2013 LIMRA study revealed that 21 percent of middle market consumers would be willing to buy life insurance online from a non-traditional source such as Google or Amazon.

All of this points to the fact that insurance may very well be on the verge of becoming a whole lot sexier. Andreessen Horowitz recently included insurance on a list of the 16 tech trends it’s most excited about for 2015. The scope of opportunity is huge, and companies outside the industry are starting to notice. But that doesn’t mean these newcomers will corner the market. It may very well be the stalwarts of the industry who capitalize on all this potential and deliver the products consumers need, in the way they need them.

Why is the market ripe for disruption now? Here are five reasons.

  1. Consumers need life insurance, but aren’t buying enough of it.
  2. People are starved for time.
  3. We all want to engage differently.
  4. Technology is providing insight that we’ve never had before.
  5. Consumers love crowdfunding.

http://www.lifehealthpro.com/2015/01/27/heres-why-half-of-financial-executives...

 

Source: lifehealthpro.com

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Tags: insurance projections, google insurance,, amazon insurance,, future of insurance,

8 ways to beat procrastination

Posted by www.psmbrokerage.com Admin on Thu, Jan 22, 2015 @ 10:57 AM

blog pic You’re probably looking at your to-do list and getting a little bit anxious. There’s a lot to do today and, it might seem, not enough hours in the day to do it. Breathe and take a step back. Prioritizing will help you figure out what’s most important to do right now … or was tackling the most difficult task first, the right way to do it?

A recent infographic from NeoMam Studios, a U.K.-based company that specializes in creating infographics that merge data from various sources, reveals that as many as one in five adults may be chronic procrastinators. The infographic gathered information from sources such as APA.org, Princeton.edu, Psychologicalscience.org and other publications.

And, get this: Contrary to popular belief, procrastination doesn’t necessarily equal laziness. Inaction is often caused by anxiety, fear of failure or negative perfectionism, according to the infographic.

But how you can stop the stress of not getting things done? Having faith in yourself, living in the present and setting realistic goals you can successfully achieve are some of the steps to stop procrastination in its tracks. And though NeoMam focused their inforgraphic on helping students break the vicious procrastination cycle, if it works for pre-teens that are full of energy or for neuro-surgeons in training, these solutions can work for you too. We have condensed the list to eight steps:

  1. Know yourself

  2. Commit to tasks

  3. Be realistic

  4. Self-talk positively

  5. Swiss-cheese tasks

  6. Don't indulge fantasies

  7. Plan for obstacles

  8. Help yourself, reward your progress and learn to forgive yourself



http://www.lifehealthpro.com/2015/01/16/8-ways-to-beat-procrastination

 

Source: lifehealthpro.com

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Turn Your All-Star Clients Into Brand Advocates in 5 Simple Steps

Posted by www.psmbrokerage.com Admin on Thu, Jan 15, 2015 @ 11:07 AM

blog pic A single voice can be a powerful tool, and in sales, the strongest voices belong to your customers.

According to MarketShare’s “Quantifying the Role of Social Voice in Marketing Effectiveness” whitepaper, offline word of mouth has a direct impact on financial outcomes, even more so than social media or traditional marketing. That means that vocal advocates for brands influence sales — period.

As a great salesperson, you need to build a foundation of brand advocates who will provide you with referrals. The result: more loyal customers and more sales. But you can’t pay for advocacy — it will only devalue your brand, and it’s unethical. Instead, you have to build strong relationships organically with your leads and clients through personal, healthy relationships.

Connect With Leads on a Deeper Level

The process of building brand advocates starts with establishing meaningful connections with your leads. Keep in mind that every salesperson is vying for potential customers’ attention, so you must make a memorable impression to stand out.

That being said, rather than viewing leads as potential sales, view them as real people, and act accordingly. Be friendly and personable; ask questions to learn more about them on a personal level, and share things about yourself that they’ll remember. Knowing your leads — their habits and preferred ways of doing business — will eventually turn them into your best clients because they’ll know that you view them as more than just another source of revenue.

Once those leads become your customers, go through your client list and identify your all-stars. These clients are passionate about what they do and have strong business ethics. It’s also important to pay attention to clients who contact you with great feedback and questions. After all, they care about your business enough to help you improve your business practices.

Turn All-Stars Into Advocates

Once you’ve identified your all-star clients, encourage referrals by letting them know how much you appreciate them. Here are a five ways to inspire your clients to advocate for you:

  1. Ask for their opinions. Let your best clients know that their opinions matter by asking for constructive feedback. Whether you’re testing a new product or service or trying to improve current processes, gather input from your clients. This will not only help your business, but it will also forge stronger relationships because they’ll recognize that you respect their input.

  2. Acknowledge them. Publicly acknowledge and honor your advocates in email newsletters or on social media. You can even feature them on your website. These clients will know they’re valued and will be more willing to refer you to their network.

  3. Spend time with them. As you work to build deeper relationships with your best clients, it’s important to spend face-to-face time with them. Take them to lunch, host exclusive events, or invite them to spend time with your company’s leadership. Face time with your best clients will build your relationship and increase loyalty (and their willingness to refer you).

  4. Provide them with early access and sneak peeks. Keep your advocates in the loop by letting them in on company news in advance. Sneak peeks and early access to new services and products can go a long way in making clients feel valued and important.

  5. Give them exclusive discounts. Honor your top customers’ loyalty by giving them price breaks and exclusive discounts. This will encourage them to continue doing business with you and motivate others to become top-valued customers because of the associated perks.

Turn your clients into advocates by making sure they feel a sense of ownership when they interact with your products. Building solid relationships with your top clients by spending time with them, providing exclusive information and discounts, and asking for their input will increase brand loyalty and encourage them to become your biggest word-of-mouth salespeople.

 



http://www.eyesonsales.com/content/article/turn_your_all-star_clients...

 

Source: eyesonsales.com

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Tags: Building Client Relationships, sales advice

Follow these lead generation tips for more business in 2015

Posted by www.psmbrokerage.com Admin on Thu, Jan 08, 2015 @ 11:50 AM

blog picWith so many strategies and schools of thought out there on how to generate new (and returning) clients, building one’s book of business can seem like a daunting task. Lead generation is not just about investing time and effort while providing as much value as possible—it’s also about making sure your value is conveyed up-front. Otherwise, your message is falling on deaf ears. Take a look at how these three advisors have generated more business by investing in their current clients, covering all the planning bases, and partnering with pivotal centers of influence.

Retention brings acquisition

For Michael Morrow, CFP, of Morrow Financial in Ontario, Canada, focusing on current clientele is the best way to keep his business growing. Ninety percent of his efforts go to looking after his clients, which he says keeps his retention rate high and brings in referrals. “If I improve my client retention from 97 percent to 98 percent this year,” Morrow says, “that means I lost 1 percent fewer clients this year. In 10 years, that is 10 percent fewer that I didn’t need to replace.”

The holistic picture

While holistic planning means different things to different advisors, Jeff Warnkin, CPA, CFP of Avon, Ohio, says it involves integrated planning so that “the clients don’t have to go to four or five different professionals and get all sorts of potentially conflicting advice.” Warnkin, alongside his colleagues at The JL Smith Group, offers tax preparation as well as Medicare Supplement assistance to his clients, which in turn creates leads for his retirement and financial planning practice.

Adding value and influence

When it comes to Warnkin’s value-add events, what used to be lunch-and-learns are now dinner-and-learns. “I’ve found that almost all of my retirees are busier when they retire than when they were working,” he says. “We were getting the same people to lunch-and-learns, only about 12-15 people total. Once we switched it to an evening dinner-and-learn format, it immediately jumped to 30-40 people. These dinners are first and foremost client appreciation events where we give back and let them know we appreciate their loyalty and trust,” Warnkin says. “One of the things that suffers when people retire is their social interactions. Here, clients make connections with each other, and that’s going to translate out into the community, as well.”


http://www.lifehealthpro.com/2014/12/31/follow-these-lead-generation-tips-if-you-want-more

 

Source: lifehealthpro.com

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Tags: Sales Tips, Sales Leads

Happy Holidays from Precision Senior Marketing

Posted by www.psmbrokerage.com Admin on Fri, Dec 19, 2014 @ 10:53 AM

blog picIn celebration of the Holiday, our office will be closed Wednesday December 24th through Friday December 26th. We will resume normal business hours Monday December 29th.

We want you to know that we truly value your business and appreciate the opportunity to serve your needs. Hope you have a wonderful Holiday Season and an even better 2015.


Additional Updates:
 

Tags: Holiday Blog

Long-in-the-Tooth Dental Advice

Posted by www.psmbrokerage.com Admin on Thu, Dec 11, 2014 @ 11:05 AM

blog picTerry O’Brien, 73, a retired administrative assistant in Billerica, Mass., recently had to make a tough decision about her dental care.

“I always took care of my teeth,” she said. But even so, she was told she needed a crown — an artificial cap — at a cost of about $2,000.

Since she and her husband lack dental coverage, she opted for a less expensive filling. She worries, however, about how she will fund dental care long term. “I’ll make 100, I bet,” she said. “But I wonder how long my teeth will last.”

Older Americans face such situations often, because many people over age 65 lack dental insurance. Only about 10 percent of retirees have dental benefits from their former employer, according to Oral Health America, a nonprofit advocacy group.

And 22 percent of Medicare beneficiaries had not seen a dentist in five years, the Kaiser Family Foundation reported in 2012. The main factor is the cost of care, said Tricia Neuman, a Medicare policy expert with the foundation. Continue reading the main story Related Coverage

Traditional Medicare, the federal health program for older adults and people with disabilities, doesn’t cover routine dental care or dentures. Some Medicare managed care plans offer coverage, but it is often limited to preventive care like cleanings. Medicaid, the federal-state program for low-income people, may cover some dental care for adults, but benefits vary by state. Individual plans are available, but they typically cap payments at low levels and may not cover any advanced treatments, like implants to replace lost teeth.

That means most older Americans must pay for dental care out of their pockets.

According to 2013 data from the American Dental Association, which surveyed private dentists, the average cost of a basic examination is about $45, while a cleaning is $85. X-rays are another $27; a tooth-colored filling is $149, while a silver filling is about $125. Costs vary widely, however, depending on the market.

Artificial implants average about $4,000 per tooth, the A.D.A. found. But the bill can be much higher, after adding anesthesia and related treatments like bone grafts. Implants involve inserting a metal screw into the jawbone to serve as the foundation for a replacement crown.

Implants are an economic impossibility for some patients, said Beth Truett, chief executive of Oral Health America. But, “If they can afford it, they are a great solution to maintaining not only that tooth, but the teeth around it.” A full set of teeth for an adult is 28 (32 if you still have your wisdom teeth), and you should have at least 22 teeth to eat properly, she said. Once a tooth is lost, nearby teeth bear additional strain and it gets more difficult to chew; that leads to a cycle of poor nutrition and further tooth loss, she said.

Ed Decker, 69, a retired hospital pharmacist in Ashland, Mass., said he had poor dental health his entire life and had budgeted to make dental care a priority. “I think my family was born with marshmallows instead of teeth,” he said. Ultimately, he lost so many teeth he couldn’t chew, and had 10 implants, at a total cost of about $50,000. He was able to pay for it, he said, because of successful investments recommended by his financial adviser. “When you put in an implant, it’s like having a natural tooth,” he said. Continue reading the main story Continue reading the main story Continue reading the main story

Judith Jones, a professor at Boston University Henry M. Goldman School of Dental Medicine and an authority on dental care for older people, recommends that after age 65, the bare minimum level of care needed is a professional examination and cleaning at least once a year. Poor mouth health has been linked to other ailments, like heart disease and diabetes.

Patients should brush at least twice a day for two minutes, she said. If older people aren’t able to do it themselves, family members or caregivers should assist them. Basic mouth hygiene, including daily flossing, is important to maintain healthy gums and remove tartar and plaque, which traps bacteria and can lead to infections.

People also need to be aware of the possibility of being pressured into unnecessary treatment. To find a reputable dentist, you may want to ask your doctor or your friends for a referral. And be skeptical of treatment that sounds overly aggressive. “If you go in and they want to replace every filling in your head, you should get a second opinion,” said Athena Papas, co-head of geriatric dentistry at the Tufts University School of Dental Medicine.

However, she noted, patients who haven’t been to the dentist for several years may have a real need for restoration work, particularly if they are on multiple prescriptions. Some medications can cause a reduction in saliva, which can promote development of cavities.

One way to limit costs for replacement teeth is to have implants on the lower jaw, and use dentures to replace upper teeth, said Dr. Papas; it’s easier to keep upper dentures in place.

Older adults on tight budgets generally should avoid cosmetic treatments like teeth whitening, dentists say. But many dismiss the idea that older people don’t need to spend on oral care because they are near the end of their lives. Patients who are in their 80s, but who are fit and have a healthy lifestyle, can benefit from technologically advanced dental care “because it is estimated that they will have another 10-15 years of life span,” Helena Tapias-Perdigón, an assistant professor at the Baylor College of Dentistry at Texas A&M Health Science Center, said in an email.

Some dental schools offer discounted treatment, although some require deposits and may have waiting lists. The American Dental Association lists accredited schools on its website.

You can also ask dentists if they offer a payment plan. But read the fine print of any discount program, said Jim Quiggle, a spokesman for the nonprofit Coalition Against Insurance Fraud, since some programs offer little in the way of true savings.


Looking for Competitive Dental Plans to Offer Your Clients?


http://www.nytimes.com/2014/11/19/your-money/long-in-the-tooth-dental-advice-.html

Source: nytimes.com

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Tags: dental hearing and vision insurance, dental advice, dental

How To Think Yourself Rich

Posted by www.psmbrokerage.com Admin on Thu, Dec 04, 2014 @ 10:27 AM

blog picNapoleon Hill, acclaimed author of Think and Grow Rich (one of the most popular sales books ever written), recommended a 6-step program for achieving your financial goals:

 

  1. Fix in your mind the amount of money you desire. Be specific.
  2. Establish how you will go about earning this money. (There is no something for nothing.)
  3. Establish the date by which you will acquire that sum.
  4. Create your plan of action. (What individual steps will you take? In which order?)
  5. Write down your plan of action. Include how you will use the money once you acquire it.
  6. Read through your plan every day and believe that you will achieve your goal.

 

This may sound simple, and it is, but only if you have a growth mindset. The most common mistake is having a fixed mindset. 

Those with a fixed mindset: 

  • Want to appear intelligent at all costs
  • Believe that success comes effortlessly to smart people
  • React to failure by blaming others

Those with a growth mindset:

  • Want to learn at all costs
  • Believe working harder makes you smarter
  • React to failure by becoming more resilient

Acquiring a growth mindset does not require unbridled optimism or a very high level of self-esteem. You can be optimistic or pessimistic, introverted or extroverted, but with the right mindset, success can’t be far behind.

Sign up for The Lead and get a new tip in your inbox every day! More tips:

  • Utilizing the law of attraction
  • Serve and grow rich
  • 3 ways to get real, get rich


http://www.lifehealthpro.com/2014/12/01/how-to-think-yourself-rich

Source: lifehealthpro.com

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Tags: Sales Tips, sales advice

Use the S.A.L.E. Methodology to Counter Any Objection

Posted by www.psmbrokerage.com Admin on Thu, Nov 20, 2014 @ 02:16 PM

blog pic We all face questions and objections from buyers. The key to creating a nonstop sales boom is in reframing these objections as simple conversation starters that lead towards a sale. In doing so you will reduce your anxiety and will be able to work through them more effectively.


  • S = Stop and listen. That’s right. I am saying that the best first step in answering questions or objections is to stop. Do nothing. Say nothing. Just for three seconds. Three seconds is long enough to create some space, some thinking time between the question and your answer, but not long enough to be awkward.

  • A = Acknowledge the question. When you are selling you want your buyers to be talking and asking questions. That is a sign they are engaged. Silence or apathy is deadly. In order to keep the conversation going, thank them for making the statement. I am not advocating that you agree with them. Just that you acknowledge. A simple statement such as the ones below will do the trick:
    • Thanks for sharing that.
    • You raise an important point.
    • I’ve never thought about it that way.
    • You are smart to be concerned about that.
    • I appreciate you being honest with me.
    Showing appreciation will show the client that you care about the conversation. When you show that you care about the conversation, and value what the buyer has said, they will say more.

  • L = Ask a question and listen to the answer. Before you answer the question you must truly understand what the client is stating or asking. Use one of the following questions to clarify what the buyer is asking for and to help you better form an answer:
    • What do you mean by that?
    • How much of a discount are you looking for?
    • Why is that important to you?
    • Have you seen something else that includes that?
    • What do you like about that approach?
    • Is that a deal breaker for you?
    • How much too high are we?

  • E = Provide an example. The best way to answer questions from buyers is to use the words of your clients. Let’s face it, your buyers will believe your clients more than they will believe you. You are, after all the “salesperson,” trying to earn a living. While most sellers spend their time developing case studies and testimonials to provide outcomes data on their solutions for their website, the best sellers use this data to answer questions and deal with objections posed by clients. Let this become your million-dollar strategy—your killer app, the secret weapon that allows you to exceed your revenue goal year after year.

    Here are two examples.
    • A professional services seller gives this response—after having stopped, acknowledged, and listened—to a price objection: “At ABC Company they were also initially concerned about the price. What they found is that with the reduction in contractors required for data entry from three to one, they were able to save over $100,000 in labor costs in one year. This more than paid for the $24,000 project purchase and provided a four times return on investment in 12 months.”

    • Lee Harbin at Dolphin Professional Services also stops, acknowledges, and listens effectively when addressing a question about the timing of delivery. He then states “The implementation team at our largest client was originally concerned about our ability to deliver a project of this magnitude as well. What they discovered is that our structure allows us to ramp up quickly with the right resources, ensuring that we have never missed a deadline with them in over four years.”


Use the SALE methodology to keep the buyer engaged through the sales process. Remember, the more the buyers are talking the better chance you have to make the sale and create your Nonstop Sales Boom. The minute they shut up is the minute the sales start slipping away.


http://www.eyesonsales.com/content/article/use_the_s.a.l.e._methodology
_to_counter_any_objection/

 

Source: eyesonsales.com

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Tags: closing sales, Sales Tips, sales advice

17 Best Practices of Top Performing Sales People

Posted by www.psmbrokerage.com Admin on Thu, Nov 13, 2014 @ 01:44 PM

blog pic Many people wonder what separates a top performing sales person from the rest of the pack. In most cases, it's because they apply a number of best practices in their daily routine. Here are 17 best practices of top performing sales people.

 

  1. They set HIGH TARGETS and goals.
    Top performers don't wait for their manager to issue an annual or quarterly quota. They set their own goals that are usually more ambitious than the corporate targets.

  2. They carefully PLAN their quarter, month and week, as well as their daily schedule.
    Too many sales people fly by the seat of their pants and only look at the day or week ahead instead of planning their month and quarter. Look at the big picture.

  3. They set OBJECTIVES for every sales call.
    It is essential to know exactly what you want to accomplish before you make your call (face-to-face or telephone).

  4. They ASK high-value questions that probe to the heart of the issue.
    Sounds simple but most sales people fail at this and ask weak, feeble questions. Top performers are comfortable asking tough questions that make their prospect think.

  5. They LISTEN carefully to what their prospects and customers say instead of waiting for your turn to speak listen to your customer.
    You can ask all the questions in the world but if you don't hear what people tell you won't be able to present the proper solution.

  6. They CLARIFY the issue when they are unclear what their prospect means.
    People often say things that are unclear and most sales people assume they know what their prospect means. Top performers take the time to fully understand by asking "What do you mean by that?" of "Can you clarify that for me?"

  7. They WAIT TO PRESENT their product, service, solution or idea until they know exactly what their prospect's situation is.
    The majority of sales people jump too quickly into their 'sales pitch' but top performers are patient and wait for the right moment.

  8. They begin every sales presentation with a brief RECAP of their understanding of the prospect's situation.
    Again, a simple concept but one that is greatly ignored by many sales people. A quick summary of your customers' situation give you the opportunity to ensure that your presentation addresses their key issues.

  9. They know how to ADAPT their sales presentation if their prospect's situation has changed.
    Making changes on-the-fly is challenging but it is one way to stand out from your competition. Learn how to modify your presentation when customer's situation has changed from the time you initially met to the time you are delivering your presentation.

  10. They know how to properly and effectively POSITION their product, service or solution.
    The vast majority of sales people fail miserably at this. They talk, talk, talk but usually end up talking about aspects of their product or solution that have little or no relevance to their customer's situation.

  11. Their sales presentations FOCUS on the prospect.
    Most sales presentations focus on the seller's company, their product, or other trivial information that is of no interest to the customer.

  12. They are PREPARED for potential objections.
    Top performers anticipate objections and plan their response before their sales call.

  13. They always establish the NEXT STEPS.
    Decision makers are busier than ever which means they are more difficult to connect with. Avoid losing contact with a prospect by agreeing on the next steps after every sales call. Do this in face-to-face meetings and telephone calls.

  14. They FOLLOW-UP after the initial call or meeting.
    Many a sale has been lost because the sales rep failed to follow up after the initial call. You cannot rely on your prospect or customer to call you; you need to take this initiative. Set this up during your call or meeting.

  15. They PROSPECT continually to keep their pipeline full.
    It's not uncommon for sales reps to experience peaks and valleys in their sales. This is usually a result of failing to prospect for new business on a regular basis. Avoid the highs and lows and schedule time to prospect for new business every week.

  16. They deal with the DECISION-MAKER whenever possible.
    Dealing with people who have little or no buying authority is a waste of time. However, many sales people fall into this trap because it is easier to connect with people other than the decision maker. And that may be true. However, in the long run, they end wasting their time because they don't close the deal.

  17. They look for ways to KEEP IN TOUCH with their customers.
    A sale is not a one-time deal. However, you need to find ways to keep your name in your customer's mind to prevent a competitor from squeezing in. Top performers incorporate this into their schedule and make it a priority.

 

http://www.eyesonsales.com/content/article/17_best_practices_of_top_performing_sales
_people/?utm_source=facebook

Source: eyesonsales.com

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Tags: closing sales, Sales Tips, sales advice

The Cost of Cancer; Insurance Matters

Posted by www.psmbrokerage.com Admin on Thu, Nov 06, 2014 @ 11:27 AM

blog picCancer Survivors Need Financial, Rather Than Emotional, Support Following Diagnosis:

There are between 14.5 million and 19 million cancer survivors living in the United States. Actuaries estimate there will be an additional 1.6 million cases this year. With numbers like that, there’s a good chance some of your clients are struggling with a cancer diagnosis. Nearly 40% of survivors were able to cover their treatment without incurring medical debt, but of those who weren’t so well-prepared, 30% have $10,000 or more in debt related to their health. Half of those have at least $20,000 in debt.

Make sure you have a strong cancer product in your portfolio - Request Details

http://www.thinkadvisor.com/2014/10/06/the-cost-of-cancer?t=life-planning-ltc

Source: thinkadvisor.com

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Tags: cancer insurance

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