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Medicare Blog | Medicare News | Medicare Information

3 Tips to Increase Your Closing Ratio

Posted by Lauren Hidalgo on Fri, May 18, 2012 @ 09:33 AM

Medicare SupplementsAs an agent, your main focus is to educate your clients on the best Medicare Supplement plan to fit their needs and close the sale. Recent studies from CSO Insight’s, "Sales Optimization Management Key Trends" have shown that closing the sale has declined 12% in the last five years. This is mainly from forecasted sales resulting in "no decision," which have increased by 26% in the same time frame. If you find a lot of your prospects leading to "no decision," two questions to ask yourself are "Why are these 'no decisions' increasing?" and "As an agent, what can I do to reverse the trend?"

Here are three strategies to put in place in order to increase your closing rate:

  • Sales target segmentation and qualification process – Spending the time to identify which prospects fit your agency the best will allow you to target that market and work toward catering toward their specific needs. Do you want to work with the aging in 65 market? Or older seniors who are looking to get a lower rate on their Medicare Supplement? Once you determine your agencies "sweet spot," you will be able to categorize your prospects into strong, neutral, or weak sections and focus your time on each one accordingly.

  • Well-defined and documented sales stages – Once you have defined your prospecting stages and customer activity you will reduced the chance of your pipeline becoming deflated. These stages will also help you to see when your prospect goes from suspect to qualified status and reduce your "no decision" buyers. Be sure not to label a prospect qualified before they have identified they have an need and want to evaluate the plan you have proposed.

  • Implement a strict sales pipeline management – Most of the time "no decision" prospects come about when a sales cycle goes past your usual timeline and goes cold. If this happens, you should either restart the sales cycle or call in a loss. By keeping your sales pipeline conservative you will also be keeping it accurate and your numbers strong.

If you find yourself faced with more "no decision" prospects than usual, it might be a good time to reevaluate your sales cycle. Be sure you are focusing on those prospects in your target demographic and determining their interest the first time you speak with them. This way you can cultivate the clients who are interested rather than wasting time ones who are not going to result in a sale. If you would like more tips and strategies with your sales process, give your PSM marketer a call at 1-800-998-7715.

Please give us your feedback!
Have you seen a rise in your prospects leading to "no decision"? What do you do to prevent them? Do you currently have a pipeline management system in process?

Source: LifeHealthPro

Additional Updates:
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Tags: Sales Tips, Customer Retention, Assured Life Medicare Supplement, Cold Calling

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