Sunday, September 9, 2012

Bad Salespeople Ruin Everything!

Before I complain about bad salespeople, I'm happy to announce that I passed the Pennsylvania Producer's Life Insurance Exam (aka the state life insurance test) yesterday afternoon!  For the past two weeks, I've been listening to the same educational voices on my MP3 player while in the car, then taking practice exam after practice exam on the computer nonstop.  So what's next?  Now I'm focusing on learning the presentation, or  "the spiel" I like to call it, and enjoying a little more commission from my training sales.  Soon, I'll start preparing to take the Series 6 and 63 exams which will enable me to offer mutual funds and other investment products independently of my trainer.

So here's the latest thing I've learned about financial services.  The hardest thing about it isn't the exams, it's bad salespeople.  Until now, I had no idea of the lasting impact that a bad salesperson really has.  It must be the biggest barrier to setting up appointments with potential clients who haven't met me yet.

When I'm trying to setup an appointment, I may be eager, direct, and even excited, but I don't want to be pushy.  If I'm direct and to the point, it's not because of some sales strategy, it's my own personality (friends & colleagues love to attest to this), and I simply don't want to waste your time or my own.  With financial services, most people just want good information, not song and dance.

So when someone has a prior run-in with a bad salesperson, it makes it hard to be direct with them.  They assume that my honesty isn't completely genuine, and that there's some big catch just waiting to come around the corner.  Because of bad salespeople, the client ends up missing out on a future opportunity that might really benefit them, and then honest people like me miss out on the opportunity to provide it.

It's poor salespeople that make sales jobs so hard for honest working people.

For myself, I'm staying far away from bad salesperson tactics.  They don't do anyone any favors.  You'll only get an honest presentation from me.  Of course I'll highlight the positives, but you'll never feel duped, tricked, or that something crucial was left out.  In the future, I may offer incentives to people who agree to meet with me or for referring me to others for further business, but you'll never be the victim of a bate-and-switch maneuver.  I'll let you know if I don't agree with your decision, but it's always your choice to make.

Some of my friends have become clients, and future clients I hope become friends.  That's what builds a good business and generates a decent income, or at least how I intend to do it.

Here's some neat start up statistics.  In August, I met with 4 families for training appointments.  3 of the 4 have become clients with life insurance and investment/savings products.  The remaining family enjoyed the presentation and maybe learned something that they didn't know before.  That's a 75% sales conversion rate, and a 100% success rate.  In my business, that's an achieved goal.

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