In the increasingly competitive market place, there is very little difference between one product and another. Insurance products offered by insurers are with identical features and benefits since a popular product can be recreated instantly by another competitor.
Nevertheless, you can still have an advantage over the rest by acquiring the ability to recognize and fulfill your customers' unspoken expectation i.e. personal needs. It takes great efforts to discover personal needs but such efforts pay dividends.
In the context of insurance, products needs refer to the protection needs. Both the customers and insurance agents are aware of the function of insurance products i.e. to provide protection needs.
However, customers also want salespeople to understand them by recognizing their personal needs. The key for success in building business relationship is to understand the customer's personal needs such as:
(1) Need to be regarded as an expert
This is the need to feel valued as an expert in certain subjects. To some customers, their opinions matter. They feel good when their views are highly regarded and they want a "pat on the back". They want people to respect them as authorities in chosen field.
(2) Need assurance
Some customers are security oriented. They are afraid of making mistakes. They feel assured when they know what is going to happen. They feel grounded when they see some indication of certainty.
When dealing with such customers, you have to let them know the purpose of the meeting at the inception. You need patience to explain product features in great details. You must be able to demonstrate product's reliability with supporting facts.
(3) Need attention
Customers who have needs for attention appeal to products that are newly released or reflective of a status symbol. They also prefer products that are exclusive. They love to be in the limelight and one way to do so is to own one-of-its-kind products.
(4) Need to be in control
Customers with combative attitude may view sales meeting as battlefield. They take the lead and want to be in control of how the meeting is going to be conducted. They want to be in the position to influence the outcome of a sales meeting.
Asking questions is a good way to regain the control of the situation and to stay focus on what you plan to achieve from the sales meeting.
(5) Need to be decision maker
When a customer can make a decision on his own, he feels he is in charge of his own destiny. You must give the customer opportunities to consider alternatives. By doing so, you can satisfy the customer's personal need for accepting responsibility by making his own decision.
(6) Need for acceptance
Customer with acceptance and bonding needs gravitate to products that are popular or bought by many people. This allows them to establish affinity with other people. A sense of belonging is accomplished when they have something in common with the people or community they like to associate with.
Everybody wants to get their own needs met. The ability to identify personal needs of customers helps insurance agents determine what approach to use and how to tailor a sales discussion that can address those needs. Customers, whose personal needs are met, experience favorable sales experience and are more likely to make a purchase.