The Challenger Sale. Selling guide. Your guide to Challenger Selling

Transcription

1 The Challenger Sale Selling guide Your guide to Challenger Selling

2 The following pages were designed to help you capture notes from today s presentation. When we re done, you ll be able to use The Challenger Sale TM process to help differentiate yourself with clients and grow your business. FOR INSURANCE PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION WITH THE PUBLIC

3 The Challenger Sale Taking control of the conversation It s not what you sell. It s how you sell it. Important things to keep in mind Nationwide and its representatives do not give legal or tax advice. An attorney or tax advisor should be consulted for answers to specific questions. Be sure to choose a product that meets long-term life insurance needs, especially if personal situations change for example, marriage, birth of a child or job promotion. Weigh the costs of the policy, and understand that life insurance has fees and charges that vary with sex, health, age and tobacco use. Riders that customize a policy to fit individual needs usually carry an additional charge. Not all Nationwide products and services are suitable for all clients or situations. There may be products, issued by other companies, which better suit your clients goals. Be sure to consider your clients objectives, their need for cash flow and liquidity, and overall risk tolerance when using any strategy. Keep in mind that, as an acceleration of the death benefit, the long-term care rider payout will reduce both the death benefit and cash surrender values. Make sure life insurance needs will still be met, even if the rider pays out in full. Costs for long-term care vary by person, and there is no guarantee the rider will cover all long-term care costs. Nationwide pays long-term care benefits to the policyowner. If the insured is not the policyowner, there is no guarantee benefits will be used to pay for long-term care. Policy loans or partial surrenders affect the amount available for LTC benefits payouts. The examples shown are based on no loans or partial surrenders being taken, and assume all required premium is paid as agreed. If the insured receives care outside of the United States, its territories or possessions, certain limitations and restrictions on benefits will apply. Riders are offered at an additional cost and may not be available in all states. A life insurance purchase should be based on the life insurance contract, and not optional riders or features. Challenger, The Challenger Sale and Challenger Selling are trademarks of CEB Sales Leadership Council. Nationwide is not affiliated with CEB Sales Leadership Council. Products issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Nationwide, Nationwide is on your side, the Nationwide N and Eagle and Nationwide YourLife CareMatters are service marks of Nationwide Mutual Insurance Company. 2014, 2015 Nationwide

4 Today s agenda Today s competitive marketplace demands a different conversation What s different about Challenger Selling TM Teach, tailor and take control Insights to grow your business Key take-aways 3 What makes you different and unique? What s your process? What s your value proposition? Why should clients work with you? 4

5 Sound familiar? I m different from other financial planners I take a consultative approach and create a customized plan based on your individual needs. I use a discovery process to clarify your goals and vision, discuss possible outcomes and implement solutions. Since I work with many different financial services providers, I can be objective in finding the best offer and product to fit your needs. I m relationship driven focused on providing you customized insurance solutions and the personalized service you deserve. 5 Clients see a lot of sameness. FOR INSURANCE PROFESSIONAL USE ONLY NOT FOR USE WITH THE PUBLIC 6

6 Why should someone work with you? FOR INSURANCE PROFESSIONAL USE ONLY NOT FOR USE WITH THE PUBLIC 7 What is your desired outcome? To be at the top of their list when they have a planning need or are ready to make a purchase. 8

7 What kind of sales person are you? The Hard Worker The Problem Solver The Relationship Builder The Challenger TM The Lone Wolf 9 There are five clear seller profiles The Hard Worker Always willing to go the extra mile Doesn t give up easily Self-motivated Interested in feedback and development The Relationship Builder Builds strong client advocates Generous in giving time to help others Gets along with everyone The Problem Solver Reliably responds to internal and external stakeholders Ensures that all problems are solved Detail oriented The Challenger Understands the clients needs Loves to debate Always has a different view of the world Pushes the client The Lone Wolf Follows own instincts Self-assured Independent 10

8 The Challenger wins Higher percentage of High Performers relative to Core Performers Lower percentage of High Performers relative to Core Performers 39% Percentage of Population 23% 15% 25% 22% 17% 14% 12% 26% 7% The Challenger The Lone Wolf The Hard Worker The Problem Solver The Relationship Builder Percentage of Core Performers Percentage of High Performers 11 A differentiated approach Challenger TM Teaches Offers unique perspective Two-way communication skills Tailors Knows customer value drivers Can identify economic drivers Takes Control Is comfortable discussing money Can pressure the customer Build constructive tension Relationship Builder Gets along with Others Forms good relationships Builds customer advocates Builds cross-functional relationships Likeable Can work with anyone Is genuine Generous with Time Accessible to the customer Gives time to help others Respects the customer s time Reduce customer tension 12

9 Rationale for developing Challenger skills High Performers exist in all profiles, but are more likely to be Challengers Core Performers High Performers High Performers in complex sales 54% Percentage of Population 23% 39% 15% 25% 25% 22% 17% 10% 14% 12% 7% 26% 7% 4% The Challenger The Lone Wolf The Hard Worker The Problem Solver The Relationship Builder 13 Facing more complex sales Distribution of high performance by sales rep profile, simple vs. complex sales Percentage of total High Performers 11% 69% 20% 4% 42% 54% Relationship Builder All other profiles The Challenger CEB, Integrated Sales Executive Council s Rep Skills Diagnostic, Arlington VA, Low complexity High complexity Complexity of sale 14

10 How we add value: Commercial Insight Use insight to reframe client s perspective to see opportunities and gaps 1. General Information 2. Accepted Information - Be credible / relevant 3. Thought Leadership - Be newsworthy 4. Insight - Be frame-breaking 5. Commercial insight Use commercial insights to gain attention to an unforeseen problem 15 The Challenger Sale TM Builds on a foundation to create an experience clients will value How to add value: Commercial insight What to do: Teach, tailor, take control Prospect & target existing clients Prepare and present strategies Expand the relationship Teach, tailor, take control 16

11 From features & benefits to teaching: Dental appliance example Leading with unique benefits Leading to unique benefits Our product s lightweight, ergonomic design is revolutionizing dental care. Your hygienists will love it. Impact of hygienist absenteeism: Absenteeism rate 34% Associated turnover 10% Lost revenue per missed appointment $2,500 Opportunity $500,000 I d like to talk to you about the drivers and costs associated with hygienist absenteeism... Leads with value of product features Focuses on known client needs Leads with issues costing clients money Tells clients something they don t know 17 How The Challenger Sale guides a valued client experience TEACH Build credibility by anticipating client concerns, asking probing questions and listening for understanding Add value with commercial insight that identifies an unrecognized problem, need or opportunity TAILOR Make it personal by showing how impactful the problem, need or opportunity is for them Connect mind + heart so they think differently about their planning needs TAKE CONTROL Offer a solution framework that addresses the situation and is uniquely tied to your services and product solutions Provide a specific plan that motivates the client to act differently by closing the sale with you 20

12 Long-term care example TEACH TAILOR TAKE CONTROL Did you know 7 out of 10 people 65 and older will need some form of long-term care and will be forced to make serious decisions concerning their LTC at some point in their lifetime? 1 Did you know that over half of all longterm care services are provided in the home, and that 8 out of 10 of those who start receiving care in their home stay in their home? 2 Research show that women 50 and over who care for a parent lose an estimated $324,044 in wages, pensions, retirement funds and benefits ($283,716 for men) 3 Potential Challenger questions 1) Who are you going to ask to make a sacrifice in order to tend to your longterm care needs? 2) Who are you going to save from this hardship? A spouse? A child? Yourself? 3) Did you know that there are LTC coverage options designed to keep you in your own home longer and some that even allow you to pay a friend or family member to provide care?v There are products available that protect you from having to make these tough decisions With Nationwide s innovative indemnity-style long-term care solutions, you have the flexibility to use your LTC benefits as you see fit whether that involves paying family members to assist in your care and lightening any financial weight that may arise as a result of that care or paying for some kind of formal care. Let s take a look at Nationwide s interactive LTC tool nationwide.com/ltcbasics so you can see the different types of coverage options available. 1 Medicare & You 2014: The Official US Government Medicare Handbook, Centers for Medicare and Medicaid Services, American Association for Long-Term Care Insurance, 2014 Sourcebook. 3 Source: Study of Working Caregivers and Employer Health Costs: Double Jeopardy for Baby Boomers Caring for their Parents, June 2010, updated: November Long-term care resources Nationwide.com/LTCbasics for clients NationwideFinancial.com/LTC for advisors FOR INSURANCE PROFESSIONAL USE ONLY NOT FOR USE WITH THE PUBLIC 24

13 Indemnity-style long-term care solution The Nationwide Long-term Care rider Indemnity-style benefit is paid directly to the policyowner, no monthly bills or receipts required (although they may be needed to establish claim) Excess long-term care benefits can be used to pay informal caregivers Available through Table E Protection against policy lapse while receiving LTC benefits 25 Are you ready to challenge your next sale? It s not what you sell, it s how you sell The Challenger profile is the dominant profile of High Performers Use Nationwide insights and solutions to challenge your clients and grow your business: - Are your clients protecting themselves and their families from the likely risk of an unfunded health care event not covered by Medicare or their health plan? 26

14 Questions? 27

15 It s not what you sell. It s how you sell it. Use The Challenger Sale TM approach to take control of your next client conversation. Products issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Challenger, The Challenger Sale and Challenger Selling are trademarks of CEB Sales Leadership Council. Nationwide is not affiliated with CEB Sales Leadership Council. Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. 2014, 2015 Nationwide LAM-2165AO.1 (05/15)