If you’re unfamiliar with “two truths and a lie,” it is a team-building icebreaker exercise. The principle is simple: everyone makes three statements about themselves, two being true and one false. The aim is for the group to find out which is which.
It isn’t completely unlike a prospect trying to figure out who you are as an advisor and what makes you special compared to others they know. So, let’s combine these two.
But as we all know, in sales, the icebreaker game shouldn’t be about you nearly as much as it is about the buyer. In that spirit, here are the three statements that a typical buyer may make.
Truth/Lie?
- I am not looking for a new best friend; I’m looking for an advisor who I like and respect but primarily who can deliver meaningful results to my broader HR/benefits program.
- I don’t give a damn about the products a broker has to sell until and unless I understand I have a problem that makes them necessary.
- I am fascinated by the story of new brokers, how long they’ve been in business, and the carriers they represent; those capabilities presentations are so fascinating, and, OMG, their spreadsheets make me tingle all over!
I hope the truths and the lie are laughably obvious.
Additional perspective
It’s dangerous to take these truth and lie statements only at face value. It’s critical to dig deeper into the insight they provide about the buyer you are working to understand.
Truth or Lie #1
TRUTH - I am not looking for a new best friend; I’m looking for an advisor who I like and respect but primarily who can deliver meaningful results to my broader HR/benefits program.
We hear producers regularly claim that earning a new client takes two to three years. Unfortunately, this is too often true. However, if this is the case for you, your sales process isn’t creating a sense of urgency.
This timeframe is perpetuated and tolerated based on the belief that this is a “relationship business,” and it takes that long to build a strong enough relationship to break the one the buyer has with the incumbent.
This is further reinforced when we hear things such as, “All things being equal, people do business with those they know, like, and trust.” We tend to focus on the “know, like, and trust” parts of that phrase, but that’s the wrong focus.
The key words in the phrase are “all things being equal.” It’s up to you to ensure things aren’t equal between you and your competition and that you can bring more value. That value starts with a compelling sales process that moves the buyer forward in a timely manner.
In the MORE sales process we train around, we teach producers to set a firm target that, when hit, will likely earn them a chance to become that prospect’s new advisor. The steps are compelling and create predictable forward movement.
Step One – This step gives the buyer permission to expect more. It separates the decision of choosing an advisor from choosing an insurance solution at renewal. It explains how the advisor and their team work differently from others and describes the value and insight the buyer will receive about their current situation if they proceed in the conversation.
Step Two – This part of the conversation is purely analytical, ensuring both the producer and the prospect learn and understand what is working and what isn’t working in the prospect’s current HR/benefits program.
Step Three – It discusses in detail how the advisor and their team would deploy specific solutions with a defined plan to address any of the buyer's now-identified problems. It shows a clear path to improved results.
I promise that when you follow this process, earning a new client will not take two to three years. Think about it.
- When a buyer understands there is a better way to choose an advisor, and the process results in a demonstrably better understanding of their business, how long do you think they want to wait to move forward and gain that valuable insight?
- When you move to step two, and the buyer learns some things are having a significant operational and financial impact on their business, how long do you think they want to wait to learn how to fix those problems?
- Finally when, during step three, they can see how you’ve fixed the same problems for other employers like them and the path of how you will do it for them, how long do you think they want to wait to fix their problem?
Of course, the answer to these three questions is “not long.” This approach results in you acquiring a new client in a matter of a few months, if not weeks, instead of a few years.
Truth or Lie #2
TRUTH - I don’t give a damn about the products a broker has to sell unless I understand I have a problem that makes them necessary.
Buyers aren’t interested in the product you sell until they understand they have a problem that makes your product necessary.
Brokers deny this truth by incorrectly thinking their capabilities presentation is somehow special. Most have convinced themselves they have some unique solution that the buyer will find compelling. It’s not that the items on these lists aren’t important; they are. However, they are tools of the trade and an expectation of buyers that you have them.
As we say so often, you wouldn’t choose a surgeon simply because she has a scalpel. You expect her to have the tools of her trade. You choose her based on her ability to diagnose when surgery is necessary and the skills to perform it successfully.
Always be focused on diagnosing what ails your buyer before you start pulling “treatments” out of your bag of tricks. Of course, be prepared to quantify for the “patient” the benefits of treatment and the complications of avoiding said treatment.
Truth or Lie #3
LIE – I am fascinated by the story of new brokers, how long they’ve been in business, and the carriers they represent; those capabilities presentations are so fascinating, and OMG, I love their spreadsheets.
As obvious as it is that this is the lie, you’d never know it based on the typical advisor’s sales pitch. Tell me if any of these phrases sound familiar:
- We’ve been in business for 37 years.
- We have great relationships with all the carriers and have reached Platinum and Gold status with all of them.
- Let me show you the list of free stuff we provide.
- Our level of service is our greatest differentiator from our competition.
- In fact, we’ll feel like an extension of your HR department.
Chances are, you are laughing under your breath at this.
Hopefully, you are laughing because it sounds like all your competition and reinforces why you have already moved beyond this nonsense. But, if you’re laughing nervously because it sounds like the pitch you’ll give tomorrow, you better start working on a new pitch.
Content originally published on Q4intelligence
Photo by liudmilachernetska
