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07/25/2017

Enhanced Up Selling

By John Haynes

The peace of mind and protection afforded by having an Owner’s Title policy is invaluable. So why doesn’t every home owner have this policy?  One possible reason is that as an industry, we don’t clearly explain the benefits of owning such a policy.  A second possible reason is that insufficient time is given to the consumer to make a decision.

No one really likes to be sold anything.  Even if it is important to them, most people naturally resist being sold.  The other side of that coin is that people love to buy stuff.  Even stuff they don’t need.

So what is the difference?  In the sale scenario, customers often feel that the sales person is more interested in making the sale than in listening to their needs. They become defensive. In a buy scenario, customers are guided to see the value in what they are buying. They feel the buy decision is theirs.  When the consumer is made to feel this way, they are less defensive and more willing to listen to features and benefits.

Those who are most successful in using the buy scenario have developed two important skills.  They have learned to ask relevant, open ended questions and to listen to understand.  Asking open ended questions allows them to collect information that can be useful later in the conversation, or later in the relationship.  Listening to understand allows them to focus and concentrate on the customer’s needs.  By doing these two things, it increases the likelihood of the customer reaching the buy decision.

The final key to success in getting your customer to buy is giving them sufficient time to decide.  Suggesting they purchase an Owner’s Policy at the closing table is in no one’s best interest.  Suggesting they purchase this insurance when they open their transaction and giving them material to read and research, allows them time to ask any questions they may have. This in turn creates a greater likelihood of them seeing the value in an Owner’s Policy and making the buy decision; giving them better protection, and growing your bottom line.

 

For the past fifteen years, John has worked as a coach and consultant to the title industry and is the owner of Make Sales Happen, a business development consulting company. Haynes will speak more in depth about this topic during a session titled “Enhanced Up Selling” at ALTA ONE in October. Click here to register for ALTA ONE.

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