You may think your agency has the best sales pitch and that it is effective no matter who your audience is. However, chances are that one single sales pitch won’t resonate well with a wide variety of people, particularly those in different generations. If your insurance agency is having a hard time selling to a certain age group, it’s time for you to learn how to make a sales pitch “generational”.
This strategy involves understanding the differences between each generation of consumers so you can tailor your pitch accordingly for each prospect. By understanding what each group of customer wants, you can create more effective sales pitches that cater to their needs and preferences. By doing so, your agency may see an increase in new opportunities, conversions, and retention rates.
So, what is the main generational difference that will impact the success of your sales pitch? The varying communication skills and preferences between age groups.
Each distinct generational group listens and communicates in unique ways. And, unless you are adapting your sales pitches to these characteristics, you are missing out on a lot of potential business, especially if your issue lies with the younger generations.
The first step in learning how to make a sales pitch “generational” is to understand how each generation communicates and tailor your message accordingly. Here are some insurance sales tips to consider for each generation:
- The “Greatest Generation”: This group of consumers were born prior to 1946, and currently are the consumers who are the most willing to listen and communicate with your business. When pitching to a member of this group, talk slower and in a manner that creates a personal connection. It’s also a good idea to stress your agency’s high-touch customer service, since these prospects will want to know that their insurance agent will take the time to get to know them and work with them on an individual level.
- The “Baby Boomers”: Similar to their parents’ generation, the Baby Boomers are often good listeners who like the idea of getting to know their insurance agent. However, compared to the older generation, the Boomers are much more open to new ideas. This generation is quick to recognize and be turned off by scripted sales pitches, or ones that appear to be too good to be true. When pitching to this group, skip the subjective or vague sales statements and focus on the facts. Instead, take the time to genuinely explain exactly what you can provide them, and then deliver.
- “Generation X”: This group is made up of consumers born in between 1965 and 1976, and was the first generation to have computers. This means that before doing business with your agency, they will do their homework online first. In order to appeal to these consumers, make sure your website is easy to use and informative. A poor website may prevent them from contacting you at all. This generation also does not like to waste time, and prefers efficiency when it comes to communication. In order to cater to this generation, make your sales pitch informative, yet to the point. Also, this generation values having the ability to choose and compare options when it comes to buying insurance. Appease these desires by stressing your independent agency’s ability to shop across multiple insurance carriers on their behalf, so that they can be more confident in the products you provide them and their purchase decision.
- The “Millennials”: Born between 1983 and 2004, these consumers are not just used to fast-paced communication, but they expect it. When communicating with these individuals, it is crucial to be easily accessible through email, as well as prompt in your responses. If your agency does not have a quick turn-around time for contacting new prospects or sending out quotes, you will lose the interest (and business) of Millennial consumers. In order to best reach these impatient and multi-tasking prospects, focus on the few most important points of your sales pitch first, rather than providing all possible details at once. Not surprisingly, this generation is high-tech, marketing savvy, and uses the internet as a primary method to research and make a purchase decision. Therefore, it’s crucial that your agency’s website is up-to-date, engaging, and responsive to mobile devices. Finally, your sales pitch to Millennials should stress the convenience your agency can provide through services such as online quote forms, claim assistance, and mobile apps.
In order to compete in the insurance industry today, your agency must be able to effectively reach and communicate with each of these four generational groups. By tailoring your sales pitch in a way that appeals to the generational characteristics of a particular prospect, your produces will be more effective.