Nano Training Series Week 6
This week, we are going to take a quick break from talking about leads and we going to share a quick tip about getting bank information. Our market is progressively becoming more educated about the idea of automatic withdrawal. Still, it amazes me the number of people who have had ‘the bank screw up’ the prospect’s account. Funny, I have never been ‘burned’ or had the 'bank screw up' something that couldn't be fixed, and all of my bills are set up through auto-withdrawal. Anyway, this doubt is pretty simple to get over if you have some rapport with the prospect and they trust you.
First of all, why do we prefer to use the Pre-Authorized Payment plan (P.A.P.) and not direct billing? Simple, it is better business and more people stay on the book by using it. Fact—55% of those that use direct billing will lapse in the first year!
This happens for a number of reasons, but it usually falls into 1) they forget to send it in or, 2) they simply choose to spend their premium payment on something else (i.e. cigarettes, bills, play, etc.)
Needless to say it is worth it to practice this doubt resolution to help prevent potential lost business from direct billing.
Here is the sequence of questions I ask to help ease in the idea of setting it up through the bank. After obtaining all
necessary information for the application, including the height, weight, and social security number, I say this:
Do you folks have a checking or saving account?
Answer
Who do you bank with?
Answer
What they will is set this up through your checking/savings account so that the bank sends it in for you on which ever day of the month you choose. Most people choose the 5th because social security comes in on the 3rd. Is the 5th okay or do you prefer a
different day?
We are in the business of words. How you say something will often determine the outcome of your sales situation. Using this script to obtain valuble banking information will not work every time, but has the greatest probability if a prospect is willing. Next week, we are going to talk about what to do if it doesnt work.
First of all, why do we prefer to use the Pre-Authorized Payment plan (P.A.P.) and not direct billing? Simple, it is better business and more people stay on the book by using it. Fact—55% of those that use direct billing will lapse in the first year!
This happens for a number of reasons, but it usually falls into 1) they forget to send it in or, 2) they simply choose to spend their premium payment on something else (i.e. cigarettes, bills, play, etc.)
Needless to say it is worth it to practice this doubt resolution to help prevent potential lost business from direct billing.
Here is the sequence of questions I ask to help ease in the idea of setting it up through the bank. After obtaining all
necessary information for the application, including the height, weight, and social security number, I say this:
Do you folks have a checking or saving account?
Answer
Who do you bank with?
Answer
What they will is set this up through your checking/savings account so that the bank sends it in for you on which ever day of the month you choose. Most people choose the 5th because social security comes in on the 3rd. Is the 5th okay or do you prefer a
different day?
We are in the business of words. How you say something will often determine the outcome of your sales situation. Using this script to obtain valuble banking information will not work every time, but has the greatest probability if a prospect is willing. Next week, we are going to talk about what to do if it doesnt work.