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The Platinum Rule for Selling Income Protection

Posted by Dan Steenerson on Tue, Oct 30, 2012 @ 14:10 PM

Have you heard of the Platinum Rule?

According to best-selling author Tony Alessandra, the Platinum Rule is: "Treat others the way they want to be treated."

This rule is different than the Golden Rule we all learned as kids, “Treat others in the way that you would like to be treated.” The Golden Rule sounds good at first, but it has one major problem: Your customers may not want to be treated the same way you want to be treated. And selling isn’t about you – it’s about your customer.

In the October issue of Health Insurance Underwriter Magazine, I provide information about how to apply the Platinum Rule to income protection selling while keeping Alessandra’s four personality styles (socializer, director, relater and thinker) in mind. For example: 

  • Socializers are open and direct, fast/spontaneous decision-makers, who fear loss of status, seek recognition, become bored easily. Therefore, when I’m presenting income protection to a socializer, I keep the presentation tempo fast and interesting. I focus on the relationship – not the numbers. If possible, I tell them who else purchased DI and how it enhanced their status.
  • Directors are efficient, structured, decisive and fear loss of control. So, when I meet with a director I use a combination of statistics and life stories. Since I know the client fears loss of control, so tell stories about those who have lost control due to disability to build need. I present income protection information quickly and efficiently and strive to close the sale in the first meeting.
  • Relaters are indirect, relaxed, friendly, and slow/considered decision-makers. They don’t like to be rushed. Story telling works best with this audience so I weave life stories into the income protection conversation. This client will need to think about the decision so I don’t force the close – but I definitely plan for lots of follow up.
  • Thinkers are formal, conservative, like structure and have a slow/systematic pace. When I talk to a thinker about income protection, I slow down the pace of my presentation and use facts, statistics and logical steps to make the case.

For much greater detail about selling to each of these groups, check out the magazine article. In the meantime, always remember that the end goal is to let the prospect take control of the income protection purchasing process. You want your prospect to feel comfortable and in the driver’s seat – controlling the pace, assessing the options, and handpicking the product features. To purchase is to be educated and empowered. When you allow a prospect to purchase (rather than being sold), he or she feels great!

Here’s how to start implementing this process in your own sales presentations: 

  1. Observe and identify the client’s dominant personality style: relater, socializer, thinker or director (Source: Alessandra’s Behavioral Style Summary).
  2. Understand the client’s underlying behavior patterns, priorities, fears, desires, and decision drivers based on the dominate personality style.
  3. Adapt the sales presentation to facilitate the most productive sales scenario for the client.

Of course this sales strategy requires a bit more preparation than the old “show up and throw up.” However, it’s worth your time to pay attention, follow the prospect’s lead and apply the platinum rule. Platinum Rule selling tends to yield platinum income protection results!

Need tools to help you adopt the platinum method in your income protection practice?

Download these free client handouts:

selling-income-protection

selling-income-protection

 

Topics: income protection, platinum rule, selling income protection, income protection selling, income protection practice