Something rare happened to me today. An agent questioned me about Piedmont's service fee. “I came across a company that's like Piedmont (emphasis mine),” he said, “and they're 16 cents a week cheaper than you.”
When he said that, I knew:
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He's never seen that famous scene from “Honeymoon in Vegas” where Nicholas Cage claims his straight flush was “Like… unbeatable!” And Sarah Jessica Parker admonishes him, “Like unbeatable is not unbeatable!”
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He hadn't heard the Piedmont story because he was hung up on 16 cents. Sixteen cents that he doesn't even pay; the policyholder pays it. But he's quibbling over price when our value is so great that we're often told we don't charge enough.
Prospects do it to you and me all the time. They're arguing cost while completely missing our value and focusing on something as banal as price. I've noticed there's a way around this. It's not 100 percent foolproof — nothing is — but more often than not, it will keep you off the hamster wheel of competing on price.
You might want to sit down for this. OK. Ready? Here goes: Tell a good story.
Sadly, most in our business fail to see the value of stories. Stories take a few minutes to tell, after all, and who has time for that? Many agents seem to have a utilitarian mantra of “Stick to the facts. Keep the price low and get out before they say no.” Their strategy implies that buying benefits is based solely on the prospect's desire to “get a good deal.”
This isn't to imply that price, value and statistics aren't important. I'm simply saying that facts alone don't sell benefits.
You don't believe me, do you? “Stories can't be that powerful in today's market,” you say, “It's too competitive out here. I need to be the cheapest and the fastest.” But I contend that stories have been effective communication tools for centuries because a good story has staying power. I'll forget a stat before you leave the room, but tell me a good story and I'll not only remember it, I'll repeat it to others.
When you sit down to make a presentation this week, don't whip out a spreadsheet or a brochure and start spouting numbers. Instead, try something like, “I once had a policyholder who never thought it could happen to her…”
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