Here at Society Insurance, it’s all about the Small details that make a Big difference. When selling an intangible product like commercial insurance, it’s important to promote the value that the customer receives. Sales professionals who don’t know how to sell value will be challenged if they sell on price alone. This approach does not create loyal customers or long-term, profitable growth strategies.
As Society’s products and services are marketed, key to success is a clear look at what moves customers to make purchase decisions. People buy for their own reasons – not ours. They purchase commercial insurance in an attempt to improve their relative condition. Customers don’t always buy based on the lowest price and no one believes that the lowest price always equals the best offer. If everyone is looking for cheap, then people would drink Folgers every day versus Starbucks or eat Hershey’s chocolate versus Godiva chocolate. Did I mention I like Godiva chocolate?
Selling value versus price requires that salespeople have the ability to justify how the customer will benefit from their solution. Selling value is not some short-lived sales fad; it’s a comprehensive set of knowledge, tools and techniques that can be incorporated into any sales approach. The value proposition for any company must not focus on what products it offers but the experience that the customer receives.
As stated in Society’s Mission Statement, “We operate and exist for the benefit of our policyholders by protecting their dreams, passions and livelihoods with tailor-made insurance solutions.” The company’s value proposition focuses on its unique coverage differences, expertise, effective services and strong relationships with its customers – agents and policyholders. And, Society appropriately prices commercial insurance within its key niches (i.e., restaurants, bars, grocery stores, convenience stores, and artisan contractors) based on the risk it takes on.
To attract and gain new customers, it’s important to set yourself apart from your competitors and not to fall into the lowest price trap. If you’re offering a quality solution to a problem rather than the cheapest price, you’re well on your way to a successful business. Salespeople should continue to differentiate their offering from the competition by focusing on value and not price cutting – a losing proposition.
To understand the Small details that make a Big difference, go to Society’s website. Review blogs, case studies and white papers, customer video testimonials, products and services brochures and other resources to fully understand the value Society brings to its customers.