How do you respond when potential clients asks if they can get a second opinion or look elsewhere for a cheaper price?
It may seem like a fair question says KnowledgeMaster’s Jim Prigg who, in this article, provides a range of responses advisers can use to answer that question and find out the thinking behind it. As Jim writes this question can be a good opportunity to demonstrate the services and capabilities you provide as an adviser rather than having your client shopping around for the same things.
The headline of this article may seem like a fair request by potential customers but is getting a quote the beginning of the end game or is it a lame excuse not to make a decision by a potential buyer?
Many professions today, including financial advice, have the capacity to get quotes from various suppliers of their range of products and services quickly.
Many of your clients may not be aware that you have this capability to pull together quotes, products and technical expertise from a range of providers. So, in your initial preamble it pays to educate them just what you are capable of. This can then pre-empt the objection about getting other quotes if they already know your capabilities.
If you have access to such facilities you should let your potential customers know this at the earliest convenience in the introduction of your services.
Yet, you will also need to give people options they can act on in the search for other quotes. Here are some ways to answer this objection.
What is the main reason for you to want to get other figures? Is it the price, my service offer, my company or the quality of the advice you want to improve on?
Ask About the Quote
- Are you unhappy with the prices I have quoted?
- How many quotes do you think would give you a fair estimate?
- Do you have any other quotes already?
- Are you actually going to get other quotes/prices?
- What is the main reason for you to want to get other figures? Is it the price, my service offer, my company or the quality of the advice you want to improve on?
- There must be a reason for wanting to get more quotes. Do you mind if I ask what that is?
Ask How You Can Stay Involved
- If that’s what you want to do then let’s do it quickly. You get the other quotes and let’s choose a time to meet next week and help you decide which is the best for you.
- If I could present you with four quotes from different companies would that help you in making your decision?
- Please do that, if you want to. But may I ask you a question? When you get all those quotes, brochures etc will you come back to me last? Because if you do I will honestly tell you, which is the best offer for you, whether it is mine or not. Is that OK with you?
Ask About The Process
- How often do you want to go through this process? If I could make it easier for you to compare would that help you?
- Will you be relying on other individuals to gather the quotes or will you have to go direct to all the insurers, tell your story to each one and then try and understand the way they have presented the information to you?
- Will you be visiting impersonal websites or talking to other people for this information. You see, I can personally tailor this information for your specific requirements that you have already explained to me?
- Having got the quotes, what is your time frame for actioning this important requirement for you and your family?
- Will you be the one making the final decision or will there be others involved in the decision? What will influence your decision the most on actioning or approving any one of these quotes?
- Does the strength of your recommendation on any of the quotes carry the power of approval to effect the transaction?
What’s more important to you and your family the cost, the plan, the bitter alternatives or the secure feeling you will get from providing the solution?
Remind The Client Why They Came For Advice
- It is important to make sure you are comparing apples with apples. That is where my experience can help you. Can I arrange to get some other alternative quotes for you with an overview of the benefits of each one?
- Another adviser cannot quote without going through this same process of fact finding and advice. Tell me, do you want to have to go through another 4 or 5 hours of this process telling your story over and over again?
- We appreciate your need, but your family will be uncovered in the meantime until this protection is put in place. It is important to you that your family have this protection in place?
- What’s more important to you and your family the cost, the plan, the bitter alternatives or the secure feeling you will get from providing the solution?
- Tell me, to make a decision what is most important to you, a competitive quote or a comprehensive contract with the benefits and advantages I have already provided for you?
Which of these are you utilising?
Which of these could you implement?
Which of these could you improve on?
This article is reprinted with permission from Jim Prigg CEO and founder of Knowledgemaster Pty Ltd. Knowledgemaster is an online resources company that delivers practical communications, interaction, sales and soft skills tips, tactics, techniques. Learn more about winning business programs and courses by contacting Jim.
Contact Jim Prigg to learn more about winning business programs and courses.