In his best-selling book, “The 7 Habits of Highly Effective People,” Steven Covey discusses the importance of an individual’s emotional bank account.
It’s a powerful metaphor used when understanding the trust that is either built or lost in any human relationship.
The relationships in business with insurance prospects and clients are no different.
Every interaction you or any member of your team have with a prospect or customer is either building trust, or causing you to lose trust. There is no middle ground.
The entire basis of insurance products are built upon trust.
Insurance is simply of transfer of risk that provides peace of mind to the policyholder.
That leads me to an important question.
If insurance is completely built upon trust, then why are so many agents only making emotional withdrawals instead of focused on making deposits?
Put yourself in the shoes of your prospect or customer? Think of every single interaction they have with their insurance agent or company.
How many of these interactions are asking the prospect or customer to do something (pay their premium, complete a checklist, take a risk assessment, answer a question, contact an agent with a question, review their policy, etc)?
These actions are emotional withdrawals. They do NOT build trust.
Granted, some of those actions are unavoidable, but they are still withdrawals.
As an agent, to build long-term trust, you have to make sure that you are consistently making more emotional deposits than withdrawals.
What are some specific emotional deposits that you can make for your prospects and customers?
- Provide a weekly on monthly email of physical newsletter filled with value
- Create a personalized campaign with consistent touches (4–7) for both prospects and customers
- Develop a welcome kit (thank you, small gift, resource guide, etc) for all new customers
- Write a blog showing your human side including why you love what you do and how you help others
- Connect with prospects and customers on social media to get to know them better and listen to their wants and needs
- Set up a new coffee or lunch meeting each week with one of your prospects or customers. That’s 52 added personal interactions each year!
- Make one phone call per day to a customer to simply say hello and thank them for their business
- Set up a webinar or workshop that gives free value to your prospects and customers and invite them to attend
- Reach out on birthdays, anniversaries, holidays, or other special occasion
- Be a leader in your community by being active in associations, non-profits, and others
The bottom line
Making consistent emotional deposits requires thought, action, and work. That’s why most agents don’t do it.
Those are also the same agents that can’t figure out why they can’t earn new customers or keep the ones they have.
Create a plan today on where you can deliver emotional deposits. Where can you give value and a positive experience?
Not only will this make your business more fun, but you will be more profitable as well.
Question: What actions are you taking to make positive emotional deposits? You can leave a comment by clicking here.
Looking to better communicate with your team and your clients? Learn more about my one-of-a-kind Leadership Catalyst