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Needs and Wants Questions

What questions to ask people to find out their needs and wants in life insurance. - by dennis27
How long have you been thinking about insuring your life for your loved ones?

What experience do you have with life insurance?

How long have you been without any life insurance coverage?

What are three reasons why you might consider investing in life insurance coverage for you and your family?

Who else, besides yourself, will want to be involved in this decision to protect your life?

Dennis, as I've mentioned in response to your other threads asking essentially the same question, I've been wondering what the context of your question is. You ask different questions depending upon the different types of sales interactions. But these are a few general questions that may or may not fit into your sales process depending upon when you would be asking these questions. I hope it's helpful. - by Skip Anderson
Tell me about your current coverages?

Do you feel this amount is sufficient based on your current needs?

What are your current financial liabilities?

Home? Cars? College Planning? Monthly Bills? What income would need to be replaced if you or your spouse passed?

If the unthinkable happened would your current coverage meet these needs? Would your spouses standard of living change?

If you or your spouse passed away would the house have to be sold?

A good broker or company should have a good fact finder to use as a guide. In fact many of the software packages have fact finders that you can use.

Good Selling!

Sell4alivn - by Sell4alivn
I would caution you from only looking for a few good questions. I would encourage you to understand the entire Discovery process, then you will be able to adapt your questions and understand how to meet both your and the prospects insurance needs. There are no magic bullets in sales, but when you understand how to conduct a Discovery then the questions come naturally. - by Joeylean
There are no magic bullets in sales, but when you understand how to conduct a Discovery then the questions come naturally.
Do you have any articles on how to conduct a Discovery? - by Thomas
What questions to ask people to find out their needs and wants in life insurance.
Nothing is a NEED, everything in life is a WANT...

In making a purchase, people are attempting to do one of two things;

* Gain Pleasure
* Avoid Pain

Think of anything you like... that new car stereo, paying a parking fine, drinking water.

Join the customers model of the world, only then will you find what the value and then can make the appropriate recommendation.

David Hoffeld is right, Discovery is very important to all of this. Without properly Discovering, your job as a salesmen becomes very hard because the customer doesn't feel like you like/trust/respect/belief/care. If your recommendation doesn't match what they value, they'll only see you as a salesmen trying to stitch them up.

It's not about writing sales, it's about helping people... and you need to show customers the BENEFITS of your product and how it will do it. - by MrCharisma
This is a except from my white paper titled: Building Value vs. Discounting Price. Below is the portion on the Discovery.

The first strategy for building value is doing a comprehensive, poignant Discovery. The Discovery is the blueprint that dictates the entire sales process. In the Discovery the sales professional acts as a consultant and utilizes a non-manipulative approach that serves the client and meets its needs. The Discovery is the part of the sale where the sales professional asks the prospect relevant questions that are directed at uncovering the four objectives of a Discovery. The four objectives of the Discovery are the following:

1. Find the PBM (Primary Buying Motive)
2. Uncover any objections that may surface during the close
3. Find the problem (why the prospect would need your product or service)
4. Self Discovery (Allow the prospect to accurately understand the need they have for the product the sales professional is selling)

Every good Discovery must seek to uncover those four objectives. The way to tell if you have done an effective Discovery is if after the Discovery you can answer the first three objectives; if you can answer the first three then the fourth objective will take care of itself as it will naturally happen when the first three are executed effectively. If you cannot answer the first three objectives then the Discovery is not over. The Discovery should not end without understanding those three objectives because without understanding them there is no sale.

A key component to the Discovery is listening. This may sound basic, but it is often one of the top things sales professionals need to work on. Most people listen simply as a way to know when it is their turn to talk, not so with the sales professional. He or she must listen to truly understand the prospect and achieve the objectives of the Discovery. Top sales professionals will not only listen so that they will know what to say, but so they will know what not to say. When sales professionals do not listen properly two determinal things happen:
  • They sell benefits that are irrelevant to the prospect and as a result the prospect will believe that the product or service is not for them
  • They can seek to answer objections that were never there and thus create objections that the prospect had never even thought of
So now that you understand what the Discovery is how exactly does one build value through it? The primary way that the sales professional builds value through the Discovery is through the Primary Buying Motive (PBM). The PBM is extremely important in the sales process and is the single most important piece of information that the sales professional can gather about the prospect. There is nothing that can stop a sale faster than not identifying the prospect’s PBM and there is nothing that can earn sales more consistently than knowing the PBM and selling to it. Once the PBM has been identified the sales professional can use it as the foundation and build upon it. The PBM is powerful because it is the prospect’s emotional reason for purchasing a product or service. Value can be built by aligning your product or service with the prospect’s PBM. This is value the prospect will immediately recognize because you are building on that which they already have identified as of high value. Also, aligning your product with the PBM is a way to keep their interest and earn the right to advance the sale.

Finding the PBM requires focused questions that deal with why the prospect would need your products or services. This is achieved by asking first, second and third level questions, with the goal being that you want to get to the third level or emotional reason that the prospect would buy. Third level questions deal with either one of the two motivating factors (desire for gain or fear of loss). The sales professional begins by asking first level question to earn the right to get to second and third level questions. Remember people buy for emotional reasons and justify those reasons with logic so getting to the third level questions is crucial. A few simply strategies to help you get to into third level questions are:

· Ask Deeper Questions about an initial question, continue to delve deeper and deeper
· Ask more “why” and “how come” questions: These questions naturally bring out an emotional response

If this one strategy can be mastered it will powerfully increase the sales professionals sales success as it is the number one way to build value in the sales presentation. - by Joeylean
Although I agree with all the previous posters, I try to take this approach. #1 Rule in sales: People buy from who they like" build a rapport with your client. If you are focused on the sale and not the needs and desires of your client they will sense it and although may not show it, be put off a little.
Ask questions that help them draw a picture in their mind of a future without your product and what impact that would have on their family and loved ones.
Good Selling
Chris - by chrisr110465
What questions to ask people to find out their needs and wants in life insurance.
What is most important is to ask OPEN questions.

Regards,

Tony - by TonyB
Nothing is a NEED, everything in life is a WANT...

In making a purchase, people are attempting to do one of two things;

* Gain Pleasure
* Avoid Pain

Think of anything you like... that new car stereo, paying a parking fine, drinking water.

Join the customers model of the world, only then will you find what the value and then can make the appropriate recommendation.

David Hoffeld is right, Discovery is very important to all of this. Without properly Discovering, your job as a salesmen becomes very hard because the customer doesn't feel like you like/trust/respect/belief/care. If your recommendation doesn't match what they value, they'll only see you as a salesmen trying to stitch them up.

It's not about writing sales, it's about helping people... and you need to show customers the BENEFITS of your product and how it will do it.
I disagree: Safety is a need. - by MV Property Care
I disagree: Safety is a need.
That is an interesting point. I'm inclined to agree because of a qualifying process I learned from David Cowper. It included, among five components, the following:
  • Do I know their need?
  • Do they know their need?
The "want" or realization of "need" for safety is highly subjective. My car has six airbags--a selling feature. I like that. There are people who would feel indifferent towards that feature. But I do need safety---it's just a matter of how I go about choosing to provide it for myself. - by Gary A Boye
Needs and wants are buzz words that can be used subjectly depending on a person's perspective. Sometime people just over analyze. - by MV Property Care
Needs and wants are buzz words that can be used subjectly depending on a person's perspective. Sometime people just over analyze.
Please elaborate MV Property Care. Thank You. - by Jeff Blackwell
Needs and wants are buzz words that can be used subjectly depending on a person's perspective. Sometime people just over analyze.
Can you give in example of over analyzing. I know your profile shows "novice" but I'm curious what a novice's perspective might be and if that perspective might interfere with advancing beyond novice.

Thanks in advance. - by Gary A Boye
MrCharisma wrote: Nothing is a NEED, everything is a WANT..
For our purposes, he's correct.

Before you meet with a prospect ask them if they want life insurance. If they say "Yes," ask "Why?" Find out whether they are ready, willing and able to buy. If you get the right answers, set up an appointment.

When you meet the prospect(s) find out exactly what they want insurance to do for them, and why. Never ask Rhetorical or manipulative questions.

Get a complete understanding about what they want. Then tell them how insurance can fulfill their wants. Tell them what it will cost and ask if they are willing to pay that much. If not, ask them how much of the solution do they want to pay for now.

PS: The Needs Analyzer forms of most insurance companies are a detriment to closing sales. - by JacquesWerth
Nothing is a NEED, everything in life is a WANT...
I agree, NO---thing is a Need. Every--thing is a Want.

I believe that our true Needs have no physical form but nevertheless exists.

So, we don't need Life Insurance but we may Need to protect our family upon our demise. Thereby, fulfill the true NEED to be seen as a Good parent and spouse doing what is Right.

A trust could have been set up, a substantial savings account could have been built over time, or a coin collection could have been saved to be sold upon passing. These alternatives of want would have served the same Need.

Protection for this person, most likely is seen under the umbrella of what is "Goodness" and what is "Right." And, if insurance is not bought, this person will feel as a failing parent or spouse who was motivated by the Wrong reasons.

Identity must be preserved as a self-validation mechanism at all costs. For this person, insurance is a Want to fulfill a Need for non-physical motivations, having to do with preserving abstract self-identity.

Languaging your presentation focused on a Want, is very slippery, for your commodity is one of many but describing your commodity to identifying qualities of your prospect, escalates the likelihood of success, for it is focused on the one and only Need. - by John Voris
Needs selling has been around for over 100 years. It's the foundation of most sales processes. It was necessary when there was a dearth of information about most products and services.

The world has changed since then. Now, people have a long list of needs.

Most people make buying decisions based on intuitive feelings and express it as what they want. Then, they justify their decision with logic and describe it as something that is needed.

"Want" is the word most of the top 1% of sales producers (that we study) use with prospects. - by JacquesWerth
Needs selling has been around for over 100 years. It's the foundation of most sales processes. It was necessary when there was a dearth of information about most products and services.

The world has changed since then. Now, people have a long list of needs.

Most people make buying decisions based on intuitive feelings and express it as what they want. Then, they justify their decision with logic and describe it as something that is needed.

"Want" is the word most of the top 1% of sales producers (that we study) use with prospects.
Yes, to paraphrase Hume; logic and reason are slaves of our passions.

No one buys anything for a reason but rather for the preceding intuitive feelings funneled into wants and falsely expressed as needs. - by John Voris
Yes, to paraphrase Hume; logic and reason are slaves of our passions.

No one buys anything for a reason but rather for the preceding intuitive feelings funneled into wants and falsely expressed as needs.
John - The way you phrased the concept is excellent. Top sales producers utilize that understanding, with prospects and customers, every day. - by JacquesWerth
I disagree: Safety is a need.
I believe the blog says the two needs are to gain pleasure or to avoid pain. Safety is a need derived from the need to avoid pain. Would you not agree?

Just drilling it down

Barry - by Werfam22
I believe the blog says the two needs are to gain pleasure or to avoid pain. Safety is a need derived from the need to avoid pain. Would you not agree?

Just drilling it down

Barry

No, if "to need" by definition has a greater intensity than "desire" or "want."

If pleasure and the avoidance of pain were actual needs and not just preferences or desires, no one would:

1 race cars
2 climb mountains
3 enter law enforcement
4 drink and drive
5 fly a plane
6 get in a car
7 be an electrician
8 throw their body in front of a car to protect a child
9 spy for their country
10 enter a bull riding contest in a rodeo

Actually---who would got to war? The fact that we go to war contradicts almost every theory of motivation.

As you can see the list is truly endless. The desire for safety is subjective within the context of the person holding that view.

This pain/pleasure dialectic for adult human cognitive motivation was basically abandoned decades ago.

Why would anyone get a tattoo? The true NEED for us all is to express our inner Identities. If we must endure the pain of a needle--so be it.

In fact, there is no-thing anyone needs because staying alive is a choice. Being who you are is not a choice but a compelling need from which there is no escape. - by John Voris
What questions to ask people to find out their needs and wants in life insurance.
That was the original question that initiated this lengthy thread almost four years ago.

I have friends and family that have very successful careers in selling life insurance. Inasmuch as many people visit this forum who are attempting to make a living in that broad arena of sales, I want to point out that we have been fettered on the topic title at the expense of the specific question.

To date, we've been back and forth in another "need vs. wants" discussion, but nobody has brought up the word "goal." It IS "goal", specifically the prospect's financial goals, that are the meat of what top producers in life insurance work with.

When goals are revealed, such as education funding for children, or, immediate estates, are "DISCOVERED", to use the blogger's choice of word, a corridor is uncovered which represents what exists now and what the prospect would like to exist--and the distance between them.

The psychology of wants and needs? Let's put it this way. If a psychologist decided to quit his job and sell life insurance for a living, he might have to leave his Maslow behind and start focusing on the specific life and goals of the real life human being sitting across the table.

When you work with the correct honest and INTRINSIC QUESTIONS, you will gain an opportunity to present a correct solution.
"Mr Prospect, you have some very worthy goals for your family and I see no reason why you can't accomplish them. The hard fact is, though, you can't very well achieve those goals under your current plan. Together we can outline, and get started on, a plan that will assure that you will achieve those goals."
- by Gary A Boye

To date, we've been back and forth in another "need vs. wants" discussion, but nobody has brought up the word "goal." It IS "goal", specifically the prospect's financial goals, that are the meat of what top producers in life insurance work with.

When you work with the correct honest and INTRINSIC QUESTIONS, you will gain an opportunity to present a correct solution.
Hey Gary,

I agree.

The successful sales experience includes asking the correct honest and INTRINSIC questions. Unfortunately, traditional sales training does not address the concept of intrinsic.

Sales courses generally focus on "need," as if whatever the prospect says is what the new trainee is to latch on to. That is the focus in car sales with the prospect eventually leaving after saying "I'll think about it." That's because the intrinsic questions were not asked.

(IMO every sales trainee should be familiar with your understanding of the "intrinsic.")

So, I wanted to expose the weakness of the word "need" and the futility in looking for it.

As you said,the sales agent should focus on the goal but the question addressed "need" and "wants." - by John Voris
Hey Gary,

I agree.

The successful sales experience includes asking the correct honest and INTRINSIC questions. Unfortunately, traditional sales training does not address the concept of intrinsic.
Unfortunately, John, "traditional sales training" imploded to the point where it became mostly traditional sales lore with as much mythology as you would find in folklore, but with far less wisdom as you could find in the latter.

It was based on a feature and benefit model without regard to the fact that there are elements in the engagement between buyer and seller that take precedent over both features and benefits.

We talk about wants and we talk about needs, but when we ignore the other person's goals and beliefs and quest for self-actualization, we might as well be pitching mannequins. - by Gary A Boye
Unfortunately, John, "traditional sales training" imploded to the point where it became mostly traditional sales lore with as much mythology as you would find in folklore, but with far less wisdom as you could find in the latter.

It was based on a feature and benefit model without regard to the fact that there are elements in the engagement between buyer and seller that take precedent over both features and benefits.

We talk about wants and we talk about needs, but when we ignore the other person's goals and beliefs and quest for self-actualization, we might as well be pitching mannequins.
Excellent points!

Self-actualization is the only true motivating force but certainly not Maslow's interpretation. - by John Voris
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