There is no way definite way that customer behaviour can be predicted with 100% accuracy. But there are still many things you can do to gain insight into a prospects behaviour, which will help you to understand what will convince them to take up insurance with you.
Neuromarketing is one of the ways to help you. It can be defined as the study of the way people’s brains respond to advertising and marketing messages, by scientifically monitoring brainwave activity, eye-tracking and skin response.
Over the years the role of Neuromarketing, which is basically the psychology in the buying habits of people, has been recognized and properly documented.
Without getting to technical, the truth of the matter is that everything you do – be it in a face-to-face meeting, on your website or even an email, affects the perception of you and your service in the mind of your customer.
Here are 5 tried and tested NeuroMarketing tactics and strategies that are effective at relaying your message to prospects in their language:
Appeal To Your Prospects Emotions
By making an emotional connection with your audience, whatever you’re selling will have a great impact on your prospect. When there’s so many insurance and product options out there, it’s customer feelings that will drive their decision making process.
How do you trigger those emotions?
By telling stories.
Author Gerard Zaltman found that 95% of cognition happens outside of our conscious brain and inside our emotional, sub-conscious brain. This means that parts of the brain are activated with movement, sight, sound and taste.
Share extraordinary stories with your prospects, of how life insurance had an impact on any of your customers lives. This will make them experience something without directly experiencing it. Hopefully it will have a meaningful impact on their decision making process.
Help prospects easily understand what they don’t know
Naturally, people will avoid the unknown. If they are unfamiliar with a product, they won’t choose to buy it. This is a very common and real problem with the product life insurance. People don’t buy what they need, they buy what they want.
This is one of the biggest reasons Life Insurance products can be a tough sell. Because most people are not fully familiar with the benefits of it and will only be keen to hear more should a life event trigger a need for it.
When pitching to a prospect, keep things simple and give them comfort by using real life examples, statistics and the basic characteristics of Life Insurance cover.
If you going to bore them with the fine print up front, you going to brush you off before you even begin your pitch.
Images are great way of grabbing your prospects attention – albeit in your presentation to them, your email signature or your website.
You can basically use images to direct your prospects to action.
The landing page on your website is probably where a good image is most likely to lead your prospects to action.
There are many companies out there, like Leadpages, who can assist in designing a great landing page aimed at increasing your chances of customers signing up to join your email list or request an online quote.
There is power in facial expressions as it’s a language every person understands, regardless of the country from which they come from. That’s why images of peoples faces can help you establish the trust of your prospect.
Make sure to weave some images of peoples faces into your website content as it will evoke certain emotions leading to action.
You don’t need to spend a huge amount on buying images, there are many sites listing free stock photography like Pexels, Pixabay or Stocksnap.io.
Social Media with a purpose
We mentioned appealing to emotions earlier – the use of social media can help you with this.
People of all ages are on social media and so many of them are addicted to their mobile devices. You should capitilise on this!
Share articles from your blog, testimonials from customers, videos or anything which will evoke a reaction.
Use these platforms to influence your prospects and increase your sales. During this process you could also generate many positive comments about your agency.
Here are some examples of how companies are doing so on Facebook:
Convenience vs Discounts
Some interesting statistics about discounts:
- 30% of people purchase to gain something
- 70% of people purchase to solve a problem
- 55% of consumers prefer money-off deals
- Marketing messages affect buying behaviour
If you look at these statistics, it’s clear that not everyone is interested in convenience alone.
You’ll definitely want to consider offering discounts, but you don’t want to offer discounts that result in your loss.
So how do you achieve maximum profits by offering discounts?
Pay close attention to the age groups you are selling to and how people are willing to convert because of discounted prices.
For example, the word discount could mean the end of your dealings with a millennial client. Studies suggest that Millennials tend to think that discounted products are of inferior quality or don’t perform very well.
Instead of using the word “discount” use the words “good deal” or ‘inexpensive’ as to their ears this would sound better. Good deal or inexpensive means exceptional product and service at an exceptional price instead of “bargain” or “sale”.
The key to effective discounts is to present them in a way that maximizes their visibility and attractiveness. A poorly presented discount won’t increase sales, but it will reduce profits from those customers who would have bought anyway.