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Critical Selling

Skills

Instructor-Led Training: Participant Workbook

Internal Use Only SMRU 1788193 Exp. 09/30/2020

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CRITICAL SELLING® SKILLS

JANEK PERFORMANCE E GROUP®

JANEK®

XFACTOR®

INTRODUCTION

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Workshop Introduction

INTRODUCTION AND LEARNING GOALS

Today’s workshop will provide you with an opportunity to:

• Further expand what you learned in your NYL Sales Cycle eLearning and Skill Builders

• Gain additional insight into how to quickly create connections and build trust with prospects

using effective relationship-building skills and best practices

• Build stronger, longer-lasting client relationships by adding value to the sales appointment

• Win more business by quickly uncovering what is most important to the prospect and where

you add value

• Reduce the number of objections and pushback from prospects by focusing on

implementing the NYL Sales Cycle consultative selling approach

• Capture information during group activities and take notes as you participate in today’s

workshop

Welcome and let’s get started!

INTRODUCTION

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Agenda

• Prospecting……………………………………………………………………………………………………………………..07

• Trusted Partner……………………………………………………………………………………………………………….14

• Opening the Appointment…………………………………………………………………………………………..….18

• Discovering Needs………………………………………………………………………………………………………....24

• Presenting Solutions……………………………………………………………………………………………………….34

• Closing the Sale…………………………………………………………………………………………………………..….45

• Handling Objections……………………………………………………………………………………………………….50

• Action Plan……………………………………………………………………………………………………………………..66

INTRODUCTION

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NYL Sales Cycle

SALES METHODOLOGY

During this workshop, we will frequently refer to The NYL Sales Cycle. This sales methodology is

anchored in research and is designed to serve as a flexible sales process and skill set for today’s

successful Agents.

PROSPECTING

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Prospecting

ROSPECTING

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Prospecting Essentials and Gaining First Appointment Introduction

At any point, a successfully executed sale can be traced back to its beginning—marketing and

prospecting. Without strategic marketing, focused prospecting, and gaining that first

appointment, there would be no opportunity to sell your solutions. That is why these elements

are so critical to an Agent’s success.

Starting and navigating this journey requires attention to:

• Sharpening your prospecting skills and homing in on target markets that you have the best

chance of penetrating and growing.

• Handling initial resistance to gain your first appointment with the prospect.

• Creating a desirable image; including developing a personal brand that sets you apart from

others and consistently delivering on your brand.

NOTES

ROSPECTING

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Marketing and Prospecting Discussion Activity

The science of prospecting is the repeatable process you use to locate new business within your

markets. Successful prospecting fills your sales pipeline. Therefore, prospecting and selling are

interdependent activities.

A critical first step is to consider your target markets and to determine if your potential

prospects match certain criteria so that you know you are focused on making the best use of

your marketing and prospecting efforts.

CRITERIA QUESTIONS TO CONSIDER

• Do the members of this group meet with each other on a regular basis?

• Is there enough business opportunity within this target market to justify the marketing

effort?

• Would you enjoy working with this group of people?

• Do you know enough about this group’s professions and interests to carry on a credible

conversation?

• Can you attain the status of an equal or a peer within the group over time?

• Can this market afford our solutions?

DISCUSSION ACTIVITY PART I

At this point in your role as a NYL Agent, you have most likely begun to identify which markets

you are having the most success with.

1. Form small groups.

2. Using the criteria questions above, discuss within your small group how these questions

help you better focus your prospecting efforts and achieve success.

3. Share any other best practices you’ve found helpful in reaching the market groups that

you’ve successfully connected with.

4. Be prepared to share your team’s insights with others.

NOTES

ROSPECTING

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Handling Resistance to Gaining the Appointment Activity

Remember that most of the time the prospect is not objecting to you or NYL but more so to the

sales reach out. Consider the best practices below to help you overcome the initial resistance:

• It is perfectly appropriate to attempt to overcome the initial resistance in a client-focused

way

• The immediate response to initial resistance should be to demonstrate empathy to reduce

defensiveness and should include one compelling benefit statement to let the prospect

know what’s in it for them in meeting with you.

• Leverage your credibility and share stories of how you have helped others.

• Demonstrate that you are simply connecting with the prospect to learn more and see if you

can help—not to “pitch” them on a product or ask them to make a purchase today.

DISCUSSION ACTIVITY PART II

Stay in your small groups.

2. Assume that you have reached Mr. Rossellini and are just about to set the first appointment

with him to discuss his needs as sole owner of a local cafe. He initially listens and then says,

“You know what? Maybe some other time. I don’t have time now.”

3. Determine what you can say to handle the prospect’s initial resistance.

4. Be prepared to share your dialogue with the larger group.

EMPATHY STATEMENT

ENEFIT TO PROSPECT STATEMENT

REDIBILITY STATEMENT

HELPING OTHERS STATEMENT

ROSPECTING

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Creating a Desirable Image Introduction

Creating and sustaining a positive image—both organizational and personal—is critical to

business success. Branding is a concept everyone is familiar with as it relates to company

branding. New York Life has created its own strong brand.

Companies worldwide invest large amounts of money to create their brand to maintain top-of-

mind status with their consumers. They work hard to provide the quality, consistency, and

benefits that their brand represents and to grow their business as a result.

Traditionally, branding has been related to company branding. However, in today’s world top

Agents recognize the value of building their own personal brand within their organizational

framework. This personal brand reflects what the Agent’s consumers can come to expect from

them.

Establishing a strong personal brand enables you to clearly differentiate yourself whether on the

phone, electronically, in social media, or in person. Just as with company branding, personal

branding helps you attract and retain business.

NOTES

ROSPECTING

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Building a Personal Brand

Branding is often defined as: The total experience of the relationship that others have with you.

Personal brand includes your reputation within NYL, with your prospects and clients and within

your community. Branding builds business by enabling you to enhance relationships, credibility,

and trust with others in a consistent and personalized way.

A brand builds a mental image in other’s eyes. It creates impact and enables Top Agents to not

get lost in a vast sea of salespeople.

PROCESS FOR DEVELOPING A PERSONAL BRAND

• Identify What You Believe In and Value. Another way of stating this is to ask yourself,

“What do I stand for?”

• Identify Your Area(s) of Expertise. With your values as a foundation, you can build on that

to identify what makes you stand out.

• Identify How You Want to Be Perceived. Ask yourself what words you would want your

prospects and clients to use when describing you. Then set about determining what

behaviors you need to exhibit to live up to that description.

ROSPECTING

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Building a Personal Brand

• Know Your Target Markets. Your goal is to build loyalty and great word-of-mouth

commendation. Ask yourself, “Who can I really connect with and offer benefits that I

personally have to offer?”

• Write Out Your Brand. Once you have determined all of the elements that are important to

your brand, form it into two to four sentences. Make sure it contains action words and that

it has emotional appeal. Make it unique, memorable and repeatable.

• Visualize Your Brand and Make it Actionable. Put your brand into action immediately.

“Walk the talk” each and every day—become your brand!

ROSPECTING

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Personal Brand and Elevator Talk Activity

A highly valuable way of actualizing your personal brand is to incorporate some of what

differentiates you into your elevator talk. This sets you apart from other Agents who may offer

similar solutions.

Below is an example of an Agent who most likely faces plenty of competition in her field. She

has engaged with a potential client through a question that has piqued the prospect’s interest.

Example: “You know how you spend time thinking about all the things you want to do when you

retire but get so caught up in day-to-day activities that you forget to make a plan for

retirement?”

Once the prospect answers affirmatively, the Agent delivers her elevator talk that answers the

question and incorporates her personal brand into what she has to offer her prospect.

Example: “Well, I’m passionate about helping people create a plan for making their retirement

goals a reality. Clients often comment on my keen ability to ask the right questions, carefully

listen and offer customized solutions that work for them. Is planning for your retirement of

interest to you?...... Great! Let’s set a time next week to talk about your retirement goals. Does

Tuesday work for you?”

PERSONAL BRAND AND ELEVATOR TALK ACTIVITY

Review the information you captured previously when working through developing your

personal brand.

2. Think about the elevator talk you are currently using.

3. Write out an enhanced elevator talk incorporating personal assets from your personal

brand.

4. Be prepared to pair up with a partner and share your new elevator talk.

USTED PARTNER

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Consultative Selling and Trusted Partner Essentials Introduction

Consultative selling involves a sales methodology in which the Agent spends time with the client

to truly understand the client’s needs and issues and then recommends a solution that will

specifically address those needs.

Consultative selling is client-focused and is designed to create a positive client experience in

which the client feels listened to, understood and trusts that the sales Agent has offered

solutions that best meet their individual needs.

Trusted Partner status is earned. Few Agents achieve this level of trust with their clients.

However, those that do find themselves in a top performing category backed by loyal clients

that recognize their exceptional level of:

• Expertise

• Relationship Building

• Credibility

NOTES

USTED PARTNER

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Relationship Continuum

Your goal is for the prospect to perceive you as a Trusted Partner. To develop a trusted

relationship, it is important to incorporate strategies, skills, and best practices to develop an

enhanced selling relationship with your prospects.

RUSTED PARTNER—DISCUSSION AND QUESTION

How does applying what you have learned within the NYL Sales Cycle move you to Trusted

Partner status?

USTED PARTNER

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Trusted Partner Essentials Discussion and Activity

A Trusted Partner’s contributions are key to long-term business success. First and foremost, a

Trusted Partner exhibits both high capability and high integrity. To arrive at this highest level, it

is critical to earn the complete trust of you client. You can do this through these best practices:

• Adopt an “other” focused mindset. Focus attention on others and not just as a means to

one’s own ends. This means going beyond “client-centric”, which is often more accurately

framed in terms of economic benefit to the salesperson to genuine concern for the client’s

well-being.

• Develop a collaborative approach. Your intent and accompanying behaviors are aimed at

working together to create both joint goals and joint approaches to getting there. The focus

is win-win.

• Conduct transparent business dealings. This serves to simplify and strengthen your business

relationships, increase credibility, and promote open, honest communication between you

and your clients.

• Maintain a long-term relationship perspective instead of a short-term transactional focus.

Nurture the relationship and look for ways to provide on-going service and guidance

PENING THE APPOINTMENT

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Opening The Appointment

PENING THE APPOINTMENT

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Opening the Appointment

Solid openings don’t happen by chance. They involve blending the art of being personable and

natural with the science of a legitimate purpose to draw the prospect in. It is critical to

effectively open with prospects to create a positive momentum that enables you to set the

stage for the appointment, creating a connection that moves you to the next step in the sales

cycle.

hen opening the appointment, remember that it is important that the following objectives are

accomplished:

• Create a warm connection with the prospect at the start of the appointment through

opening and relating to them.

• Communicate what is in it for the prospect and their role in the appointment.

• Gain mutual agreement on the purpose of the appointment and set the stage for

questioning.

OTES

PENING THE APPOINTMENT

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Create Connections

The most authentic, professional rapport never happens by chance; it is carefully crafted and

cultivated over time. The roots of that rapport can always be traced back to an Agent who took

the time to research and gain insights into his or her prospect. There are simple steps that you

can take to gather these seeds and plant them throughout the various conversations you will

have with the prospect to grow your relationship over time.

RESEARCH SOURCES

• LinkedIn

• Company website

• Blog contributions

• College or university alumnus

• Social media profile(s)

• Professional networking affiliations

• Charitable associations

• ___________________________

DISCUSSION QUESTION

What are other ways that you can go about quickly establishing rapport with prospects?

PENING THE APPOINTMENT

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Connecting with Prospect Communication Styles

Great Agents quickly go beyond traditional rapport. They recognize that prospects have

different communication styles, and they are able to quickly adapt to the prospect’s

communication style to create the most comfortable experience possible.

PROSPECT

STYLE

INDICATORS WAYS YOU CAN ADAPT

Amiable

•

Informal

•

High energy

•

Initiates chit-chat

Maintain a pleasant approach and raise your

personal energy level when needed. Allow time

for and be prepared to engage in sociable chit-

chat. Recognize the importance of establishing a

strong foundation of rapport and do not cause

discomfort for the prospect by moving into

business matters too quickly.

Driver

•

Neutral tone

•

Limits banter

•

Prefers to get right

wn to business

Match the prospect’s energy level and show

confidence. Set a time limit for rapport and

respond to indicators the prospect is ready to

move from social pleasantries to business

matters. Be mindful of the prospect’s inclination

for results-driven discussion, brevity and taking

action.

Expressive

•

Enthusiastic

•

Talkative

•

Gravitates toward

creative ideas and

concepts

Maintain positive energy. Engage in fun or lively

conversation when prompted. Focus on the “big

picture” rather than details. Stay open and

flexible. Allow extra time to listen to the interests

and opinions expressed by the prospect.

Analytical

•

Serious tone

•

Shows little interest

n chit-chat,

•

Prefers facts and

data

•

May toss out an

objection or

challengin

question early on

Maintain a calm, neutral tone and pace. Defer to

the preference of the prospect and approach the

conversation in a logical, organized manner.

Allow time for the prospect to think about what

you are saying. Offer guidance to assist the

prospect in drawing conclusions when needed.

PENING THE APPOINTMENT

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Opening Deliver the LPS

After initially opening with the prospect in a warm, confident and enthusiastic manner, it is

important to deliver a strong Legitimate Purpose Statement which informs the prospect of two

important things:

1. Legitimate: Clear benefits to the prospect

2. Purpose: What will be accomplished during the appointment

Your LPS changes depending on where you are in the sales cycle. For example, the LPS in

Opening will be different from your LPS during initial prospecting.

NOTES

CONFIRM THE LPS

After delivering your LPS to the prospect, the next step is to find out if the prospect is

comfortable with the steps in the process and to address any concerns or additional needs that

should be clarified.

Confirming at this point enables you to revise your LPS (if needed) and incorporate commentary

from the prospect.

NOTES

PENING THE APPOINTMENT

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Delivering the LPS Activity

1. For this activity, you will form teams.

2. Using the scenario below, answer the questions that follow.

3. Be prepared to share your answers with others.

DESCRIPTION OF THE SITUATION

You just recently met Sam Steinmetz at a business event and found out that as an entrepreneur

he is excited that his business is starting to show stable growth. He is married and has two

young children. You have discovered that he is looking to protect his family now and looking to

the future when his children mature into college. He made mention of exploring a creative

approach to insuring the family and building cash value.

YOUR OBJECTIVE FOR THE APPOINTMENT

LEGITIMATE PURPOSE STATEMENT

Now, write out your Legitimate Purpose Statement for this appointment. Be prepared to deliver

your LPS and receive feedback. Remember to add your confirm question.

ISCOVERING NEEDS

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Discovering Needs

ISCOVERING NEEDS

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Discovering Needs Introduction

Prospect needs drive buying opportunities. These needs create the motivation, purpose, and

decision behind moving ahead with a solution. Good Agents ask questions to uncover surface

information that validates the need for their solutions. However, Top Agents serve as Trusted

Partners by digging deeper to discover the root cause of their prospect’s needs.

sk questions to uncover the prospect’s current situation, needs and motivations, so that you

will be able to best tailor the solution based on what matters most to the prospect.

• Plan an effective questioning strategy that will enable you to build a solid understanding of

rospect needs.

• Skillfully use a mix of questions and active listening to create an engaging discussion that will

ncover key information and enable you to identify critical information about the prospect

and their needs.

NOTES

ISCOVERING NEEDS

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Discovering Using Questions

Ask Questions is a critical skill for discovering prospect needs. There are two types of

questions—open-ended and closed-ended.

USE OPEN-ENDED QUESTIONS TO:

• Promote dialogue and build rapport.

• Gather prospect opinions and find out why they are interested in a product or service.

• Find out how knowledgeable the prospect is about the product or service.

• Discover the prospect’s feelings and values.

Open-ended questions often begin with: what, how, why, when, where

− Example: “What are your goals for your son’s education following graduation from high

school?”

USE CLOSED-ENDED QUESTIONS TO:

• Maintain control in conversations.

• Learn specific information.

• Prompt the prospect to make decisions.

Closed-ended questions often begin with: did, do, is, are, will, would, can, could

− Example: “Will next Friday afternoon work for you?”

BALANCING OPEN- AND CLOSED-ENDED QUESTIONS

Skillfully balancing open-ended and closed-ended questions is important

When working through the Fact Finder, it is important that the discovery process seems

conversational rather than clinical or interrogating.

To ensure your fact finding seems more conversational, consider the following:

• Recognize opportunities to build rapport. In between questions, recognize key

opportunities to connect and build rapport to keep a positive momentum going.

• Pace questions to avoid the perception of “rapid-fire”. Don’t ask more than two to three

questions in a row (even if they are very basic and necessary) without frontloading your next

question with some rapport or a brief pause.

- Example: “What do you do at (company)? … Oh! That sounds like an interesting position.

How did you get into that field? … Great, let me confirm some additional information…”

• Structure open-ended questions to gain maximum information. Several good open-ended

questions may gain the information you need to answer multiple fact-finding categories.

ISCOVERING NEEDS

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Using Questions Activity

FIRST DRAWING

You can ask only closed-ended questions. Based on the answers you receive, draw your best guess

of what is on the facilitator’s page.

ISCOVERING NEEDS

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Using Questions Activity

SECOND DRAWING

You can now ask both open-ended and closed-ended questions. Based on the answers you receive,

draw your best guess of what is on the facilitator’s page.

ISCOVERING NEEDS

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Fact Finding Using Questions Activity

1. Refer to your Fact Finder.

2. Pair up with a partner.

3. Review and work through your Fact Finder and determine how you can balance using open-

ended and closed-ended questions.

4. Practice with your partner in making the fact-finding process more conversational.

5. Make notes below to remind yourself of how you were able to successfully utilize both

open- and closed-ended questions to fact find.

USING YOUR FACT FINDER — OPPORTUNITIES FOR CLOSED- AND OPEN-ENDED QUESTIONS

CLOSED-ENDED OPEN-ENDED

Example: “At what age do you plan to

retire?”

Example: “Can you share with me your

retirement strategy to avoid running out of

money?"

ISCOVERING NEEDS

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Discovering Critical Areas of Focus Discussion

The goal in this stage of the sales cycle is to build a solid understanding of your prospect’s needs

by exploring certain Critical Areas of Focus. Asking questions within the Critical Areas of Focus

enables you to gather the necessary information to help you understand the prospect’s unique

situation.

The rate of closing increases when Agents can understand prospect needs and priorities because

they can eventually tailor the offer to what matters most to the prospect.

OTES

ISCOVERING NEEDS

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Critical Areas of Focus Activity

1. Divide into triads or small groups.

2. You will be assigned one category from the Critical Area of Focus.

3. Write our questions that pertain to your assigned Critical Area of Focus category.

4. Be prepared to share your questions with the larger group.

NEEDS AND GOALS

What does the prospect want to achieve or to improve?

Example: “What do your financial goals look like for the next ten years?”

CHALLENGES AND PROBLEMS

What are the prospect's problems, issues, pain points or challenges and why do they exist?

What factors are contributing to the current challenges/problems?

Example: “What factors are contributing to your concern that your current insurance coverage

may not offer the level of protection that you need?”

ISCOVERING NEEDS

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Critical Areas of Focus Activity

PRIORITY

Of all the uncovered issues/needs/challenges, which are currently most important to the

prospect?

Example: “You have mentioned several issues that are important to you. Which of those seem

most important right now?”

MOTIVATION TO ACT

What are the driving factors behind the prospect's desire to act? Why now?

Example: “It sounds like you have been considering making changes here for a while now. Can

you share with me why it has become increasingly important now?"

ISCOVERING NEEDS

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Discovering Actively Listen Activity

Listening is equally as important as asking questions. If you are unable to listen, grasp what your

prospect is saying, and/or seek to understand your prospect, then you will not be able to

validate information and use it later when you present the solution.

ACTIVE LISTENING MODEL

ACTIVE LISTENING ACTIVITY

Divide into triads or small groups.

2. Discuss the key benefits to using each step in the Active Listening Model.

3. Be prepared to share your answers with the larger group.

ACTIVE LISTENING STEP BENEFIT TO USING

Listen for Content, Meaning and

Feeling

Identify Vocal Qualities

Remember Client Words

Summarize and Validate

RESENTING SOLUTIONS

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Presenting Solutions

RESENTING SOLUTIONS

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Presenting Solutions Introduction

Presenting the basics of a solution may seem to be quite simple. However, it is critical for you, as

a NYL Agent to link what you offer in a way that is aligned with the needs of your prospect, so

you can distinguish yourself as a Trusted Partner who builds both trust with your prospects and

adds value.

Take what you have learned about the prospect’s needs, present a solution, and create the

value that clearly communicates how the solution will benefit the prospect.

• Present solutions in a way that is tailored to prospect needs so that the prospect can buy

into the overall value of what you are presenting.

• Initiate benefits of the solution so that the prospect begins to visualize how what you have

to offer will assist them in meeting their goals and objectives.

NOTES

RESENTING SOLUTIONS

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Organize Needs and Identify Features and Benefits Review

An integral part of Presenting is planning the approach. Top Agents carefully review what they

learn from the prospect, organize prospect needs and then match those needs to solutions. Only

then are they ready to present the solution. They keep in mind that each prospect appointment

is unique. A high priority need for one prospect does not mean that will be the same for

another.

In planning the approach, it is important to think through the features and benefits of the

solution you have in mind for the prospect—whether it is the primary solution or additional

solutions.

• Features are factual statements about the characteristics of a product or service.

• Benefits are value statements that illustrate what the prospect gets out of the product or

service. Benefit statements answer the prospect’s question of, “So what’s in it for me?”

Prospects are typically most interested in how your solutions can help them achieve a goal or

solve a problem. Don’t assume that the prospect is able to translate a feature into a benefit. As

a Trusted Partner, it is up to you to communicate the features and benefits of the solution—

remembering to talk about only those benefits that are most important to the prospect.

RESENTING SOLUTIONS

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Organize Prospect Needs and Design the Case

DISCUSSION AND QUESTION

Planning and organizing can occur over time or quickly while engaging with the prospect.

Keeping in mind what the prospect has shared as being important to them and remembering to

use their words helps you align your solution with the prospect’s needs.

Thinking about your typical appointment, how do you go about effectively planning and

organizing?

RESENTING SOLUTIONS

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Presenting Solutions Methodology Review

Once you have planned your approach you are ready to move to the following:

TAILOR THE SOLUTION

• Summarize prospect’s needs: Before you make a recommendation, take time to summarize

our understanding of the prospect’s needs.

• Recommend: Confidently state your recommended solution.

• Connect your recommended solution: Link the relevant features and benefits of the solution

you are recommending directly to the prospect’s needs.

on’t use “Unlinked Benefits”, or benefits that don’t connect to what the client has told you

about the problem that you are trying to solve.

Example: Using the conversion option on our term life insurance as a main selling point for a

client who has clearly communicated that they do not intend to convert.

ASK FOR FEEDBACK

Be sure to check in and gain feedback on the recommended solution at various points

throughout your presentation to ensure alignment and identify potential concerns.

NOTES

RESENTING SOLUTIONS

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Presenting Activity Case Practice

INTRODUCTION

The goal of this activity is to utilize the skills provided in the program thus far to work through

your real-life example using a case format. This case practice will focus on a NYL Agent using the

information that they learned during Discovering to present a solution that is tailored to the

prospect’s needs.

INSTRUCTIONS

Use the following instructions for this activity:

• The participant whose scenario is being used will share some high-level details from their

rework (Part 2: Needs and Solution) for the team to record on the next page.

• If you are uncertain about details or there are limited details, take some creative license

ased on general knowledge of the prospect and situation.

• Based on the scenario provided, all participants should complete the Activity Worksheet.

• Assign each person at your table a role from the list below:

- NYL Agent (owner of the selected scenario)

- Prospect

- Observer (If four people are at your table, two people will play this role.)

• Begin a role-play between the NYL Agent and Prospect.

• During the role-play, the Observers will complete the Observation Worksheet.

• When the role-play is completed, the Observers will discuss what they observed.

RESENTING SOLUTIONS

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Case Practice Worksheet

PROSPECT PROFILE

Prospect Name:

PART 2: NEEDS AND SOLUTION

WHAT YOU LEARNED

During the Discovering phase of the sales appointment, what information did you learn about

the prospect?

Write below what you learned about the prospect's needs, goals, challenges, problems,

priorities, and motivation for speaking with you.

YOUR SOLUTION

Based on what you learned about the prospect, what solution did you recommend to your

prospect and why?

RESENTING SOLUTIONS

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Activity Worksheet

ALL PARTICIPANTS

SUMMARIZE

Write how you will summarize the prospect’s needs.

RECOMMEND

How will you outline your solution for the prospect?

RESENTING SOLUTIONS

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Activity Worksheet

ALL PARTICIPANTS

CONNECT

How will you connect your solution to the prospect’s needs?

SK FOR FEEDBACK

How will you get feedback?

RESENTING SOLUTIONS

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Observer Worksheet

CIRCLE YES OR NO AND CITE EXAMPLES

SUMMARIZED

Skillfully summarized the prospect’s needs

YES NO

Examples:

ECOMMENDED

Outlined the solution for the prospect at a high level

YES NO

Examples:

ESENTING SOLUTIONS

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Observer Worksheet

CONNECTED

Connected the solution to the prospect’s needs

YES NO

xamples:

ASK

ED FOR FEEDBACK

Asked a question to get the prospect’s reaction

YES NO

xamples:

LOSING THE SALE

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Closing The Sale

LOSING THE SALE

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Closing the Sale Introduction

Closing is a critical part of the sales cycle and is both an art and a science. New York Life Agents

who can maintain the balance of being confident without being pushy are the ones who harness

the natural momentum of the appointment, recognize buying signals, and move their prospect

from being interested to being committed in moving forward.

Effective closing requires the Agent to:

• Summarize

• Gain Commitment (Advocate and Ask)

• Define Next Steps

• Confirm

Additionally, asking for referrals from a satisfied prospect is important once the close has been

accomplished and the prospect is satisfied with the solution and sales experience.

NOTES

LOSING THE SALE

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Closing Discussion

Which of the Closing skills have you found most useful and why?

ow have you gone about determining the right time to close?

LOSING THE SALE

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Closing Best Practice Asking for Referrals Discussion

Referrals are a rich source of new business because they represent a warm lead that is ripe with

credibility. You can ask a client to refer you to a colleague, a friend, or others in their family who

might benefit from what NYL solutions have to offer.

WHEN TO ASK FOR REFERRALS

• After the client has expressed satisfaction with the product and service you provided.

• Following a cue from the client that their contact may benefit from your product.

HOW TO ASK FOR REFERRALS

• Present value to the referring party and for the referral.

- Example: “I am so glad that we were able to work together and design a plan that

precisely met your needs. Is there anyone else in your professional network that you

can think of who might benefit from the process we went through together, and who

you would be comfortable referring to me?”

• Request an introduction or ask for the referring party’s agreement to use their name.

- Example: “Would you mind introducing me to your colleague?”

- Example: “Thank you for providing me your colleague’s contact information! When I

call her, may I use your name?”

• Politely ask one or two questions to gather key information about the referral.

- Example: “Is there anything in particular about your colleague (such as a new baby,

move to a new home, approaching retirement, etc.) that I should know before I

reach out to her?”

DISCUSSION QUESTION

What type of success have you experienced in asking for referrals?

LOSING THE SALE

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Closing Best Practice Asking for Referrals Discussion

What challenges have you experienced with asking for referrals?

What strategies or techniques can you use to overcome these challenges?

NDLING OBJECTIONS

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Handling Objections

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Objections Introduction

Objections are challenging prospect statements that have the potential of complicating, halting,

or ending the sales process if not handled properly.

Objections differ from initial resistance. In the case of handling initial resistance, the prospect

expressed resistance to talking with you or scheduling a first appointment for reasons such as

“no money” or “no time”, and so on. Handling objections occurs with your prospect during a

sales appointment.

Keep the appointment moving forward by working through prospect objections in order to

understand the reasons behind the objection, and to present solutions that address the

prospect’s concerns at any point in the sales process.

• Connect with prospects through your willingness to explore and address objections by using

a 4-s

tep model.

• Confidently ask questions to understand the reason why the prospect is objecting and guide

the conversation toward the big picture of what you can do to satisfy their concerns.

NOTES

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Objections Discussion Question

Although objections will arise, why do you think using Critical Selling ® Skills can help you

significantly reduce the number of objections you hear?

OTES

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Objections Empathize Discussion and Questions

When faced with an objection, the first skill you use is Empathy. By letting the prospect know

that you understand and respect their objection, you help reduce the tension and defensiveness

that commonly surround objections.

Remember that empathizing doesn’t mean you agree with the prospect’s statement or

objection. It does mean that you acknowledge how the prospect is feeling or thinking.

What challenges (if any) have you encountered in responding to an objection with empathy?

What have been the results when you have responded with empathy?

OTES

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Objections Understand Discussion

It is quite common that when a prospect first expresses an objection, the specific or true nature

of the objection may not be known. Instead of rushing to respond or discredit the prospect’s

concerns, it is important to ask questions to better understand where the prospect is coming

from.

Why is this step so critical in handling objections?

NOTES

NDLING OBJECTIONS

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Objections Address Discussion and Questions

Once you completely understand your prospect’s objection you can now address it. At this

point, you must determine whether you can satisfy the prospect’s needs or not. This will dictate

your approach.

NEEDS YOU CAN SATISFY:

Demonstrate how you can satisfy the prospect’s needs by relating them to relevant features and

benefits.

NOTES

EEDS YOU CANNOT SATISFY:

Get the prospect to focus on the big picture and weigh the benefits and needs you can satisfy vs.

those you cannot.

NOTES

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Needs You Cannot Satisfy Activity

Sometimes the most difficult sales situations occur when the prospect has identified a need that

you cannot satisfy. As mentioned, this is when you get the prospect to focus on the big picture

and weigh the benefits and needs you can satisfy vs. those you cannot. It is also a time that you

can emphasize the value that you and New York Life bring to the picture for the prospect.

NEEDS YOU CANNOT SATISFY:

In the space below, identify a few situations that a prospect may identify a need that you cannot

satisfy.

STRATEGY FOR HANDLING THE NEED:

Choose one of the situations you identified above. Write down what you could say to cause the

prospect to look at the big picture and/or what you could say to add value.

NDLING OBJECTIONS

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Objections Confirm Discussion Question

Confirming agreement is the last important step when handling objections. By confirming

agreement, you ensure that you have effectively resolved the objection. Ask a direct, closed-

ended question, prefacing it with how the benefits you presented address or outweigh the

objection.

If the prospect answers “yes” then you can move forward to closing.

What is your course of action if the prospect answers “no”?

NOTES

NDLING OBJECTIONS

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Handling Objections Activity

INSTRUCTIONS

1. As a large group, you will form a circle.

2. Your facilitator will divide the circle into four sections that represent the Sales Cycle:

− Opening

− Discovering

− Presenting

− Closing

3. Your facilitator will toss a ball to one of you and ask that person to pass the ball along to the

next person, that person passes to the next person and so on. When the facilitator says,

“Stop”, the person holding the ball will identify where they are in the Sales Cycle (Opening,

Discovering, Presenting or Closing).

4. The person who has the ball will state an objection relevant to that stage and then toss th

all to another person. The person who receives the ball will handle the objection.

5. Once the objection has been handled, the process begins again as stated in point #3.

NDLING OBJECTIONS

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Case Practice Handling Objections

INTRODUCTION

The goal of this activity is to utilize the skills provided in the program to work through your real-

life example, during which we will use a case format. This case practice will focus on a NYL Agent

handling an objection that has surfaced during the appointment.

INSTRUCTIONS

Use the following instructions for this activity:

1. The participant who has volunteered to share their real-life scenario will share some high-

level details from their Prework so that the group can understand the background on thi

prospect and what led up to the objection.

2. All participants will then record the objection from the Prework into their books

(Part 3: Objection Statement).

3. All participants should complete the Activity Worksheet based on the provided scenario.

4. One person at your table will be assigned a role from the list below:

- NYL Agent

- Prospect (owner of the selected scenario)

- Observer (If four people are at your table, two people will play this role.)

5. The person playing the role of Prospect will use their Prework sheet (Part 3: Background

Information) as the basis for responding to the NYL Agent throughout the role play. Th

erson will also share this information at a high level with all participants.

6. Begin a role play between the NYL Agent and Prospect.

7. During the role play, the Observers are to complete the Observation Worksheet.

8. When the role play is over, the Observers will discuss what they observed.

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Case Practice Worksheet

PROSPECT PROFILE

Prospect Name:

PART 3: PROSPECT OBJECTION

OBJECTION STATEMENT

Objections are challenging statements that could halt or end the sales process. Think about the

objection that you heard during your example sales scenario or one that you could have heard.

Example objections:

• “I need some time to think about it.”

• “I’m not sure this is right for me.”

In one sentence, state exactly what the prospect said (challenging statement):

BACKGROUND INFORMATION

Thinking about when the prospect first objected, where were you in the sales cycle? What led

up to the objection? What had been recommended? What do you think may have caused the

prospect to object?

e NYL Agent and the Prospect will now continue the sales discussion. The NYL Agent initiates

the first step and will use the full four-step process to handle this objection.

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Activity Worksheet

EMPATHIZE

Describe how you will demonstrate empathy towards the objection.

UNDERSTAND

Write the questions you will ask to understand the objection.

NDLING OBJECTIONS

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Activity Worksheet

ADDRESS

How might you address the objection?

ONFIRM

How will you confirm?

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Observer Worksheet

CIRCLE YES OR NO AND CITE EXAMPLES

EMPATHIZED

• Made a statement to show empathy toward the prospect’s objection

YES NO

xamples:

UNDERSTOOD

• Asked questions to understand the reasons

YES NO

xamples:

NDLING OBJECTIONS

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Observer Worksheet

ADDRESSED

• Focused on the benefits and on what the NYL Agent could satisfy or outweigh

YES NO

xamples:

CONFIRMED

• Gained the prospect’s reaction

YES NO

xamples:

UMMARY

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Summary

Using the skills and best practices learned in Critical Selling® Skills will enhance your sales

effectiveness and allow you to navigate through the NYL sales Cycle with ease.

Consider the analogy of navigating a ship through the Panama Canal. The ship travels through a

series of locks to successfully cross the canal. Similarly, by working alongside your prospect

through the Sales Cycle, a Trusted Partner moves through the steps at a natural pace—never

rushing too quickly.

MOVING FORWARD THROUGH THE SALES CYCLE

• Opening – Confirm after delivering the LPS that the prospect sees the value in moving

forward

• Discovering – Confirm and validate the discovered needs with the prospect

• Presenting – Confirm with the prospect the proposed solution addresses their problem

• Closing – Confirm the prospect understands and agrees to the next steps

• Handling Objections – Confirm that the prospect agrees their concern has been sufficiently

addressed

NOTES

CTION PLAN

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Action Plan

CTION PLAN

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SMRU 1788189 Exp.09/30/2020

Action Plan

Serving as a Trusted Partner and growing your business go hand-in-hand.

As a result of time spent in this workshop, I have identified the following as areas of opportunity

for me to commit time to improving or enhancing:

REAS OF

OPPORTUNITY

ACTIONS I WILL

TAKE

What are some examples of scenarios or skills that you would like to work on with your

leader over the next 30 days?

THANK YOU FOR YOUR PARTICIPATION!

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