Sales Training 101: How To Overcome The ‘I Already Have XYZ Product/Service’

Don’t let anyone fool you into believing the market is too saturated to succeed in whatever “xyz” product or service it is that you’re selling.

Take insurance sales, as an example. One common objection that insurance salespeople often face is when a potential client says they don’t need a policy — they already have insurance through their work or through their bank.

Although it appears that the sale is dead initially, it’s important to remember that there may still be an opportunity to provide additional coverage, or to find a way to better meet the client’s needs.

Here are some tips for overcoming this objection:

(Reminder — in this example, we are using insurance sales. Plug and play as it pertains to your specific sales situation)

1. Find out what their current coverage includes: It’s important to understand exactly what the client’s current insurance covers. This will help you determine if there are any gaps in their coverage or areas where they may be underinsured.
2. Explain the benefits of additional coverage: Once you have a clear understanding of the client’s current coverage, you can explain the benefits of adding additional coverage.
   - For example, they may have a high deductible on their work insurance, and adding a supplemental policy with a lower deductible could provide them with more financial protection.
3. Offer a comparison: Present the client with a comparison of their current coverage and what you are offering. This can help them see the value in the additional coverage you are proposing.
4. Emphasize the convenience factor: If the client’s work insurance requires them to jump through a lot of hoops or go through a lengthy claims process, you can emphasize the convenience of your insurance.
   - For example, if you offer 24/7 customer service or a more streamlined claims process, this can be a strong selling point.
5. Discuss potential future changes: If the client’s work insurance is through their employer, it’s important to remind them that their coverage could change if their employment status changes.
   - For example, if they switch jobs or lose their job, they may no longer have insurance coverage. This can be a good time to discuss the importance of having individual coverage.
6. Show empathy: Finally, it’s important to remember that the client may feel attached to their current coverage, especially if it’s been provided by their employer. Showing empathy and understanding their concerns can help build trust and make it easier to have a productive conversation about their insurance needs.

By following these tips, you can find a way to provide value to the client.

And, for practicality purposes, here are some direct word tracts you can use when addressing this objection to get the client to one, see the additional value of your policy and two, ultimately add onto or substitute the policy they have in place with your offering.

→ “I appreciate that you already have insurance through your employer. You’re already so much further ahead than most. Could you tell me a bit more about what that coverage includes? Or better yet, go get the policy information so I can make sure you have everything you think you do...”

→ “It’s always a good idea to review your insurance coverage to make sure you have the protection you need. Allow me to ask a few questions to help us determine if there are any gaps in your current coverage or if there are any areas where you may be underinsured…”

→ “In addition to the coverage you already have through your work, there may be some benefits to adding additional coverage. For example, (insert specific benefit of your insurance — i.e. Cash Back Option). Allow me to tell you more about this to put your family in the best position possible…”

→ “I have a comparison of your current coverage and the coverage I’m offering. Let me show you the value of the additional coverage I’m proposing…”

→ “I understand that you value the convenience of having insurance through your work. Our insurance also offers a number of convenient features, such as (insert specific convenience — i.e. Carrier Back Office). This could make your life so much easier…”

→ “It’s important to consider the possibility that your employment status could change in the future. If that were to happen, you would no longer have insurance through your work. Having individual coverage can provide peace of mind and protect you and your family in case of unexpected life events…”

The major player in successfully overcoming this specific objection is to have the client actually go get their insurance policy so you, the professional, can review their coverage.

9 times out of 10, the client is not protected in the way they think they are — which is not only costing them more money up front, but it will also create financial stress that can be detrimental to the family they leave behind.

Show that you care; be genuine in wanting to help put them in the best possible position, and you will outshine the competition every time.

Because remember this… people buy from people they trust.

You’ve got this.

Until next time,
GP