Trustworthy Selling Frequently Asked Questions
What Is Trustworthy Selling?
Trustworthy Selling is a comprehensive sales training program designed to help producers grow their business. LIMRA and the Hoopis Performance Network collaborated to create this program specifically for the insurance and financial services industry. It is a highly interactive program that provides advanced skill development in core sales competencies while deepening the producers’ understanding of the needs of today’s consumers.
Philosophically, Trustworthy Selling is an approach to the marketplace, and the sales process, that engages prospects and clients on their terms. It breaks down the barriers that have been built as a result of preoccupation and lack of trust. It is a 21st-century approach that incorporates time-tested communication skills with cutting-edge sales strategies. This breakthrough approach to serving today’s clients has been field-tested and psychologically proven to improve sales results.
Why did we create Trustworthy Selling?
We developed the Trustworthy Selling program to provide the industry with a resource to effectively address three powerful trends at work today:
- The need for what we do has never been greater—the market is large, lucrative and sustainable.
- The crisis of confidence is bigger than you think—43% of households are afraid of making a mistake in their financial decision-making.
- Trust is the attribute under siege—85% of consumers say it is more difficult to trust advisors now, versus five years ago.
What makes it different from other companies' training programs?
Trustworthy Selling is the only program in the financial services space that addresses the crisis of mistrust and communication misalignment that has negatively impacted retention over the past 30 years. It marks the first time ever that an industry research organization has partnered with a leading field practitioner to develop a training program that transforms the sales process.
It is also the first world-class sales training program designed exclusively for insurance and financial services— providing industry-specific scientific research and field-tested sales tactics. Trustworthy Selling is a holistic approach to consumers and the marketplace because it forges three pillars of sales success: Strategic, Tactical, and Psychological.
What makes it different from other training programs offered by LIMRA?
Trustworthy Selling differs from LIMRA’s other Sales Effectiveness programs in that it is a complete sales process training methodology. The other Sales Effectiveness programs are workshops designed to build one sales competency at a time (for example, interpersonal skills, sales mindset, or marketing skills). Trustworthy Selling is a comprehensive, in-depth look at all of the phases in the sales process. It incorporates field-tested sales language and tactics used by leading practitioners at the Hoopis Performance Network and other top producers in the industry.
What makes it different from other training programs offered by Hoopis Performance Network?
Trustworthy Selling also differs from the content on the Hoopis Performance Network in that it is a complete sales process training methodology. In addition, Trustworthy Selling incorporates LIMRA Research to help participants better understand today’s consumer and the market opportunity that exists. The Hoopis Performance Network is a consortium of content from top producers and experts in the industry addressing a wide array of topics such as sales skills, marketing, product knowledge, practice management, and motivation.
How do I know the Trustworthy Selling approach will improve results?
A key component of the Trustworthy Selling program is Behavioral Economics, which is a field of study that uses social, cognitive, and emotional factors to help understand how consumers make economic or financial decisions. Research has shown that incorporating Behavioral Economics into sales presentations will streamline consumers’ decision-making process and actually increase the likelihood to buy by 29%.
The financial effect of this improvement is powerful. If producers could gain almost a 30% greater likelihood to buy simply from changing their perspective, transforming their sales process, and adding language that today’s consumers prefer, consider the impact that would have on their closing ratio and income.
What is the target audience for the program?
Trustworthy Selling is designed for developing producers (13+ months) from all channels within the industry.
Most organizations have a strong training program to help new producers get off to a fast start in the business. In addition, the industry retention rate is typically very high among first-year producers. However, studies reveal that productivity and retention tend to decrease dramatically in years 2 through 5. Therefore, Trustworthy Selling is designed specifically to address the needs of producers who fall into this group to directly impact productivity and retention.
Trustworthy Selling can also serve as a valuable “refresher course” for veteran producers who would like to sharpen their skills.
How is the program delivered?
Trustworthy Selling is designed to be delivered through an innovative, facilitator-led format in the most cost-effective, time-efficient method possible. It provides multi-media training designed for flexible delivery in a traditional classroom setting, virtual classroom setting, self-study, or blended. Trainers’ materials and self-study guides are available.
The curriculum offers a turn-key approach to training that allows the facilitator to leverage subject matter experts and faculty through an innovative online delivery system. As a result of the subject matter experts delivering the bulk of the learning content via video-based presentations, the facilitator is freed to focus on helping participants apply that knowledge through debrief questions and group activities. This has enabled us to create short, simple leader guides that require little preparation prior to the session. We even provide the facilitator with potential responses to debrief questions. Therefore, anyone with facilitator experience can lead a Trustworthy Selling session.
The program methodology is as an ongoing development process designed to impact behavior—not simply a one-time training event. Therefore, participants have access to an online Trustworthy Selling site for reinforcement and ongoing skill development.
Participants can also access the video and media content of the curriculum via their mobile device: Blackberry, Iphone, Ipad or DROID. Participants will have the option to stream the media content as either video on their mobile device or as audio through the auxiliary in their vehicle. This new feature gives financial professionals the ability to review content on the go in between sessions for ongoing reinforcement of the key learning objectives.
What content does it cover?
The program is delivered in 10 modules that cover three pillars of sales success: strategic insights from research, their tactical applications to the sales process, and psychological awareness of self and others. It includes two developmental assessments that are used to personalize the learning experience and provide a foundation for post-program action plans.
The 10 Trustworthy Selling Modules are:
- The Trustworthy Selling Approach
- Understanding Today’s Consumer and the Market Opportunity
- Understanding and Adapting Your Sales Style
- Business Development Strategies
- Rules of Engagement
- Collaborative Discovery
- Gaining Commitment
- Nurturing the Relationship
- Seller Psychology
- Trustworthy Selling Action Planning
How is Trustworthy Selling priced?
The program is priced on a per-participant basis, with a train-the-trainer certification option also available.
How and when would my organization get started?
We are happy to work with you to create an implementation plan and schedule that would be most effective for your company or agency. Please call us at 860-298-3821 to begin this process.