Lemmyc’s Success Stories: How to turn ideas to cash
Lemmyc’s Success Stories: How to turn ideas to cash
A basic lesson on how a man sold idea of life insurance to millions
by Benjamin Ugoji
One of the often neglected principles of any business is selling. Without selling there is no means of generation income or profit in form of cash.
Most of the time your sell your, idea, talent or skills, your products or service or other people’s products or service packaged one form or another.
Ultimately, you sell something of value in exchange for your contribution to serving others.
The aim of this article is to describe the steps taken by Earle Prevette as described in his book which he a simple idea of life insurance and earned millions of dollars in profits as a result. The article is to inspire and motivate like minds interested in how to transmute ideas of any sort to profit.
The selling process described
Selling could be likened to farming. In farming, the farmer has to plant the seed, In doing so, he has an assurance of a crop. He does know that he must sow before he can reap. From the Scriptures, we learn that “whatsoever ye sow, that ye shall reap.” The Mosaic Law tells that everything in nature increaseth after its own kind. Simply this is the principle of cause and effect.
The farmer is likened to the salesman. The farmer plants the seed. The salesman plants ides of hid sale. The idea of your product; seed, will never grow a crop of sales unless they are planted. The salesman reaps as he sows –“the seed of idea.” The more he sows the more sales he will reap.
The impact of technology on selling
At any stage in human history, technology has really helped men to achieve more than their peers. The wave of technological innovation does help to leverage results to different endeavours; of which sale is one.
According to Earle Prevette, to sell by telephone it was necessary to build ideas around your product. The ideas must convey the VALUE of the product to the prospect. The prospect can only react on ideas. He is a negative force, you are the positive force. Suggestions come from you. Reactions will follow from him – your prospect.
The ideas of your product are seed you plant. The telephone helps you to plant more in a more scientific and systematic way.
In today’s environment, how can you use technology, like the internet to sow more seed of your idea?
Building a sales plan – on the idea of life insurance
In his story, Earl Prevette realised that for him to have crop of life insurance sales, he must sow crops of life insurance ideas. He lost no time, in building a SALES PLAN around the idea of life insurance. He building the plan he studied life insurance from every angle not a phase of the subject was overlooked. Indeed, he became an expert. He sought every available source of knowledge and information. He read every book he could find in the subject; compared all major companies. He realised the important types of polices including the terms insurance, ordinary life, limited payment life, endowments, all forms of annuities, and retirement income plans. He reckoned that motility tables, compound interest tables, life expectancy tables, cash reserves, disability clauses, waivers of premium clauses, and tables for optimal purposes. He searched the tax laws both State and Federal.
In short, the sound economic and financial aspects of life insurance as an institution was carefully weighed and considered. His observation was the institution of life insurance was the steel girder holding together the economic structure of the nation.
After getting saturated with life insurance, he began to study the prospect. Where does he fit in? Where is his place in the great network of economic, social, and financial relations?
He reckoned that the system was set up for one purpose and for one purpose only, and that was the need of the prospect.
From his study he can to this to this verdict: “a life insurance policy was a declaration of financial independence, embodying guarantees that solve the social, economic, and financial problems of the prospect, and make sure that his hopes, ambitions and need are met.
The prospect did not know this (special knowledge); according to Earle, he must tell him.
He then made the prospect the centre of the plan. According to him, he made the prospect the hub of the wheel and the spider in the web. He draped the insurance policy around his shoulder. He idealised the plan to the prospect. He made it talk, visualised and revealed its benefits and what it meant to the both the prospect and his family.
Result of the sales plan
The ideas of the life insurance incorporated into a sales plan in two hundred words put into action by faith become a force. It arrested attention, it incited interest, it persuaded and convinced the prospect to act. It created sales, it produced results, it turned the idea of life insurance into money.
What idea do you want to profit from? Share what you have done with it.
“Ideas are inexhaustible, they are limitless. Capture one, adopt it, create a body for it, and make a real child of it. The child sometimes grows to be a giant.”
- Earle Prevette
© B S C Ugoji - 2013