If your goal is to increase sales and strengthen customer loyalty, the right cross-selling strategies will help you knock it out of the park
You don’t need us to tell you what you already know: Cross-selling works.
It’s no secret that it costs business owners less money and fewer man-hours to sell to an existing customer. Or that cross-selling insurance products is a super quick and efficient way to fill up your pipeline.
But other advantages are more subtle. Effective cross-selling doesn’t just add to your bottom line. It also enriches the customer experience and deepens their ties to you as a trusted advisor for some of life's biggest challenges, from medical emergencies to fender-benders.
As you take a long hard look at the year that yawns before you, with an aim for growing your client base, here are some do’s and don’ts to help you make the most of the clients you already have:
Do Make It Simple
Overwhelming your customers with too many options at once or with products and services they only marginally need creates confusion and diminishes the levels of trust you’ve so painstakingly built with your clients. Only offer your customers coverage that provides a clear and immediate benefit.
Be patient grasshopper: As you continue to serve your clients and forge long-term relationships with them, opportunities to sell additional insurance products and services will bubble to the surface naturally.
Don’t Underestimate the Allure of Convenience
Time is a prized resource for everyone, and no one wants to waste it. Even before the height of the Pandemic, trekking from the grocery store to a chain store to get everything you and your family needed for the week was pure drudgery. Now, even hopping from one website to the next to place delivery orders can be a headache. Offering your customers a one-stop shopping experience is powerful.
Your customers already know you, and they trust that their policies will help keep them covered should a life-changing event occur — whether that’s a catastrophic event such as a hurricane or auto insurance in case of an accident. Why not sell them both?
The secret to discovering which supplementary insurance products might make sense for your clients is simply staying in touch with them. Engage with your clients by email, phone call, on Facebook and Twitter. Your business will be the easiest and most reliable choice if they, say, buy a new home or their RV needs insuring.
Do Put Customer Data to Good Use
Mapping your customers to complementary services and products that could benefit them is essential to keeping them moving happily along to the next level of their customer journey. Equipping your sales teams with tools to help them know what to offer clients — and when — is vital to meeting that objective.
An all-in-one CRM like AgentCubed has all the right features to help you spot opportunities to match customers with complementary options at favorable times. Use automated workflows and powerful reporting tools to track purchase history, interactions, and other customer data and analyze prime times to reach out.
Don’t Hesitate to Reward Loyalty
Creating a structured loyalty program for customers to earn perks has any number of benefits, from building a community to brand expansion. It helps establish an emotional connection and offers loyal customers palpable rewards for placing their trust in you to serve their needs. In exchange, they become enthusiastic ambassadors for your business.
An optimized, well-thought-out loyalty program can also help increase the lifetime value of your customers. For instance, not only can you incentivize your all stars to buy insurance products that make sense for them, but you can also use a well-placed perk or two to encourage loyalty clients to submit testimonials and generate referrals to help bring in new customers.
Do Follow Up
Some of the most fruitful times to uncover cross-selling opportunities arise after the customer has just purchased a policy. Make it part of your follow-up routine with new customers to reach out, thank them for their business, and reiterate your additional offerings, as well as solicit additional information that can help you pair them with potential future coverage options.
Asking the right questions during the course of a follow-up email, phone call, or visit can help you discover that a client has a homeowner’s policy but no flood coverage or aging fur babies who could benefit from a pet insurance policy. You may also find your customer has just purchased a beachside vacation condo and a new Harley Davidson they plan to drive to it.
Not only does organically gathering leads through a simple follow-up communication potentially help you increase conversion rates, it also opens the door to a more personalized experience for your customers. And that’s a win-win in any agent’s book.
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