According to Inc. Magazine, it costs five to ten times more to bring a new client in than to sell to existing clients. While every insurance agency wants to expand their base of new clients, don't overlook the revenue potential of the people that you already have on your agency's books. Instead of always focusing on lead generation, why not spend some time focusing on better serving your existing client base with products and services that they need?
Three Steps to Begin Cross Selling More Insurance Products
You can find a lot of ways to introduce your current clients to more of your products. But you might start by taking three simple steps to begin enjoying higher monthly production by selling to people that you have already established a relationship with.
1. Learn What Your Clients Need
Were you taught to always ask for the sale in order to close more insurance business? You should also ask your clients what else they need help with after you close your first sale. It also helps to bring up related products. For example, many clients who purchase health insurance also need life insurance because they do not get it at work. Clients who drive also have to live somewhere, and you can let them know that many top carriers offer discounts for people who buy both from the same company.
2. Spotlight Products in Your Newsletter
One good way to produce engaging content about insurance products is to illustrate how coverage benefited a client after he or she had to make a claim. You might get a satisfied client to agree to a feature in your newsletter, or you might exercise some creative writing skills by illustrating an example of how an additional insurance product could give your clients peace of mind or protect them financially.
3. Always Believe Cross Selling Serves Client's Needs Better
Many agents are satisfied after they close one sale with a client. They might believe that trying to close a second sale with the same individual is pushing their luck or simply acting pushy. First, you and the other agents in your agency have to believe that cross-selling helps your clients by introducing them to insurance products that help serve their needs better.
We Want to Serve Your Needs Better
Members of American Agents Alliance benefit from a variety of member benefits that range from discounts on business products and continuing education to agency marketing consultations and political advocacy. We also organize local networking groups where you can share and trade cross-selling tips.