If you want to bring more revenue to your agency, one thing that you should definitely try to do is sell each of your customers more than one product. Cross-selling is much easier than you might imagine since your customer already trusts you and your product knowledge enough for one policy, why not two or three?
If a person has a car, odds are they own or rent a home. That's two policies right there. Or maybe a person is looking for disability insurance? Maybe they'd also be interested in a life or a health plan. There are lots of permutations, but the key is convincing clients that it's beneficial to them.
The Benefits For You As An Agent
The most obvious benefit is that it's profitable. But that's not the only reason cross selling is useful. First, it gives you the opportunity to diversify your clientele, relatively quickly and effortlessly. You'll be building a new line of revenue that can either replace or supplement an existing line. And because you are offering "one stop shopping," your clientele will continue to grow with customers who like the all-inclusive products you offer.
Cross selling is one of the easiest ways for you to grow your agency. You've sold the client one product. That was the hardest part. Now you have an opportunity to offer him or her more of your products, thereby building an even stronger bond. In fact, stats show that if a client holds more than one policy with an agent, they are less likely to change agents. You've got them hooked for the long haul when you cross sell.
How To Start the Cross Sell Process
Cross selling to your existing clients is a lot easier than cross selling to someone who's new to your agency. It's difficult to get a client to add on when they are first taking out a policy. One policy is likely enough to start with. But once your customer is already a policyholder, it gets much easier. You can contact them for one reason - such as updating their contact information - and slip a sales pitch for another product into the conversation.
Goals and Relationships
Cross selling is all about knowing who to sell what to and when. If you are doing a good job of keeping track of your customers, you'll know which of the products you offer might appeal to them and which likely won't. You'll have access to a lot of their personal information, which gives you an advantage as to what products to offer at what time. If, for example, a customer purchases a new home, then you can offer them home insurance just at the right moment. Or maybe they buy a new car. There's another opportunity for you.
You need to set up a timeline that you use to predict your customers' individual needs. For example, let's say you know your client will turn 65 in six months. You need to ensure your timeline includes calling them to cross sell him or her a long term care insurance policy, if that's something you have available. A timeline is a powerful tool, so use it.
To really get the most out of cross selling, you may want to look into acquiring an additional license so you can offer even more products and more variety to your customers.
Cross selling is an important element for growing your business. As you build your product line, set your goals, make your calls, and cross sell to your existing clients you will build long-term relationships and a thriving agency.
