Cross-Selling Tips To Generate More Revenue

While selling one or two insurance products will generate revenue for you, adding more products will really increase your revenue. Cross-selling insurance is a sure way to make more money because, when it comes down to it, you are more likely to sell to an existing customer than to a new lead. Existing customers have already committed to working with you and trust you to deliver solutions for their insurance needs. In addition, you’ll end up making more money by selling to your current customers, because it costs 7-9 times more to attract a new customer than to keep an existing one. But before you can attempt to cross-sell to your existing customers, take a look at the following strategies for best helping your customers.

1. Know Your Customers/Build Relationships

caucasian woman in a business suit sitting down with a laptop on her lap with a cellphone to her ear smiling.

Don’t just focus on trying to make sales, build solid relationships. You’re more likely to keep your customers, and have an opportunity to cross-sell to them, if you take the time to build personal connections with them. When you take the time to get to know them, you learn what their needs are. If you know them well and know what is happening in their lives, you’ll be able to offer more coverage down the line. 

2. Use Agency Management Software

76% of agents use sales technology to increase efficiency. If you don’t have customer management software that helps keep you organized and keep up with your customers and their behavior patterns, then you should consider investing in it. 

3. Email Marketingcaucasian hand typing on a laptop keyboard with email drawing going towards the screen.

Many of your current customers are most likely on your email subscription list. In addition to using emails to alert customers of any changes to policies, or to send them relatable information/articles or holiday and thank you emails, you can use your emails to cross-sell. Reach out to your customers with different insurance policies they should look into or you think would benefit them. It puts the thought out there, makes them think, and possibly makes them the perfect candidate to cross-sell to. 

4. Focus On Service Calls

Take opportunities to cross-sell to your clients when they arise. If they call or drop by to discuss their account or change their policy or information, take the chance to assess their needs and offer them insurance products that can benefit them. Go through their profile, look at what coverage they have, and see what other coverage they might be missing. Talk to them about how they might be able to save money, because everyone loves to save money!

Cross-selling insurance products to your existing customers can both help your clients and help your business grow. Your customers will remain loyal and trust you to provide them with valuable insurance based on their needs. And the one thing loyal customers bring in is more business!

How to Follow-Up the Right Way

We live in a time of information overload. Let’s face it–your email may just be glanced over if not sent directly to the spam bin. If you want to convert your spam to sale, you have to write follow-up emails that work.

Repetitive language and email templates aren’t going to get you any closer to success, especially if you’re using phrases like “just seeing how you’re doing.” Language like this is overused like the words “very” or “good.” 

Now, there’s nothing wrong with these words; but there’s a time and place. Starting an email with “I’m very excited. Have you seen this very good discount?” is going to send anyone into snoresville.

Enough about the wrong ways, let’s go over how you can send a follow-up the right way. Just keep these ideas in mind: Define, Clarify, and Time.

Define

Like starting a road trip, you won’t get far if you just hop in the car with no destination in mind. If you’re writing a follow-up email, you have to understand what your purpose is. This is one of the biggest mistakes people make.

man sending a follow-up email at his desk
Defining your email is the best place to start. Make sure you know why you’re sending the message in the first place.

The point of defining your follow-up is like setting your GPS. These are the most common types:

  • Reminder- Prompting someone to respond to an earlier email.
  • Thank You- Showing appreciation for a sale or otherwise.
  • Request- Asking for more information or another sales push

Knowing which one you’re writing is going to give you the parameters for your call-to-action.  A reminder follow-up has a completely different tone than a thank-you. 

Define clearly what your objective is for your email. We’ll take the reminder as an example. You’ve spoken with a client, and the conversation went well. It’s been longer than necessary for a callback, so you decide to reach out and send a follow-up email.

Your needs are not to congratulate them or request anything; you simply need to remind them about your earlier conversation. Your call-to-action is similar to what you’ve spoken about before. Now that you understand this, it’s time to clarify.

Clarify

The immediate message your client takes from your email shouldn’t be “hey, you forgot about me trying to sell you this.” It has to be something human. It’s difficult, but you have to catch their eye with something emotional, something that makes them want to read more.

Your opening line can be the same as your subject line. It has to hook the reader, make them feel something about your connection (or make them regret not connecting earlier). This can involve some homework.

Involve information from the last time you spoke. You can open with “Remember [topic] we spoke about last week?” or “Congrats on [achievement].” Remember to keep these openers professional. While humor is a good way to connect with people, maintaining a professional air during written correspondence is always in style.

After the opening paragraph (and their hook for caring), you must deliver a clear purpose. Be as straightforward as possible without coming off as rude. For example, instead of stating “I’d like to call you sometime this week,” write “I’d love to chat with you about [topic] we covered last time. How does Wednesday afternoon sound?”

The more concrete you sound, the better. People respond well to clear, concise phrasing, especially if it concerns their finances. No one wants to be confused when it comes to their money.

sending a follow-up email with a cell phone
Bonus tip: if you’re sending emails with your phone, make sure they’re still formatted correctly!

Time

So, now that you’ve defined what your follow-up is for, including the call-to-action, and you’ve drafted an email with a clear purpose, there is one last thing to consider. Before you hit the send button, make sure you have the email timed correctly.

This means to be mindful of the situation you’re responding to. For example, if your purpose is to prompt another conversation, like an interview, you’d likely wait a week or so. Nothing irritates a prospective employer more than constant proddings. 

However, if it’s a thank-you note or something similar, that is perfectly acceptable within a 24-hour period. The point is to make sure the email’s purpose aligns with how much time it takes up. If someone just needs to read it quickly and can continue with their day, then a shorter time frame is fine. If your email has more of a time commitment attached (like a new meeting or more tasks), then wait longer to send.

Follow-up emails have major power for your business. If you’re looking to drive up conversion rates, nothing works faster than proper communication. People will not only respect you as a reliable source, but they’ll also trust you with their business, valuing your relationship.

Keep Things Simple When Designing an Email Marketing Campaign

Email marketing campaigns are valuable to both the insurance agency and their clients or potential leads. Through such a campaign, an agency can provide useful and essential information about various insurance topics. However, the topic of insurance can get complicated and complex. Therefore, it is important to remember to keep these campaigns simple and easy to understand.

Sometimes an insurance topic needs to be boiled down into something simple and easy to digest. This is the time for agents to ensure that the information in the email marketing campaign is understandable to just about everyone. Make sure that the information in the email is easy to comprehend and is consistent with the information in the subject line of the email.

The relationship between the subject line and the content of the email marketing campaign is important to any successful email campaign. A subject line that does not correspond with the information within the email is an annoyance to readers. Therefore, the subject line is no place for promises of something and then have the email body content say something entirely different.

In other words, the intention of the subject line should match the content of the body of your email and vice versa, the content of the body of your email should match the subject line. Congruity is important. The subject line should be the lead to your email content.

Leverage timely topics in the insurance industry and make sure the subject line is your lead. Remember to measure the results of your campaigns for opens, click-throughs and opt-outs. Testing is an essential part of all email campaigns and once you get used to it, your campaigns are going to be more successful.

Email Marketing Campaigns Need to be Relevant

Email marketing campaigns are essential growing any insurance agency. When done right, email marketing can trigger new leads to express interest in getting insurance. Here are some tips on creating relevant email marketing campaigns.

The first thing to consider when creating an email marketing campaign, is the information put in it. The first goal of any insurance agent is to educate their potential and existing leads on insurance policies. Email marketing is about education and not as much about selling. This is because the recipients need to know about a product or policy before they buy it, hence educational marketing is very valuable in making sales. To educate is to build a rapport with those reading the emails, a crucial element in any email marketing campaign. In fact, rapport, or relationship marketing, is one of the key elements in gaining new leads and eventually selling insurance. Any agency that sends out blanket emails about a new product or new pricing faces greater numbers of opt-outs and complaints about spam from recipients and the recipients’ ISP.

Once you have composed a relevant and well-informed email marketing campaign, you need to think about crafting the subject line for the email. Most emails, are left unread therefore, it is important to pique interest in email marketing campaign recipients. A captivating email subject line should ensure that the open and click-through rates increase.

Lastly, email frequency is an important factor to consider. Frequent emails will be regarded as nuisance emails or spam. Instead construct marketing campaigns that provide useful and new information. Limit the number of campaigns to one a quarter. The focus of you campaign is to build a reputation as an informational and educational agency. That is the ticket to more sales and building a solid customer base.

Targeting Email Marketing Campaigns to Audiences

Email marketing campaigns, just like all marketing, need to be targeting various segments of your insurance agencies’ audience. Any and all information you put out there needs to be useful to the clientele you want to focus on.

Targeting email marketing campaigns by population segment is important. You cannot send out a general, blanket email because some or all of the information will not interest all of your clients and potential leads. Emails that are too general will fall flat on those who are not interested in what you are selling. Therefore, both the content of the email and, most importantly, the subject line need to be composed in such a way as to entice the segment of your audience that you are targeting.

So, if your target audience includes seniors and the elderly, subject lines like, “New Medicare Deadlines Coming into Effect Soon” or “Medigap is now Offering More Choices than Ever” are going to be a good fit. These subject lines tackle topics that impact the older segment of the population. Titles like these clearly indicate the point of the email. In other words, those are relevant subject lines and those targeted are likely to open the email.

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