As an insurance agent, cross-selling will provide you with a significant stream of income. You might earn a commission or bonus for every financial product you cross-sell, so this is a great way to make some extra cash.
Cross-selling to current clients is far easier than trying to convince new customers to take out extra insurance. In fact, you are up to 70 percent more likely to cross-sell to an existing client than a brand-new one. However, you need to know what you’re doing in order to improve your success. Here are three ways to cross-sell insurance to current clients.
1. Choose the Right Product
Cross-selling pet insurance to a client who doesn’t own an animal will just make you look stupid. Don’t throw everything at the wall and see what sticks. Instead, choose cross-selling strategies based on a client’s individual needs.
You should get to know your client before you sell anything. Ask them questions about their lives and think up suitable insurance products that would suit them. Statistics show repeat customers spend 67 percent more money than new customers and refer 50 percent more people than one-time buyers, so focus on building relationships.
2. Don’t Hard Sell
Customers hate it when insurance agents come on too strong. Hard selling might have worked 5 or 10 years ago but, today, consumers prefer a softer approach.
“By soft selling, you will be able to establish a genuine bond and credibility with your prospects, so they would drop their shield of mistrust and finally buy from you,” says Novocall. So, the next time you cross-sell an insurance product, take it slow and use non-aggressive techniques.
3. Improve Your Selling Skills
Good insurance agents have the ability to cross-sell to all kinds of people, from first-time buyers looking for home insurance to retired couples who want to know more about their life insurance options.
If you struggle to cross-sell insurance products, consider investing in continuing education, which will expand your skill set and provide you with a return on your investment. You could learn new negotiating skills, for example, or how to improve communication when selling to clients. Choose an insurance course that lets you study at your own pace in your own home.
These are just three ways to cross-sell insurance to current clients. Focusing on the right insurance products, avoiding the hard sell, and investing in continuing education will improve your chances of earning a commission.