6 Cross-Selling Secrets
It’s the nature of a salesman to close a sale and instantly move on to the next lead. But the truth is – you could be leaving money on the table by not exhausting all other sales opportunities. Cross-selling is exactly that, selling additional, complementary products to your existing customers. Your current book of business is your most valuable asset when it comes to cross-selling.
Broaden your selling horizon and check out the following secrets on how to successfully cross-sell.
Develop a plan
Just like the initial sale, when you cross-sell to a current client, you need to go in with a plan of action. First and foremost, you must distinguish which customers are ideal for cross-selling additional products, so you don’t lose valuable time on those who aren’t in need. Next, you must determine which products from your portfolio would best complement the current coverage of the clients you wish to cross-sell.
Cultivate related opportunities or products
Additional cross-selling opportunities may need to be sought out. Look for plans or policies that are related to the original policy sold. Some health insurance cross-selling ideas to consider are the following:
- Life insurance and annuities to current health policyholders
- HSA programs for policyholders with little or no savings
- Vision, dental or prescription add-ons
- Medical plans for policyholders with friends who are uninsurable
Understand your customers’ needs
Each customer has different needs to be met. Looking back on previous sales can give powerful insight into what your customers need now or may need in the future. Understanding the needs of your customers and being prepared for any unforeseen issues that may arise ensures you’ll provide the best service to your client-base.
Establish yourself as a trusted source
This starts from the moment you first make contact and continues throughout the entire sales process. You build credibility and trustworthiness by providing knowledgeable information, advice, and services. Be honest and upfront with your customers and prospects from the beginning to ensure your client-base sees you as a trusted source.
Advertise additional products
Advertise additional products that could be useful for your customer throughout the entire sales process. This will keep the thought of additional products fresh in their minds, but remember not to push too hard or you run the risk of losing the customer altogether.
Understand that cross-selling benefits both you and the consumer
Cross-selling benefits both you and the customer. For you, the benefit of selling a policy is clear – to gain a new customer and a profit, of course. For the customer you are providing convenience by offering several different products, so the consumer does not have to go elsewhere. In essence, you are a one stop shop for your customers.
Because technology is constantly developing, cross-selling quoting platforms are now readily available for agents. These platforms are similar to insurance quote engines, in the sense that you can quote, compare plans, and apply for coverage all from one location online. Our sister company Norvax is the industry’s leader in providing insurance technology tools and has options for this revolutionary software. For more information on cross-selling or cross-selling technology fill out the form to speak with a specialist today.