Selling to existing customers is the golden key
By Alex Strautman
It’s what you do. Are you interested in ways that can help you increase your sales in 2023? Here are strategies you might consider.
Work Your Book
You know that attracting a new client costs you five times (or more) what it costs to keep a current client. Selling more to your existing customers is an easier way to increase your sales.
One way to start is to find out what’s missing in your client’s current group health plan. Research and offer them an alternative that delivers more. Or consider moving them to a multi-carrier exchange, which gives their employees more ways to tailor coverage to their individual needs and circumstances.
Another option is a Bonus Quote. If your client asks for a quote on Major Medical, include an added quote for Dental, Vision, or another product. Ancillary can be offered on an employer-sponsored or voluntary basis.
A third way to work your book is to offer your current clients a referral reward. Whether it comes directly from the client, or because of a conversation your client has with someone else, it’s important to reward any referrals.
Use your Customer Relationship Management (CRM) program to help you nurture your client connections, conduct surveys to find out what else clients are looking for,
Position yourself as an advisor and educator – not just an insurance salesperson. Health insurance is a big deal. However, according to a 2021 survey on behalf of Bend Financial, a majority of Americans are confused by it. More than half (56%) admitted to feeling “completely lost when it comes to understanding health insurance.”
Among key topics, deductibles, covered procedures, networks, and FSAs and HSAs were the most confusing. By helping your clients better understand these terms, you can create a bond that is sure to nurture a long-term relationship and help you earn referrals.
Build Your Network
There are many ways for you to build your network – in and outside of the insurance industry.
Chambers of Commerce are an obvious choice to connect with business owners and leaders. But there are many other groups you might consider.
Think outside the box. Rotary International, Kiwanis, Odd Fellows and Shriners are all worthwhile organizations that offer you an opportunity to network and get involved in some worthy causes at the same time. Toastmasters can help you improve your communications, public speaking and leadership skills, while also meeting others in a broad range of roles and organizations. Giving back to your community through charity events, local government, or school or non-profit board membership is an option as well.
Your networking could lead to a future partnership and lead-sharing. That could include other insurance brokers who are focused on a different market niche (like IFP or property and casualty). Or, it could include accounting, banking, real estate, mortgage, or other professionals.
Don’t overlook friends, family, your significant other’s network, and your current customers to help you make new connections, too. You never know where a lead might come from.
In addition to working your book (as described above), it’s important you use your website and CRM tools to help you with your prospecting. It is crucial to prospect daily, if possible, or at least to make it a regular part of your week’s activities. Contrary to what you might have read, cold calling is not dead. According to a post in 2021 by Indeed.com, a significant portion of entry-level insurance agents and brokers cold call regularly.
Developing a blog for your agency website – or a post for LinkedIn or elsewhere – can help you attract new leads and boost your profile. Whether it’s a guest commentary or a regular column for a community-based publication or local business journal, it can help spread the word about your expertise and position you as someone who knows health insurance and employee benefits.
No matter where your lead comes from (through your website, blog, client referral, etc.), it is crucial you follow up. You need to respond to each lead as soon as reasonably possible. Develop a library of messages that can be used to speed up the process and track your regular contact in your CRM platform.
Word & Brown has written about CRM in prior columns you might want to read, including 5 Signs You Might Need a CRM System.
Seek professional help
Ours is a relationship business, and your ongoing success depends on your ability to build and nurture positive relations with your customers and prospects.
Talk with professionals like Word & Brown or other general agencies about the tools and resources that can help you.
Alex Strautman is a senior copywriter at The Word & Brown Companies. He has decades of experience writing for the insurance industry. He has been with Word & Brown since 2011.