Ultimate Retention Strategies
Every business owner knows that retention is necessary to build and maintain a successful insurance agent. You know small boosts in retention will grow your long-term profit immensely. You know it costs more to get new customers than to keep current ones. Overall, you know you need to improve your retention strategies to get the most out of your time and benefit your business. Here’s how you can do just that.
Acquire More Customer Contacts
It’s best not to harass your clients, but it is wise to send them emails often to let them know you are there for them. Be sure to vary the method and make sure you’re always bringing value as this will help to ensure they don’t start shopping around. A few ideas to get you started are postcards, emails, phone calls, seminars, policy reviews, holiday cards, birthday cards, letters, webinars, community events, and more.
Cross Sell More
The more insurance lines you sell to someone, the higher their retention rate. After all, if they have multiple policies and services with you, they’re less likely to want to uproot and find another business. What’s more, it’s usually cheaper for them to bundle their insurance coverages, so everyone wins!
Perform Annual Coverage Reviews
If you rarely perform a coverage review, make it easy on yourself and start with a small goal of doing one coverage review a week and start with your best clients. Remember that even if the client declines the offer to review coverage, they’ll still appreciate the gesture. In fact, they may even choose to review coverage themselves and then get back to you about increasing their policy.
Strengthen Your Onboarding Process
Ensure that your new clients feel like they’ve just joined a family – rather than just performed a business transaction. If they feel welcomed in by a business, they are more likely to feel loyalty to that company.
When a client is going to receive a big premium increase, be proactive about it. If you’re open and honest, the good clients will appreciate it. You can also give people an opportunity to change coverages around or identify any additional discounts to reduce the effect.
Give Referrals to Your Clients
If you’re a regular source of referrals for clients that own small businesses or work in sales, then it’s likely they’ll never leave you. When you become a valuable resource, you’re offering an irreplaceable service on top of the insurance advice.
To learn more about how to be successful in your business, contact Mike Stromsoe’s Unstoppable Profit Producer Program. We can offer guidance, helping you perfect your professional posture. We also offer a premier wealth creation program that helps you to work less, earn more, and enjoy life.