Cross-selling insurance is no easy task because people usually want to buy the least amount of insurance as possible for the cheapest price.
There may be times when cross-sales fall right into your lap without you having to lift a finger. Ah, if only it were that easy all the time. Most of the time, however, you have to work hard to make the sale happen. If you want to be successful in your sales technique, here are a few tips on how you can cross-sell more insurance to clients.
- Understand the two types of customers.
Those who already own the product – These people are already buying from a competitor, so you have to move strategically. The key is repetition, good follow-up, knowing expiration dates, and selling the benefits of your agency.
Those who do not own the product – You have to make them aware of your product, educate them on it, and create a need for it.
- Each customer has a target product–identify it.
There are at least four products that each of your customers could purchase from you, and there may be even more that your customer does not even know about. You should prioritize your best products to cross-sell each of your clients. Your sales and customer service employees need to know these policies like the back of their hand.
- Know expiration dates.
Are we talking about food? No! We are talking about the expiration dates of a client’s insurance policy with a competitor. Before they can renew their policy with that competitor, you can give them a call and tell them why purchasing insurance through you is better than selling with the other guy.
Cross-selling doesn’t have to be as difficult as you make it out to be. Contact Mike Stromsoe’s Unstoppable Profit Producer Program for tips and help on how you can generate new income for your business.
People are interesting creatures that make decisions based on a number of external and internal factors. Is there a way to influence these factors in your favor?
In an ideal world, customers would get an insurance quote from you and only you. But as you know by now, “ideal” is one of the last words you would use to describe our world. But when it comes to your insurance business, is there a way you can make your insurance quotes stand out above the rest, thus, making them more appealing than your competitors’? There may be. Here are a few tips you can use to make your insurance quotes stand out to your potential clients using a bit psychology.
You drive on a warm, sunny day. Suddenly, almost instinctively, something catches your eye and you turn towards it without giving it much thought. That thing that caught your eye? Just a giant bright yellow “M” placed on a red background.
Colors grab people’s attention, especially if they are reading through many dull black and white quotes. Incorporate bright colors with your quotes–like on the envelope or the paper on which they are printed.
Use Their Name Often
People love affection and when people hear or read their name, they associate that person or quote with some level of affection. Dale Carnegie, American writer, once said, “A man’s name is to him the sweetest and most important sound in the English language.”
Psychology tricks may work on most people, but discounts work on everyone. Offer discounts to your customers in order for your quote to stick out the most.
Psychology is the study of the mind, and to put your business in front of your competitors, you have to know how the mind of the average person works. Contact Mike Stromsoe’s Unstoppable Profit Producer Program for tips and help on how you can generate new income for your business.
There is a high demand for emotional intelligence in insurance, do you have it?
The insurance broker has been pushed too far. Why is the insurance agent angry? The prospect came highly referred by a long time client and was ready to buy. Then, just a few days later, the prospect reports they will be going with another agent.
What happened here? The insurance broker had the best technology that he or she could offer, but that wasn’t enough to convince these ex-prospects. The reason is emotional intelligence. Not everyone has it, and that’s why it’s important that you have someone on your team that does.
Emotional intelligence is the ability to recognize and understand one’s own emotions, correctly read the emotions of others, and utilize emotions to positively manipulate outcomes by managing the thinking and behavior of others.
If this sounds like something out of the X-Men, you may not have this gift.
Let’s give you an example of being able to read emotions.
Let’s say some clients come to and are looking for a top notch insurance agent. You have the know-how, the experience, the office, and the technology. The prospects are impressed by your knowledge in the insurance field, but they get lost when it comes to the paperwork.
Your paperwork comes in the form of many digital copies, and this confuses them and makes them uncomfortable. An emotionally intelligent person would be able to see their discomfort and adapt their business to their needs.
If they aren’t familiar with all the tech, an emotional intelligent insurance broker would bring back the tangible paper. Tangibleness affects people differently and can make or break a deal.
Contact Mike Stromsoe’s Unstoppable Profit Producer Program for tips and help on how you can generate new income for your business–no matter your emotional intelligence level.
Selling insurance may be among the hardest things to sell, but it’s something you can become good at with time and practice.
Selling insurance is different from selling just about everything else. Insurance will be one of the most expensive things that people purchase, but it’s not tangible, which makes it hard to sell. People can’t hold it, touch it, see it, or even smell it for that matter. You are selling an idea. Trust, and promises.
Selling insurance comes at a huge challenge that most insurance salespeople quit within the first two years. It’s disheartening and that’s why we have written this article. If you are just starting out as an insurance salesperson, make sure that you stick with it and read this article, too!
- Dress Professionally
As a salesperson, you already dress professionally. But when you are the sharpest looking person in the office, your coworkers and boss will take you more seriously, but most importantly, you will take yourself more seriously.
- Avoid Millennial Vernacular
While you and your friends may be on top of the newest slang, your older clients will surely not be. Use professional language in order to be taken seriously. While every customer is different, you will learn to read customers with more time and experience.
- Ask About Their Kids
Old folks love to talk about their kids. You’ll prime their brain to release dopamine, a chemical responsible for feeling good, and they will be more likely to buy from you because of this positive association they have. It may sound like psychological manipulation, but all the best in the business knows this trick–it’s best you learn to use it while you’re young.
Contact Mike Stromsoe’s Unstoppable Profit Producer Program for tips and help on how you can generate new income for your business.
I was having a conversation recently with one of our kids who works at a school, and we were discussing their marketing program. Note that the school is a private school, so they’re responsible for bringing in new students into the school.
He was talking about one of the recent marketing programs that they tried that was not real successful, and after asking a couple of questions, I quickly determined that they were trying to send the wrong message to their target market, and it caused me to think that I need to make sure that I share the strategy of the “Three Ms” with everybody I know.
The first M stands for Marketplace – Who is your market place? What do they think about? What are they looking for? What might be the pain in that particular marketplace you can satisfy? What wakes them up in a cold sweat at 3:01am? Until you know the answers to these questions, you can’t send a message to that market place nor can you create a media to send that message. So, the answer to the first M is to know everything that needs to be known about your marketplace.
The second M stands for Message. Again, what message are you going to be sending to your particular marketplace? Will that message satisfy and solve a current pain that they might have? What’s going on in the marketplace? Are things changing constantly? Is your message going to answer that question that silently playing in their mind consistently? When you come up with the right message to match your market place, you’re well on your way to maximum ROI.
The third M stands for Media. Okay, so you’ve identified your marketplace, you’ve learned about what’s going on in that particular marketplace, you’ve created the perfect message that is going to match the pain in your marketplace. So what media are you going use to deliver your message? A postcard, a letter, a priority mail package, a silver platter? What will be the attention getting device that will get your message read? And more importantly, what will cause them to ACT?
It’s not easy….but nothing good in life is.