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Cross Marketing in the Senior Insurance Market

Posted by www.psmbrokerage.com Admin on Fri, Apr 22, 2022 @ 09:34 AM

Cross Marketing Insurance

 

Cross Marketing Senior Insurance

 

I was talking to an agent recently and he asked me how he could increase his revenue, aside from just selling more Medicare supplement policies. Before I could even answer, he immediately followed up with another question:

“Oh yeah, and how do I increase my customer retention?”

Well, the good news is, the answer for both of those questions is actually the same answer. – Cross Marketing. Cross marketing is obviously going to increase your revenue, we know that. It increases product sales, which equates to more commissions, and equals more revenue.

But, that’s not all cross marketing will do.

It will also increase your customer retention, which also means more revenue. You have more customers on the books, you’ll make more money, and studies show that if your customer has at least three or more products with you as their agent, they are exponentially more loyal to you.

They're not going to let some other agent come in their house mess up all the work you've done. They trust you, obviously, or they wouldn’t have done business with you three times in the first place.

So yes, cross marketing means more revenue, more retention, and ultimately more growth so let's talk about the what, the when, and the how of cross marketing.

  

 

What to Cross Market

What we cross market is often dictated by what our lead product is. For example, if we're leading with Medicare supplement or Medigap policies, generally, Dental Vision Hearing, Prescription Drug Plans, and maybe a life product like final expense, or even annuities are usually our biggest cross-market opportunities.

If it's not a Med Supp, maybe it's a Medicare Advantage plan, then it's more likely to be Hospital Indemnity, Home Healthcare, and Critical Illness type products.

So, that's what we're going to cross market, but when are we going to sell it?

 

When to Cross Market

When we cross market usually depends on where the client is in the customer journey. I’m usually of the opinion that the best time to do it is when you already have them on the phone.

If that’s not an option, then you can certainly do it post sale as well.

If we're cross-marketing post-sale we're going to rely on technology that will mine our database of customers in our book of business so that it can identify the best cross marketing opportunities, and then we can develop a campaign.

 

How to Cross Market

Finally, how we cross market. Well, that is dictated by when we cross market. So, if we're cross marketing at point of sale then we're going to have to develop proper scripting and help properly train our agents so they can better present a package of products in a single presentation.

In this scenario, we're not presenting the individual products that we're trying to add on, we're presenting a package of risks and benefits. Through the discovery process we'll learn to package in the products that resolve those risks to the client's satisfaction.

Again, if we're cross-marketing post-sale, we're going to rely on technology to help identify cross marketing opportunities, and then we can develop the campaign.

Maybe an automated campaign, for example, through email or text, or direct mail, that will help generate inbound leads from our own book of business.

Alternatively, you can always just pick up the phone call your client to check up on them, and bring up some of the added value that you can bring to them by helping resolve or tighten up more of the risk that they might still be exposed to.

Ultimately, cross marketing will help you increase your revenue and your retention, and I think the key is to not over think it.

If you're a newer agent and you really haven't figured out how to cross market, start with one product and then add that into your presentation point of sale, or post sale, you pick.

For example, if your most of your book is Medicare Advantage business, I would pick one lump sum cancer product and start adding that into my pitch, and start talking to people about it. The more you discuss it, the more likely you are to sell one, right?

It doesn’t have to be complicated. Talk to people about the product, you will sell it, and then you'll get a taste for cross marketing and get more comfortable with it.

The next thing you know you're adding more and more products, and your clients are reducing their risk at the same time.

So take advantage of the win/win aspect of cross marketing.

 

A Cross Marketing Success Story

I'll give you one great example. An agent friend of mine recently added one product to his portfolio. He was selling Medicare supplements and wasn’t putting any effort into cross selling at the time.

He took my advice and simply added dental and vision to his sales pitch.

The rest of that year he increased his commissions by 37 percent!

It’s not rocket science, you just have to add a useful product and talk about it. You will sell it to a percentage of your clients.

If you're struggling with cross marketing, give us a call here at PSM. Talk to one of our experienced marketing staff. we can help you not only figure out what products you should be cross marketing, but how to bundle them, how to package them into a proper presentation, and how to market post sale.

We can definitely give you some ideas that you can implement and get started right away. So, feel free to give us a call.

We would love to hear from you and about your business, maybe some of the challenges you might be facing, and that way we can dig in and help you resolve them.


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We appreciate you taking your time to check this out, and we wish you the best of luck.

 

Tags: cross marketing, cross selling

29 Ideas to Cross-Sell More Insurance to Current Clients

Posted by www.psmbrokerage.com Admin on Thu, Dec 08, 2016 @ 02:31 PM

29 Ideas to Cross-Sell More Insurance to Current Clients

Now is a great time to think about some cross-selling ideas you can implement with your current clients and newly acquired ones.

Whether it be Hospital Indemnity, Final Expense, or maybe even Dental or Cancer Insurance, there is an array of opportunities to help better protect your clients while earning additional revenue.

Below are some great ideas to consider when cross-selling.

 

 

29 Ideas to Cross-Sell More Insurance to Current Clients

1) Know the Two Types

Did you know there are two distinct types of Cross Selling situations?

Prospects who already own the product - These people already bought the coverage from a competitor but you’re trying to get the business with your agency.

The key with them is repetition, collecting the x date, good follow-up and selling the benefits of your agency.

Prospects who DO NOT already own the product - These people don’t currently have the type of coverage you’re trying to sell them.

The key with them is product awareness, education, creating a need, identifying interest, and then selling.

These aren’t complete opposites, but they do require different approaches and sales tactics.

If you’re currently treating all cross-sale prospects the same, take a few moments to think about how each one requires a different approach and how you can address it best.

2) Develop an Established Cross-Selling System

It’s great if you read my articles and get a few ideas to implement here. That’s why I write the darn things.

The trouble is that most agents “think” they’re going to use a few new ideas, some of them really do, but very few make changes to the procedures and systems they use in their agency to make process improvements last.

The only way to create lasting success is to establish formal systems for processes in your agency like cross selling.

And this article is the perfect resource to help you put something like that together. Use it and do it!

You don’t have to write a manual, just make a list of what you want to do in each of the most common situations and share it with your staff.

3) Identify the Target Product(s) For Each Customer

Assuming your agency doesn’t specialize in specific lines of insurance, there are probably at least 4 different products that each of your customers could also buy from you.

And there are probably a bunch more that aren’t even relevant to each client.

Find a way to prioritize the best products to cross-sell each client and get this information front and center for your sales and customer service folks.

4) Establish a Tracking System

If your plan is to remember which products are the best cross-sale opportunities for each client, or to just always cross-sell the same one or two lines to everyone you’re not cross-selling efficiently.

Ideally, you’d be able to pull up any of your client’s accounts and see, at a glance, what products are the best cross sale opportunities for them. Having information like this top of mind when you’re looking at a client’s account will make a huge impact in how often your salespeople bring up the cross sale conversation.

In addition, it’s also great if you could pull up a list of all the clients who are prospects for each type of insurance. This is helpful for email, direct mail, or other campaigns that are oriented around awareness of your different product lines.

While we’re at it, you’re also going to need a way to keep track of X-dates for each month.

5) Handle Immediate Needs First

Be careful not to push cross-sales too hard during an initial sale.

It’s fine to plant seeds, but your prospects aren’t remotely interested in buying a second product from you until they know you can take care of the first one.

I’ve witnessed a lot of agents pushing too hard for additional lines when it’s clearly obvious the prospect only has one thing on their mind.

Respect your prospect, listen to your prospect, and put their immediate needs first.

Read All 29 Tips

Source: http://www.insurancesplash.com/blog/cross-selling-tips/

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