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Selling Additional Products to Current Customers

Troy Wilson
By Troy Wilson
Selling Additional Products to Current Customers Feature Image
5 minute read
⚠️ Disclaimer: While every effort has been made to ensure that the information contained in this article is accurate, neither its authors nor Aged Lead Store accepts responsibility for any errors or omissions. The content of this article is for general information only, and is not intended to constitute or be relied upon as legal advice.

Selling additional products to your current customers is one of the best ways to grow your insurance business. With the right insurance sales techniques, you can capture more business opportunities from your current clients, while also setting yourself up for the best aged leads cross-selling opportunities down the road.

To make the most out of the additional products opportunities, you have to know who you’re cross-selling to. It’s a must to get organized so that you can systematize your process. From there, selling yourself to your clients as a go-to agency becomes a lot easier. Here’s how.

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Knowing Who You’re Selling To

There’s actually more than one kind of cross-sales situation. If you’re treating all your clients the same when you attempt to sell them an additional product, you’re missing out on half of your opportunities. Think of your cross-sales opportunities as falling into one of these camps:

  • Competitor product owners.
  • Prospective product owners.

Prospects already have coverage through a competitor are the first kind of cross-sales situation. These folks know the value of the product because they already bought it. Your job is to sell them on YOU. You’ll have to emphasize the benefits of your agency, follow up near their x-date, and keep reminding them you can take care of all their coverage needs under one roof.

The other type of prospects need a different approach. They don’t have the additional coverage, and they don’t necessarily know that they need it. You’ll have to work on product awareness, education, creating that need and interest on their part, then selling.

who might want to buy an additional product from you

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Systematizing Your Cross-Selling Process

With potentially thousands of clients and prospects, you’re not going to be able to fully leverage your cross-selling opportunities without a system. So it’s time to get organized. If you use a good CRM software to keep track of your clients and prospects, it’s easy to add to your current system.

Start out by identifying target products for each of your current customers. Often, there are four or more additional products you can sell to the average insurance customer. You can get started by digging into your CRM data with a book-of-business audit. Pull up all of your clients who own a home but don’t have homeowners insurance through you. Or take all of your clients with kids and then see who doesn’t have life insurance.

You can also use your CRM to track x-dates, most software systems can even give you a calendar reminder about upcoming x-dates or automatically send a follow-up email to x-date clients. Once you start working a cross-sell lead, don’t forget to track their progress through your sales funnel in your CRM.

Selling Features and Benefits of a Go-To Agency

One reason many people end up with piecemeal insurance coverage from different providers in the first place is that they don’t know the advantages of having that one go-to agency. For your clients that already have coverage from a competitor, your cross-selling job is to sell them on the features and benefits they’re missing out on.

No one wants to pay for the same thing twice, and having piecemeal insurance can lead to coverage overlap. Tell your clients about multi-policy discounts that could help them save, and any preferred customer status programs your agency offers. Sell them on how synced coverage can make their life easier with synced renewals and a more tailored policy-review process. Once most people see how great having one insurance agency is, cross-selling is easy.

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Getting Started With Cross-Selling

There are different insurance sales techniques for starting the cross-sell conversation. First off, please remember not to get ahead of yourself. If they came to you for car insurance, go easy on the life and homeowners pitches. Take care of their stated needs first, then put them into your cross-sales program for other product matches. And if you must sell and additional product today, aim for something easy and light on the wallet, like renters coverage.

For long-term growth, remember that slow and steady wins the race. You will need to nurture your clients with multiple cross-sales touches — just as it took multiple touches to make them your client. Think social media, email newsletters, and opportunities like annual policy reviews — where you should be sure to hand out an everything-we-sell sheet and talk up stats for popular policy combos — “75% of the people with your term-life coverage also have this homeowners coverage,” etc.

Cross-selling is a great opportunity with any of your leads. Some of the best aged leads opportunities are in cross-sales — you finally helped that lead understand her life insurance needs and her auto coverage x-date just happens to be coming up!

Like all the best insurance sales strategies, selling additional products to your current customers comes down to creating a system and following through on your process. Most cross-sales don’t happen overnight. You’ll need to lead nurture, explain value, educate about products and services, and sell the features and benefits of additional coverage. Put in that effort and you’ll see your business grow with cross-sales.

Ready to get started cross-selling today? Try a fresh supply of high-quality aged leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, or mortgage refinance.

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Troy Wilson

About Troy Wilson

Troy is the CEO and founder of Aged Lead Store. He has been in the lead generation industry for over two decades. His blog posts focus on how to refine your sales process and get the most out of your insurance leads, mortgage leads, and solar leads.

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