Cross-Selling
Cross-selling means pivoting from solving one financial problem's solution/product to another with the same client or policyholder. You might cross-sell from life to disability income (and vice versa), or from life or disability insurance to annuities or mutual funds. In the business market, there are even more opportunities to move from one need or product to another.
Try this! Set up cross-selling opportunities after closing life sales (or following service calls) by scheduling specific meetings to discuss disability insurance, like this.
Agent: "We've never discussed your disability insurance benefits, but I'd like to show you some of the planning considerations and ideas that many of our policyholders have found useful in protecting their most valuable asset — the ability to earn an income."Is there any reason why I should not stop by your office next Monday at 11:30, or is Wednesday afternoon at 2:15 better?"
Add-On Selling
Add-on selling occurs when a client or policyholder buys more of the same product. For example, according to LIMRA, most people buy personal life insurance roughly seven times in their lives. This means that your present policyholders can be a source of a lot more life commissions and renewals in the future. Also get "x-dates" for CD conversions, then follow up with a pre-retirement planning or annuity approach.
Try this! Add-on sales will literally fall into your lap if you keep in touch with clients and policyholders who fit your profile, which is one of the benefits of proactive service. You also can make add-on sales happen by seeing clients and on-profile policyholders regularly to review their plans and update their protection, and by following through on all the other parts of your client-building strategy.
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.